Thames Ventures VCT 2 plc Special Administration Of The Company's Custodian Of Quoted Assets
October 18 2023 - 11:33AM
UK Regulatory
TIDMD467
THAMES VENTURES VCT 2 PLC (the "Company")
LEI: 21380035MV1VRYEXPR95
18 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.globenewswire.com/Tracker?data=PU_DFhRyPyQUqG6ayXqD9RI8EV0iINpZhQrkmt9UQCUrueM3HKDxU9I1DBdQDOKfXRNTsthsn4KbQ-VEWgl7yQidHu_nlXxgMyna4k8mVbsgWFkIpVWQNj_xhLZCTYi-A4ssuU8O-DGAXbjvSIq3oh053JeJ0kLkuC81ZZMnW_AiEfUJjyNUnSujg6GUVJgKU_c8oWV9bmrrNWnvrDiGrpdkbL0HYHZC9SUf38PJCOzwOzDOZ82YlkQxptaxZ3qHHwc7hMOhzpZdUSQRd3txbyPo67QWPdjfXKv8diYtR_8=
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:
% of NAV held with
Share class 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
(END) Dow Jones Newswires
October 18, 2023 11:33 ET (15:33 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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