Special administration of the Company’s custodian of quoted assets
October 18 2023 - 11:33AM
Special administration of the Company’s custodian of quoted assets
THAMES VENTURES VCT 2 PLC (the “Company”)LEI:
21380035MV1VRYEXPR9518 OCTOBER 2023
SPECIAL ADMINISTRATION OF THE COMPANY’S
CUSTODIAN OF QUOTED ASSETS
Since March 2022, the Company has used IBP
Markets Limited ("IBP") as custodian for its quoted investments.
IBP is an FCA authorised and regulated wholesale broker, providing
custody services and access to equity and fixed income securities
for non-retail clients (which includes the Company).
On 13 October 2023, the FCA published a
supervisory notice under section 55L(3)(a) of the Financial
Services and Markets Act 2000 imposing certain restrictions on IBP
and putting it into special administration.
Further details can be found on the FCA website
at
https://www.fca.org.uk/news/news-stories/restrictions-placed-ibp-markets-limited-and-firm-enters-special-administration.
The Joint Special Administrators are now
carrying out an initial assessment of the client money and custody
assets held by IBP. Due to concerns whether there were appropriate
systems and controls in place to ensure adequate protection for
client monies and client assets at IBP, this assessment may take
some time.
Approximately 19% of the Company’s total Net
Asset Value (“NAV”) (as at 30 June 2023) is held with IBP as quoted
assets, although the quoted portfolio is not traded frequently and
there are no trades pending execution. The percentage of NAV for
each share class within the Company is shown below:
Share class |
% of NAV held with IBP as at 30 June 2023 |
Ventures |
12% |
Healthcare |
29% |
AIM |
70% |
DSO D |
0% |
DP67 |
0% |
The Company, through its advisers, has begun
liaising with the Joint Special Administrators to understand what,
if any, impact the failure of IBP may have on any of the Company's
quoted assets. Further updates will be provided to shareholders and
the market once more details become available.
For further information please contact: Stephen
Thayer, Foresight Group (Company Secretary): 0203 667 8100
Thames Ventures Vct 2 (LSE:D467)
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