Interim Results
November 29 2006 - 2:04AM
UK Regulatory
RNS Number:8733M
Ventus 3 VCT PLC
29 November 2006
VENTUS 3 VCT Plc ("the Company")
Interim Results for the Period to 31 August 2006
The Directors of Ventus 3 VCT plc announce the interim results for the period to
31 August 2006.
Chairman's Statement
I am pleased to present the first interim accounts for Ventus 3 VCT plc for the
period ended 31 August 2006. During this period, the Company completed its share
offer, raising #11.2 million before offering costs and #10.6 million after
offering costs. The shares of the Company were listed on the London Stock
Exchange on 10 March 2006, and the share offer closed on 9 June 2006. The
Company was incorporated on 5 January 2006.
Net asset value and results
At the period end, the net asset value per share of the Company stood at 94.9
pence. Revenue attributable to shareholders for the period was #99,478 or 1.03
pence per share. The capital loss attributable to shareholders for the period
was #96,439 or 1.00 pence per share, resulting in a total return to shareholders
for the period of #3,040 or 0.03 pence per share.
Dividend
The Directors have declared an interim dividend of 0.75 pence per ordinary share
in respect of the period 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 be
actively engaged in identifying and negotiating potential investment
opportunities.
During the period ended 31 August 2006, the Company has made one qualifying
investment of #169,013. This was an investment in mezzanine debt and ordinary
shares of Craig Wind Farm Limited, a company developing a 10 megawatt wind farm
in Scotland.
The Company has committed to invest a total of #348,822 in Craig Wind Farm
Limited in a combination of ordinary shares and mezzanine debt. The remaining
#179,809 will be invested over the construction period to meet contract payments
as they fall due. Construction works commenced on the site in August 2006 and
the wind farm is scheduled to become operational in July 2007.
The Company has also entered into two exclusivity agreements.
The first is with A7 Energy Limited in respect of the 6 megawatt Lochhead wind
farm development in Lanarkshire, Scotland. A7 Energy Limited has recently
secured planning consent and an offer for connection to the grid. The Manager is
working with the developer and its consultants to secure the necessary contracts
to commence construction of the wind farm. The wind farm is expected to become
operational in the first half of 2008. The Manager considers that this project
will lead to an investment of approximately #350,000 for the Company.
The Company has also entered into an exclusivity agreement in respect of a 6
megawatt wind farm development in Caithness, Scotland. This site has full
planning consent and has recently been provided with an offer for a grid
connection. The Manager is working with the developer and its consultants to
secure the contracts necessary to commence construction. The wind farm is
expected to become operational in the first half of 2008. The Manager considers
that this project will also lead to an investment of approximately #350,000 for
the Company.
Investment pipeline
The Manager is actively assessing investment opportunities in over 30 individual
companies developing in excess of 200 megawatts of generating capacity. The
Company's investment strategy includes pursuing opportunities with companies
developing non-wind technologies such as landfill gas and small scale
hydro-electric schemes as well as with companies owning existing operational
assets.
On the basis of the current rate of investment and an assessment of the
potential investments in the pipeline the Manager is satisfied that sufficient
projects are available to fully invest the funds in accordance with the
investment strategy and the time period required to satisfy HM Revenue and
Customs requirements in respect of maintaining its VCT status.
Cancellation of share premium account
As disclosed in the prospectus, the Company has a policy of buying its own
shares in the market and of facilitating sales by shareholders at a price which
represents a maximum discount of 10% to the last published net asset value. In
order to carry out this policy, the Company applied to the Court to reduce its
share premium account and establish a new special reserve, which may be treated
as a distributable profit, out of which purchases of ordinary shares can be made
in the future. The Court has approved the reduction of the Company's share
premium account, and the reduction was registered with Companies House on 25
August 2006.
VCT qualifying status
The Company has appointed PricewaterhouseCoopers to review its compliance with
VCT regulations. We are satisfied that the company has continued to fulfil the
conditions for maintaining VCT status.
David Pinckney
Chairman
Income Statement
for the period to 31 August 2006
Revenue Capital Total
#000 #000 #000
Income 187 - 187
----- -------- ------
187 - 187
----- -------- ------
Expenditure
Management fees 32 96 128
Other expenses 53 - 53
------- ------ ------
85 96 181
------- ------ ------
Return on ordinary activities
before taxation 102 (96) 6
Tax on ordinary activities (3) - (3)
------- ------ ------
Return attributable to equity
shareholders 99 (96) 3
------- ------ ------
Return per ordinary share 1.03 p (1.00) p 0.03 p
All revenue and capital items in the above statement derive from continuing
operations.
The Company has only one class of business and derives its income from
investments made.
The total columns of this statement are the profit and loss accounts of the
Company for the respective periods. The supplementary revenue and capital
columns have been prepared under guidance published by the Association of
Investment Companies.
There were no recognised gains and losses for the period other than those shown
above.
Balance Sheet
at 31 August 2006
#000
Fixed assets
Investments 169
--------
169
--------
Current assets
Debtors 10
Short term investments in treasury bills 10,321
Cash in hand 127
--------
10,458
Creditors: amounts falling due within one year (28)
--------
Net current assets 10,430
-------
Net assets 10,599
-------
Share Capital & Reserves
Called up share capital 2,793
Special reserve 7,803
Capital reserve - realised (96)
Revenue reserve 99
--------
Shareholders' funds 10,599
-------
Net asset value per ordinary share 94.9 p
(Number of Ordinary Shares - 11,172,954)
Cash Flow Statement
for the period to 31 August 2006
#000
Net cash inflow from operating activities and
returns on investments 21
Capital Expenditure
Purchases of venture capital investments (169)
Management of liquid resources
Purchase of treasury bills (10,321)
-------
Net cash (outflow) before financing (10,469)
-------
Financing
Shares issued 11,173
Issue costs (577)
-------
Net cash inflow from financing 10,596
-------
Increase in cash 127
=======
Analysis of net funds
As at 5 January 2006 -
Net cash inflow for the period 127
-------
As at 31 August 2006 127
=======
Net cash inflow/(ouflow) from operating
activities and returns on investments
Return on ordinary activities after taxation 3
Increase in debtors (10)
Increase in creditors 28
-------
Net cash inflow from operating activities 21
=======
Interim Report
The financial information contained in this preliminary announcement of interim
results is unaudited and does not constitute statutory accounts as defined in
Section 240 of the Companies Act 1985.
The interim report and accounts for the period ended 31 August 2006 will be
posted to shareholders shortly. Copies may be obtained during normal business
hours from the Company's registered 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
END
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