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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Ventus Vct 3 | LSE:VEN3 | London | Ordinary Share | GB00B0WCHV36 | ORD 25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 68.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
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 FR EADKFEDSXEFE
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