BARONSMEAD SECOND VENTURE TRUST PLC (BMD)

BARONSMEAD SECOND VENTURE TRUST PLC (BMD)

Blog posts

Long standing directors and investment trusts

The UK Corporate Governance Code has a clear rule about non-executive directors who have served for more than nine years (Code B.1.1.) which states "The board should state its reasons if it determines that a director is independent notwithstanding the existence of relationships or circumstances which may appear relevant to its determination, including if the director: has served on the board for more than nine years from the date of their first election". This rule was not introduced to ensure that ...

Oxford Technology VCTs and Baronsmead VCT 3

ShareSoc has organised a meeting for those investors in the two Oxford Technology VCTs who are affected by the withdrawal of VCT status. It is scheduled for the 20th May in the City of London. Although the companies have submitted an appeal letter to HMRC, there is some doubt as to whether the appeal will be successful. See this web page for more details of the issues, and how to register for the meeting if you wish to attend:  https://www.sharesoc.org/campaigns5.html . ...

Remuneration Policies and Baronsmead VCT 3

The new Enterprise Regulatory Reform Act requires public companies to take a vote on Remuneration Policy, i.e. a forwarded looking binding vote for the next three years, as opposed to the non-binding retrospective one on the Remuneration Report with which we are all familiar. The latter will still be present, and investors might worry that the former will be a long-winded and tedious document that they will need to plough through (rather like the multi-page Remuneration Reports from large companies). There have ...

Top performing VCTs and performance fees.

Yesterday the AIC published a note on the “dividend stars” and “strongest performers” among Venture Capital Trusts (VCTs) now that such companies have been in existence for 18 years. In terms of total dividends paid out since launch ProVen Growth & Income came top with Baronsmead VCT in second place. But investors should bear in mind that some VCTs pay dividends out of the capital of the trust which sometimes just means that investors are simply having the money they invested ...

AGM Reports

Baronsmead Second Venture Trust (BMD)

The Baronsmead 2nd Venture Trust AGM was held on Thursday (March 23rd) commencing at 10:00 am at Saddlers Hall, 40 Gutter Lane, London EC2V 6BR. There were probably around 30 – 40 shareholders in attendance. The annual report for the year ending September 30th 2016 is here: http://www.baronsmeadvcts.co.uk/download.asp?id=373&v=3 The AGM for Baronsmead (1st) Venture trust AGM had been held in February. It had not run smoothly, with the management and the Directors unprepared for some of the questions and comments arising during the Q&A ...

Baronsmead VCT 3 (BMD) AGM 2015

The Annual General Meeting of Baronsmead VCT 3 took place at Saddler's Hall in the City of London on the 16th April. There were about 30 shareholders in attendance initially although more drifted in later, perhaps because the start time was a bit early for some at 10.15 am. This is of course one of the series of Baronsmead VCTs where I have raised concerns about corporate governance in the past ‐ more on that below. But they generally have performed very well, particularly in ...

Baronsmead VCT 3 (BMD) AGM Report 2014

The Annual General Meeting of Baronsmead VCT 3 (BMD) was held on the 14th April 2014, commencing at 10.30 am. This company is one of the better performing and well managed VCTs, being one of a long established stable of VCTs managed by ISIS. Let's cover the good things first. Total return (net assets plus dividends) over the thirteen years since the company was founded is 6.1% per annum. Net asset value per share increased by 12.9% last year, partly due to improvement in the AIM ...

Baronsmead VCTs (BVT)(BMD) AGM Reports 2013

This report covers the Annual General Meetings of Baronsmead VCT 1 (the original VCT of the family) and Baronsmead VCT 2 which were combined together on the same day on the 18th December 2013. Both companies are managed by ISIS of course. The meetings were at the Plaisterers' Hall on London Wall in the City commencing at 10.30 am. The AGM of Baronsmead VCT 2 was taken first, chaired by long-standing Chairman Clive Parritt who was first appointed to the board in 1998 and has been Chairman so ...

Baronsmead VCT 3 and VCT 5 (BMD) AGM Reports 2013 – Director re-election issues arose

Investment manager ISIS look after a number of investment trust VCT funds under the Baronsmead brand - 5 in total that have raised funds at different times in the past. They tend to have overlapping portfolios (i.e. common stock holdings in different companies, and in some cases common directors although that is not ideal as it prejudices their independence). Baronsmead 5’s portfolio is slightly different though in that originally it was an “AIM” VCT (i.e. invested primarily in AIM listed companies), ...