EDGE Performance VCT Webinar on 14 August 2020, at 4pm

We have arranged a webinar on Friday 14 August at 4pm for shareholders to better understand the implication of the resolutions, and hence help them determine how they should vote at the GM and AGM.

Terry Back, Chair of the VCT, and members of the Action Group (Robin Goodfellow, Richard Roth and Cliff Weight) will be speaking with plenty of time for Q&A. To register go to https://www.sharesoc.org/events/sharesoc-edge-vct-webinar-14-aug-2020/

ShareSoc launched a campaign in Jan 2020 to improve the performance of Edge Performance VCT Plc (consisting of H and I share classes) and reduce the fees charged by its investment manager, Edge Investments Limited.

There has been progress, since we launched our campaign, and this has been reflected to some degree in the share price and reduced discount to NAV. However, the discount to NAV remains very high. A high discount to NAV in a VCT share price is usually caused by lack of confidence in the valuations of the assets, concerns about Board Directors alignment with shareholders, high costs, lack of share buy-back or a combination of these.

H shares I shares
Share price NAV per share Discount Share price NAV per share Discount
01/01/2020 38.5               79.92 -52% 13               31.11 -58%
06/08/2020 45               66.30 -32% 18               27.37 -34%
% inc 17% -17% 38% -12%

It is unusual for ShareSoc to campaign, but we did this following the 2019 AGM where three directors were voted off the Board and two were soon reappointed.

We have written to nearly 2,000 Edge shareholders explaining the issues click here EDGE Campaign letter to shareholders 7 Aug 2020 v6.

We recommend shareholders attend the webinar before making up their mind on how to vote. Other interested parties are also welcome to attend.

ShareSoc members who have VCT shares are recommended to join theVCT Investors Group, https://www.sharesoc.org/campaigns/vct-investors-group/

Cliff Weight, Director, ShareSoc on behalf of the leaders of the ShareSoc Edge Shareholder Action Group.

7 August 2020

 

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