UK 19:59 Sunday, 27 September 2026
Breaking news and expert analysis on fast-moving AIM and LSE listed shares
Disclosure: I own shares in one or more of the stocks mentioned. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
I first suggested you buy the Core Venture Capital Trust back on 28 Dec last year, at an offer price of 51p. A few trades went through at well below that (the spread was big enough to drive a bus through) but we will take it as being 51p. The view at the time was that despite holding the management of this outfit in very low regard there appeared to be value to be had, with a good margin of safety. I suggested that it may even see a full liquidation within the year.
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Comments
pink53
This from TMF
“It is a funny old world isn’t it? Who’d have guessed that B shares mostly issued to management would pay out so much? They traded at about 6.5p until Aug 2014 and went up to 19p shortly before suspension in Apr 2015 and now pay out 26.1p.”
wildrides
Blimey ………. 10.5% in ten months ……… Yawn . I could not even be bothered to get out of bed for that . KISS .Sometimes being clever works against you . But I guess thats why your the Deputy ;-)
busybumblebee
The main point here is the directors’ full year valuation. They must have known that there was only one realistic buyer of the holdings within the Core Capital 1 LP vehicle. If they didn’t then they were incompetent (actually we know that bit)
They should also have known that they would sell for a discount to fair value in those circumstances but chose not to publish the NAV on that basis or to put a note to that effect in the FY accounts and still worse not to point it out at the extraordinary meeting called to liquidate the company. i.e they knowingly published a false NAV
This is not the way we expect a fully listed company managing to some extent government money to behave – such behaviour needs to be reported and stopped – question is to whom doe we report it?. .
and would therfore could not realistically b
Phil
Bloody Hell Wildrides, you been perving on Chris Oil’s twitter-feed.
!0% now lets see, lets do something mental arithmetic thats about errrr Mmmm errr circa 100% more than the thousands of shareholders get when they invest in the trailer trash dumped onto the market by David Lenigas.
The reality is I owe Lenigas an extraordinary dept of gratitude. Trading against him has been the gift that carries on giving. But alas it’s coming to an end, they always do. When a London margin broker phones me, asking if I know where he can get a borrow on a Lenigas play (true) you know that even Lenigas street cred is losing it’s traction.
For the record I would buy, fuck off fishing for 10 months and sell for 10%, every time. Considering some of the complete tripe I have bought in the past, a packet of fag papers would have been a result.
Nigel Somerville
Wildrides – I refer you to Tom’s Bearcast today! The whole point of this share suggestion was that despite it being a VCT (with all the risk that entails) there was enough margin of safety to make it feel (at least to me) a pretty good bet of a positive outcome – albeit rather lower than I had hoped. 10.7% – cheque ready to pay in to the bank, in less than 10 months is ok. It is not stellar, it is less than I had hoped, but I’m happy enough with it. You won’t get that from a bank.
Pink – I will have more to say on quite a few matters. We have the Directors’ side of the story and the Fund Manager’s too. But not yet the liquidator’s. But already there are a few concerns. I’m sure that there will have been nothing illegal, but whether I am happy with what has happened is another matter.
Busy – I agree with almost everything you say but with one caveat: the numbers we were offered in the liquidation GM circular were provided on the follwing basis: “The unaudited NAVs to 31 December 2014 have been prepared in accordance with International Financial Reporting Standards and have been prepared on a break up basis”
If they were provided “on a break-up basis” then……?
wildrides
Nigel ……….. just poking you with a long stick ;-). My point is for your average thicky like me such a trade is beyond comprehension and because of that lack of understanding…… risky . Your average punter is better off “keeping it simple stupid for 10.5% return” ie buy summat going up due to a good RNS release in the morning and selling it later in the day or early next day . The quote in jest was from a famous supermodel …….. Miss N Cambell if my memory serves , although it does sound very “Chris Oil” !
My own risk ratios mean I need to make a minimum 30% on winners to cover any long run losers and still make a profit . In other words cut the losers early and ride the winners to 30% minimum win . If I did cut all my winners at 10% I would lose money over the very long run although reasonable length periods of profits may occur in the interim, over the very long period the stats will catch up with periods of losses that transform it to an over all loss .
manfrommmoyse
These people should not be allowed to get away with this. Did you not record the meeting? I routinely record all calls with brokers etc. I’m sure, from reading the “En-core” thread on the fools web site you were not mistaken in your take home about the related party sale.
So I suggest we keep an eye on the board. If they try and raise money in the markets from ordinary punters we plague them on every message board we can.
BTW, some equally off shenanigans going on with the Bglobal liquidation. The interim payment amount was reduced, and the full payment is now projected to be what was originally slated for the interim. Compare August letter and results with the more recent letter to investors
http://bglobalplc.com/
No response to queries, so we’ll wait and see what happens with the final. Then, “let slip the dogs” etc