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News and Publications

Share Scams: Investor Warning

03 Apr 2012

We would like to alert all shareholders in Ingenious managed VCTs to the misuse of the Ingenious name by third parties who claim to be connected to Ingenious or our VCTs in some way.

We have been made aware of cases where shareholders have been contacted by:

• Someone selling shares in companies which have little or no value, or may even not exist.

• Someone offering to buy their shares at a higher price than their market value.

These types of scams are targeted at existing shareholders and will sound like attractive offers. The caller will often ask you to pay something upfront, such as a bond or other form of security which they claim you’ll receive back if the sale doesn’t go through. They may also ask you to sign a form preventing you disclosing details of the offer.

Please be aware: these are fraudulent scams and are in no way connected with Ingenious or our VCTs. We will never cold call to obtain shares that you own, or to sell investments. If you are concerned about a call, letter or email you receive, which you believe to be suspicious, please call our Client Services Centre on 0207 319 4000.

Where do they obtain your details?

Ingenious will never pass details of its investors on to a third party without advising investors first and only then with their permission. Unfortunately these scam companies take details from the VCT shareholder registers which are public documents kept by all companies, including VCTs.

Home telephone numbers are obtained from lists of telephone numbers that are for sale via the Internet.

Your rights to compensation

In many cases these share scam companies are based overseas, although some may provide details of a UK postal address and telephone number. What this means is that investors may have no right to complain or claim compensation since these companies are not authorised by the Financial Services Authority (FSA).

What should you do?

If you receive an unexpected call offering to acquire your shares, or sell you shares, particularly using high pressure tactics, please simply hang up the telephone. You may wish to check that anyone offering to sell you shares is registered with the FSA, but cold calls from companies offering to sell you shares are unlawful and should be reported to the FSA or the police.

Further information

If you have any questions about Ingenious products or these share scams, please feel free to contact us on 0207 319 4000. Alternatively, more information is available from the FSA:

http://www.fsa.gov.uk/consumerinformation/scamsandswindles/investment_scams/boiler_room

http://www.fsa.gov.uk/pages/doing/regulated/law/alerts/form.shtml

http://www.fsa.gov.uk/pages/Doing/Regulated/Law/Alerts/unauthorised.shtml

http://www.fsa.gov.uk/pages/Doing/Regulated/Law/Alerts/overseas.shtml