Ventus 2 VCT PLC Interim Update (9262R)
July 01 2015 - 12:35PM
UK Regulatory
TIDMVEN2
RNS Number : 9262R
Ventus 2 VCT PLC
01 July 2015
Interim Update - 1 July 2015
Ventus 2 VCT plc ("the Company") is now fully invested, and the
underlying assets of all investee companies will be fully
operational by the end of 2015. The directors believe the Company
is now in a position to provide clearer
guidance on future dividends and projected net asset values than
has been possible in the past.
The directors believe that clear communication will enable
shareholders and potential investors to more easily
compare the Company's shares with publicly-traded renewable
infrastructure funds holding portfolios of assets similar to those
of the Company. The directors believe that this is the best and
fairest way to reduce the discount to net asset value of the
Company's various share classes in the traded market.
The Company will henceforth publish interim updates in August
and January each year to complement the annual reports and
half-yearly reports published each year in May and October. The
first of such interim updates is being published early so that
shareholders have an opportunity to review it in advance of this
year's Annual General Meeting. The directors intend to provide
shareholders and potential investors with visibility as to the
underlying cash flows of the Company's investments, as well as
dividend targets and projected net asset values based on the
valuation models used to value the Company's investments.
The interim report provides information on target dividends for
each share class of the Company as well as a
discussion of the conversion of C and D shares into ordinary
shares expected to take place in 2016. Dividends paid by Ventus 2
VCT plc are tax-free, setting the Company apart from other
publicly-traded renewable energy infrastructure funds. For eligible
VCT investors (i.e., UK Residents aged over 18 years), there is no
liability to tax on dividends and no Capital Gains Tax on realised
gains. An investment limit of GBP200,000 per person per tax year
applies.
The renewable energy projects operated by investee companies are
expected to generate strong and growing cash flows over a total
lifespan of at least 25 years, with a significant portion of
investee company revenues linked to the Retail Price Index. The
value of the underlying renewable energy generation assets is
largely uncorrelated to broader stock market indices.
The Company's AGM is to be held at 12.30pm on Tuesday, 21 July
2015, at the offices of Howard Kennedy,
No. 1 London Bridge, London, SE1 9BG.
Click on the following link or paste into your web browser to
view the Interim Update:
http://www.rns-pdf.londonstockexchange.com/rns/9262R_-2015-7-1.pdf
Issued on behalf of the Board
The City Partnership (UK) Limited
Company Secretary
This information is provided by RNS
The company news service from the London Stock Exchange
END
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