VEN.L Regulatory News (VEN)

1 Jun 2007 13:37

Ventus VCT plc01 June 2007 VENTUS VCT Plc Preliminary Results for the year ended 28 February 2007 The Directors of Ventus VCT plc announce the preliminary results for the yearended 28 February 2007. Chairman's Statement I am pleased to present the preliminary results for Ventus VCT plc (the "Company") for the year ended 28 February 2007. These accounts cover the second fullyear of investment activity for the Company. Net Asset Value and Results Revenue attributable to shareholders for the period was £427,346 or 2.85 penceper share. The capital loss attributable to shareholders for the period was£147,879 or 0.99 pence per share, resulting in a total return to shareholdersfor the period of £279,467 or 1.86 pence per share. The main source of revenuewas interest earned on mezzanine loan stock investments and UK treasury bills.Running costs of the Company (before irrecoverable VAT) were less than 3.6% ofNet Asset Value ("NAV") in accordance with the Investment Management Agreement. The Company declared a dividend for the first half year of 1.00 pence per shareand proposes to declare a further dividend of 1.40 pence for the second half ofthe period, resulting in a total annual dividend of 2.40 pence per share. At 28 February 2007, the Company's NAV stood at £14.1 million or 94.2 pence pershare. Investments The Company's Investment Manager, Climate Change Capital Limited, continues tobe actively engaged in identifying and negotiating potential investmentopportunities. As at 28 February 2007, the Company had made qualifying investments totalling£4.2 million in four companies. As at the date of the Annual Report, the Company has made investments and/orcontractually committed to invest in a total of six companies representing totalfunds invested and committed of £7.7 million. The Company has also entered intoexclusivity agreements in respect of a further £1.0 million of potentialinvestments. £7.7 million of funds invested and/or contractually committedrepresents 80% of the amount required to be invested in qualifying investmentsby 1 March 2008 in order for the Company to comply with HM Revenue & Customs VCTregulations. The Investment Manager's Report in the Annual Report provides details of theinvestments made as at 28 February 2007, the investments made as at 30 May 2007and the amounts committed or under exclusivity agreements as at 30 May 2007. Allinvestments to date have been or will be structured so as to be treated asqualifying holdings for the purposes of VCT regulations by 1 March 2008. Venture Capital Trust ("VCT") Qualifying Status The Company has appointed PricewaterhouseCoopers LLP to review its compliancewith VCT regulations. PricewaterhouseCoopers has confirmed that the Company hasbeen in compliance with the required conditions throughout the year. Dividend The Directors recommend a final dividend of 1.40 pence per ordinary share inrespect of the year ended 28 February 2007. This, together with the interimdividend of 1.00 pence already paid, will make a total dividend for the year of2.40 pence per share. The shares will be marked ex-dividend on 11 July 2007 and,subject to shareholder approval. The dividend will be paid on 6 August 2007 toshareholders on the register on 13 July 2007. Income statement for the year ended 28 February 2007 2007 2006 Revenue Capital Total Revenue Capital Total £000 £000 £000 £000 £000 £000 Income 782 - 782 582 - 582Net gains on investments - 104 104 - - - 782 104 886 582 - 582 ExpenditureManagement fees 104 311 415 90 270 360Other expenses 156 - 156 180 - 180 260 311 571 270 270 540Return on ordinaryactivities before taxation 522 (207) 315 312 (270) 42 Tax on ordinary activities (95) 59 (36) (59) 51 (8) Return attributable to 427 (148) 279 253 (219) 34equity shareholders Basic and diluted return per 2.85 (0.99) 1.86 1.80 (1.56) 0.24ordinary share (p) All revenue and capital items in the above statement derive from continuingoperations. The Company has only one class of business and derives its income frominvestments made. The total column of this statement is the profit and loss account of theCompany. The supplementary revenue return and capital return columns have beenprepared under guidance published by the Association of Investment Companies. There were no recognised gains and losses for the year other than those shownabove. Balance sheetat 28 February 2007 28 February 2007 28 February 2006 £000 £000 Fixed assetsInvestments 4,273 859 4,273 859 Current assetsDebtors 282 35Short term investments in UK treasury bills 9,406 10,911Cash in hand 237 2,365 9,925 13,311 Creditors: amounts falling due within one year (73) (62) Net current assets 9,852 13,249 Net assets 14,125 14,108 Share Capital and ReservesCalled up share capital 3,750 3,750Special reserve 10,437 10,437Capital reserve - realised (471) (219)Capital reserve - unrealised 104 -Revenue reserve 305 140 Shareholders' funds 14,125 14,108 Net asset value per ordinary share (p) 94.2 94.1 Cash flow statementfor the year ended 28 February 2007 28 February 2007 28 February 2006 £000 £000 Net cash (outflow)/ inflow from operatingactivities and returns on investments (119) 48 Taxation (10) - Capital ExpenditurePurchase of venture capital investments (3,310) (859) Equity dividends paid (262) (113) Management of liquid resourcesProceeds from maturity of UK treasury bills 10,930Purchase of UK treasury bills (9,357) (10,911) Net cash outflow before financing (2,128) (11,835) FinancingShares issued - 15,000Issue costs - (813) Net cash inflow from financing - 14,187 (Decrease)/increase in cash (2,128) 2,352 Analysis of net fundsAt the beginning of the year 2,365 13Net cash (outflow)/inflow for the year (2,128) 2,352 At the end of the year 237 2,365 Net cash (outflow)/inflow from operatingactivities and returns on investments Total return before taxation 315 42Increase in debtors (247) (35)Increase/(decrease) in creditors (15) 41Net gain on short term investments (68) -Net gain on fixed asset investments (104) - Net cash (outflow)/inflow from operatingactivities and returns on investments (119) 48 Reconciliation of movements in shareholders' fundsfor the year ended 28 February 2007 2007 2006 £000 £000 Equity shareholders' funds at beginning of year 14,108 -Return on ordinary activities after tax 279 34Dividends paid in the year (262) (113)Net proceeds of share issues - 14,187 Equity shareholders' funds at end of year 14,125 14,108 Notes: 1. Statutory accounts This preliminary statement is not the Company's statutory accounts for the yearended 28 February 2007 or 28 February 2006. The statutory accounts for the yearended 28 February 2006 have been delivered to the Registrar of Companies andreceived an audit report which was unqualified and did not contain statementsunder s237(2) and (3) of the Companies Act 1985. The statutory accounts for theyear ended 28 February 2007 have been approved and audited and will be deliveredto the Registrar of Companies following the Annual General Meeting. The financial information contained within the Preliminary Announcement wasapproved by the Board on 30 May 2007. The Report and Financial Statements will be posted to shareholders shortly.Copies may be obtained during normal business hours from the Company'sregistered office, The Registry, 34 Beckenham Road, Beckenham, Kent, BR3 4TU. 2. Accounting policies The accounts have been prepared on the basis of the accounting policies set outin the Annual Report for the year ended 28 February 2006. 3. Basic and diluted return per share The total return per ordinary share is based on the net revenue after taxationof £279,467 (2006: £33,778) and the weighted average number of shares in issueduring the year of 15,000,183 (2006: 14,035,402). The basic revenue return per ordinary share is based on the net revenue fromordinary activities after taxation of £427,346 (2006: £253,042) and the weightedaverage number of shares in issue during the year of 15,000,183 (2006:14,035,402). The net capital loss per ordinary share is based on the net loss from ordinaryactivities after taxation of £147,879 (2006: £219,264) and the weighted averagenumber of shares in issue during the year of 15,000,183 (2006: 14,035,402). There is no difference between the basic return per ordinary share and thediluted return per ordinary share because no dilutive financial instruments havebeen issued. 4. Net asset value per share The calculation of net asset value per share as at 28 February 2007 is based onnet assets of £14,125,095 (2006: £14,108,131) divided by the 15,000,183 (2006:15,000,183) ordinary shares in issue at that date. By order of the Board Capita Company Secretarial Services Ltd,Company Secretary1 June 2007 This information is provided by RNS The company news service from the London Stock Exchange