Ventus Vct Share Discussion Threads

[rbcrbc] 19/5/2023 14:05

Last night I sent off an email to the brokers:

For shareholder enquiries contact:
For Shareholder Enquiries contact The City Partnership (UK) Limited (the Companies’ registrar)
Address:
The Mending Rooms
Park Valley Mills
Meltham Road
Huddersfield
HD4 7BH
T: 01484 240 910
E: [e-mail]

I got a reply about an hour ago saying that there is a payment outstanding on my account and 'we do not make a charge for dividend reissues'

I just have to fill out a form and send a scanned copy back.

No proof that the cheque was ever sent or that it got 'lost in the post' Might be worth asking Jarvis to send a quick email.

A mystery that will never be solved.,,,,

[spectoacc] 18/5/2023 17:13

Jarvis today:


"Good afternoon

Unfortunately we have still not received any further payments.

Kind regards "


No idea what's going on, but incompetence looks most likely.

[rbcrbc] 18/5/2023 14:38

No, nothing yet. I guess I'll have to did out my certificate to get the shareholder reference number, then find the registrar phone number, and sit on hold for hours before being told they'll get back to me - LOL

[spectoacc] 18/5/2023 09:23

@RBCRBC - have you had your payment yet? Have chased Jarvis again this morning - it's two weeks now since another broker paid it. That's too long even for the rumoured "once a week" post.

[rbcrbc] 10/5/2023 22:07

There have been a lot of complaints on local FB groups that post has been delivered late - there are rumours of understaffing - so it could easily be - Although Jarvis are not in the same postal district they are not too far away.

[spectoacc] 10/5/2023 16:15

Fri 28th April for direct-to-bank payments, for held-since-first-issue certificated Ventus.

Last Thursday (4th May) for brokers - which seems about right if it did indeed go by cheque.

10th May and Jarvis haven't even seen a cheque.

Could it be that the brokers above had it via direct payment too, and both your (& Jarvis's) cheques haven't been delivered yet?

[rbcrbc] 10/5/2023 15:44

Sounds like a problem with the registrars to me not. My direct cheque still has not appeared, or it could be a Royal Mail problem. I shall email the registrars next week as I am up to my neck in 'stuff' this week. I'm also still waiting for a response from HMRC so I am now late with some money I owe them which they wanted to calculate (although I know the amount) - I am 99% certain they will end up fining me for late payment !

[spectoacc] 10/5/2023 14:34

Have had directly held payment via bank transfer as previously, have had two brokers credit the payments too, but Jarvis are claiming they've yet to receive any cheques. Apparently the previous payouts were by cheque.

Suspicious of them, since they removed all Ventus holdings after the last payment. But to claim they've not even had any cheques, when other brokers have credited accounts, seems odd.

[rbcrbc] 03/5/2023 20:33

I haven't had my directly held payment yet - and No announcement or the website - Shambles or what ?

[spectoacc] 03/5/2023 16:37

Still nothing in either broker a/c - seems tardy.

[spectoacc] 02/5/2023 16:30

Got the payout on Friday for directly-held Ventus - had nothing in either shares a/c yet. Can't confirm rate as can no longer remember how many I held from issue :)

[spectoacc] 26/4/2023 08:43

I've now got the same update from iii:

Ventus Ords - 2.325p
Ventus 2 Ords - 2.18p
C - 1.96p
C 2 - 2.16p


So we're up on some, down on others? How?

[rbcrbc] 18/4/2023 14:19

Previous expectation was :

anticipated final dividends:
Ords - 2.5p per share
C Shares - 1.5p per share
D shares - 1.0p per share.

Now = 2.18p ?

[spectoacc] 18/4/2023 12:21

Thanks - can't see any update beyond 9th March here?

[a0002577] 18/4/2023 12:00

Sippdel sent this out last night

The liquidators have confirmed that the scheduled payment date for the final distribution was delayed due to additional liabilities which would have left insufficient funds to meet the payment rates previously announced.

Under the terms of the distribution, you will now be credited with GBP0.0218 for each Ventus 2 VCT Plc share held.

To view the announcement in full, please copy and paste the link below into your web browser:
for Ventus Website 06Mar23 Final.pdf

Your account is expected to be credited with the cash proceeds on or around 28 April 2023.

[spectoacc] 09/4/2023 08:14

What about their Easter skiing holidays though @TGL - the ones we've paid for.

The whole process has descended into farce. This wasn't a complicated business, beyond HoldCo's and a few shared assets.

[tgl] 07/4/2023 12:59

So much for the the 7th March statement that '..we expect to be able to publish a further update containing the final agreed distributions by share class before the end of March. In addition to this the Liquidator will be issuing their Annual Progress Report for the year ended 1 February 2023 by 1 April 2023...'

[rbcrbc] 30/3/2023 14:51

Oh - Liquidators fees so far - to 1 Feb 2023 = £395,198.25

[spectoacc] 30/3/2023 14:40

Had just opened it & was about to post too.

"..Pleased to report.." seems a little self-congratulatory for a process that has taken over a year, still isn't over, and some big mistakes have been made. Sounds like it wasn't just one creditor claim they'd missed.

Agree we get less, agree we don't know when (last time it took several weeks beyond the several weeks), nor the quantum. Still hoping they've had the money earning good interest, and that that offsets some of the inevitable hit.

They could, of course, have done all this several months ago.

[rbcrbc] 30/3/2023 14:35

I got a letter in the post today, I won't type it all out but:

A link to the report on the progress of the liquidators : hxxps://btguk.ips-docs.com/ They have also sent a Unique ID (which I don't want to publish here.

I am pleased to report that this work (paying all the creditors and recalculating the distribution figures) is now almost finalised and I anticipate being able to sent the necessary funds and documentation with the next few weeks to the registrars to enable them to facilitate the distribution shortly thereafter.

Contact Rhiannon McColl on 020 8343 5900

The progress report is only up to 1 Feb 2023 - I have scanned through the 17 pages and can see nothing of interest (but I am not an expert)

So, In Summary: we will get a reduced final distribution shortly after the next few weeks - with no indication of what the reduction amount is.

[rbcrbc] 24/3/2023 17:29

I'm sure I have looked after 7 March and it wasn't there. If there are additional supplier liabilities surely that means or implies that the accounts given by Temporis (who are both the purchasers and the previous managers) may have been incomplete are they or we 'the shareholders' or their insurers liable for their incomplete data ?

[spectoacc] 24/3/2023 16:11

Thanks @RBCRBC - hadn't seen that before, yet dated 7th March?

So "suppliers" have come out the woodwork - who/what on earth could they be? And sufficiently late in the day to affect the final distribution, and sufficiently complex to have taken 3 months already.

Just hoping our cash has been kept in an interest-bearing a/c. Whole thing has been a shambles, both in timescale (over a year), communication, and now this. It wasn't a complicated co.

[rbcrbc] 24/3/2023 16:08

[...]

[...]

From the website

UPDATE FROM THE TEMPORIS CAPITAL (“TemporisR21;) AND THE LIQUIDATORS OF VENTUS VCT PLC AND
VENTUS 2 VCT PLC (together the “Ventus Funds” or “the Companies”) ON 07 MARCH 2023.
Dear Ventus Fund Shareholders,
We write further to the update of 22 December 2022 and the notice uploaded to the website on 16
January 2023 and apologise for the delay in this update.
As this is a solvent winding up, all company liabilities need to be paid in full. Following the
correspondence circulated on 22 December 2022 and the scheduled date for payment on 13 January
2023, it came to light that there were additional liabilities which would have left insufficient funds to
meet the payment rates set out in the correspondence. Accordingly, we were unable to initiate the
payments.
Since that time, Temporis and the Liquidators have worked to finalise all future costs with various
suppliers. This process is nearing its conclusion and we expect to be able to publish a further update
containing the final agreed distributions by share class before the end of March. In addition to this,
the Liquidator will be issuing their Annual Progress Report for the year ended 1 February 2023 by 1
April 2023 and this report will provide a comprehensive update on the progress of the Liquidation.

[spectoacc] 19/3/2023 16:14

Will be speaking to them next week. Have been told to expect an interim liquidator's report within the next fortnight.