VEN.L Regulatory News (VEN)

29 Nov 2006 07:01

Ventus VCT plc29 November 2006 VENTUS VCT Plc ("the Company") Interim Results for the Six Months to 31 August 2006 The Directors of Ventus VCT plc announce the interim results for the six monthperiod to 31 August 2006. Chairman's Statement I am pleased to present the interim accounts for Ventus VCT plc for the sixmonth period ended 31 August 2006. Net asset value and results At the period end, the net asset value per share of the Company stood at 93.6pence. Revenue attributable to shareholders for the period was £164,838 or 1.10pence per share. The capital loss attributable to shareholders for the periodwas £126,289 or 0.84 pence per share, resulting in a total return toshareholders for the period of £38,549 or 0.26 pence per share. The main sourceof revenue was interest earned on UK Government Treasury Bills and cashdeposits. Dividends The Company declared a final dividend for the year ended 28 February 2006 of0.75 pence per share which was paid on 7 August 2006. This resulted in an totaldividend of 1.50 pence per share for the year to 28 February 2006. Dividends toshareholders are accounted for in the period in which the Company is liable topay them, rather than in the period in respect of which they are declared. The Directors have declared an interim dividend of 1.00 pence per ordinary sharein respect of the six months to 31 August 2006. The shares will be marked ex-dividend on 6 December 2006 and the dividend will be paid on 15 February 2007 to shareholders on the Register on 8 December 2006. Investments The Company's Investment Manager, Climate Change Capital, continues to beactively engaged in identifying and negotiating potential investmentopportunities. As at 31 August 2006, the Company had made qualifying investments totalling£2,364,123 in three companies. As at the date of this report, the Company has agreed terms and/or entered intoexclusivity agreements with six companies representing total funds invested andcommitted of £5.6 million and potential further investments of £1.0 million. Thetotal funds invested and committed represents 57% of the amount required to beinvested in qualifying investments by March 2008 in order for the Company tocomply with HM Revenue & Customs VCT regulations. The Investment Manager's Report within the Interim Report will provide detailsof the investments made as at 31 August 2006 and the amount committed or underexclusivity agreements since that date. All investments to date have beenstructured so as to be treated as qualifying holdings for the purposes of VCTregulations. VCT qualifying status The Company retains PricewaterhouseCoopers to review its compliance with VCTregulations and the most recent review was undertaken prior to the publicationof the last Annual Report. The Directors are satisfied that the Company hascontinued to fulfil the conditions for maintaining VCT status. David PinckneyChairman Income Statement Six months Six months Year ended ended 31 August ended 31 August 28 February 2006 2005 2006 (unaudited) (unaudited) (audited) Revenue Capital Total Revenue Capital Total Revenue Capital Total £000 £000 £000 £000 £000 £000 £000 £000 £000 Income 338 - 338 264 - 264 582 - 582 ------ ------ ------ ------ ------ ------ ------ ------ ------ 338 - 338 264 - 264 582 - 582 ------ ------ ------ ------ ------ ------ ------ ------ ------ ExpenditureManagement fees 52 156 208 36 107 143 90 270 360Other expenses 82 - 82 84 19 103 180 - 180 ------ ------ ------ ------ ------ ------ ------ ------ ------ 134 156 290 120 126 246 270 270 540 ------ ------ ------ ------ ------ ------ ------ ------ ------ Return on ordinaryactivities beforetaxation 204 (156) 48 144 (126) 18 312 (270) 42Tax on ordinaryactivities (39) 30 (9) (27) 24 (3) (59) 51 (8) ------ ------ ------ ------ ------ ------ ------ ------ ------Return attributableto equityshareholders 165 (126) 39 117 (102) 15 253 (219) 34 ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ Return per ordinary share (p) 1.10 (0.84) 0.26 1.00 (0.90) 0.10 1.80 (1.56) 0.24 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 columns of this statement are the profit and loss accounts of theCompany for the respective periods. The supplementary revenue and capitalcolumns have been prepared under guidance published by the Association ofInvestment Companies. There were no recognised gains and losses for the period other than those shownabove. Balance Sheet 31 August 2006 31 August 2005 28 February 2006 (unaudited) (unaudited) (audited) £000 £000 £000Fixed assetsInvestments 2,364 211 859 --------- --------- --------- 2,364 211 859 --------- --------- ---------Current assetsDebtors 115 37 35Short term investments intreasury bills 10,812 13,233 10,911Cash in hand 822 765 2,365 --------- --------- --------- 11,749 14,035 13,311Creditors : amountsfalling due within oneyear (79) (44) (62) --------- --------- ---------Net current assets 11,670 13,991 13,249 --------- --------- ---------Net assets 14,034 14,202 14,108 --------- --------- --------- Share Capital & ReservesOrdinary share capital 3,750 3,750 3,750Share premium - 10,437 -Special reserve 10,437 - 10,437Capital reserve -realised (345) (102) (219)Revenue reserve 192 117 140 --------- --------- ---------Shareholders' funds 14,034 14,202 14,108 --------- --------- --------- Net asset value perordinary share 93.6 p 94.7 p 94.1 p (Number of Ordinary Shares - 15,000,183) Cash Flow Statement Six months Six months Year ended ended ended 28 February 31 August 2006 31 August 2005 2006 (unaudited) (unaudited) (audited) £000 £000 £000Net cash (outflow)/inflow fromoperating activities and returns oninvestments (24) 22 48 Capital expenditurePurchase of venture capitalinvestments (1,505) (211) (859) Equity dividends paid (113) - (113) Management of liquid resourcesRedemption/(purchase) oftreasury bills 99 (13,233) (10,911) -------- -------- --------Net cash (outflow) before financing (1,543) (13,422) (11,835) -------- -------- --------FinancingShares issued - 15,000 15,000Redemption of preference shares - (13) -Issue costs - (813) (813) -------- -------- --------Net cash inflow from financing - 14,174 14,187 -------- -------- --------(Decrease)/increase in cash (1,543) 752 2,352 -------- -------- -------- ---------- ---------- ---------- Net cash (outflow)/inflow from operatingactivities and returns on investmentsReturn on ordinary activitiesafter taxation 39 15 34Increase in debtors (80) (37) (35)Increase in creditors 17 44 49 ------ ------ ------Net cash (outflow)/inflow fromoperating activities (24) 22 48 ------ ------ ------ -------- -------- -------- Analysis of net fundsAs at 28 February 2006 2,365 13 13Net cash flows for the period (1,543) 752 2,352 ------ ------ ------As at 31 August 2006 822 765 2,365 ------ ------ ------ -------- -------- -------- Interim Report The financial information contained in this preliminary announcement of interimresults is unaudited and does not constitute statutory accounts as defined inSection 240 of the Companies Act 1985. Full statutory accounts for the year ended 28 February 2006 included an unqualified audit report have been filed withthe Registrar of Companies. The interim report and accounts for the six months to 31 August 2006 will beposted 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. 29 November 2006 This information is provided by RNS The company news service from the London Stock Exchange