Beringea links fees to share price on latest VCT

Beringea is launching the first generalist VCT to link annual charges to share price rather than NAV...

Beringea is launching the first generalist VCT to link annual charges to share price rather than NAV on its second ProVen Growth & Income vehicle. The group said this provides an incentive to minimise the discount between share price and NAV and create a portfolio that warrants trading at a premium. Director at Beringea Jeff Cornish said it also ensures the trust will maintain enough liquidity in the trust to maintain a buyback policy. There is little secondary market for VCT shares, as the tax reliefs are only available on new issues. Beringea has offered a buyback facility for share...