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 ...

Post Date: July 11, 2014 Read more

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: www.sharesoc.org/campaigns/oxford-technology-vcts/. The ...

Post Date: April 16, 2014 Read more

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 ...

Post Date: March 10, 2014 Read more

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 ...

Post Date: November 6, 2013 Read more

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 ...

Post Date: March 25, 2017 AGM Date: March 23, 2017 Author: Tim Grattan Read more

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 ...

Post Date: April 17, 2015 AGM Date: April 16, 2015 Author: Roger Lawson Read more

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 ...

Post Date: May 17, 2014 AGM Date: April 14, 2014 Author: Roger Lawson Read more

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 ...

Post Date: December 19, 2013 AGM Date: December 18, 2013 Author: Roger Lawson Read more

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), ...

Post Date: April 10, 2013 AGM Date: April 10, 2013 Author: Roger Lawson Read more

Group description:	Our group covers a wide spectrum of mainly stock market investing and trading from equities – which include shares, ETF’s Investment and Unit Trusts – mainly UK and USA, but also some spread betting and financial options. We normally rotate the meeting chairperson (responsible for creating, with member’s help, suitable agendas) and a meeting presenter (members take it in turns to provide a 15 to 45 minute presentation on a subject of their choice). Various investing topics of interest are regularly discussed such as software, brokers, investing categories and markets and any related topics of interest.
Meeting Type/Venue:	Following Covid, this group hasn’t yet reconvened at their previously regular meeting venue which is in a private room within a west London golf club. In the meantime, meetings are held via videoconferencing. Part of the reason is that some members have moved away and some prefer meeting in person. So our aim is to recruit new members to ensure a continued regular in person meeting.
Meeting Frequency/Timing:	Meetings are held on the second Wednesday of each month in the afternoons, following a golf club one course lunch for our in-person meetings.

Group description:	Meeting once a month, our group covers a variety of investment styles. We also have an active WhatsApp group and we welcome new members.
Meeting Type/Venue:	Physical meetings at a venue in Preston, Hitchin, SG4.
Meeting Frequency/Timing:	Monthly.

Group description:	We welcome anyone interested in investments regardless of their level of knowledge and experience.
Meeting Type/Venue:	Physical meeting in the Boardroom of a venue in RG9 (pre-meetings in the bar).
Meeting Frequency/Timing:	Monthly – 3rd Wednesday of each month at 18:00 (except January, where the meeting will be held at lunch time).

Group description:	We are a friendly social group welcoming investors with all levels of experience. Our membership varies between those with little or no knowledge of investing to those who live off their investing or their portfolios. We do not invest as a group so there is no money on the table, and we never discuss individual worth; we simply discuss and share investing ideas, we analyse the state of the market, individual stocks, funds, trusts, bonds etc., and we invite contributions from all group members. Guest speakers and company presentations are a regular feature, as is the SIGnet competition and also our own long-term Manchester Portfolio. We invite members to volunteer presentations from time to time on particular topics of their interest / expertise. At each meeting members are asked to share their latest or potential buying and selling activity. Our face-to-face meetings are punctuated by a lunch break, and for those with the time there is socialising and drinks afterwards. Most of all we learn from each other.
Meeting Type/Venue:	The group meets through a combination of Zoom and face-to-face meetings at a central Manchester boardroom style venue.
Meeting Frequency/Timing:	Meets bi-monthly, 10am-3pm on Monday mornings, usually mid-month.

Group description:	Group of investors that meets on a bi-monthly basis to discuss all things happening in the world of investing, share each other’s knowledge and give the benefit of each other’s experience. Group primarily focuses on unit trusts, open ended investment companies and investment trusts. However, all investments are up for discussion and new members are always welcome and encouraged.
Meeting Type/Venue:	Remotely via Zoom on Saturdays on a bi-monthly basis, on dates collectively agreed by all group members.
Meeting Frequency/Timing:	Bi-monthly.