I am glad to see that ShareSoc is supporting a General Meeting at Edge Performance VCT to remove three existing directors and appoint a new one.
I have never held shares in this company or the multiple funds it has managed but as it regularly came up in conversations at ShareSoc I have watched from the side-lines. I considered it to be a basket case of the first order from what I learned some years ago – particularly the large investment in Coolabi and the valuation of that holding plus the general standard of corporate governance and management of the company. The performance of the funds has generally been the exact opposite of what the company name was intended to suggest.
In such situations I generally consider it best to aim for a revolution including a complete change of the board and a change of manager. But it’s never too late to start anew as I have learned from other VCT problem cases in the past. Although Robin Goodfellow was appointed to the board last year to bring a fresh voice it remains dominated by others. This needs to change so I hope readers who hold the shares will support the proposed changes.
Incidentally there is a good article on VCTs entitled “VCT lessons I have learnt” by Paul Jackson in the latest edition of Investors’ Chronicle. It covers some of the wrinkles of investing in VCTs which is certainly a complex subject.
VCTs are complicated enough without the complex structure of multiple share classes embodied in the Edge Performance VCT.
For more details see https://www.sharesoc.org/sharesoc-news/edge-shareholders-requisition-general-meeting-to-remove-3-directors-and-appoint-richard-roth-as-a-director/ . It is good that ShareSoc is actively encouraging and supporting action in such cases.
Roger Lawson (Twitter: https://twitter.com/RogerWLawson )
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