Progressive Value Management Limited (“PVML”) was set up in 2000 to provide institutional investors with an efficient means of realising value from their illiquid holdings in UK smaller companies. PVML identified that institutional portfolios often contain smallholdings in illiquid stocks. Although these holdings might represent a small proportion of an institutional portfolio’s value, they require a disproportionate amount of the manager’s time and resources that may be better employed in managing core investments and investigating new investment opportunities. The funds managed by PVML and its former subsidiary Progressive AIM Realisation Limited (“PARL”) have taken on such holdings from institutions by way of a “stock swap”, exchanging shares in the fund for the shares held by the investor institutions. PVML has then managed the portfolio of stocks acquired so as to achieve value and liquidity and to return funds to shareholders. Since 2000, PVML and PARL have managed seven funds with a total initial value of £267m which returned about £240m to shareholders.
PVML has also carried out advisory work for several institutional clients, assisting them in achieving value and liquidity from private equity portfolios, limited partnership positions in private equity partnerships or other portfolios of smaller companies.
PVML is led by Robert Legget who has been managing director of PVML since its inception. Details of the PVML team can be found here.