17 Jan 2012 11:05
VENTUS VCT PLC
Interim Management Statement - 17 January 2012
Ventus VCT plc (the "Company") presents its final interim management statement for the financial year ending 28 February 2012, 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 2011 on 27 October 2011. 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 2011 stood at £17.53 million or 107.0p per ordinary share. There has been no significant change in the NAV of the ordinary share fund between 31 August 2011 and the date of this statement.
The interim dividend for the financial year ending 29 February 2012 of 1.50p per ordinary share was paid on 11 January 2012 to all ordinary shareholders on the register as at the close of business on 9 December 2011.
As at the date of this statement, the Company holds ordinary share investments in 13 companies with a total investment value of £16.77 million.
Net Asset Value, Dividends and Investments - C Shares
The Net Asset Value ("NAV") of the C share fund as at 31 August 2011 stood at £10.51 million or 92.8p per C share. There has been no significant change in the NAV of the C share fund between 31 August 2011 and the date of this statement.
The interim dividend for the financial year ending 29 February 2012 of 1.00p per C share was paid on 11 January 2012 to all C shareholders on the register as at the close of business on 9 December 2011.
On 21 December 2011 the C Share fund invested £1,000,000 in AD Wind Farmers Limited, which holds an interest in Allt Dearg Wind Farmers LLP. The LLP is constructing a 10MW windfarm near Lochgilphead, Scotland. The C share fund had advanced a secured short term loan of £275,000 to Allt Dearg Wind Farmers LLP to fund pre-financial close project expenditure. The loan was repaid and the balance of the interest accrued was paid to the Company on financial close.
As at the date of this statement, the Company's C share fund holds investments in eight companies with a total value of £6.23 million.
For further details of the Company's portfolio of ordinary and C share investments please see the half-yearly financial report for the six month period ended 31 August 2011 which is available through the Company's website (www.ventusvct.com).
Portfolio Review by the New Investment Manager
With effect from 12 September 2011, the Board transferred the investment management of the Company from Climate Change Capital Limited to Temporis Capital LLP ("Temporis"). There was no notice period or charge due to Climate Change Capital Limited under the Termination and Transfer Agreement.
Temporis is undertaking a thorough review of each of the Company's assets and will present a detailed report in the Investment Manager's Report of the Annual Report & Financial Statements for the year ending 29 February 2012.
Share Offer and Tender Offer
On 12 January 2012, the Directors of the Company announced their intention to raise up to £15,000,000 by way of an issue of new ordinary shares ("the Share Offer"). In connection with the Share Offer, the Company will be proposing to undertake a tender offer to purchase up to 10,000,000 ordinary shares from existing ordinary shareholders ("the Tender Offer"). The Company, jointly with Ventus 2 VCT plc, will publish a prospectus relating to the Share Offer and a circular relating to the Tender Offer. The circular will set out resolutions to be proposed at a general meeting of the Company to approve the Share Offer and Tender Offer, as well as a proposal to extend the life of the Company from 2014 to 2018. The prospectus and circular are both currently under review by the UKLA and are expected to be approved and available for public distribution in late January or early February 2012. Participation in the Tender Offer will be subject to an ordinary shareholder applying the full proceeds of his or her share sale to subscribe for new ordinary shares under the Share Offer.
Other than described above, the Board is not aware of any events during the period from 31 August 2011 to the date of this statement which would have had a material impact on the financial position of the Company.
Issued on behalf of the Board
The City Partnership (UK) Limited
Company Secretary
17 January 2012