Can you do a post on the Fool and then I will reply to you off board. You may just get a chance to vote before next AGM! Or you can do an off board reply to one of my Posts (or TImbo's) and we can tell you what is happening. - kind regards - BBB|
|Some excellent points on those threads, will look forward to using my votes in just under a year's time.|
|"Virtually dead" an understatement! Thanks for the Fool link, will take a look - big into the Ventus funds and was going to start a new thread, but only when I'd decided I had enough :) Will leave it if The Fool is the place to be.|
|This thread seems to be virtually dead here but over on the Motley Fool there is an active discussion going on : have a look at http://boards.fool.co.uk/ventus-and-ventus-2-agms-2016-13412252.aspx posted by Timbo003 which gives links to other relevant Ventus discussions. - Please join in
regards - A00 (aka BusyBumbleBee on the Fool)|
|Hello - long time since I have posted here. Back in the early days of this VCT I didn't invest as I had already done my share for that year but thought it was a good bet. I was wrong - terribly mismanaged at the beginning and didn't get anywhere near the yield of 8% they touted at launch - and it is still a long way off. However there does seem to be value emerging BUT there could be even more value emerging in Ventus 2. I bought into that heavily a few weeks ago when they were yielding close on 7%. The yield on my original investment is now up as they have increased the Dividend and I am sitting on a share price gain to boot - but I have no intention of selling.as the half year report was quite encouraging|
|Extraordinary share price discount of ~23% to a conservative NAV.
At least with a stock like this one cannot justifiably be accused of ramping ;.)|
|It was the AGM yesterday, see my report over on the Motley Fool:
|For me, probably the most interesting part of the interim figures is the upward visability of future dividends, 6-8p in the case of VEN. Either the dividend figure will not be met, or the share price will have to increase to make the yield sensible again. A nice long term hold, especially at the current NAV discount.
Steady as she goes but in the right direction.|
|Interim results (to 31st August) just out.
A very quick perusal, suggests that from the headline figures, it is very much a case of steady as she goes:
Ventus Ordinary shares: NAV 121.4p (up 2.71p since Feb 28th), divi 2.5p
Ventus C shares: NAV 106.5p (up 1.99p since Feb 28th), divi 2.5p
Ventus 2 Ordinary shares: NAV 71.5p (up 1.52p since Feb 28th), divi 1.75p
Ventus 2 C shares: NAV 107.0p (up 2.06p since Feb 28th), divi 2.5p
All four classes of shares go ex divi 13th Dec, with dividends payable on Jan 15th.|
|Electricity costs in the UK expected to double by 2020. This cannot do any harm to VEN whose costs are just the depreciation of the physical assets installed a few years ago. I do wonder when the market will wake up to this share currently yielding 6% tax free, with the yield only likely to go in one direction.|
|SD, I got the distinct impression at the AGM that Ventus 1&2 intend to trade some of the production assets, but they did not give any indications of which ones, or when, although I did pick up that VEN1 is in for a bit of a windfall, following on from Broadview's recent disposals.
I saw the Greencoat interim results last week (they are trading at a 6% premium to NAV, Ventus is at a circa 25% discount). There is a useful slide summarising their results on their web site which is worth a look:
Alas, I have now given up trying to do valuation comparisons for Ventus and Greencoat (other than published NAVs), there are just too many unknowns and differences in the two models, for example:
* Greencoat have a substantial amount of offshore generation capacity, Ventus do not.
* Greencoat windfarms do not have operational gearing, Ventus's do, although we do not know all the details.
* Greencoat don't have any early stage pre production projects, Ventus do.
* Ventus have some hydro (and landfill) projects, Greencoat do not.
|Dave and Mangal, you are welcome. I'm just count myself very fortunate to live nearby to the AGM venues and to have the time to attend AGMs of interest, so I'm more than happy to share the output. I attended the Albion VCT AGM on Monday, see write up on TMF:
Albion have a small, but growing portfolio of renewable electricity projects, including Wind and hydroelectric. They are aiming for around 20% of the portfolio to be renewable energy in the next 2-3 years. Their approach is a bit different to that of Ventus, the gearbox free wind turbines certainly seem like a good idea and locating the windfarms on brownfield, industrial land seems to have avoided planning permission issues (so far). Albion are very keen on small hydro.|
|Hi timbo003 -
Many thanks for taking the time to do this; this is a very detailed and informative write up - most useful. Very much appreciate you doing this.
|timbo003, a great feedback from the meeting and many thanks for posting the link- very useful.|
|I attended the Ventus and Ventus2 AGMs yesterday and posted a few notes over on TMF for anyone who is interested:
|Good to see the recent strength here.|
|Does anyone have a view on how the tender offer is going to move the price of this & VEN2?
According to the offer notes I've had as an existing holder I can also buy in the market (@ c. 77p for VEN or 43p for VEN2) then tender the shares for rollover into new shares at NAV, also getting 30% tax relief on these. NAV is said, based on Aug data (how helpful and recent, eh) to be 107p for VEN and 59p for VEN2
If I've got it right, you can buy 10000 VEN for about £7800 in costs, roll them over into 9810 new shares (the charges and calculation of allocation are complex, but this seems to be the gist of it) along with a tax relief certificate for £3000. You are then left with the 9810 shares, to be held for 5 years, and an effective purchase price of 48p each (£7800-3000 / 10000). The arithmetic for VEN2 is rather better but, there again, it has been a worse investment to date.
Is this sufficiently attractive to pull buyers into the market, narrowing the discount? I ask as a 5-year holder who----- if the market does rally---- would rather sell out and put the proceeds into a good generalist VCT.|
Yes I'm definitely watching (and buying recently), I think most Ventus (1,2&3) investors hang out over on the Motley fool VCT bulletin board nowadays.
Why not join us over there.
Wish I could make it, but no.
Will look forward to reports, thanks. Climate Change Capital seem an excellent outfit, but maybe hampered in this case by planning/turbine delivery issues.
The chat (spin doc = empacher) over on TMF seems more than over here these days.|
|Better wear a carnation, too, just in case... :)|
|Okay, the running order for the various Ventus AGMs tomorrow is as follows:
I am likely to be very thirsty after that lot, so if anyone is coming along expect to be dragged to a pub after the meetings.
I suspect I will probably be the only non-director shareholder there, but just in case anyone else can come, I will be easy to recognise as I will be in my nice new non-corporate uniform of blue jeans and rugby shirt (every day is dress down day from now onwards), I've got scruffy brown hair (quite a lot of it) and I'm about 5'8" and I'm skinny as a rake, another distinguishing feature , hopefully only temporary and only very recently acquired, is that my face has a certain asymmetry as a result of some particularly painful dental surgery I had last Friday.|
|I've posted this elsewhere today, under another pseudonym. I have a lot of money hanging on one key question (70%....).
Ventus 1, 2 and 3 RNS reports out today (01.06.07). It is likely that the paper reports will contain a lot more detail.
Ventus 1 makes steady investment progress. just about on track to reach 70% qualifying investment by 3 years. Modest revenue dividend and maintained NAV is more than satisfactory at this stage, when other VCTs have usually seen significant NAV fall (J-shaped curve etc).
Ventus 2 and 3 have seen minimal investment, and minimal exclusivity agreements, with less than 2 years left to achieve 70% investment. Climate Change Capital are a quality outfit, and there must be no shortage of investment opportunities given the eco-awareness surge in the last year. I wonder how CCC are playing things, what negotiations they have in progress, and how confident they are of making the 70% - and if they will have to compromise on investment return? I spoke with Charles Conner shortly before my investment in Ventus 2/3, and he clearly knows the business and understands that hitting the 70% threshold is the #1 issue, and ideally without compromising investment return. He ran through a few strategies that the funds might adopt if it looked as though achieving 70% might be tough.
So I'm confident, but do wish the RNS had been a little more positive - maybe however there are issues of commercial sensitivity.|
|Bizarre, but inevitable, I wonder if we will have the same sort of thing happening in the UK within a couple of years?