Baronsmead Second Venture Trust plc · LSE:BMD
Baronsmead Second Venture Trust — Shareholder Meeting (March 2026)
17 slides from Baronsmead Second Venture Trust's shareholder meeting presentation, Mar 19, 2026
Slide 1: Baronsmead Second Venture Trust plc (BSVT) Annual General Meeting
Baronsmead Second Venture Trust plc (BSVT) Annual General Meeting 19 March 2026 Sarah Fromson
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: Introduction to your Board of Directors
Introduction to your Board of Directors Experience: Sarah Fromson Graham McDonald VCTs; investment funds; corporate Chair and Nomination Senior Independent governance; private equity; Committee Chair Director unquoted/AIM-traded companies Appointed: October Appointed: 2019 February 2021 Aggregate sh
Slide 4: Baronsmead overview
Baronsmead overview Diversified asset Portfolio breakdown by Portfolio breakdown by allocation across asset type (excl. cash) asset type (excl. cash) sectors and February 2025 February 2026 stage Progress building Unquoted Unquoted weighting Unquoted 28% Attractive and 32% consistent tax-free Quoted
Slide 5: Performance overview
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 +1.2% growth before +7.1% portfolio dividends Gresham AIM-listed portfolio House +4.9% managed -0.5% following two y
Slide 6: The Board's view of performance
The Board's view of performance Encouraging signs of recovery, but performance remains below Board and shareholder expectations. Legacy challenges ▪ Limited 2016-2019 unquoted deployment – lack of bull market winners ▪ Unquoted performance drag requiring time and active management to resolve Managem
Slide 7: Listening to shareholders
Listening to shareholders Manager performance accountability ▪ Specific KPIs have been agreed with the Manager ▪ 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
Slide 8: 7% Target Annual Distribution
Dividend policy Tax efficiency The Board remains committed to this policy while ensuring VCT dividends remain exempt from income tax, providing a distributions remain prudent subject to portfolio significant effective return advantage for higher-rate taxpayers1 performance and liquidity consideratio
Slide 9: Fundraising – Launched October 2025
Fundraising – Launched October 2025 Joint target Current funds raised £30mn + £20mn £14mn over allotment over allotment available announced Budget 2025 Tax relief reduction (30% to 20%) may influence future fundraising; impact remains uncertain and is under close review by the Board and Manager. The
Slide 10: Outlook
Outlook Cautiously optimistic about performance improvement in unquoted portfolio Geopolitical and macroeconomic uncertainty persists VCT policy changes present opportunities & challenges UK economy remains subdued but stable Early signs of increased exit activity 10 Views expressed are correct at t
Slide 11: Conclusion
Conclusion Improvement in AIC performance tables from January 2025 to January 2026 Encouraging signs, but will continue to hold Manager accountable for improving performance Exciting investment opportunities in UK innovation, AI and technology Impact of the Budget remains to be seen but creates new
Slide 12: Q&A
Sarah Fromson Graham McDonald Tim Farazmand Adriana Stirling Q&A
Slide 13: Formal business of the Annual General Meeting
Formal business of the Annual General Meeting
Slide 14: Annual General Meeting Results
Baronsmead Second Venture Trust plc Annual General Meeting Results Votes for (inc. Votes total (ex. Res No. Resolution name % Votes against % Votes withheld discretion) withheld) Report and financial 01 13,198,912 99.13 115,560 0.87 13,314,472 0 statements 02 Final dividend 13,213,367 99.24 101,105
Slide 15: Annual General Meeting Results
Baronsmead Second Venture Trust plc Annual General Meeting Results Votes for (inc. Votes total (ex. Res No. Resolution name % Votes against % Votes withheld discretion) withheld) Re-elect 06 12,689,118 96.69 434,597 3.31 12,123,715 190,757 Tim Farazmand Re-elect 07 12,695,277 96.74 428,438 3.26 13,1
Slide 16: Annual General Meeting Results
Baronsmead Second 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 12,052,799 91.76 1,081,718 8.24 13,134,517 179,955 rights Make market 12 12,942,270 98.02 261,484 1.98 13,
Slide 17: Baronsmead
Baronsmead
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