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 VCT AGMs 2023 and VCT Prospects

Today (1/2/2023) I attended the two Baronsmead VCT AGMs (BMD and BVT) via a Zoom webinar, partly because of the train strikes today but partly because I did not expect any momentous events or questions to take place, and so it turned out. But they did get a number of shareholders attending in person despite the train strikes. However despite me registering for the event some weeks ago I did not receive a zoom invite and had to chase that up just ...

Post Date: February 4, 2023 AGM Date: February 1, 2023 Author: Roger Lawson Read more

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:	This group is open to all levels of investor and is particularly popular because it meets after working hours in central London. The meeting usually has a presentation or group discussion on aspects of investing and also runs a Buys & Sells session which gives everyone the chance to see what the other group members are buying or selling and why.
Meeting Type/Venue:	The venue is near Victoria Station in a pub where the group also enjoy a meal from a typical pub menu.
Meeting Frequency/Timing:	This group meets in the evening in London. It is a face to face group that meets every third Tuesday in the month from 6.30pm to 9pm.

Group description:	This group is for those interested in investing in the USA. It is open to all investors with a special interest in this area and all levels of experience are welcome. A typical meeting will have a discussion on a particular market issue or a presentation by a member or external speaker on a subject of interest to the group. All members are expected to play a part in presenting and to take an active role in making the group of value to all its members.
Meeting Type/Venue:	As a specialist group with a wide geographic spread of members, our meetings are held on zoom.
Meeting Frequency/Timing:	Meetings are monthly and are held on the third Tuesday in the month from 11-12.30PM.

Group description:	This group was set up as a forum to discuss companies in detail, each company is introduced by a member and discussion may last one or two hours. Membership is by invitation only.
Meeting Type/Venue:	The group meets at a venue in Waterloo, London.
Meeting Frequency/Timing:	Meetings are from 11.00 until 16.30 and at two month intervals.

Group description:	This group was set up as a forum to discuss companies in detail, each company is introduced by a member and discussion may last one or two hours. Membership is by invitation only.
Meeting Type/Venue:	The group meets at a venue in Waterloo, London.
Meeting Frequency/Timing:	Meetings are from 11.00 until 16.30 and at two month intervals.

Group description:	Group focused on active investing, primarily in small / medium cap UK equities.
Meeting Type/Venue:	Zoom.
Meeting Frequency/Timing:	Monthly on Saturdays at 10am.

Group description:	A small group whose primary interests are equity and Investment Trusts.
Meeting Type/Venue:	Currently meeting online using Skype. It is envisaged to have occasional meetings at member’s private houses in the future.
Meeting Frequency/Timing:	Meetings are held fortnightly on Tuesday mornings using Skype.

Group description:	A long-established group, however, we welcome new applications. Our meetings start at 10:15am with coffee and scones when members comment on their investment activities since the previous month. Generally, each member reports on a specific Company/IT/Fund e.t.c. This brings us to about 12:30pm when the meeting ends, and we have lunch.
Meeting Type/Venue:	In-person at a Golf Club in Belfast.
Meeting Frequency/Timing:	The group usually meets on the second Wednesday of the month, all year round, except in July and August when we have no meetings. Meetings commence at 10:15am and last 2-3 hours (including lunch).