Edge Performance VCT

EDGE VCT AGM Report 2022

Tim Grattan attended the Edge Performance VCT AGM and GMs on 17 Jan 2022 and has provided this report. The much delayed Edge VCT AGM and accompanying General meetings were held on Monday 17th January 2022 at the offices of Simons Muirhead Burton (The Company’s Solicitors) which are located near to Tottenham Court Road tube station. The meeting was due to start at 10:00, but was delayed by about 30 minutes as the company secretary had tested Covid positive and his deputy's ...

Northern Venture Trust and Other VCTs

The views expressed in this article are those of its author and not necessarily those of ShareSoc. Northern Venture Trust (NVT) recently published their Annual Report. It shows that the manager (now Mercia) collected a performance fee of £2.5 million which on my calculation raised the overall fees and expenses as a percentage of closing net asset value to 4.5%. This is way too high in my opinion even allowing for the work involved in managing a portfolio of small, unlisted investments. When ...

Edge 2021 AGM will resume on 17 Jan 2022

I am pleased to say that the threat/fear of receiving a strong letter from the FCA seems to have shaken the (previously) intransigent Edge Directors into some common sense and they have agreed to hold their AGM on 17 Jan 2022 and put our resolutions to a GM to be held on the same day. I attach a copy of my letters to the FCA and FRC, plus Edge Chair Terry Back's letter to some selected H shareholders ( I was not ...

Edge Update: another ShareSoc success

This article represents the views of its author and not necessarily those of ShareSoc. Due to the Board's desperate desire to get rid of the I Class, they have sold the main H class asset ahead of their expected timetable under pressure from members of the ShareSoc Edge Performance VCT Campaign https://www.investegate.co.uk/edge-performance-vct--edgh-/rns/sale-of-unity-shares/202111181535248758S/ The Board is pleased to announce that the Company has realised approximately 90% of its holding in Unity Software Inc (Unity) for £10.9m in cash at an average price per share of ...

Edge VCT Campaign Update

This article represents the views of its author and not necessarily those of Sharesoc. Members of the ShareSoc Edge VCT Campaign have, on 2 December 2021, submitted new resolutions to Edge to close the company and return its funds to shareholders and to elect and remove directors. Our cover letter to Edge company secretary Robin Smeaton said: Requisition of General Meeting and Notice to circulate resolutions for that meeting Dear Robin I am sure you will not be at all surprised that shareholders continue to be ...

Edge Performance VCT shareholders requisition GM – ShareSoc RNS

ShareSoc have issued a RNS, https://www.investegate.co.uk/sharesoc/rns/edge-performance-vct-shareholders-requisition-gm/202112030847115082U/, on behalf of Edge Performance VCT Shareholders who have requisitioned a general meeting, saying: Edge Performance VCT shareholders requisition GM On 2 December 2021, Edge Performance VCT (Edge) shareholders requisitioned a general meeting with the intention of closing the company and returning the funds to shareholders. They submitted, to the Edge board, documentation from approximately 10% of Edge shareholders requisitioning a general meeting and requiring the Edge board to circulate resolutions for that meeting in accordance ...

More about SKIN IN THE GAME and EDGE VCT

I am a great believer in skin in the game. See for example my previous blogs https://www.sharesoc.org/blog/one-in-10-investment-trust-board-directors-have-no-skin-in-the-game/ https://www.sharesoc.org/blog/collective-investments/strategic-equity-capital-gm/ https://www.sharesoc.org/blog/remuneration/more-about-skin-in-the-game-and-impax/ https://www.sharesoc.org/blog/remuneration/iss-announce-pay-issues-survey-results/ Edge is a problem case Readers will be aware of our concerns about Edge and our recent proposals to remove 3 of the directors and propose Richard Roth as a new director. So I thought I would work out the skin in the game of the directors. The data (which is from the most recent annual report) is as follows This shows how few shares the three B's ...

Telegraph, 9 Nov 2021, Edge Performance VCT – ITV chairman faces backlash at investment trust

The Telegraph is reporting that "The chairman of ITV is facing an investor rebellion over his role at an obscure investment trust amid claims that he and other directors have presided over a corporate governance fiasco." see https://www.telegraph.co.uk/business/2021/11/08/itv-chairman-faces-backlash-investment-trust/ ShareSoc's Edge VCT Campaign has requisitioned a GM and resolutions to remove three directors and this is reported in detail in the Telegraph. ShareSoc's viewpoints are quoted extensively in the report, as is ShareSoc member Andrew Kenny, a retired businessman who backed the trust but is ...

VCT INVESTORS GROUP Update and report on 23 March 2021 webinar

ShareSoc News Item by Cliff Weight, Director 117 people registered for our 23 March 2021 webinar and at least 94 attended, much higher than the 26 the previous year at the East India Club. The organisers received much positive feedback, for which they are grateful, and indicates that similar future events should be planned. At the webinar: Cliff Weight did a brief introduction of why the VCT Investors Group was formed and why it exists – to lobby on poor performance, poor ...

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 ...