17 Jan 2013 16:18
VENTUS VCT PLC
Interim Management Statement - 17 January 2013
Ventus VCT plc (the "Company") presents its final interim management statement for the financial year ending 28 February 2013, as required by the UK Listing Authority's Disclosure and Transparency Rule 4.3.
The Company published its half-yearly financial report for the six months ended 31 August 2012 on 30 October 2012. This interim management statement summarises the information as at the date of that report together with any further developments up to the date of this statement.
Net Asset Value, Dividends and Investments - Ordinary Shares
The Net Asset Value ("NAV") of the ordinary share fund as at 31 August 2012 stood at £18,573,000 or 113.9p per ordinary share. The ordinary share fund held investments in 13 companies with a total value of £17,970,000.
As reported on 28 November 2012, the Company's ordinary share fund sold its investment in Craig Wind Farm Limited ("CWFL") to Partnerships for Renewables Limited ("PfR"). PfR is a renewable energy developer focusing primarily on public sector land. CWFL owns and operates a 10 megawatt wind farm in Dumfries and Galloway, Scotland. The Company made its investment in CWFL in 2006.
PfR acquired the Company's 37.5% equity holding in CWFL, as well as the Company's outstanding loan to CWFL. The sale to PfR resulted in an increase in the unaudited NAV of the Company's ordinary share fund, compared to the unaudited NAV as at 31 August 2012, of £1,302,000.
Since 31 August 2012 the Company's ordinary share fund has advanced funds of £1,800,000 to Eye Wind Power Limited, in which the Company and Ventus 2 VCT plc each have a 50% shareholding. Eye Wind Power Limited holds a site in Suffolk with planning consent for a two-turbine wind farm which it intends to construct and operate.
As at the date of this statement, the Company holds ordinary share investments in 12 companies with a total investment value of £15,910,000.
The interim dividend for the financial year ending 28 February 2013 of 2.50p per ordinary share was paid on 16 January 2013 to all ordinary shareholders on the register as at the close of business on 14 December 2012.
Following payment of the interim dividend, the unaudited NAV of the Company's ordinary share fund is 120.3p per ordinary share.
Net Asset Value, Dividends and Investments - C Shares
The NAV of the C share fund as at 31 August 2012 stood at £11,793,000 or 104.1p per C share. The C share fund held investments in eight companies with a total value of £8,483,000.
The C share fund has extended the maturity date of the loan of £410,000 advanced to EcoGen Limited. This loan had been due to be repaid to the Company on 31 December 2012.
Allt Dearg Wind Farmers LLP has achieved full electrical connection and completed all major elements of the construction of a 10.2 megawatt wind farm near Lochgilphead in Scotland ahead of schedule. The wind farm is connected to the grid and is producing electricity on a test basis. The Company's C share fund holds an investment of £1,000,000 in Allt Dearg Wind Farmers LLP through AD Wind Farmers Limited.
As at the date of this statement, the Company's C share fund holds investments in eight companies with a total value of £8,483,000.
The interim dividend for the financial year ending 28 February 2013 of 1.20p per C share was paid on 16 January 2013 to all C shareholders on the register as at the close of business on 14 December 2012.
Following payment of the interim dividend, the unaudited NAV of the Company's C share fund is 102.7p per C share.
For further details of the Company's portfolio of ordinary and C share investments please see the half-yearly financial report for the six months ended 31 August 2012 which is available through the Company's website (www.ventusvct.com).
Issued on behalf of the Board
The City Partnership (UK) Limited
Company Secretary
17 January 2013