Hygea - no they aren't flogging kitchens, it's word- play on the financial act of gearing. I'm guessing, could be letters "...caught on the wind".
Still good to know the old faces have a sense of humour - and it would be nice to know when some of their investments actually are valued closely with their cost.

Some funny business (can I say that, ho-ho?) with Medical Marketing - grief it seems the BVP-Management weren't doing the managing, they were relying on a third party - so presumably both sets of "Management" were being paid out of our investments.

This sort of nonsense has to stop.
Thanfully now, there is only one set of Management to fund, but did investors get the best brains.......sadly the sp tells it all.

don't get me wrong this is invested in some good businesses - but one that spelled grief was Cobra Bio - which had been tipped by IC at over 1 - but they lost the keys to the formula and the sp fell to 24p over a while. Unfortunately this Venture Trust can't invest "more" it seems, even though the "low" is technical and would make eco-sense (to Av Dn). Other companies are at the cash-value because Rules say thst until you sell, unquoted can only be shown at Cost - so this distorts their Investment NAV.....
I have since bought more-recently, though the spread is a tad off-putting, but that's MM's for you.
I'm not aware of any investments that have failed to deliver, but this has much further to run, I think. But a change in the Rules would make some sense - then the likes of Cobra[CBF] could show their current rebound as a positive NAV.

The "Management deal" was entirely sensible IMHO.....indeed I was surprised they hadn't done it earlier.

Up again to 50p - grief soon I'll be in profit....it seems the trades are zero (today) so maybe they'll come out after the stock Exchage closes - why is this?
....I read about their latest investment - a company that makes robotic surgical kit - this enables cameras and grippy-bits to travel inside a patient, complete with lights....so the surgeon can see everything...yet it requires only a small "keyhole" opening....looks a niche market and one that "know-how" is more important than the Patent alone - such devices need to have the "Right Feel" to satisfy the surgeon and patient mix.......
There aren't many other providers of such funding so this is looking to be worthwhile and "maybe" shows the new management has the right attitude...time as always will tell.

A year-on and the sp is falling to 30p-ish, grief this has been badly managed....for reasons explained earlier - stricktl the issue is what "value" is placed on the investments - seems the Inland Revenue are thicker than accountants and can't see that 1000 invested in a small company has greater value a few years down the line, even though the company isbn't "quoted" - and this is the issue - IF it's not quoted then only the "investment" can be accounted...Ho-Ho that's all right then.....so why would you invest the 1000 ? Why not conduct an accountant's version and nnot put in any money and wait for the co to go bankrupt - then buy the whole for 1p-in-the-pound?
Well "real investment" isn't like that - and it's about time the Accountants and Inland Revenue (who oversee the VCT-Rules) got their massive brains round this.

Since the investment is quoted "at cost" the VCT looks to be "moving backwards" since they still have management costs (probably too high...oops) and any investment that fails will show as zero - isn't it odd then that accountant-types can't see an expanding business is worth more than the investment?

People leave, die etc and their sales are not always taken up since the IR "Rules" don't permit the income-tax benefit except when the VCT is set-up ( but DYOR this is a minefield!)...so it could be said that a Profit Warning should be issued with every VCT - "This will damage your wealth over time!"

Now I've read their reports and like what I see, many investments have been successful and are in AIM-list (so they can be quoted at current Mkt Price), but most are private co's - so these can't with the result the NAV is artifically low - I'd like to see an "Uplift factor" based on an index of similar-market co's - not exactly scientific (and there will be betters/worsers) - but this should show that the unlisted investments have made about 30% over three years with some quoted showing more... thus, there could be NAV according to accepted IR "Rules" and a "Shadow NAV" based on 'generally accepted Market values' which would indicate how the investments "might" pan out.
My only fear would be that Management will use these higher figures to award themselves more dosh, whereas in fact the sp is telling it like it is. The Execs should only be rewarded when the investors get something back - if they bail out under the investment price 1. I think then this is offset against any later rises when the private businesses are sold into the Market.

I suppose I feel cheated by the "system" and slightly by this VCT for not being crystal-clear about the likely outcome - for this represents a loss of about 60% of my investment at "buy" and about 80% if I sold at current spread.
-It is, in short, a scandal aided and abetted by the Inland Revenue who should not permit such schemes to exist; since their Rules effectivly make a dumb-investment even worse. If all the investments were stonking ahead (and many are!), the sp would be in this position due to "rules".....it is time for a change that reflects the added-value these early investments make to nascent British Research and the future.
The stock-market is always right, but in this instance it could be that the value will show through; the pity is that there are so many opportunities to pick-up stock at a bargain price which makes a nonsence for the First-mover investors - ....and without them there would be no funding of the entrapreneurs.

Ah well, the future looks better!

Healthy(!) mark-down today...sp about 25p ( but watch the Spread!).

Soon the certificates will be cheaper than paper at PC-World! . . . . Grr.
I still hold, technically it's a good investment.
Er, IMHO.

Fundraising March08 - I thought it was a success . . . yet even a couple of weeks later - - - No RNS!

Eh?

Let's hope they invest the new-money into something worthwhile and not more non-quoted companies. I'd like them to do some real exec-research and invest only in Companies that are undervalued.

Some suggestions Renova - - - they have some and sold some.....now cheaper but ONLY after a meeting. This is Stem-cell technology.
OXB - if it really is about to soar (in 2009).
CEN - alternative painkillers - but look at the sp graph!
And one "bargepole"
CBF - they hold some from about 1 - Arrgh....meeting needed!

-The reason is that by having some "quoted" investments the NAV is easier to calculate and by buying "now" ( or by end 2008), the oversold stock will create a greater lift.
The original idea of investing at near-peak(!), was never going to work . . . I wonder why they did it?

There is nothing wrong with "unquoted" investments, - except when they represent a large % of the Total - as it's so difficult to value the business.

EDIT: 1May08
"Rights" expected to close at the end of the month.

24p sell, - 34p buy down 6% on zero volume

- - - and I thought the "rights" would give them an edge....or did Execs need the money to fly away?
-Looks like VCT's are a BAD Idea.
[This fall "probably" reflects their investment in cobra, which is almost penny-status. Funny, I used to hold CBF, but sold out when I'd made a turn.......forgot this and "worried" as they fell. Only after an EGM did it dawn on me I was "out" - what a relief....pity HYG didn't do the same, it never was worth 1...... CBF is now abt. 5p... ].

Two other Octopus VCT's fell lots today - must be the hint of spring!

-not that HYG is under Octopus, but there are some shared links - DYOR.

HYG is not terrible yet today CBF fell through the floor ( this extra bad news will not affect HYG)....seems one of their customers may pull the plug on bulk delivery...
. . . . . . . . . . . . No-one else interested in HYG...?

EDIT (Nov09)- Well, on the face of it, On the UP - (DYOR)- seems the NAV is sugnificantly better and Management is +ve at last.

EDIT (March2010) - DYOR - seems these shares are now traded on Sharecast - need to check this - Plus, they have just paid a dividend ! Wow!
EDIT (2June2010)- 8% drop morning, on zero volume - Eh? . . . . . 53/56p
EDIT (2Jy2010): nice divi - :), - makes up for BP. (divi is ZERO in 2012, although MoneyAM shows c.10% =conserving cash.)
EDIT (13Jan2012)- 44p in a sluggish market . . . sp graph looking like a ski slope.
EDIT(11Oct2012)_been away - and sp is 88p - seems Scancell is very exciting....Let's hope they sell some, take cash...?
EDIT (24Nov2016)- nothing to report, sp 48p, =looks like 2012 again.
EDIT ( 17Dec2017)- sp 43p but there is an upheaval about - seems Management want to hand over to achieve better shareholder value. Often heard, never realised. To do this [ big DYOR ], the shares are to be part-shredded and recycled... and some money raised in the "New VCT" ( er, but this is far from clear IMHO. Seems to me that they have invested in too many early-stagers which need more money that HYG can provide. Also, when the few "Quoteds" rise in price they've not taken profit, so HYG sp has no additional-value, by way of Cash-at-Bank. I get the impression they are stuck in a rut with existing Holdings, hoping for one to rise. This stance-change just might help, but will they do good for LT shareholders...? this was £1 when it started and has been struggling ever since, despite dividends. Oh Deary.
EDIT (22MAy2018)-sp 50p- and a year-long funding looms . . . probably need to read "The Prospectus" but it smells like a Begging-Bowl. Hopefully as "B-Shares" DYOR it will add cash to the company without the obvious dilution for LT shareholders. I understand the problem they believe is they are just too small and haven't been able to attract more capital to invest elsewhere - now that new small Medi-Tech Co's are not being expanded by folk believing any company will be worth £££'s in a few weeks.