Sloppy wording on my part perhaps. I meant that I ideally want to put the proceeds within a tax-protected account such as an ISA so they remain tax exempt. Reinvesting them in another VCT is an option but I haven’t looked at other VCTs for a while now so that would require more homework and a fresh five-year commitment.

Yes, it’s a completely different business model to other infrastructure/renewable trusts. There is a little contracted revenue for Capacity Market contracts but it’s relatively minor. I think the fact that it is different was appreciated, as was the reliance on National Grid as the key customer, but not quite how volatile revenues would turn out to be. I think it’s caught the batterty operators by surprise as well.

In the call last week, Ben Guest said that his brokers had informed him some people have been selling in recent weeks but because the shares are quite illiquid, it’s had a bigger-than-expected impact on the share price. He also hinted at been broadly happy with the discount rates used to calculate the NAV. My concern is more with the level of revenues being discounted as it was alluded to that long-term rate used is still in the region of £80k to £100k per PW versus the more recent run-rate of £35k including capacity market revenues and £150k in 2021 and 2022.

I’m still thinking about what to do with my position. Although I did add to it a little last year, it’s still relatively small so I plan to wait for the full-year results before deciding what to do. It’s possible I might sell out, as analysing this trust is now taking a disproportinate amount of time. But if things start to look a bit better for revenues and the discount remains very wide, it’s also possible that I might buy some more.