Parent Company wins VCT Fund Manager of the Year 2009 at the Growth Company Awards
Elderstreet won the 'VCT Fund Manager of the Year 2009' at the Growth Company Awards at London's Grocers' Hall on Monday 27 April 2009. Foresight 3 VCT, Ventus VCT, Chrysalis VCT, Elderstreet VCT and Northern Venture Trust were shortlisted based on an assessment of their net asset value performance over a three-year period.
Now in their ninth year, the Growth Company Awards remain a unique and important event in the calendar for entrepreneurs and professional advisers alike.
James Crux, the Editor of the Growth Company Awards commented:
"As the awards are completely impartial, based on comprehensive qualitative research undertaken by the award-winning Growth Company Investor team, this year's results are a real measure of quality and achievement of Elderstreet's VCT. In this very difficult financial climate, Elderstreet VCT continues to deliver outstanding results".
Elderstreet successfully raised a top up fund for their VCT in 2008/09 and attracted new investors by offering an immediate exposure to a mature generalist fund with the prospect of receiving early dividends. Elderstreet VCT 2006/08 dividends delivered a tax free annual average yield of 8.0%*. For a higher rate taxpayer this represented a yield of 13.3%.
Michael Jackson Elderstreet's Chairman concluded:
"Elderstreet's success is testament to the experience and skill of my team and our conservative investment policy that has been good for our shareholders. With the stock market taking investors on a roller-coaster ride, Elderstreet VCT shareholders have benefited from a net asset value total return (including dividends) of 37.9%** since December 2005. I believe that the fall in the investment entry pricing creates a great opportunity for smaller and experienced fund managers. I'm delighted to have won the VCT Fund Manager award this year."
Founded by Michael Jackson in 1998, Elderstreet VCT is an established fund that specialises in the smaller company market and manages total assets of £16.6 million. As an ex-Chairman of two FTSE 100 companies, including Sage Group plc, Jackson brings a wealth of relevant experience to his portfolio companies, by focusing on what he knows well and growing businesses through a 'hands-on' approach.
For further information please contact William Horlick on 0207 831 5088 or william@elderstreet.com
* Based on the Offer price of 80.7p in the Offer Document published in October 2008 net of 30% average tax relief
** Calculated using a Net Asset Value increase per share of 11.2p and a cumulative dividend over the period of 13.5p
Elderstreet Investments Ltd. is regulated under the FSA. References to returns can be found in the offer document available from the Elderstreet office or www.elderstreet.com
www.growthcompanyawards.com
