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How to turn 9.5% into 2.4% – British Smaller Companies VCT

British Smaller Companies VCT (BSV) have recently circulated their Annual Report  prior to the AGM on the 29th July. They had a good year according to the Chairman's report with the value of the investment portfolio increasing by 9.5% over the year.  But the total return (net asset value plus dividends increased by only 2.4% (a rise of 4.8p to 197.5p since launch). How can that be? The reason is simply that costs went up 56%. That includes investment advisors fees up ...

Changes at Oxford Technology VCTs

Announcements were made last week about further changes at the four Oxford Technology VCTs and the financial results for the year were also published. These companies experienced somewhat of a revolution last year after two of them narrowly escaped losing their Venture Capital Trust tax status. New directors were appointed to them at that time. This is what is said by the Chairman in one of the Annual Reports about that problem: "Since taking up our appointment, the new Directors of the ...

ShareSoc Company Seminar Announcement

The initial line-up for our next seminar at which public companies will be presenting on the 15th July is now available and registrations are now open. This event is in the City of London (in the usual FinnCap offices venue), with registration starting at 4.00 pm. Four companies will be presenting this month and answering your questions, which are: - IDOX (IDOX): Public sector software solutions, and for highly regulated asset intensive industries. - ABZENA (ABZA): Services and technologies to support the development of better biopharmaceuticals. Plus two other companies ...

Greek Financial Crisis and Globo – it’s a Big Day

What better day to go to the Annual General Meeting of a Greek company (Globo Plc - GBO) than the day that Greece closed its banks and stock exchange for as long as a week? At least it used to be a Greek company and although it still has a lot of software development staff in Greece most of its operations are now in the rest of the world. Indeed it has ambitions to be a major global business based on ...

Vacation and Thorntons Takeover Bid

Back from a week's holiday during which one of my holdings (Elementis) issued a profit warning while another was the subject of a possible bid (Netcall). Neither prompted me to take action as I was on holiday even though I spotted the news. The Greek crisis is not yet over and one gets the impression the deadlines keep moving out and most knowledgeable commentators expect some last minute fudge to allow Greece to stay in the Eurozone. At least my total ...