20 Jul 2011 14:08
VENTUS VCT PLC
Interim Management Statement - 20 July 2011
Ventus VCT plc (the "Company") presents its first 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 annual report and financial statements for the year ended 28 February 2011 on 21 June 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 28 February 2011 stood at £17.16 million or 104.7p per ordinary share. There has been no significant change in the NAV of the ordinary share fund between 28 February 2011 and the date of this statement.
The final dividend for the financial year ended 28 February 2011 of 1.60p per ordinary share was declared on 21 June 2011. Subject to the approval of shareholders at the AGM on 27 July 2011, the final dividend is to be paid on 10 August 2011 to all ordinary shareholders on the register as at the close of business on 15 July 2011. Therefore, subject to the consent of shareholders, the total dividend to be paid to ordinary shareholders for the year ended 28 February 2011 will be 3.10p per ordinary share.
As at the date of this statement, the Company holds ordinary share investments in 13 companies with a total investment value of £16.27 million.
On 26 May 2011 the ordinary share fund invested a further £14,000 in Spurlens Rig Limited by way of a shareholder loan.
Net Asset Value and Investments - C Shares
The Net Asset Value ("NAV") of the C share fund as at 28 February 2011 stood at £10.50 million or 92.7p per C share. There has been no significant change in the NAV of the C share fund between 28 February 2011 and the date of this statement.
The Company has not declared or paid any dividend to the C shareholders since the C shares were issued.
The C share fund invested a further £350,000 in Osspower Limited on 13 April 2011 by way of a short term loan, the Company having extended its commitment under the facility from £300,000 to £900,000. Osspower Limited has secured a senior bank loan to fund the construction of the first hydro scheme (Allt Fionn Ghlinne). On 25 May 2011 Osspower Limited repaid £650,000 to the Company, being the total principal of the loan drawn down at that time, and paid the interest which had accrued to that date.
Since 28 February 2011 the C share fund has invested £185,000 in Allt Dearg Wind Farmers LLP, representing an initial drawdown on a two year loan facility dated 15 March 2011 under which the Company has committed to lend a total of £300,000 to Allt Dearg Wind Farmers LLP.
As at the date of this statement, the Company's C share fund holds investments in seven companies with a total value of £3.85 million.
For further details of the Company's portfolio of ordinary and C share investments please see the annual report and financial statements for the year ended 28 February 2011 which is available through the Company's website (www.ventusvct.com).
In the Company's Annual Report & Financial Statements for the year ended 28 February 2011, the Board reported that it was in discussions with the Investment Manager, Climate Change Capital Limited, on the scale and nature of future staffing resources to be devoted to the management of the Company. The Board further stated that it was unable to express a view as to whether the continuing appointment of the Investment Manager, with the current resourcing and on the terms agreed, was in the best interests of the shareholders. The discussions between the Board and Climate Change Capital Limited on staffing and other matters are ongoing.
Other than described above, the Board is not aware of any events during the period from 28 February 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
20 July 2011