Title: URL Source: https://is.gd/kizuZT Published Time: Tue, 08 Apr 2025 13:58:33 GMT Markdown Content: 1 Purpose This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you compare it with other products. Product # Puma AIM VCT plc ISIN: GB00BRC89928 Investment Manager to the Company: Puma Investment Management Limited Competent Authority: Financial Conduct Authority Website: www.pumainvestments.co.uk Telephone: 020 7408 4050 Date of production of this Key Information Document (“KID”): 17 September 2024 # Puma AIM VCT plc # What is this product? Type: Puma AIM VCT plc (the “Company”) is incorporated and registered in England and Wales as a public company limited by shares with registered number 15801440. The Company is a Venture Capital Trust ("VCT") whose shares are intended to be listed. The ordinary shares of the Company will be listed on the premium segment of the Official List of the FCA and admitted for trading on the Main Market of the London Stock Exchange. It is important to note that information contained within this document is related to the subscription of new issue shares. If shares are purchased on the secondary market costs may be different and you will not be eligible to claim the 30% income tax relief. Objectives: The Company primarily invests in UK companies that are not listed on the main London Stock Exchange but are traded on London’s Alternative Investment Market (AIM). It will also target companies on the AQSE Growth Market of the Acquis Stock Exchange and from time to time, private companies. These are typically companies with experienced management teams that operate in sectors providing structural support for growth. The Company aims to generate positive returns for investors, initially through capital growth and then later through tax-free annual dividends. The Company aims to maintain its VCT status to enable investors to benefit from the associated tax reliefs. To achieve this, the Company intends to invest in companies as permitted under Venture Capital Trust legislation which, in particular, must be companies with a permanent establishment in the UK of a limited size and that carry out a qualifying trade. Dividend policy: The Company intends to pay dividends as the portfolio matures. Over time, the Company seeks to achieve an average dividend payment of 5p per Ordinary Share per annum although this may vary significantly from year to year. The Company expects to be in a position to make dividend payments from the realisation of its investments or, to a lesser extent, income received from its investments. Intended retail investor: The Company is intended for UK tax resident retail investors over the age of 18. Intended investors must have sufficient income and capital available to commit to invest for a recommended holding period of not less than 5 years and be able to afford to lose their entire investment. Investment should only be made if the investor is able to understand and tolerate the risks associated with VCT investing. It is recommended that investors seek advice from a regulated financial advisor if they are unsure about the risks. Product term: The Company does not have a fixed life and therefore no maturity date. However, given the requirement to hold shares in the Company for a minimum of 5 years to retain the 30% upfront income tax relief, the recommended holding period for the purposes of this KID is 10 years. Furthermore, you cannot be forced to withdraw your capital unless the Company is wound up. You are about to purchase a product that is not simple and may be difficult to understand. ## What are the risks and what could I get in return? The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you. We have classified this product as 6 out of 7, which is the second highest risk class. The principal of this product is not guaranteed. This rates the potential losses from future performance at a high level. This product offers no capital protection against future market performance so you could lose some or all of your investment. It is likely that the Company should be considered as having a materially relevant liquidity risk because, notwithstanding that it is admitted to trading on a regulated market, the liquidity depends only on the availability of buyers and sellers on the secondary market. The Company seeks to mitigate relevant risks through adherence to various policies and procedures, further details regarding all of the risks applicable to this Company are included in the Prospectus which can be obtained from the Company’s website. > R I S K I N D I C A T O R 1 3 62 54 7 The risk indicator assumes you keep the product for 10 years. The actual risk can vary significantly if you sell at an early stage, and you may get back less. You may not be able to sell your product easily or you may have to sell at a price that significantly impacts on how much you get back. > L O W E R R I S K H I G H E R R I S K K E Y I N F O R M A T I O N D O C U M E N T 2What happens if the Company is unable to pay out? The value of the Shares and the income derived from them is dependent on the performance of the Company’s underlying investments and can fluctuate. If the Company is unable to pay out, you might lose all of your investment. As a shareholder of the Company, you would not be able to make a claim to the Financial Services Compensation Scheme about the Company in the event that you lose money on the shares in the Company. There is no guarantee scheme in place which may offset all or any of this loss. # What are the costs? The reduction in yield (“RIY”) shows what impact the total costs you pay will have on the investment return that you might get. The total costs take into account one-off, recurring and incidental costs. The amounts shown here are the cumulative costs of the product itself for three different holding periods. The figures assume that you invest £10,000. The figures are estimates and may change in the future. Costs over time The person selling you or advising you about this product may charge you other costs that have not been included in the table below. If so, this person will provide you with information about these costs and show you the impact that all costs will have on your investment over time. Investment scenario: £10,000 If you cash in after 1 year* If you cash in after 5 years* If you cash in after 10 years* Total costs £737 £2,854 £5,452 Impact on return (RIY) per year 7.21% 5.29% 4.90% * This product may not be easy to realise. This means it is difThcult to estimate how much you would get back when you attempt > to realise your investment. You will either be unable to realise your investment, or you will have to pay high costs or make a large > loss if you do so. You will also lose tax reliefs gained on subscription if you sell within 5 years. # Performance information What are the risks and what could I get in return? The main factors that will affect the performance of the Company are the ability of the Investment Manager to select unquoted companies in which the Company invests; the performance of the unquoted companies held within the portfolio given that smaller companies generally exhibit higher levels of volatility than larger companies; and the ability of the Board to oversee the Company and its objectives. Our forward-looking ex-ante moderate performance scenario return is 4.14% per annum over the recommended holding period of 10 years. We have used this ex-ante return to model the reduction in yield in our cost calculations below. VCT shares are usually illiquid and must be held for 5 years to retain the income tax relief available on your initial subscription. The recommended holding period is 10 years. The Company is a newly formed company with no operating results, financial statements, current investments or track record therefore there is a lack of data that objectively illustrates performance. The Company may achieve greater or lesser returns than compared products due to investment decisions and the performance of underlying assets. The VCT tax reliefs are dependent on individual circumstances and anyone that is unsure as to whether they will be able to take advantage of any such reliefs should seek independent financial advice before investing. What could affect my return positively? VCT investments are high risk but also come with the potential of high return by way of value growth and income returns in and from the portfolio, alongside making profitable realisations. Specific factors that may positively impact capital growth and dividends are the number of successful companies within the portfolio, and the level of that success. General factors that may affect positive returns for the VCT would be an extended period of UK economic growth and fiscal stability. What could affect my return negatively? The VCT invests in smaller unquoted companies which exhibit higher levels of volatility than larger companies. Specific factors that may negatively impact the capital growth and dividends are adverse market conditions. As the companies invested in are early stage, they may be more susceptible to political, exchange rate, taxation, regulatory and macroeconomic changes. The more companies in the portfolio which are impacted by such factors, the greater the impact there will be on the financial performance of the VCT and therefore the returns to investors. Another factor that may negatively affect returns for the VCT would be the market for shares. It is unlikely there will be a liquid market and it may prove difficult for investors to realise their investment immediately or in full. A general factor that may affect returns negatively would be poor performance of the UK equity markets. As the VCT is new there is expected to initially be less diversification so more exposure to fewer companies. What could happen under severely adverse market conditions? The Company may experience a high proportion of realised losses within the portfolio during periods of stress, which could result in you losing all your investment. 3 # How long should I hold it and can I take money out early? This is a long-term investment with a recommended holding period of 10 years. If you invest, you should be prepared to hold your shares for a minimum of 5 years to be entitled for income tax relief. If you decide to sell your shares before then, you will be required to repay to HMRC all of the 30% upfront income tax relief you have claimed. How do I sell my shares? The Company may operate a buy back policy from time to time to buy back the Company's shares (at the discretion of the Board of Directors) in the market at a price which will be at a 5% discount to the most recently announced NAV. In each case as reported from time to time, less transaction costs payable to market makers and stockbrokers, up to a maximum annual number equivalent to 14.99% of the total number of issued shares. Operation of this policy will be subject to applicable legislation and the Company having sufficient funds and distributable cash reserves for the purpose. Accordingly, it is unlikely there will be a liquid market as there is a limited secondary market for shares in VCTs and Investors may find it difficult to realise their investments. # How can I complain? Puma Investments has a complaints handling procedure in place to ensure all complaints are dealt with fairly, consistently and promptly. If you have a complaint about the Company or this KID, please email complaints@pumainvestments.co.uk , call 020 7408 4050, or write to us at: Puma Investment Management Limited, Cassini House, 57 St James’s Street, London SW1A 1LD. We will acknowledge receipt of your complaint and send you a copy of our complaints handling procedure, which can also be found at www.pumainvestments.co.uk/pages/view/complaints-procedure , and follows the rules set out by the FCA. As a shareholder in the Company, if you remain unsatisfied with Puma Investments handling of the complaint, you do not have the right to complain to the Financial Ombudsman Service (“FOS”) about the management of the Company. # Other relevant information This document is published solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities, or related financial instruments. It does not constitute an investment recommendation as such term is defined in UK MAR (being the UK version of Regulation (EU) No. 596/2014 of the European Parliament of the Council of 16 April 2014 on market abuse which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended and supplemented from time to time including by the Market Abuse (Amendment) (EU Exit) Regulations 2019) nor a personal recommendation as such term is defined in the Handbook of the Financial Conduct Authority (“FCA”) nor does it take into account the particular investment objectives, financial situations or needs of individual investors. This document is not a prospectus and any decision to engage in an investment activity as such term is defined in the FCA’s Handbook should be based solely on the Company’s offering documentation which includes inter alia the Company’s prospectus which has been approved by the FCA. The performance and risk data above is not derived from past performance nor from any relevant benchmark or proxy and is an estimation of the risks and returns of the Company on an ex-ante basis. VCTs are required to invest in smaller younger companies that can carry higher risk, albeit with the prospect of higher but more volatile returns. Please note that it cannot be guaranteed that the companies invested in by the Company will be qualifying companies or that the Company will maintain its qualifying status as a venture capital trust. Further information on the Company’s investment strategy and other relevant documents, such as the Company’s most recent Prospectus are available on the Investment Manager’s website at www.pumainvestments.co.uk. You are recommended to read the latest Prospectus and, in particular, the risk factors contained therein, before making an investment decision and be comfortable, or confirm with your independent financial adviser if applicable, that you have the expertise, experience and knowledge to properly understand the risks. If you have any questions, or require any further information, please send an email to clientrelations@ pumainvestments.co.uk . The distributor will provide you with additional documents where necessary. You may incur other costs such as platform fees when subscribing for shares in the Company. R E C O M M E N D E D H O L D I N G P E R I O D - 1 0 Y E A R S PI002357 0924 Composition of costs The table below shows the impact each year of the different types of costs on the investment return that you might get at the end of the recommended holding period, and the meaning of the different cost categories.