Final Results
June 01 2007 - 9:51AM
UK Regulatory
RNS Number:6352X
Ventus 3 VCT PLC
01 June 2007
VENTUS 3 VCT Plc
Preliminary Results for the period from 5 January 2006 to 28 February 2007
The Directors of Ventus 3 VCT plc announce the preliminary results for the
period ended 28 February 2007.
Chairman's Statement
I am pleased to present the first preliminary results for Ventus 3 VCT plc (the
"Company") for the period ended 28 February 2007.
The Company was incorporated on 5 January 2006 and its shares were listed on the
London Stock Exchange on 10 March 2006. The share offer, which closed on 9 June
2006, raised #11.2m before expenses.
Net Asset Value and Results
Revenue attributable to shareholders for the period was #222,161 or 2.13 pence
per share. The capital loss attributable to shareholders for the period was
#172,713 or 1.65 pence per share, resulting in a total return to shareholders
for the period of #49,448 or 0.47 pence per share. The main source of revenue
was interest earned on UK treasury bills and cash deposits. Running costs of the
Company (before irrecoverable VAT) were less than 3.6% of Net Asset Value ("NAV
") in accordance with the Investment Management Agreement.
The Company declared a dividend for the period to 31 August 2006 of 0.75 pence
per share and proposes to declare a further dividend of 0.75 pence for the six
months to 28 February 2007, resulting in a total dividend of 1.50 pence per
share for the period.
At 28 February 2007, the Company's NAV stood at #10.6 million or 94.5 pence per
share.
Investments
The Company's Investment Manager, Climate Change Capital Limited, continues to
be actively engaged in identifying and negotiating potential investment
opportunities.
As at 28 February 2007, the Company had made one qualifying investment of
#169,013. This was an investment in mezzanine loan stock and ordinary shares of
Craig Wind Farm Limited, a company developing a 10 megawatt wind farm in the
Scottish Borders.
The Company has now completed its investment in Craig Wind Farm Limited by
investing a further #179,809 in ordinary shares, bringing its total investment
in the company to #348,822.
After the period end, the Company invested #30,000 in ordinary shares of Achairn
Energy Limited, a company developing a 6 megawatt wind farm in Caithness,
Scotland. The Company also continues to hold one other long term exclusivity
with A7 Energy Limited in respect of a consented 6 megawatt site in Lanarkshire,
Scotland.
As at the date of the Annual Report the Company has therefore made investments
and/or agreed terms and/or entered into exclusivity agreements with a total of
three companies representing total funds invested and committed of #378,822 and
potential further investments of #670,000.
The Investment Manager's Report in the Annual Report provides details of the
investments made as at 28 February 2007, the investments made as at 30 May 2007
and the amounts committed and/or under exclusivity agreements as at 30 May 2007.
All investments to date have been structured so as to be treated as qualifying
holdings for the purposes of VCT regulations.
Venture Capital Trust ("VCT") Qualifying Status
The Company has appointed PricewaterhouseCoopers LLP to review its compliance
with VCT regulations. PricewaterhouseCoopers has confirmed that the Company has
been in compliance with the required conditions throughout the period.
Dividend
The Directors recommend a final dividend of 0.75 pence per ordinary share in
respect of the period ended 28 February 2007. This, together with the interim
dividend of 0.75 pence already paid, will make a total dividend for the year of
1.50 pence per share. The shares will be marked ex-dividend on 11 July 2007 and,
subject to shareholder approval, the dividend will be paid on 6 August 2007 to
shareholders on the register on 13 July 2007.
Income statement
for the period 5 January 2006 to 28 February 2007
Revenue Capital Total
#000 #000 #000
Income 453 - 453
--------------- --------------- --------------
453 - 453
--------------- --------------- --------------
Expenditure
Management fees 71 214 285
Other expenses 106 - 106
--------------- --------------- --------------
177 214 391
--------------- --------------- -------------
Return on ordinary activities
before taxation 276 (214) 62
Tax on ordinary activities (54) 41 (13)
--------------- --------------- -------------
Return attributable to
equity shareholders 222 (173) 49
_______________ _______________ _______________
Basic and diluted return
per ordinary share (p) 2.13 (1.65) 0.47
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 column of this statement is the profit and loss account of the
Company. The supplementary revenue return and capital return 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 28 February 2007
28 February 2007
#000
Fixed assets
Investments 169
_______________
169
_______________
Current assets
Debtors 15
Short term investments in UK treasury bills 10,149
Cash in hand 267
_______________
10,431
Creditors: amounts falling due within one year (39)
_______________
Net current assets 10,392
_______________
Net assets 10,561
Share Capital and Reserves
Called up share capital 2,793
Special reserve 7,803
Capital reserve - realised (173)
Revenue reserve 138
_______________
Shareholders' funds 10,561
_______________
Net asset value per ordinary share (p) 94.5
Cash flow statement
for the period 5 January 2006 to 28 February 2007
#000
Net cash inflow from operating activities 39
Capital Expenditure
Purchase of venture capital investments (169)
Equity dividends paid (84)
Management of liquid resources
Purchase of UK treasury bills (10,149)
_______________
Net cash outflow before financing (10,329)
_______________
Financing
Shares issued 11,173
Issue costs (577)
_______________
Net cash inflow from financing 10,596
Increase in cash 267
_______________
Analysis of net funds
At the beginning of the period -
Net cash inflow for the period 267
_______________
At the end of the period 267
_______________
Net cash (outflow)/inflow from operating
activities and returns on investments
Total return before taxation 62
Increase in debtors (15)
Increase in creditors 26
Net gain on short term investments (34)
_______________
Net cash inflow from operating activities and
returns on investments 39
_______________
Reconciliation of movements in shareholders' funds
for the period 5 January 2006 to 28 February 2007
#000
Equity shareholders' funds at beginning of period -
Return on ordinary activities after tax 34
Dividends paid in the period (113)
Net proceeds of share issues 14,187
_______________
Equity shareholders' funds at end of period 14,108
_______________
Notes:
1. Statutory accounts
This preliminary statement is not the Company's statutory accounts for the
period ended 28 February 2007. The statutory accounts for the period ended 28
February 2007 have been approved and audited and will be delivered to the
Registrar of Companies following the Annual General Meeting.
The financial information contained within the Preliminary Announcement was
approved by the Board on 30 May 2007.
The Report and Accounts 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.
2. Accounting policies
Accounting convention
The financial statements are prepared under the historical cost convention,
modified to include the revaluation of fixed asset investments, and in
accordance with applicable accounting standards and with the Statement of
Recommended Practice 'Financial statements of investment trust companies' issued
in January 2003 and revised in December 2005.
Income and expenses
Income on current asset investments is stated on an accruals basis. Interest
receivable on cash and non-equity investments is accrued to the end of the
period. No tax was withheld at source on income.
The Company has adopted the policy of allocating investment management fees
associated with venture capital investments 75% to capital reserve (realised)
and 25% to the revenue account.
Investments
All investments are designated as 'fair value through profit or loss' assets and
are initially measured at cost. Thereafter the investments are measured at
subsequent reporting dates at fair value.
Investments in unquoted companies are valued in accordance with International
Private Equity and Venture Capital Valuation Guidelines. Under these guidelines,
the investments are valued at fair value at the reporting date, except in
situations where fair values cannot be measured reliably. In such situations the
investments are reported at the carrying value at the reporting date, unless
there is evidence that the investment has since been impaired.
When an investee company has gone into receivership or liquidation, the
investment, although physically not disposed of, is treated as being realised.
It is not the Company's policy to exercise either significant or controlling
influence over investee companies. Therefore the results of these investee
companies are not consolidated.
The majority of monies held pending investment is invested in financial
instruments with same day or two-day access and as such are treated as current
investments. These are valued at middle market prices as at 28 February 2007.
Under FRS 26 investments should be valued at bid prices. There is no material
difference between the valuation at bid prices and the valuation at middle
market prices.
Deferred taxation
Deferred taxation is provided in full on timing differences that result in an
obligation at the balance sheet date to pay more tax, or a right to pay less
tax, at a future date, at rates expected to apply when they crystallise based on
current tax rates and law. Timing differences arise from the inclusion of items
of income and expenditure in tax computations in periods different from those in
which they are included in the accounts.
Taxation
Corporation tax payable is provided on taxable profits at the current rate. The
tax charge for the period is allocated between revenue return and capital return
on the ''marginal basis'' as recommended in the Statement of Recommended
Practice.
Dividends payable
Dividends payable are recognised as distributions in the financial statements
when the Company's liability to make payment has been established.
3. Basic and diluted return per share
The total return per ordinary share is based on the net revenue after taxation
of #49,448 and the weighted average number of shares in issue during the period
of 10,444,247.
The basic revenue return per ordinary share is based on the net revenue from
ordinary activities after taxation of #222,161 and the weighted average number
of shares in issue during the period of 10,444,247.
The net capital loss per ordinary share is based on the net loss from ordinary
activities after taxation of #172,713 and the weighted average number of shares
in issue during the period of 10,444,247.
The weighted average number of shares in issue is calculated over the period
from 10 March 2006, when the shares were listed on the London Stock Exchange, to
28 February 2007.
There is no difference between the basic return per ordinary share and the
diluted return per ordinary share because no dilutive financial instruments have
been issued.
4. Net asset value per share
The calculation of net asset value per share as at 28 February 2007 is based on
net assets of #10,562,620 divided by the 11,172,954 ordinary shares in issue at
that date.
By order of the Board
Capita Company Secretarial Services Ltd,
Company Secretary
1 June 2007
This information is provided by RNS
The company news service from the London Stock Exchange
END
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