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VCTs: market overview

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VCTs: market overview

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    1. VCTs: market overview David Cartwright

    3. VCT funds raised (sectors)

    4. VCTs: funds raised/funds sought (new prospectus issues only)

    5. VCTs: fund raising: timing of allotments

    6. VCT fund raising: history

    7. VCTs funds under management

    8. VCTs funds under management

    9. VCTs: fund under management – movement in the year to 5 April 2011

    10. Funds returned to investors

    11. Funds returned to investors: trends in share buy backs and tender offers

    12. Consolidation in the VCT industry In recent years the VCT sector has been characterised by: Fewer investment managers managing VCTs (a lack of new entrants and a number of managers leaving the sector) A large number of mergers (by VCTs managed by the same manager) Concentration of funds under management (as a result of those mergers and fund raising)

    13. Management changes in the year to 5 April 2011

    14. New (manager) entrants in the year to 5 April 2011 Hazel Capital LLP Longbow Capital LLP

    15. Mergers in the year to 5 April 2011 Foresight VCT plc, Keydata Income VCT plc and Keydata Income VCT2 plc Matrix Income & Growth VCT plc and Matrix Income & Growth 3 VCT plc Octopus AIM VCT plc and Octopus Phoenix VCT plc Octopus IHT AIM VCT plc and Octopus Second AIM VCT plc Pennine AIM VCT plc and Pennine Downing AIM VCT 2 plc Ventus VCT 2 plc and Ventus VCT 3 plc

    16. VCTs placed in voluntary liquidation Limelight VCT plc Puma VCT plc Puma VCT II plc

    17. Number of VCTs: movement in the year to 5 April 2011

    18. Concentration of funds under management

    19. VCTs: director appointments at 5 April 2011

    20. Key questions for 2011/12 Will there continue to be further corporate activity e.g. mergers to achieve the economic operating sizes? Will there be further changes to investment manager mandates? A more effective secondary market has been developing but will the secondary market continue to rely on share buy backs (and tender offers)? Will the VCT industry be able to sustain the improved level of fund raising in the 2009/10 and 2010/11 tax years in the 2011/12 tax year (to ensure financing for SMEs is maintained as we come out of the recession)?

    21. Conclusions (1) The VCT industry has been resilient during the recession It has established a significant investment infrastructure with over 200 investment professionals and over 200 support staff in regions throughout the UK It has developed an effective network with key corporate advisers throughout the UK It remains the key provider of finance (Ł250k to Ł5m) for SMEs

    22. Conclusions (2) It has been a dynamic sector reacting positively to both changing legislative requirements and changing economic conditions The VCT industry maintains a constructive and meaningful dialogue with HM Treasury, the Department for Business Innovation and Skills, HM Revenue & Customs so that it can deliver their policy objectives

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