Share Name Share Symbol Market Type Share ISIN Share Description
Ventus 2 Vct Plc LSE:VEN2 London Ordinary Share GB00B0WCHT14 ORD 25P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 76.00 74.50 77.50 76.00 76.00 76.00 0.00 00:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 1.7 1.4 5.8 13.2 19

Ventus 2 VCT PLC Additional information disclosures

08/08/2019 9:56am

UK Regulatory (RNS & others)


Ventus 2 Vct (LSE:VEN2)
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6 Months : From Jun 2019 to Dec 2019

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TIDMVEN2 TIDMVNC TIDMVND

RNS Number : 3995I

Ventus 2 VCT PLC

08 August 2019

Ventus 2 VCT plc (the "Company")

Additional information disclosures

Shareholders have requested additional information in relation to a number of aspects of the Company's finances and its commercial relationship with Temporis Capital Limited, the "Investment Manager".

In order to facilitate a more informed discussion of these matters at the Annual General Meeting to be held at 12:30pm 8 August 2019 the Board wishes to disclose the following information:

1. Detailed breakdown of "Other Costs" disclosed in the management accounts for the year ended 28 February 2019

   2.    Detailed breakdown of Thalia Power Limited charges to the Company's investee companies 

3. Detailed breakdown of the directors' fees paid to the Investment Manager from the Company's investee companies

Furthermore, in relation to the performance fee payable to the Investment Manager pursuant to the investment management agreement (the "Performance Fee") between the Board and the Investment Manager (the "IMA"), the Board makes the following additional disclosure:

The IMA provides that in the event the Company terminates the IMA in the absence of any breach by the Investment Manager, the Company's obligation to pay the Performance Fee to the Investment Manager continues beyond the termination of the IMA in respect of investments that were completed up to the date of termination.

This provision was fully disclosed in the original prospectus describing the first IMA. Directors at that time understood this to be the then current practice and to be a reasonable incentive to the investment manager. The only amendments to this provision relate to the creation of subsequent share classes to include the issuance of C and D shares in the relevant calculations.

 
 Ventus Funds: Other Costs - year ended 28 February 2019 
                                                  Ventus VCT   Ventus 2 
                                                         plc    VCT plc     TOTAL 
                                                         GBP        GBP       GBP 
                                                 -----------  ---------  -------- 
 Employer's National Insurance (Directors)             8,412      7,552    15,964 
                                                 -----------  ---------  -------- 
 Director executive search fees                       15,000          -    15,000 
                                                 -----------  ---------  -------- 
 Directors expenses                                    7,182      4,863    12,045 
                                                 -----------  ---------  -------- 
 LSE listing fees                                      7,367      7,367    14,733 
                                                 -----------  ---------  -------- 
 D & O insurance (Fund and Investee companies)        16,699     21,253    37,952 
                                                 -----------  ---------  -------- 
 Registrar fees                                       31,254     29,992    61,247 
                                                 -----------  ---------  -------- 
 Company Secretarial fees                             19,433     25,114    44,547 
                                                 -----------  ---------  -------- 
 Auditor: other services *                           (2,617)    (2,700)   (5,317) 
                                                 -----------  ---------  -------- 
 Internal audit                                        4,500      4,500     9,000 
                                                 -----------  ---------  -------- 
 Sponsor & brokerage costs (RAM & Panmure)            21,147     22,500    43,647 
                                                 -----------  ---------  -------- 
 VCT compliance (Philip Hare)                          6,026      6,026    12,052 
                                                 -----------  ---------  -------- 
 FSA fees                                              6,381      6,036    12,416 
                                                 -----------  ---------  -------- 
 Postage                                               1,350      2,839     4,190 
                                                 -----------  ---------  -------- 
 Printing                                             18,767     18,027    36,794 
                                                 -----------  ---------  -------- 
 Subscriptions - Association of Investment 
  Companies                                            6,265      6,623    12,887 
                                                 -----------  ---------  -------- 
 PR & marketing *                                      1,362    (1,158)       205 
                                                 -----------  ---------  -------- 
 RNS charges                                           2,660      2,514     5,174 
                                                 -----------  ---------  -------- 
 Bank charges                                          3,096        233     3,329 
                                                 -----------  ---------  -------- 
 Consultancy reports                                  26,243     32,970    59,213 
                                                 -----------  ---------  -------- 
 Legal fees                                            2,082      2,082     4,164 
                                                 -----------  ---------  -------- 
 Irrecoverable VAT                                    27,037     23,466    50,503 
                                                 -----------  ---------  -------- 
 TOTAL                                               229,645    220,100   449,745 
                                                 -----------  ---------  -------- 
 * Negative figures represent writing back of costs that were 
  over accrued in the prior period. 
 
 
       Thalia Power Limited - Annual Administration    Allocation by shareholding in investee 
                                               Fees     company: 
                                             Annual 
 Company                                    Fee GBP                       Ventus                  Ventus 2                 3rd party        TOTAL GBP 
 Eye Wind Power 
  Limited                                    33,488                       11,848                    11,848                     9,792           33,488 
                 ----------------------------------  ---------------------------  ------------------------  ------------------------  --------------- 
 Bernard 
  Matthews Wind 
  Farm 
  Weston LLP                                 32,885                       16,442                    16,442                         -           32,885 
                 ----------------------------------  ---------------------------  ------------------------  ------------------------  --------------- 
 Bernard 
  Matthews Wind 
  Farm 
  North 
  Pickenham LLP                              27,404                       13,702                    13,702                         -           27,404 
                 ----------------------------------  ---------------------------  ------------------------  ------------------------  --------------- 
 Bernard 
  Matthews 
  Green Energy 
  Halesworth 
  Limited                                    33,175                        7,783                     9,651                    15,742           33,175 
                 ----------------------------------  ---------------------------  ------------------------  ------------------------  --------------- 
 Upper Falloch 
  Power Limited                              16,432                        6,846                     7,122                     2,465           16,432 
                 ----------------------------------  ---------------------------  ------------------------  ------------------------  --------------- 
 Darroch Power 
  Limited                                    21,927                        9,608                     9,029                     3,289           21,927 
                 ----------------------------------  ---------------------------  ------------------------  ------------------------  --------------- 
 Muirhall Wind 
  Farm Limited                               34,177                        7,126                     9,963                    17,089           34,177 
                 ----------------------------------  ---------------------------  ------------------------  ------------------------  --------------- 
 Biggleswade 
  Wind Farm 
  Limited                                    39,498                        9,874                     9,874                    19,749           39,498 
                 ----------------------------------  ---------------------------  ------------------------  ------------------------  --------------- 
 White Mill 
  Windfarm 
  Limited                                    38,126                        9,532                     9,532                    19,063           38,126 
                 ----------------------------------  ---------------------------  ------------------------  ------------------------  --------------- 
 Osspower 
  Limited                                    27,458                            -                    13,729                    13,729           27,458 
                 ----------------------------------  ---------------------------  ------------------------  ------------------------  --------------- 
 A7 Lochhead 
  Limited                                    20,263                        6,079                     4,053                    10,132           20,263 
                 ----------------------------------  ---------------------------  ------------------------  ------------------------  --------------- 
 A7 
  Greendykeside 
  Limited                                    20,263                       10,132                         -                    10,132           20,263 
                 ----------------------------------  ---------------------------  ------------------------  ------------------------  --------------- 
 Fenpower 
  Limited                                     8,653                        2,884                         -                     5,769            8,653 
                 ----------------------------------  ---------------------------  ------------------------  ------------------------  --------------- 
 Achairn Energy 
  Limited                                    21,649                        1,842                     8,752                    11,055           21,649 
                 ----------------------------------  ---------------------------  ------------------------  ------------------------  --------------- 
 TOTAL                                      375,398                      113,698                   123,696                   138,004          375,398 
                 ----------------------------------                               ------------------------  ------------------------  --------------- 
 
 
                                                   Ventus           Ventus 
                                                  VCT plc        2 VCT plc 
 Average Thalia Power Limited contract 
  price, GBP                                       26,765           28,873 
                                         ----------------  --------------- 
 Average Amount borne by Ventus VCT 
  plc & Ventus 2 VCT plc, GBP                       8,746           10,308 
                                         ----------------  --------------- 
 
 
                                                                                              Temporis Capital Limited - Annual Directors' fees 
 
                                                                                               Allocation by shareholding in investee company: 
                                         Annual Fee                       Ventus                    Ventus 
                                                GBP                      VCT plc                 2 VCT plc                 3rd party        TOTAL GBP 
 Achairn Energy 
  Limited                                     6,603                          562                     2,669                     3,372            6,603 
                 ----------------------------------                               ------------------------  ------------------------  --------------- 
 Fenpower 
  Limited                                     7,168                        2,389                         -                     4,779            7,168 
                 ----------------------------------                               ------------------------  ------------------------  --------------- 
 A7 Lochhead 
  Limited                                     6,577                        1,973                     1,315                     3,288            6,577 
                 ----------------------------------                               ------------------------  ------------------------  --------------- 
 RPS Dargan 
  Road Limited                                3,824                            -                     1,912                     1,912            3,824 
                 ----------------------------------                               ------------------------  ------------------------  --------------- 
 Greenfield 
  Wind Farm 
  Limited                                     6,306                        1,315                     1,838                     3,153            6,306 
                 ----------------------------------                               ------------------------  ------------------------  --------------- 
 A7 
  Greendykeside                               7,065                        3,533                         -                     3,533            7,065 
                 ----------------------------------                               ------------------------  ------------------------  --------------- 
 BMGE Pickenham 
  Ltd                                         3,000                        1,500                     1,500                         -            3,000 
                 ----------------------------------                               ------------------------  ------------------------  --------------- 
 BMGE Weston 
  Ltd                                         3,000                        1,500                     1,500                         -            3,000 
                 ----------------------------------                               ------------------------  ------------------------  --------------- 
 TOTAL                                       43,542                       12,772                    10,734                    20,036           43,542 
                 ----------------------------------                               ------------------------  ------------------------  --------------- 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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August 08, 2019 04:56 ET (08:56 GMT)

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