17 Dec 2013 09:34
VENTUS VCT PLC
Interim Management Statement - 16 December 2013
Ventus VCT plc (the "Company") presents its final interim management statement for the financial year ending 28 February 2014, 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 month period ended 31 August 2013 on 29 October 2013. 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 2013 stood at £19,800,000 or 121.4p per ordinary share. There has been no significant change in the NAV of the ordinary share fund between 31 August 2013 and the date of this statement.
The board has declared an interim dividend for the financial year ending 28 February 2014 of 2.50p per ordinary share. The interim dividend is to be paid on 15 January 2014 to all ordinary shareholders on the register as at the close of business on 13 December 2013.
As at the date of this statement, the Company holds ordinary share investments in 13 companies with a total investment value of 17.0 million.
Net Asset Value, Dividends and Investments - C Shares
The NAV of the C share fund as at 31 August 2013 stood at £12,070,000 or 106.5p per C share. There has been no significant change in the NAV of the C share fund between 31 August 2013 and the date of this statement.
The board has declared an interim dividend for the financial year ending 28 February 2014 of 2.50p per C share. The interim dividend is to be paid on 15 January 2014 to all ordinary shareholders on the register as at the close of business on 13 December 2013.
As at the date of this statement, the Company's C share fund holds investments in 9 companies with a total value of 10.7 million.
Details of investments
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 2013 which is available through the Company's website (www.ventusvct.com).
UK Government National Infrastructure Plan
On 4 December 2013, the Government published its National Infrastructure Plan, which included final prices for the new support mechanism for renewable energy technologies. The new mechanism is available to projects commissioning from 2015 onwards and, post 2017, will be the long-term replacement for the current Renewable Obligation Certificate ("ROC") regime. The final prices for onshore wind under the new regime were approximately 5% lower than the draft prices published in June 2013.
The new support mechanism has no impact on the current ROC regime. The ROC regime remains open to projects commissioning prior to April 2017 for an operating period of 20 years. The Ventus Funds' existing wind investments, as well as the wind projects identified for the D share portfolio, are structured to fit into the ROC regime. The announcement therefore has no impact on the existing or planned investments of the Ventus Funds.
D Share offer
On 20 November 2013 the Company, together with Ventus 2 VCT plc, announced the launch of a joint offer for subscription for D Shares to raise up to £20m in aggregate. The offer is now open and will close on 4 April 2014 for the 2013/2014 tax year and on 30 May 2014 for the 2014/2015 tax year, or earlier if it is fully subscribed or later at the discretion of the Boards.
The prospectus is available from:
· The City Partnership (UK) Limited, Thistle House, 21 Thistle Street, Edinburgh, EH2 1DF
· RAM Capital Partners LLP, 10 Furnival Street, London, EC4A 1HY
· The Companies' website at www.ventusvct.com
Issued on behalf of the Board
The City Partnership (UK) Limited
Company Secretary
17 December 2013