Octopus Titan VCT plc - request to convene a General Meeting to liquidate the company

 Their 44th edition contains the following nugget in the section headed "Zombie funds":- "Private equity’s longer holding periods, plus the elevated entry valuations that some firms paid before interest rates rose, appear to be coming home to roost in investor portfolios. Over half (54%) of respondents expect the number of zombie funds (where a GP is prolonging a fund’s life in order to maximise management fees) in their own portfolios to increase  in the next two years." Remind me... when is the next continuation vote? Rolling 5 years after the last share allotment which took place only 5 weeks ago. Oh well. Liquidation anyone?

The outstanding takeaway from the whole event: Tom Leader stated that Octopus management fees are set at a level to incentivise them! “Cost plus”, as I suggested, is not appropriate. £10m+ per annum is some incentive after years of false valuations and £250m in cash already taken for screwing it up based on unrealised gains. TREBLES all round! ------------------------------------------------------------------------------ The meeting was attended by a handful of shareholders and a veritable hoard of Octopus staff and Lawyers from Howard Kennedy llp (Sponsors, Legal advisers and High Court representatives - nb they act for 95% of VCTs). The Chair said a transcript of the meeting is being prepared. What he didn’t say was that they had paid for a Court Reporter stenographer (like the ones you see on US TV legal dramas) to sit there and do it. Serious or what? I bet the transcript never sees the light of day for any ordinary shareholder and is only placed in evidence in the Hig...

Will this be the last ever Octopus Titan VCT AGM held in Holborn? Looks like it.  https://www.cbre.co.uk/property-search/office-space/listings/details/UK-GLDE-177051/33-holborn-london-ec1n-2ht Perhaps it also explains why Octopus have just reduced their staff by 20%.  . PLEASE COME TO THE AGM   IF YOU POSSIBLY CAN.  Together with all the resolutions proposed by the Directors alone, the matter of asking the Directors to propose a meeting of all shareholders to consider, and if thought fit vote for, liquidation of the VCT as the logical best solution for all shareholders will be up for discussion. Why? FIRSTLY: The chances of any new fund raising for the "worst ever performing VCT" are Nil. No-one in their right mind would ever consider buying this dog even for the now reduced to 20% up-front tax relief - and Octopus have 4 other VCTs, 3 EIS funds and multiple other managed funds some of which they are "pumping" like crazy for new monies. SECONDLY: The Directors h...