Close Brothers Dev Vct Share Discussion Threads

[timbo003] 12/2/2004 21:05

UKNEONBOY

Alas no, it wasnt me.

I was quoted 80p to buy 5000 shares a week or so ago, when the offer price was 70p !!!

I wonder if it was the company buying back their own shares, it probably was, but no confirmatory RNS (as of yet)

Am I correct in thinking that Wins (the only market maker) are owned by Close Bros, if so they seem to have a very cosy relationship when in comes to buy-backs

[ukneonboy] 11/2/2004 19:44

Looking through today's LSE trade reports, it seems somebody managed to

purchase 10,000 CBD shares at 62p each.

An excellent deal at a great price, I.M.H.O.

Question for TIMBO0003 - were you the lucky buyer ??? coz the share price has

gone up again.

UKNEONBOY

:-)

[ghk] 06/2/2004 08:46

I'm all in favour of outing those blood sucking vultures within the Inland Revenue too

GHK

[timbo003] 05/2/2004 21:39

Well I got my Baronsmead 4 share certificate today (£3K) for 2995 shares, plus the all important income tax relief certificate which is worth £600 (to me).

I'm still waiting for the Quester 5 share certificate (£3K).

Next week (when funds are cleared) I think I may very well double up on Quester 5, i.e. buy another £3Ks worth, I like it 'cos as the shares are quoted at around the NAV, rather than a discount and its a relatively tight spead (i.e. more than one MM)

I will probably end up doing the Close Bro Dev C shares (£4K) as there seems to be no way I'm going to be able to buy CBD in the market.

I will also do Northern 3 (£3K) another one where the share price is close to NAV (I already own some Northern 2 from a few years back)

So that will be a total of £16K invested in VCT subscriptions this tax year, so thank you Gordon, you can forget about that £6.4K cheque I was going to have to send to you, instead you are going to have to send me one for £3.2K.

I might not have finished yet!

LOL

PS: I like to think my VCT buying is a real show of partiotism, I'm hastening Culpability's demise (in the short term) by depriving him of new labour's life blood (i.e. taxes), yet I will be helping to create jobs in the long term, the majority of which will not appear until new labour are consigned to the history books

What a patriot!

[a0002577] 03/2/2004 09:43

Yes - culpability brown has a lot to answer for : but there was one change on VCTs which was retrospective legislation. When I first invested in these you got the tax credit back on dividends which effective meant that you got 25% extra. It is little wonder that VCTs are not popular now

Timbo : concerning GFV - I have not had trouble in buying in larger lots (10K at a time) inside the price quoted. By the by, if you get your tax return in earlier you get the tax back earlier : especially if you file by the internet or mark the envelope TAX REFUND. If you are employed you can even get your tax code amended.

[ukneonboy] 03/2/2004 07:53

timbo0003 - you are absolutely correct. If "Joe-Public" actually knew and understood the financial implications of all these stealth taxes, particularly Brown's decision to tax Pension Funds, Blair, Brown and Cronies would be gone tomorrow.

Sorry, I'll get back off my soapbox !!!

UKNEONBOY

[timbo003] 02/2/2004 21:48

A0002577

Thanks for the info on Guiness Flight, their performance to date has been truely appalling. Having said that, you are probably right, they do seem to be undervalued and capital distributions may soon be on the way, they are now added to my stock watch, the NMS of 500 is a bit discouraging though.

I have now taken my realised gains for tax year 2003/2004 to £28K (I have plenty of scope to take it much higher), so I will probably be investing in all the new VCT issues that are on offer for this tax year, approximately £3K-£4K in each, I have already done Quester 5 and Baronsmead 4 for this tax year.

Gordon isn't going to get any of my capital gains and he is going to have to write me a nice income tax refund cheque for circa £4-5K next Xmas, oh dear what a shame!

Tax is for other people, it's not for me, especially when I don't agree with what it is spent on by culpability Brown

[timbo003] 02/2/2004 08:13

Amazing!

I asked for 5K at 62p (or better) and the best offer the MM would give for a deal that size was 80p.

Oh well, nice try

[ukneonboy] 02/2/2004 07:12

timbo0003

I fancy your chances with a limit of 65p, because both GHK and myself have

left limits of 60p with no immediate success.

Anyway, Good Luck and keep us informed (HERE) if you get them. Thanks

UKNEONBOY

:-)

[a0002577] 01/2/2004 13:31

timbo - I see you like culpability brown as much as I do !!

GFV is the EPIC for Guinness Flight - see the thread for more info. Trading at about a 45% discount to NAV and they must soon start to sell some of their holdings to give capital distributions

Enterprise - one of my better VCT purchases - is making a new offer as well this tax year - EPIC ENV but they are likely to limit it to existing investors. The chairman of that VCT is one of the best in the business and I have admired him for many a long year. He ALWAYS does whats best for investors apart from one little slip up where he allowed some directors to buy shares at too good a price

On your AVC - can you manage that yourself as you can with a personal pension within a SIPP ?

[timbo003] 31/1/2004 20:34

A0002577

Thanks for the info on Guinness Flight VCT, I had a quick look but couldn't find it, do you have the epic code?

I will probably end up doing around £15K new VCTs this year and I will make sure that my realised capital gains equals £8K (my personal allowance) plus £15K, the reason for this is that I have around £15K divi income (outside of ISAS and VCTs) which I have no desire to pay additional tax on.

Next year will be different, all my salary (bar my personal allowance) will go into AVC contributions to my pension. Suck on that Gordon Brown! You've just lost £30K income for the next tax year ('cos I hate you and just about everything you stand for)

Others should do the same

LOL

[a0002577] 31/1/2004 19:31

timbo - CVC is brilliant - best performing VCT I have had but I bought at various prices between 40 and 80 pence. However it is trading way above asset value (108 ish) so I would wait a bit - as am I before topping up.

Good luck with the limit order. How well do you know your broker? cos if you do you could put pressure on by saying they've already sold them once for less than you are offering -

The Close Bros Protected VCT would seem to be a better bet. They are changing their investment style to be more like CVC and so over the next year or so they should match the performance. More upside there methinks. However I believe that the best value VCT at the moment (in the market that is) if the Guinness Flight VCT.

[timbo003] 31/1/2004 16:53

Well, I'm going to have a go at picking up half of the 10K Monday, I will put a limit order at 65p, I'll let you know how I get on

Close Brothers VCT (CVC) look like another good one (with big regular tax free divis), so I've added that to my watch list also

[ukneonboy] 29/1/2004 12:21

"a bit of an own goal"

- I'd say somebody, deserves hauling over seriously red hot coals down at

Close Brothers PLC HQ.

UKNEONBOY

(:-[

[ghk] 29/1/2004 12:05

Apparently, the 10,000 CBD "share buy-back" was cancelled because the company is actually now in its "closed period" and the UK Listing Authority regulations prevent companies from dealing in their own shares ahead of its results.

Market-Maker (Winterflood Securities) has therefore "acquired" 10,000 shares which presumably Close Bros Ventures will "buy-back" in late Feb 2004.

Bit of an own goal, it seems

[ukneonboy] 29/1/2004 11:45

What the hell is going on at Close Brothers Ventures and (WINS) Winterflood

Securities ???

First, the company buys-in 10,000 CBD "old" shares for cancellation and then 2

days later, it announces that the transaction is null and void, and the shares

get "marked-down" again.

A FULL & FORTHRIGHT EXPLANATION MIGHT HEAD OFF AN L.S.E INVESTIGATION !!!!

UKNEONBOY
:-(

[a0002577] 27/1/2004 19:27

UKNeonBoy - it would seem that this is where your ten thousand shares went : better than the directors buying them ! Good price which says something for the relationships side of Close Bros - even I would have bought them at that price

RNS Number:6749U Close Brothers Dev VCT PLC 27 January 2004

Pursuant to its authority to purchase its own shares, Close Brothers Development VCT plc ("the Company") announces that it today purchased 10,000 Ordinary Shares in the Company at a price of 60p per share.

[ukneonboy] 27/1/2004 09:10

Yesterday's early morning CBD "mark-down" has today been replaced with an

early morning "mark-up" !!!! (and follows R.N.S confirmation that CBD purchased

its own shares yesterday, presumably for cancellation).

[ukneonboy] 26/1/2004 19:38

GHK

- it will be most interesting to see who eventually manages to get to buy this block of 10,000 shares, and at what price.

On previous occasions the CBD directors themselves have managed to "acquire" CBD shares very cheaply, so hopefully its our turn now !!!

Keep in Touch

UKNEONBOY

:-)

[ghk] 26/1/2004 19:29

UKNEONBOY - thanks for explaining the CBD "mark-down".

Have only just got home from work and just found a message from my stockbroker on the answerphone.

At approx 10.30am today, my broker phoned to say that she could "offer" me 10,000 CBD "old" shares at 70p each.

Probably a good job I was uncontactable, at work, anyway, I'll revise my own buying limit to 60p tomorrow also.

Many thanks again. (I.M.H.O you are a star !!!)

GHK

[ukneonboy] 26/1/2004 19:20

Also, for those of you who may not already know, Winterflood Securities (WINS)

is a wholly owned subsidiary of Close Brothers PLC, so the "chinese walls"

rules should still apply here.

[ukneonboy] 26/1/2004 19:12

URGENT MESSAGE TO "GHK" AND OTHERS

A small block of 10,000 Close Bros Development VCT "old" (CBD) shares was traded earlier today. Although we won't know the official dealing price for several more days, I'd guess that this is the reason for the 10p fall in the share price.

Bearing in mind, these shares closed on Friday at 60p bid / 80p offer, it definitely seems a bit churlish for the market-maker (sorry R.S.P) to "mark them down" on very little volume.

Anyway, I'm presuming that the VCT investor (seller) only actually received 50p from Winterflood Securities and to test this theory, I've revised my own personal buying LIMIT from 70p to just 60p per share.

(You might wish to do the same !!!!) - IN ANY EVENT, THIS WILL DETERMINE HOW DESPERATE WINS ARE, TO OFFLOAD THESE SHARES.

UKNEONBOY

:-)

[timbo003] 23/1/2004 20:08

UKNEONBOY (and any one else who is interested)

I phoned British taxpayers yesterday



They will give you a 1.5% commission rebate on the Close Brothers "C" share issue.

I sent off my applications today for Baronsmead 4 (£3K) and Quester 5 (£3k). British taxpayers will give me a 2% commission rebate on both issues, luvverly jubberly (bit like a very early, tax free divi).

I will now hold fire to see how my investment portfolio performs up until the end of March and to hear what Gordon Brown has to say about tax relief and VCTs in his March budget. I will then consider other purchases in VCTs for the current tax year.

[ukneonboy] 23/1/2004 14:58

Just in case anybody is vaguely interested, new prospective VCT buyers may be pleased to discover that Stockbrokers, James Brearley & Sons Ltd based in STOCKPORT, are willing to rebate some of their commission to successful VCT applicants, providing of course the completed VCT application forms are submitted through them.

Contact: Mr Stephen Hill or Peter McLelland, tel [phone] for more info.

[ukneonboy] 22/1/2004 20:24

(timbo003) Can't fault your reasoning, but I'd suggest that you look at the historical peformance, for addit. guidance purposes, with (BNS) Baronsmead 4

- although I don't dislike the new Close Bros Dev "C" share offer, I still personally prefer the "old" CBD shares, which have a much higher gross dividend yield and enables V.C.T investors and speculators to "buy" into a ready made portfolio of smaller companies, at a big discount to their true Net Asset Value.

Admittedly, purchasing the "old" CBD shares does not give new investors the 20% Income Tax relief, but who cares - I'm more than happy to buy 80p worth of Net Assets, for say 70p.

Good Luck

UKNEONBOY

:-)