Interim Management Statement (7493K)
July 20 2011 - 9:09AM
UK Regulatory
TIDMVEN2
RNS Number : 7493K
Ventus 2 VCT PLC
20 July 2011
VENTUS 2 VCT PLC
Interim Management Statement - 20 July 2011
Ventus 2 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 GBP18.63 million or 75.9p 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 1.00p 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 2.50p per ordinary share.
Since 28 February 2011, the ordinary share fund has invested a
further GBP70,000 in The Small Hydro Company Limited in respect of
a shareholder loan facility of a total GBP534,000. The Small Hydro
Company Limited had previously drawn down GBP464,000 of this
facility therefore the facility has now been drawn down in
full.
On 26 May 2011 the ordinary share fund invested a further
GBP21,000 in Spurlens Rig Wind Limited by way of a shareholder
loan.
As at the date of this statement, the Company holds ordinary
share investments in 17 companies with total investment value of
GBP17.20 million.
Net Asset Value and Investments - C Shares
The Net Asset Value ("NAV") of the C share fund as at 28
February 2011 stood at GBP10.47 million or 92.4p 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.
Since 28 February 2011 the C share fund has invested GBP185,000
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 GBP300,000 to Allt Dearg
Wind Farmers LLP.
The C share fund invested a further GBP350,000 in Osspower
Limited on 13 April 2011 by way of a short term loan, the Company
having extended its commitment under the facility from GBP300,000
to GBP900,000. Osspower Limited has also secured a senior bank loan
to fund the construction of a first hydro scheme (Allt Fionn
Ghlinne). On 25 May 2011 Osspower Limited repaid GBP650,000 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.
As at the date of this statement, the Company's C share fund
holds investments in seven companies with a total value of GBP3.85
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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