Law firm Howard Kennedy has advised Puma VCT 12 (managed by Puma Investments, part of the Shore Capital Group) on the launch of its 2015 prospectus.
This is the twelfth Puma VCT promoted and managed by the Puma Investments team and sponsored by Howard Kennedy. Puma Investments has a strong track record in providing funding to established businesses across the UK. Its principal focus is on capital preservation and generating stable returns for its investors.
Puma VCT 12 looks to raise £30m in this tax year. Puma VCT 11, launched in the 2013/14 tax year, raised over GBP30m, representing more than half of the entire funds raised by planned exit VCTs in the 2014/2015 tax year.
The Howard Kennedy team was led by partners Michael Harris and Stephen Heinemann, with support from solicitor Sian Thomas. PwC provided tax advice.
Michael Harris says: “Howard Kennedy has a long history in advising Puma Investments and the Puma family of investment vehicles, commencing with the first ever Puma VCT, and is the pre-eminent law firm advising VCTs. Puma has a successful track record in investment in asset-backed businesses, providing good returns for its investors and we are delighted to have been able to help it with the launch of its 2015 prospectus.”
Eliot Kaye, investment director at Puma Investments, says: “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.”
In the 2014/15-tax year Howard Kennedy advised on 27 of the 33 VCT offers with a combined market value of GBP370m.
Howard Kennedy has a dedicated team of partners and staff advising VCTs through its wholly owned FCA authorised subsidiary, Howard Kennedy Corporate Services LLP, which has been active in the market place since 1997, listing well over 200 companies over that period.
