The City Hub (“Portal”) is the online shareholder portal for investors and advisers (where access is permitted by their clients).

With their clients’ consent (via a Letter of Authority, offer application form or portal invitation) advisers may access their clients’ shareholding via the portal.

The Portal offers access to:

• Shareholding balances (incl. certificate details)
• Current NAV valuation
• Transaction history
• Dividend history
• Ability to download income tax relief certificates and dividend confirmations.

Registering and accessing the portal – Shareholders  

You can access the portal by visiting; https://molten-ventures-vct.cityhub.uk.com

• to register, you will need to select the ‘Register’ tab
• Once on the register section, from the ‘Type’ drop down menu choose ‘Investor’ and complete the remaining fields with your personal details
• After entering your personal details, press ‘Register’ 
• You will now need to select the ‘Login’ tab and login using your credentials 
• Once logged in, you will then need to enter your Access Token* 
• Finally, your access request will need to be authorised by City - please note approvals are completed within the working day (Monday-Friday 9.00 a.m. – 5.30 p.m. excluding bank holidays) 

* Your Access Token can be found on any recent share certificate issued by City. If you do not have your Access Token, please contact City by phone on 01484 240 910 or email registrars@city.uk.com and following a series of security questions, City will give you your Access Token. 

Should you have any questions regarding the registration process, please contact City directly on 01484 240910 or by email at: registrars@city.uk.com.

Registering and accessing the portal - Advisers  

If you submitted an application form as part of an Offer for your client, the adviser provided on the application form will automatically be given access to the client’s shareholding on the portal once the shares have been allotted. An email notification will be sent to the adviser to confirm access has been granted.

Should your client be an existing shareholder, you will need to check that authority is in place, if not, you should submit a letter of authority to City. Once authority is in place, please create an account on the portal by following the ‘Registering and accessing the portal’ steps below.

• to register, you will need to select the ‘Register’ tab
• from the ‘Type’ drop down menu choose ‘Intermediary’ and complete the remaining fields with your details
• After entering the required details, press ‘Register’ 
• You will now need to contact City on the details below, to ask that your client(s) be linked to your login
• Once linked, you will need to select the ‘Login’ tab and login using your credentials

Alternatively, if your client has set up their own account on the portal, they may invite you.

If you would like your client to give you access to their shareholding, they can invite you to have access by clicking 'Invite Intermediary' in their portal account.

Once invited, you will be sent an email confirming their shareholding has been linked to your account along with:

• a link to the portal
• your username, and
• a temporary password

Once logged in, please change your password to a more permanent one.

Should you have any questions regarding the registration process, please contact City directly on 01484 240910 or by email at: registrars@city.uk.com.

If you / your client needs to update the address, you can do this via one of the following options:

• Update your details online via your portal account
• Following a series of security questions, City can make the change over the phone
• Complete a Change of Address Form and return to City in the post or via email (forms can be signed via DocuSign).

If you / your client needs to update the mandate instruction on your shareholding for dividend payments, you can do this via one of the following options: 

• Update your details online via your portal account
• Following a series of security questions, City can make the change over the phone
• Complete a Change of Address/Dividend Mandate Form and return to City in the post or via email (forms can be signed via DocuSign).

If you / your client needs to update your Dividend Election instructions, you can login to your portal account and make the change.

Alternatively, if you would like to enrol/exit the Dividend Reinvestment Scheme, you may complete the relevant form and return it to City in the post or via email (forms can be signed via DocuSign).

The VCT does not buy back shares directly from investors but has a buyback policy through the London Stock Exchange. The Company may, from time to time and at the Board’s sole discretion, purchase its Ordinary Shares in the market for cancellation or treasury, subject to shareholder authorities, applicable law and regulation, the Listing Rules, VCT regulations and available liquidity. There is no obligation on the Company to make market purchases and no assurance that any purchase will be made.

The Board’s current policy is to target buybacks at a price not higher than 95% of the last published NAV per Ordinary Share. The Board may decide to purchase shares at a wider discount, or not to purchase at all, at any time. The last published NAV may not reflect current market conditions, and the market price of the shares may be above or below NAV.

Step 1: Locate your Holding(s)

If your holding is certificated, a broker is likely to require the original share certificate(s) to process a sale. Certificates may bear any of the following historic company names:

• Downing Street VCT plc from 26 August 1997 to 20 October 1997;
• Elderstreet Downing VCT plc from 20 October 1997 to 26 January 2005;
• Elderstreet VCT plc from 26 January 2005 to 7 December 2017;
• Elderstreet Draper Esprit VCT plc from 7 December 2017 to 10 January 2019;
• Draper Esprit VCT plc from 10 January 2019 to 4 February 2022; and
• Molten Ventures VCT plc from 4 February 2022 to date.

Certificates issued under previous names remain valid. If a certificate is lost, contact the Registrar for a replacement, who may charge a fee for providing an indemnity.

If your shares are held in CREST, you will not have a paper certificate. Shares held in CREST are in electronic (dematerialised) form, not physical certificates, usually via your broker or nominee account. The benefit of CREST is faster settlement, easier transfers, and reduced risk of loss or theft compared to paper certificates. If you want a certificate you would need to “rematerialise” your shares, which involves instructing your broker/CREST participant to convert your electronic holding back into a physical certificate. This is rarely done today.

Step 2: Instruct a broker

If you wish to sell your VCT shares, you can do so by using a broker. Shares in Molten Ventures VCT are traded on the main market of the LSE, so most brokers should be able to help you.

Although Elderstreet Investments Limited, as the appointed investment manager, cannot recommend a specific broker we understand that Redmayne Bentley have experience in selling VCT shares. They can be contacted on:

Redmayne Bentley

0800 5420055

york@redmayne.co.uk

Step 3: Your broker should contact Molten Ventures VCT’s Corporate Broker

Once instructed, your broker should contact Molten Ventures VCT’s Corporate Broker, Panmure Liberum (Panmure) who maintains a list of potential sellers to be contacted when the next buyback is undertaken by the Company. Inclusion on any list does not guarantee that the Company will conduct a buyback or that any trade will be executed, the size of any trade, timing, or price.

The contact at Panmure is:

Chris Lloyd

020 7886 2716 or 0208 7886 2717

chris.lloyd@panmureliberum.com

Note: No endorsement or recommendation is made with respect to specific brokers. The investment manager does not assume any responsibility for any decision made or action taken based on the above information.

If you / your client wishes to change your name registered on your holding, please contact City in writing with the following information:

• The company in which you hold shares
• Previous name and registered address
• Your new name in full
• Your signature in your new name
• Send your Share Certificates for endorsement
• Supporting documentation for your change of name such as:
• Marriage: Marriage Certificate
• Divorce: Decree Absolute and Birth Certificate/previous Marriage Certificate
• Name change for other reasons: Stamped Deed Poll
• Company name change: Certificate of Incorporation on change of name by the Registrar of Companies

Supporting legal documentation should be a court sealed copy or certified in ink - any certified copies should have the original stamp proving certification (photocopies of a certified document will not be accepted).

Such changes cannot be notified via email as original signatures are required.

To appoint a Power of Attorney, you must submit an original or a certified copy of the Power of Attorney, duly certified by the donor, a solicitor or a notary public, that it is a true and complete copy of the original. Where the Power is more than one page, this certification should appear on each and every page. All certifications must be in ink and not a photocopy.

Alternatively, City may accept the online access code to access the document online.

Please state in the covering letter all the companies in which shares are held so that City can update all respective shareholdings.

If the holding is in a single name, City can place a note on the register with a copy of theoriginal or official copy of the Death Certificate. To register the executors on the register City will require either an original UK Grant of Representation or an office copy bearing the seal of the Court. Once this is registered, the executors can transfer or sell the shares.If the beneficiaries do not choose to obtain a Grant of Representation and the estate does not exceed the Inheritance Tax limit with the total value of the holding not exceeding £10,000 at the date of death, a Small Estates Declaration and Indemnity form can be used to register the death. Please contact City if you would like a Small Estates Declaration and Indemnity form.

Please note, if shares are held in more than one company, a Small Estates form will need to be completed for each company.

If the holding is in joint names, City can remove the deceased shareholder from the holding on sight of the original or official copy of the Death Certificate. Please also enclose the share certificates so a new one can be issued.

Once logged in:  

• Select ‘My Shares’ on the left-hand menu; you should then be able to see your name - Click on your name
• On the next screen, halfway down the page, on the summary tab you will see ‘SECURITY/COMPANY’ - Select the relevant security you wish to view
• You will now see your shareholding details. Further down the page you will see 4 tabs which includes a ‘Transactions’ section. Click on the ‘Transactions’ tab to view all your share allotments
• To download your ITRC, you should click on the highlighted reference for the relevant share allotment
• From the next screen, click on the ‘Income Tax Relief Certificate (ITRC)’ box in the top right of the screen to download your ITRC
• Once downloaded, this will be saved to the 'Documents' section of the portal where you may access this at any point in the future

Once you’ve gained access to the portal and your client’s shareholding has been linked, login to the portal and follow these steps: 

• Select ‘Investors’ on the left-hand menu; you should then be able to see your client’s name - Click on their name
• Continue as above

Once you’ve gained access to the portal and your client’s shareholding has been linked, login to the portal and follow these steps:

Once logged in: 

• Select ‘My Shares’ on the left-hand menu; you should then be able to see your name - Click on your name
• On the next screen, halfway down the page, on the summary tab you will see ‘SECURITY/COMPANY’ - Select the relevant security you wish to view
• You will now see the shareholding details. Further down the page you will see 4 tabs which includes a ‘Payments’ section. Click on the ‘Payments’ tab to view all your dividend payments on the screen
• To view the full details of a dividend payment, you should click on the highlighted payment reference
• From the same screen you may also download the related tax voucher by clicking on the download ‘Tax Voucher’ box in the top right of the screen
• Once downloaded, this will be saved to the 'Documents' section of the portal where you may access this at any point in the future

Once you’ve gained access to the portal and your client’s shareholding has been linked, login to the portal and follow these steps:

• Select ‘Investors’ on the left-hand menu; you should then be able to see your client’s name - Click on their name
• Continue as above

If you / your client are not in possession of their share certificate, City will require them to complete a form known as a letter of indemnity to obtain a new one. 

Please ask your client to send City a signed letter confirming that their certificate is missing (the letter may be sent via post or via email). Upon receipt City shall send a letter of indemnity for completion. Please note there may be an administration fee for issuing a new certificate.

If your client’s holding is represented by more than one share certificate, please ask them to state the certificates in their possession so that the indemnity is only issued for the missing certificate(s).

If you / your client wants to transfer their shares, they will need to complete a Stock Transfer Form and send it to City together with the valid share certificate. 

If the transfer is exempt from Stamp Duty or no chargeable consideration is given for the transfer, they need to complete the reverse of the transfer form.

Further information is set out in the Stamp Duty section of the HMRC website HMRC website which includes a stamp duty calculator.

If stamp duty is applicable, please ask your client to contact the Stamp Office.

Birmingham Stamp Office

9th Floor

City Centre House

30 Union Street

Birmingham

B2 4AR

The transfer form should be sent to the stamp office before sending it to City with the certificate. Once your client receives the stamped transfer form back, please ask them to send it to City with the share certificates via the post.

If you / your client wishes to transfer their shares to charity, please ask them to contact Sharegift on 020 7930 3737 or go to their website for further information.

A: The City Partnership (UK) Limited, The Mending Rooms, Park Valley Mills, Meltham Road,

Huddersfield HD4 7BH

E: registrars@city.uk.com

Phone: 01484 240 910

Income tax relief cannot be claimed where a VCT buys back shares from an investor, and that investor subscribes for new shares in the same VCT within six months.

Investors must hold shares for five years to retain any income tax relief claimed. There is no minimum holding period for VCT capital gains tax and dividend tax relief. Provided investors invest £200k per tax year, CGT and dividend relief should be available on the shares purchased.

Fees and charges depend on the VCT. Fees for Molten VCT can be found on the corresponding product webpages/brochures.

No, they are included in the estate for IHT purposes.

No, this is not possible.

Minimum investment depends on the VCT and varies. There is typically no maximum investment. But an investor can only claim tax relief on the first £200,000 invested in a tax year (i.e. £60,000 in tax relief).

No. But we always recommend seeking advice before investing. Investing in smaller companies is high risk and not suitable for everybody. Tax treatment also depends on personal circumstances and may change in the future.

Yes, VCTs are broadly similar to an investment trust, only it has been approved by HMRC to invest in smaller unquoted companies and thereby shareholders can enjoy certain tax reliefs.

VCTs are listed companies, so you can buy shares on the secondary market via an investment platform or stockbroker. However, shares purchased on the secondary market do not qualify for the upfront 30% income tax relief. Upfront income tax relief is only available on newly issued shares, therefore most investors choose to buy new shares in a VCT fundraise.

You can apply to buy shares through a financial adviser (recommended), directly with Octopus or via an intermediary such as Wealth Club. Our VCTs are also available through some investment platforms such as Hargreaves Lansdown and Crowdcube.

We always recommend investors seek financial advice before investing.

Yes. Some VCTs have reinvestment schemes which allow you to invest dividends to buy more shares in the VCT. These newly bought shares also also attract 30% income tax relief.

Yes – if you choose to reinvest your dividends to buy additional shares in the same Venture Capital Trust (VCT), this is treated as a new VCT investment for tax purposes. As a result, these newly issued shares may qualify for up to 30% income tax relief, provided you meet the standard eligibility criteria and hold the new shares for at least five years.

Reinvesting dividends has no impact on your original VCT investment. The holding period for those shares remains unchanged, and your existing tax relief is unaffected.

It’s important to remember that tax relief is only available on new VCT share issues, cannot exceed the income tax you owe, and is subject to the annual VCT investment limit of £200,000.

Your estate will not have to repay any upfront income tax relief already claimed if you die within five years of holding the investment. If the value of the VCT shares on death is less than £200,000, the dividends paid by your VCT will still be tax free, and there will be no capital gains tax to pay on the growth of the investment when your beneficiaries choose to sell it.