Albion Venture Capital

Albion Venture Capital VCT – AGM recommendations

Post Date: July 20, 2020

Following a successful engagement led by ShareSoc (Tim Grattan and Cliff Weight led this Campaign) we agreed a compromise with the Directors and agreed to support the new proposals. The annual report has now been published and contains the following description of the way the Board engaged following the 2019 AGM. New management performance incentive At the General Meeting held on 21 August 2019, an ordinary resolution was proposed to approve the changes to the Company’s Management Agreement, as detailed in the circular sent to shareholders on ...

ShareSoc Campaign has Successful Outcome at Albion

Post Date: February 6, 2020

ShareSoc is pleased with the outcome of this consultation with shareholders following the shareholders 30% vote against the fee proposal at the General Meeting in August 2019. This shows:...

Albion Capital Group LLP Partners’ 67% pay increase

Post Date: January 2, 2020

Albion Capital Group LLP have recently disclosed their average pay per Partner for year end 31 March 2019 was £803,000, a whopping 67% increase on the previous year (£480,000)....

Albion Venture Capital (AAVC) Update 4, 14 Oct 2019

Post Date: October 18, 2019

AAVC Chairman Richard Glover invited ShareSoc to a meeting to discuss our concerns as part of his process to engage with Shareholders, following the 30% vote against the new management agreement voted on at the EGM in August 2019 and the very extensive questioning at the AGM (see the AGM write up by Tim Grattan https://www.sharesoc.org/agm-reports/albion-venture-vct-aavc-agm-2019/ and my own report https://www.sharesoc.org/blog/vcts/albion-venture-capital-vct-aavc-agm-result-and-actions/ . AAVC is engaging with a broad range of shareholders and has written to about 50% of the larger shareholders who ...

Albion Venture Capital VCT Blog number 2

Post Date: August 2, 2019

Albion want to change the performance fee from the current arrangement (1.9% management fee, plus 8% of returns over a hurdle rate of 5% per annum with a high-water mark) to 20% of returns above a hurdle of RPI +2%p.a., from a new starting point of NAV at 1 April 2019. ShareSoc recommends shareholders vote against this proposal and other resolutions at the AGM on 21 August. 1.9% plus 20% is egregious, particularly when: it represents an increase from historically agreed arrangements and ...