26 Aug 2011 14:22
Ventus VCT plc, Ventus 2 VCT plc
London, 26 August 2011
Notice of change of investment manager
The Boards of Directors of Ventus VCT plc and Ventus 2 VCT plc (the "Companies") and the Investment Manager, Climate Change Capital Limited ("CCC") have agreed to transfer the investment management of the Companies to Temporis Capital LLP ("Temporis") with effect from 12 September 2011.
Temporis has been involved in asset management since its formation in 2005 and now specialises in facilitating the provision of capital to the sustainable and clean tech sectors and, in particular, providing long-term liquidity to renewable energy projects. Charles Conner, a director of Ventus VCT plc, is a minority shareholder in Temporis Wind Limited, in which Temporis Limited (the majority owner of Temporis) also holds a minority shareholding.
CCC is exploring a new strategy investing in larger scale operating wind assets in the UK, backed by institutional investors. The Boards of the Companies and CCC believe that the transfer of the management and administration mandates is in the best interests of shareholders as it removes any perceived risk of conflict between the Companies and CCC's new strategy.
Shaun Mays, CCC's Chief Executive, said "CCC has supported the raising and the development of the Ventus funds since 2004, working in partnership with developers to finance and construct over 20 renewable energy projects in the UK, delivering over 65 megawatts of installed generating capacity. I am glad we have achieved a successful transition that enables the Companies to pursue the opportunities which they see opening up for them in the renewable energy infrastructure field. CCC will continue to explore opportunities to support the development of the wind industry, which we see as a rapidly growing sector, vital for the UK's future economic success and security of energy supply."
David Pinckney and Alan Moore, Chairmen of the Companies, said "We are pleased to announce the appointment of Temporis as the new manager of both the Companies. Following wide ranging discussions with all parties, we believe that Temporis has the right level of resources, experience and expertise to manage the existing portfolio and support new developments. We are working to ensure that the transition is as seamless as possible and will enable the Companies to develop their future strategies successfully."
For further information please contact The City Partnership (UK) Limited, 0131 243 7210.
ENDS