ShareSoc is very concerned by proposed changes to the Albion Venture Capital VCT (AAVC) fees charged by its investment manager Albion Capital. We therefore launched this campaign, seeking members to vote against various resolutions at the Albion Venture Capital AGM on 21 August 2019. In addition, we seek to persuade the Albion Venture Capital directors to agree a better deal with the investment manager.
On 6 Feb 2020, Albion Venture Capital VCT announced via RNS a reduction in the performance fee. This followed various exchanges and discussions with the company. We are pleased with this outcome and have therefore suspended our campaign.
Information and Updates About the Campaign
The general problems of VCTs are summarised here: The VCT Investors Group Campaign, and the Albion issues are explained here:
The AAVC AGM was on 21 August 2019.
I strongly appeal to all investors to join this campaign and make a donation (e.g. £500, £100, £50 or whatever you can afford) to help fund our costs. If you are not a shareholder in Albion Venture Capital, your support in this campaign is still important as it will help us to push for change at the highest levels. Please register your support below, whether you are an Albion Venture Capital shareholder, or not.Join the campaign
Our objectives are as follows:
- Maximise the number of votes against the 2019 AGM resolutions and the GM resolution to approve changes to the management agreement.
- Highlight the concerns of many shareholders about the proposals.
- Force the Directors of Albion Venture Capital to engage with its shareholders and discuss what a more appropriate deal and strategy might be.
- Deter other VCT boards from approving egregious management fee arangements.
Joining the Campaign
Please note that you can join this campaign, whether or not you are an Albion Venture Capital VCT shareholder, as the issues it raises affect all VCT investors. If you would like to support our campaign to defend your interests, please complete the form below. In order to maximise the chances of a successful campaign, we will need to request a copy of the shareholder register and communicate with other shareholders. We may need to take legal advice on how to challenge the administration, and may need to initiate litigation to make an effective challenge.
ShareSoc is a not-for-profit entity, and is not able to finance this from our existing limited funds. We are therefore establishing a “fighting fund” to enable us to do this. The fund will be used primarily to finance administration and professional work undertaken to further the campaign’s ends and also for any incidental expenses incurred by the campaign. Should the balance of the fund exceed our needs for this campaign, we will use that balance to further ShareSoc’s aims, including our shareholder rights campaign, which is aimed at changing custody arrangements in the UK, so that securities are directly registered in the names of their beneficial owners. As well as minimising the impact of poor governance elsewhere, this brings numerous other benefits for shareholders.
ShareSoc directors and volunteers will not receive any remuneration for their work on this campaign. If you are prepared to contribute, please tick the box “Donate” to enable our secure Stripe facility for accepting electronic payments. Alternatively, you can send a cheque, made out to “ShareSoc”, to our office at this address:
ShareSoc, Suite 34, 5 Liberty Square, Kings Hill, WEST MALLING ME19 4AU
Please complete the form below, print it out and send it with your cheque, marking the back of the cheque “Albion Campaign Fighting Fund”.
Full members of ShareSoc can discuss this campaign in our private members’ network.
If you are not yet a member of ShareSoc, ticking the box “ShareSoc Membership” will grant you FREE associate membership of ShareSoc, bringing you the benefits described here. Alternatively, if you wish to support us further and gain additional membership benefits, you can join as a full member here, for less than 90p per week.
If you have any questions concerning this campaign, please do not hesitate to contact us.
ShareSoc Director and Albion Venture Capital VCT Campaign Co-ordinator