Albion Venture Capital Trust plc is proposing to rebase the incentive fee for its investment manager. The proposal looks too generous and will result in far too much of the value going to the managers and too little to shareholders. The new proposed threshold of RPI plus 2% is too low and the 20% share is too high. It would be very bad precedent if this was passed and became the norm for other VCTs. I recommend shareholders attend the AGM on 21 August 2019 and vote against the Resolution at the General Meeting to be held immediately following the AGM.
See https://tinyurl.com/yywn3rr8 for more info about Albion’s proposal.
See https://www.sharesoc.org/campaigns/vct-investors-group/ for more info about our VCT Campaign.
Cliff Weight, ShareSoc Director
Disclosure: I own shares in Albion VCT.