Shore Capital Group (SGR) - Puma Investments
RNS Number : 9459Q
Shore Capital Group Limited
13 November 2012
For immediate release 13 November 2012
Shore Capital launches new investment business and latest VCT - Puma VCT 9
· New standalone brand to focus on tax efficient products
· Highly experienced investment team, successful 16 year track record
· Launch of Puma VCT 9 - 1% early bird discount offer
· The only planned exit VCTs to have returned 100p per share in cash to
· Over £57m paid out in cash dividends to VCT shareholders
Today sees the launch of Puma VCT 9 plc, the first VCT to be launched by Puma
Investments the newly formed specialist provider of tax efficient solutions
from Shore Capital Group. Under the leadership of CEO, David Kaye, Puma
Investments plans to launch and manage a new range of tax efficient products.
Commenting, David Kaye said: "Puma Investments will benefit from the
successful track record, skills and expertise of the Shore Capital team.
Having our products under one distinctive brand creates greater clarity at a
time when investors are increasingly seeking vehicles which offer capital
preservation within a tax efficient structure."
The new Puma VCT 9 will run a similar investment strategy to, and be managed
by the same team as, the previous successful Puma VCTs, seeking to preserve
capital whilst producing regular, tax-free dividends to shareholders. The VCT
intends to maintain a regular dividend payout of up to 6p per annum, the first
such payment being made in April 2015. Qualifying investments will be in
established unquoted companies, primarily in the form of secured loans.
Applications for shares in Puma VCT 9 received before 31 December 2012, will
receive a 1% enhancement in additional shares. Puma VCT 9 will be attractive
to investors seeking a tax-efficient, higher income investment with the
defensive qualities associated with Puma's emphasis on asset backed, well
Eliot Kaye, Director of Puma Investments and Investment Director of the Puma
VCTs added: "The ongoing effects of the credit crisis mean that SMEs are still
finding it difficult to access the funding they need from the traditional
banks. As a consequence, we have seen a significant increase in our pipeline
of potential investments. In particular, we are seeing many established
companies which have substantial assets or predictable revenue streams, over
which a first charge can be taken, thereby reducing the risks usually
associated with venture capital investing. For us it's all about backing the
right management teams, adding value where we can and letting them get on with
what they do best - running their business."
Puma VCT 9 - key information:
Minimum investment £5,000
Maximum investment £200,000
Offer price` 100p
Annual management charge 2%
Initial costs 5.5%
Initial closing date 5 April 2013
As with all Puma VCTs, which are limited life, planned exit vehicles, the
directors have the ability to convene an extraordinary general meeting after
the fifth anniversary of the fund for the shareholders to vote on entering
into solvent liquidation. Puma believes this to be the most efficient route
to return capital to shareholders and avoids them having to sell their shares
on the secondary market.
In 2011, Puma VCTs were the first planned exit VCTs to have returned to
shareholders 100p in cash, equivalent to a 66% total return tax free.
Launched in 2005, the five year limited life Puma VCT plc and Puma VCT II plc
raised over £19m. Investors in these VCTs received a tax rebate of 40%
meaning that investments had a net cost of 60 pence per share. The internal
rate of return for shareholders was 11.6% per annum over the six year
investment period and was free of all tax.
- Ends -
Further information on Puma Investments, its products and services can be
found at www.pumainvestments.co.uk.
Photographs available upon request
Puma Investments Quill PR
David Kaye/Eliot Kaye Jo
020 7408 4090020
About Puma Investments
1. Part of Shore Capital Group, Puma Investments is a specialist provider of
tax efficient solutions. As well as the launch of the Puma VCT 9, Puma
Investments has ambitious plans to build upon its excellent VCT track record
and is developing a range of investment solutions, including IHT and EIS's,
which deliver capital preservation and risk mitigation.
2. David Kaye, Chief Executive Officer of Puma Investments. David graduated
from Oxford with a degree in law and was called to the Bar in 2000. He
practised as a barrister at a leading London set of chambers for five years,
specialising in advising on a range of complex commercial legal issues with a
particular focus on financial investments and real estate. He joined Shore
Capital in January 2006 as Deputy General Counsel and in 2011 became
Commercial Director and General Counsel for Shore Capital Group Limited. In
2012, David was appointed CEO of the asset management division of Shore
Eliot Kaye, Director. Eliot is a director of Puma Investments having joined
Shore Capital in 2006 following seven years at leading city law firm Berwin
Leighton Paisner LLP. He advised on a substantial number of M&A and private
equity deals, and was short-listed as a nominee for the Associate of the Year
Award at the Legal Week Awards 2004. Eliot leads the team managing the Puma
VCTs, and has also been involved in the management of several other Shore
Capital funds. He is responsible for the structuring and execution of new
deals for the funds and representing the funds with investee companies.
3.Shore Capital Group is an AIM-listed independent investment group.Shore
Capital specialises in principal finance, equity capital market activities and
alternative asset management.The Equity Capital Markets division offers a
wide range of services for companies, institutions and other sophisticated
clients, including corporate finance, stock broking and market-making.Shore
Capital Limited manages specialist funds, with a particular focus on
alternative asset classes, and has funds under management of c£900 million.
4.With a 27 year record and over 100 employees based in Guernsey, London,
Liverpool, Edinburgh and Berlin, Shore Capital Group operates a number of
successful businesses: Puma Investments (which is a trading name of Shore
Capital Limited), Shore Capital Stockbrokers Limited and Shore Capital and
Corporate Limited are each authorised and regulated by the Financial Services
Authority.Shore Capital Stockbrokers Limited is a member of the London Stock
This information is provided by RNS
The company news service from the London Stock Exchange
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