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Pennine Dowling AIM VCT2 makes debut

Downing Corporate Finance is offering shares in Pennine Downing AIM VCT 2, a venture capital trust that invests in companies listed on the alternative investment market (AIM).

Sixty per cent of the money raised by the share offer will initially be invested in fixed income securities and the remaining 40 per cent will go into unit trusts managed by Rathbone Investment Management. This mix of investments aims to increase the money available to invest in AIM listed companies without the risks associated with putting all the money raised in unit trusts.

By the third year, 80 per cent of the investment will be in AIM listed companies and 20 per cent will remain in the Rathbone unit trusts.

Clients who have used venture capital trusts before and who are interested in developing companies might be tempted by this VCT. Otherwise, those who have a capital gains problem or those looking for income tax relief would find it a useful tax shelter.

According to Standard & Poor&#39s, five out of seven Rathbone funds have S&P four-star rankings and one fund – Rathbone smaller companies – has a S&P five star ranking as at January 26, 2001.

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