Open VCToffers
| Indefinite Life | Limited Life (planned exit) | |
| AIM | Baronsmead VCT (top-up) - existing shareholders only | |
| Bluehone AIM VCT2 (top-up) | ||
| Noble AIM VCT (top-up) | ||
| The AIM Distribution Trust (top-up) | ||
| GENERALIST | Acuity Growth VCT (top-up) | Downing Structured Opportunities VCT 1 'B' share |
| Acuity VCT 3 (top-up) | Octopus VCT | |
| Albion Development VCT 'D' share | Puma High Income VCT | |
| British Smaller Companies VCT (top-up) | TP10 VCT | |
| Downing Absolute Income VCT 1 (top-up) | TP70 2010 VCT Trading Share Class Offer | |
| Downing Absolute Income VCT 2 | TP70 2010 VCT UK Equities Share Class Offer | |
| Elderstreet VCT (top-up) | ||
| Investec Structured Products Calculus VCT | ||
| Matrix Income & Growth 4 VCT (top-up) | ||
| Maven Income & Growth VCTs Linked Offer (top-up) | ||
| Northern 3 VCT (top-up) | ||
| Northern 3 VCT (top-up) | ||
| Octopus Titan VCT 4 | ||
| ProVen VCT & ProVen Growth & Income VCT 'D' share Linked Offer | ||
| SPECIALIST | British Smaller Technology Companies VCT 2 (top-up) | Acuity Environmental VCT & VCT 2 |
| Foresight 3 & 4 VCTs Linked Offer (top-up) | Edge Performance VCT 'F' share | |
| IBIS Media VCT 1 (top-up) | Foresight Planned Exit VCT Fund Linked Offer | |
| Oxford Technology VCTs Top-up Offers | Ingenious Entertainment VCT 1 & 2 'D' share | |
| Ventus & Ventus 2 VCTs Joint 'C' Share Offer (top-up) |
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| GENERALIST & SPECIALIST | ProVen VCT, ProVen Growth & Income VCT & ProVen Health VCT (top-up) |
The year so far
Some offers have already been and gone including some early top-ups: Octopus Eclipse VCT 2 (raising £1.3m), and the Ventus VCTs (raising £3.5m); and very recently: the Baronsmead 3 & 4 VCTs Joint Offer raising £16m, and Downing Planned Exit VCT 2&3 ‘D’ share raising £20m. Some of the smaller top-ups are already over half-full.
Although it is not unusual for VCT offers (particularly some top-ups) to open in March, VCT managers often aim to open their offers in January or earlier.
Larger "Prospectus" offers need approval by the UK Listing Authority (UKLA) and there is some evidence that this year the approval process has been taking longer than expected. The Investec Structured Products Calculus VCT offer opened in March seeking £25m. Investec Structured Products, new to the VCT market, have teamed up with Calculus Capital who also co-manage the Neptune Calculus VCT.
Looking forward
Many of the offers in the table above will still be open into next tax year, with closing dates generally falling between April and June. Although Hargreave Hale are planning to launch their AIM VCTs linked offer (formerly the Keydata AIM VCTs) on 19 March, their focus is clearly on next tax year. Similarly, new entrant Committed Capital after announcing its intentions earlier this year, appear likely to open their offer next tax year.
With the impending personal tax changes VCT managers are optimistic. Neil MacFadyen, Investment Director at Committed Capital, sees real advantages to launching in a less crowded marketplace early in the new tax year and commented: "We expect investor appetite for VCTs to continue growing as pension contributions are increasingly restricted and the new 50 per cent tax rate bites into monthly salaries in April".
Conclusion
This tax year, VCTs have already raised a similar amount to 2008/09, so the final total could be double last year. Investors will be looking with interest to the Budget on the 24 March, but those holding back could be too late for some of the offers. With the Easter bank holidays falling on the 2 and 5 April there is also less time than usual for last minute applications.
Philip Rhoden is a director of Clubfinance Ltd. The views are his own. No recommendation is implied