Investments  

Puma Investments launches VCT 12

Puma Investments launches VCT 12

Puma Investments has today (21 October) announced the launch of its latest limited life VCT, Puma VCT 12.

The VCT is seeking to raise £30m, and will invest primarily in established businesses in the form of ordinary equity together with senior secured loans.

Its principal focus is on capital preservation whilst seeking to produce regular, tax-free distributions to shareholders from a portfolio of businesses with substantial tangible assets such as freehold property or contracted and highly predictable revenue streams.

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The Puma VCT 12 will target an average annual dividend payout equivalent to 5 pence per share, starting from and including the April 2018 dividend over the rest of the life of the fund.

In the 2014 to 2015 tax year, Puma VCT 11 was the largest limited life VCT fundraise, attracting £30.6m, which represents more than 60 per cent market share of total fundraising over the period.

Puma VCT 12 will look to build on this, and the continued strong performance of the Puma VCT range has to date, distributed over £75m in dividends from raised capital of over £190m.

David Kaye, Puma Investments chief executive officer, said: “Puma’s asset-backed investment strategy continues to be popular amongst investors seeking to support UK businesses in a tax-efficient wrapper.

“Investors in Puma VCT 12 will benefit from the successful track record of the Puma Investments team and a strong flow of quality investment opportunities with SMEs starved of the capital they need for growth.

“As a consequence, we are able to invest in companies which have substantial assets or predictable revenue streams, over which a first charge can be taken.”

ruth.gillbe@ft.com