Baronsmead Venture Trust plc · LSE:BVT
Baronsmead Venture Trust — Shareholder Meeting (March 2026)
18 slides from Baronsmead Venture Trust's shareholder meeting presentation, Mar 19, 2026
Slide 1: Baronsmead Venture Trust plc Annual General Meeting
Baronsmead Venture Trust plc (BVT) Annual General Meeting 19 March 2026 Fiona Miller Smith
Slide 2: Important information & key risks
Important information & key risks This presentation has been issued as a financial promotion for the purposes of Section 21 of the Financial Services and Markets Act 2000 by Gresham House Asset Management Limited (Gresham House) whose registered office is 5 New Street, London EC4A 3TW. Gresham House
Slide 3: Today's agenda
Today’s agenda 10.30am - Baronsmead Venture Trust plc Fiona Miller Smith, Chair 10.50am - Baronsmead Venture Trust plc Q&A 11.00am - Baronsmead Venture Trust plc AGM 11.30am - Manager’s Presentation followed by Q&A 12.30pm - Lunch 1.30pm - Baronsmead Second Venture Trust plc Sarah Fromson, Chair 1.5
Slide 4: Introduction to your Board of Directors
Introduction to your Board of Directors Experience: Fiona Miller Smith Michael Probin VCTs; investment funds; corporate Chair Management Engagement & governance; private equity; Remuneration unquoted/AIM-traded companies; Committee Chair and Senior Independent founding and scaling experience Directo
Slide 5: Baronsmead business model
Baronsmead business model Diversified portfolio of unquoted and Portfolio breakdown by Portfolio breakdown by quoted assets asset type (excl. cash) asset type (excl. cash) February 2025 February 2026 Unquoted Unquoted 29% Progress building 32% Flexible portfolio Unquoted weighting liquidity Quoted Q
Slide 6: Investment performance overview
Investment performance overview Second consecutive year of overall headline NAV per share growth ▪ Improvement in AIC performance tables from January 2025 to January 2026 NAV per share Unquoted +1.5% growth before +6.6% portfolio dividends Gresham AIM-listed portfolio House +5.4% managed -1.9% follo
Slide 7: The Board's view of investment performance
The Board's view of investment performance Encouraging signs of recovery following falls in NAV per share from 2021 - 2024. Legacy challenges ▪ Limited 2016 - 2019 unquoted deployment – lack of bull market winners ▪ Unquoted performance drag requiring time and active management to resolve Management
Slide 8: Listening to shareholders
Listening to shareholders Manager performance accountability ▪ Clear Manager KPIs ▪ Clearer expectations set for value creation and exit Shareholder survey ▪ April 2026 – launch of survey ▪ To capture insights and priorities from our investor base ▪ Results will directly inform Board priorities and
Slide 9: Dividend policy
Dividend policy Tax efficiency ▪ VCT dividends are exempt from income tax and reporting requirements1 ▪ The increase in the basic and higher rates of tax on dividends from 6 April 2026 onwards enhances the benefit of tax-free VCT dividends The Board remains committed to this policy while ensuring di
Slide 10: Fundraising
Fundraising Launched in October 2025 Joint target £30mn + £20mn over allotment available Current funds raised £17mn over allotment announced An investment in the Companies involves risks that could lead to the loss of all or part of that investment. Any subscription for shares in the Companies refer
Slide 11: Budget 2025
Budget 2025 Budget 2025 ▪ Positives – VCT and EIS investment limits doubled ▪ Negatives - Upfront VCT income tax relief to be reduced from 30% to 20% from 6 April 2026 onwards ▪ Board, Manager and industry trade bodies engaged in responding to and trying to influence Government ▪ The changes to inve
Slide 12: Outlook
Outlook Geopolitical and macroeconomic uncertainty persists UK economy remains subdued but stable Changes in certain VCT rules present opportunities & challenges Encouraging signs of improved investment performance Exit environment improving but early days e.g. Panthera 12 Views expressed are correc
Slide 13: Conclusion
Conclusion Improvement in AIC performance tables from January 2025 to January 2026 Some encouraging signs but will continue to hold the Manager to account for driving performance across all parts of the portfolio UK well placed in AI Impact of the Budget remains to be seen but creates new opportunit
Slide 14: Q&A
Fiona Miller Smith Michael Probin David Melvin Mandeep Singh Q&A
Slide 15: Formal business of the Annual General Meeting
Formal business of the Annual General Meeting
Slide 16: Annual General Meeting Results
Baronsmead Venture Trust plc Annual General Meeting Results Votes for (inc. Votes total (ex. Res No. Resolution % Votes against % Votes withheld discretion) withheld) name Report and 01 financial 22,408,564 98.36% 374,796 1.65% 22,783,360 34,893 statements 02 Final dividend 22,682,579 99.43% 129,858
Slide 17: Annual General Meeting Results
Baronsmead Venture Trust plc Annual General Meeting Results Votes for (inc. Votes total (ex. Res No. Resolution % Votes against % Votes withheld discretion) withheld) name Re-elect Fiona 06 21,771,511 96.28 841,785 3.72 22,613,296 204,957 Miller Smith Re-elect Michael 07 21,681,150 97.10 647,512 2.9
Slide 18: Annual General Meeting Results
Baronsmead Venture Trust plc Annual General Meeting Results Votes for (inc. Votes total (ex. Res No. Resolution % Votes against % Votes withheld discretion) withheld) name Pre-emption 11 21,502,667 95.86 929,377 4.14 22,432,044 386,209 rights Make market 12 22,482,408 99.02 222,269 0.98 22,704,677 1
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