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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:8733M Ventus 3 VCT PLC 29 November 2006 VENTUS 3 VCT Plc ("the Company") Interim Results for the Period to 31 August 2006 The Directors of Ventus 3 VCT plc announce the interim results for the period to 31 August 2006. Chairman's Statement I am pleased to present the first interim accounts for Ventus 3 VCT plc for the period ended 31 August 2006. During this period, the Company completed its share offer, raising #11.2 million before offering costs and #10.6 million after offering costs. The shares of the Company were listed on the London Stock Exchange on 10 March 2006, and the share offer closed on 9 June 2006. The Company was incorporated on 5 January 2006. Net asset value and results At the period end, the net asset value per share of the Company stood at 94.9 pence. Revenue attributable to shareholders for the period was #99,478 or 1.03 pence per share. The capital loss attributable to shareholders for the period was #96,439 or 1.00 pence per share, resulting in a total return to shareholders for the period of #3,040 or 0.03 pence per share. Dividend The Directors have declared an interim dividend of 0.75 pence per ordinary share in respect of the period to 31 August 2006. The shares will be marked ex-dividend on 6 December 2006 and the dividend will be paid on 15 February 2007 to shareholders on the Register on 8 December 2006. Investments The Company's Investment Manager, Climate Change Capital, continues to be actively engaged in identifying and negotiating potential investment opportunities. During the period ended 31 August 2006, the Company has made one qualifying investment of #169,013. This was an investment in mezzanine debt and ordinary shares of Craig Wind Farm Limited, a company developing a 10 megawatt wind farm in Scotland. The Company has committed to invest a total of #348,822 in Craig Wind Farm Limited in a combination of ordinary shares and mezzanine debt. The remaining #179,809 will be invested over the construction period to meet contract payments as they fall due. Construction works commenced on the site in August 2006 and the wind farm is scheduled to become operational in July 2007. The Company has also entered into two exclusivity agreements. The first is with A7 Energy Limited in respect of the 6 megawatt Lochhead wind farm development in Lanarkshire, Scotland. A7 Energy Limited has recently secured planning consent and an offer for connection to the grid. The Manager is working with the developer and its consultants to secure the necessary contracts to commence construction of the wind farm. The wind farm is expected to become operational in the first half of 2008. The Manager considers that this project will lead to an investment of approximately #350,000 for the Company. The Company has also entered into an exclusivity agreement in respect of a 6 megawatt wind farm development in Caithness, Scotland. This site has full planning consent and has recently been provided with an offer for a grid connection. The Manager is working with the developer and its consultants to secure the contracts necessary to commence construction. The wind farm is expected to become operational in the first half of 2008. The Manager considers that this project will also lead to an investment of approximately #350,000 for the Company. Investment pipeline The Manager is actively assessing investment opportunities in over 30 individual companies developing in excess of 200 megawatts of generating capacity. The Company's investment strategy includes pursuing opportunities with companies developing non-wind technologies such as landfill gas and small scale hydro-electric schemes as well as with companies owning existing operational assets. On the basis of the current rate of investment and an assessment of the potential investments in the pipeline the Manager is satisfied that sufficient projects are available to fully invest the funds in accordance with the investment strategy and the time period required to satisfy HM Revenue and Customs requirements in respect of maintaining its VCT status. Cancellation of share premium account As disclosed in the prospectus, the Company has a policy of buying its own shares in the market and of facilitating sales by shareholders at a price which represents a maximum discount of 10% to the last published net asset value. In order to carry out this policy, the Company applied to the Court to reduce its share premium account and establish a new special reserve, which may be treated as a distributable profit, out of which purchases of ordinary shares can be made in the future. The Court has approved the reduction of the Company's share premium account, and the reduction was registered with Companies House on 25 August 2006. VCT qualifying status The Company has appointed PricewaterhouseCoopers to review its compliance with VCT regulations. We are satisfied that the company has continued to fulfil the conditions for maintaining VCT status. David Pinckney Chairman Income Statement for the period to 31 August 2006 Revenue Capital Total #000 #000 #000 Income 187 - 187 ----- -------- ------ 187 - 187 ----- -------- ------ Expenditure Management fees 32 96 128 Other expenses 53 - 53 ------- ------ ------ 85 96 181 ------- ------ ------ Return on ordinary activities before taxation 102 (96) 6 Tax on ordinary activities (3) - (3) ------- ------ ------ Return attributable to equity shareholders 99 (96) 3 ------- ------ ------ Return per ordinary share 1.03 p (1.00) p 0.03 p 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 columns of this statement are the profit and loss accounts of the Company for the respective periods. The supplementary revenue and capital 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 31 August 2006 #000 Fixed assets Investments 169 -------- 169 -------- Current assets Debtors 10 Short term investments in treasury bills 10,321 Cash in hand 127 -------- 10,458 Creditors: amounts falling due within one year (28) -------- Net current assets 10,430 ------- Net assets 10,599 ------- Share Capital & Reserves Called up share capital 2,793 Special reserve 7,803 Capital reserve - realised (96) Revenue reserve 99 -------- Shareholders' funds 10,599 ------- Net asset value per ordinary share 94.9 p (Number of Ordinary Shares - 11,172,954) Cash Flow Statement for the period to 31 August 2006 #000 Net cash inflow from operating activities and returns on investments 21 Capital Expenditure Purchases of venture capital investments (169) Management of liquid resources Purchase of treasury bills (10,321) ------- Net cash (outflow) before financing (10,469) ------- Financing Shares issued 11,173 Issue costs (577) ------- Net cash inflow from financing 10,596 ------- Increase in cash 127 ======= Analysis of net funds As at 5 January 2006 - Net cash inflow for the period 127 ------- As at 31 August 2006 127 ======= Net cash inflow/(ouflow) from operating activities and returns on investments Return on ordinary activities after taxation 3 Increase in debtors (10) Increase in creditors 28 ------- Net cash inflow from operating activities 21 ======= Interim Report The financial information contained in this preliminary announcement of interim results is unaudited and does not constitute statutory accounts as defined in Section 240 of the Companies Act 1985. The interim report and accounts for the period ended 31 August 2006 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. 29 November 2006 This information is provided by RNS The company news service from the London Stock Exchange END IR UWSBRNURAUAA
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