Ventus 2 VCT PLC Interim Management Statement (0777I)
July 19 2012 - 9:26AM
UK Regulatory
TIDMVEN2
RNS Number : 0777I
Ventus 2 VCT PLC
19 July 2012
VENTUS 2 VCT PLC
Interim Management Statement - 19 July 2012
Ventus 2 VCT plc (the "Company") presents its first interim
management statement for the financial year ending 28 February
2013, 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 29 February 2012 on 31 May 2012. 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 29
February 2012 stood at GBP14,427,000 or 58.8p per ordinary share.
There has been no significant change in the NAV of the ordinary
share fund between 29 February 2012 and the date of this
statement.
The final dividend for the financial year ended 29 February 2012
of ---2.30p per ordinary share was declared on 31 May 2012. Subject
to the approval of shareholders at the AGM on 24 July 2012, the
final dividend is to be paid on 8 August 2012 to all ordinary
shareholders on the register as at the close of business on 13 July
2012. The Company did not pay an interim dividend to ordinary
shareholders.
As at the date of this statement, the Company holds ordinary
share investments in 17 companies with a total investment value of
GBP11,349,000.
On 4 May 2012 Broadview Energy Limited repaid the Company a loan
of GBP1,800,000 together with interest accrued of GBP778,000 and a
prepayment fee of GBP162,000.
On 11 July 2012 the ordinary share funds of the Company and
Ventus VCT plc participated in a transaction where each acquired a
50% shareholding in Eye Wind Power Limited, a company which holds a
site in Suffolk with planning consent to build a two-turbine, 6
megawatt wind farm. The pre-planning development of this site had
been undertaken by Wind Power Renewables Limited, a company in
which the Company previously held 48% of the ordinary shares and to
which the Company had an outstanding loan of GBP138,000 plus
accrued interest of GBP31,000. In executing this transaction, the
Company advanced net new funds of GBP65,000 and disposed of its
entire interest, both equity and debt, in Wind Power Renewables
Limited. The Company and Ventus VCT plc intend to finance Eye Wind
Power Limited to allow it to construct and operate the two-turbine
wind farm.
Net Asset Value and Investments - C Shares
The Net Asset Value ("NAV") of the C share fund as at 29
February 2012 stood at GBP10,380,000 or 91.6p per C share. There
has been no significant change in the NAV of the C share fund
between 29 February 2012 and the date of this statement.
The final dividend for the financial year ended 29 February 2012
of 1.00p per C share was declared on 31 May 2012. Subject to the
approval of shareholders at the AGM on 24 July 2012, the final
dividend is to be paid on 8 August 2012 to all C shareholders on
the register as at the close of business on 13 July 2012.
Therefore, subject to the consent of shareholders, the total
dividend to be paid to C shareholders for the year ended 29
February 2012 will be 2.00p per ordinary share.
On 4 May 2012, loans to BEGL 2 Limited and BEGL 3 Limited, each
of GBP500,000, were repaid to the Company's C share fund, together
with accrued interest of GBP100,000. Since the beginning of the
financial year, Renewable Power Systems Limited has repaid
GBP150,000 of its loan from the Company's C share fund, plus
accrued interest. The current balance of the loan outstanding from
the Company's C share fund to Renewable Power Systems Limited is
GBP50,000.
As at the date of this statement, the Company's C share fund
holds investments in eight companies with a total value of
GBP7,050,000.
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 29 February 2012 which is available
through the Company's website (www.ventusvct.com).
Share Offer and Tender Offer - Ordinary Shares
In March 2012, the Company completed a tender offer under which
ordinary shareholders were able to sell their ordinary shares to
the Company at NAV provided they committed to investing the entire
proceeds of the sale in new ordinary shares under a share offer
which closed on 3 April 2012. The tender offer resulted in
8,389,457 ordinary shares being tendered at a price of 58.4p per
share. This represented 38% of the ordinary shares originally
subscribed for by shareholders in the Company's 2006 share
offer.
Under the share offer which closed on 3 April 2012, the Company
issued 8,274,552 new ordinary shares at an aggregate subscription
price of GBP4,925,443. This included 8,231,766 ordinary shares
subscribed for by existing ordinary shareholders with proceeds from
the sale of their ordinary shares pursuant to the tender offer.
Other than described above, the Board is not aware of any events
during the period from 29 February 2012 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
19 July 2011
This information is provided by RNS
The company news service from the London Stock Exchange
END
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