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16 Jan 2009 14:31
Ventus 2 VCT PLC
16 January 2009
VENTUS 2 VCT PLC
Interim Management Statement
Ventus 2 VCT plc (the 'Company') presents its second interim management statement for the financial year ending 28 February 2009, as required by the UK Listing Authority's Disclosure and Transparency Rule 4.3.
The Company published its Half-yearly Financial Report on 29 October 2008 covering the first half of the third full year of investment activity. This interim management statement summarises the information as at the date of the Half-yearly Financial Report and further developments up to the date of this report.
Dividends
An interim dividend for the financial year ended 28 February 2009 of 1.50 pence per share was declared on 29 October 2008. This was paid on 14 January 2009 to all shareholders on the register as at the close of business on 12 December 2008.
Net Asset Value
Net Asset Value ("NAV") as at 30 November 2008 totalled £10.5 million or 94.0 pence per share. Other than as a result of the payment of the interim dividend on 14 January 2009 there has been no significant change in NAV between 30 November 2008 and the date of this statement.
Investments
As at the date of this statement, the Company holds investments valued at £5.7 million in nineteen companies. £5.1 million of this has been structured so as to be classified as qualifying holdings for the purposes of VCT regulations. The Company has also entered in to exclusivity agreements with four companies in respect of a further £3.1 million of qualifying investments.
On the basis of the investments completed to date and the potential investments under exclusivity, the Investment Manager has advised the Board that it is confident of meeting the VCT requirement for the Company to have no less than 70% of its investments in qualifying holdings by 1 March 2009.
For further details of completed investments please see the Investment Manager's Report in the Company's Half-yearly Financial Report for the period ended 31 August 2008.
Other than as described above, the Board is not aware of any material events during the period from 1 September 2008 to the date of this statement which would have had a material impact on the financial position of the Company.
"C" Share Issue
The Company announced on 14 November 2008 that it is planning to raise up to £15 million of new capital under a "C" share offer expected to be launched by the end of January 2009. The "C" share offer will be issued jointly with Ventus VCT plc. The full terms of the offer will be set out in a detailed prospectus to be approved by the UK Listing Authority. The offer of "C" shares will be subject to the approval of Ventus VCT plc and Ventus 2 VCT plc shareholders, who will receive a circular explaining the details of the offer in due course.
Issued on behalf of the Board
Capita Company Secretarial Services Ltd,
Company Secretary
16 January 2009
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