Share offer 2020 - Portunus Investments
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September 2020
For professional investors only
Share offer 2020
£20m 3.0p 10-15
share offer with a £20 million annual share aiming for 10-15 new
over-allotment facility dividend target investments each year
dividend re-investment
40
companies in the
£5,000
minimum investment
scheme and B Ordinary Share (£200,000 maximum
share buy-back portfolio per tax year)
Key points
• The Pembroke team are experienced • We aim to deploy 50% of funds raised in
investors in early-stage, high-growth new opportunities and 50% in follow-on
businesses in the Wellness, Food, Beverage investments in existing holdings
& Hospitality, Education, Design, Media • We aim to invest 80% of funds raised
and Digital Services sectors within 12 months
• Immediate exposure to a portfolio
of 40 companies • The B Ordinary Share total return
(NAV + dividends paid) is 121.3p*
• We continue to see high-quality (excluding tax reliefs) since launch in
investment opportunities 2015. The total return has increased
1.4p in the year to March 2020.
*per audited accounts as at 31 March 2020
Who are Pembroke VCT?
Pembroke backs exceptional founders to build the consumer brands of the future by providing
them with the capital, contacts, advice and strategic guidance to enable them to succeed.
40 £110m 121.3p
portfolio net assets as at total return per
companies 3 September 2020 B Ordinary Share
Based on NAV at 31 March 2019 plus share allotments to 31 August 2020
Sector focus: COVID-19 impact
Pembroke focuses on companies in six sectors:
Food, Beverage Digital
Wellness Education Design Media
& Hospitality Services
COVID-19 has had a mixed impact, but on balance a positive one, on the portfolio.
Gym, restaurant and retail sites had to temporarily close their doors in line with government
guidelines but the majority of sites are now open. With regard to fashion, although there has
been a shift from traditional wholesale to digital direct-to-consumer, our founder-led, agile
businesses have been able to engage with their customers in new, more effective, ways.
The rest of the portfolio continues to perform well, with many businesses experiencing
record monthly income due to the shift towards online sales.
Sector by value Top 10 holdings
for the B Ordinary Share by value:
10%
Digital Services 17%
Wellness
8%
Media
29%
28% Food, Beverage
Design & Hospitality
8%
Education
Deal flow
As part of our strategy for 2021, we are focusing
on the education and wellness sectors.
• COVID-19 will drive change in the
traditional delivery models of education,
giving rise to Ed-Tech models and
remote/distance learning
• Consumers continue to proactively monitor
their health and seek to improve it
Total return
130p
119.9 121.3
120p
113.1
104.6 8.0 11.0
110p 105.4 5.0
2.0 12.0
97.9
100p 19.1 27.7
90p 20.2 18.8
80p 46.7 13.0
7.2 10.7
70p
60p
8.7
50p 97.9
40p 81.1
75.2 76.0 71.9
30p
50.0
20p
10p
0p
March 2015 March 2016 March 2017 March 2018 March 2019 March 2020
Dividend Other Net Assets Uplift Cost
Dividend history
Share class Date launched Start price Current NAV1 Dividends paid2 Total return per share
B Ordinary Shares 1 April 2015 100.0p 110.3p 11.0p 121.3p
1
as at 31 March 2020 2
total paid since launch
For more information or to request a prospectus and application form,
please call 020 7766 2836 or email info@pembrokevct.com
Important information and disclaimer
A professional investor or client is a Professional Client (as defined in section 3.5 of the FCA’s Conduct of Business Sourcebook).
This document is an advertisement and has been approved by Pembroke Investment Managers LLP, which is authorised and regulated by the
Financial Conduct Authority (“FCA”) ref. 604924, as a financial promotion for the purposes of s21 Financial Services and Markets Act 2000 only.
This document should be read in conjunction with the full Prospectus published by Pembroke VCT plc dated 3 September 2020.
A copy of the Prospectus is available at www.pembrokevct.com and upon request by telephone from the number stated above. An investment
in shares in Pembroke VCT plc should be made solely on the basis of information set out in the Prospectus.
This document, and information contained herein, does not constitute a prospectus, but is an advertisement, and this document does not form
part of any sale, solicitation or any offer or invitation to buy or subscribe for securities in the Company. Investors’ attention is drawn to the
Risk Factors set out in the Prospectus, and no reliance is to be placed on the information contained in this document in making an application.
The contents of this document are not tax, business, investment or other advice. This document and the information contained herein are
subject to correction, completion and/or amendment by Pembroke. This document, including without limitation all text, graphics and images,
is protected by copyright or other applicable intellectual property rights.
Pembroke is a limited liability partnership incorporated in England and Wales with registered number OC379193 and its registered office is
3 Cadogan Gate, London SW1X 0AS.
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