Ventus Vct Share Discussion Threads

[spectoacc] 15/6/2022 08:33

They really did. Think we sold out about 10-15% too soon, with the power price rises, but still. Slightly surprised after what they told me last week that there's still no update on ventusvct.com

[spin doctor] 13/6/2022 10:02

Thanks for the updates. Over the years the Ventus share classes delivered a bunch of remarkable opportunities.

[spectoacc] 10/6/2022 08:54

3rd May still the latest update on the website - [...] The money surely won't be long if they received it at the end of last week - the hassle of setting up the payments was done previously, so should only be a spreadsheet job. Looking forward to spending the cash in this weak market.

[spectoacc] 09/6/2022 12:17

Wouldn't normally post verbatim but this is the reply today: "The proceeds from Achairn took longer to release than expected. However, the liquidator received the money at the end of last week. We are now working with the liquidator to make a distribution as soon as possible. There will be an update made on the Ventus website shortly with details of the amount and timing of the distribution."

[spectoacc] 05/6/2022 19:30

Agreed - they stated a date, so if they were going to miss it (as they have), how much effort to send out an email? I'll try to call them again this week.

[banchory1] 02/6/2022 15:49

still nothing by the promised end May date. Contacted liquidator, no answer I guess they are all off celebrating our glorious leader. Can only agree comms have been pretty poor all told.

[a0002577] 23/5/2022 16:14

the 30th - the puttuve date for a big distribution from the ords approaches - and no news from the liquidator - Really bad comms over this.

[spectoacc] 05/5/2022 13:11

More than welcome :) Tho sounds like they may have been inundated ;)

[a0002577] 05/5/2022 11:26

Seems that the blame here does not rest with the liquidator - they almost seem hurt and they have revealed more about what has been going on than we could have reasonably expected. The rns was clear - the assets were sold - now we are told they weren't ! My guess is that your excellent work chasing them caused them to be so frank - so a big thank-you, Spectoacc :)

[spectoacc] 05/5/2022 11:04

I certainly did miss that, many thanks @A00002577. A lot in it, most of which they could have told us months ago. The fact they didn't hint at most of it even via email suggests they've taken a long time to get to grips with Ventus. Bet that single document has cost us another c.£100k in fees. "Given the quantum of the consideration, the liquidators intend to make an interim distribution of the Achairn proceeds to the Ordinary shareholders of both companies as soon as possible after receipt and are liaising with the registrar to arrange this payment before the end of May." So something else coming back this month at least, then the table at the bottom for the remainder.

[a0002577] 05/5/2022 10:39

Youwu nt to look at this, Spectoacc - latest update from liquidator - https://www.ventusvct.com/pdf/liquidation_update_may22.pdf

[spectoacc] 04/5/2022 16:05

Going to pester them every 6 weeks I think - been radio silence on progress/possible date for winding up. They won't be in any rush. Only pennies left on most of them, but of course the Ords have quite a bit outstanding still.

[spectoacc] 13/4/2022 06:54

I'll give it a few more weeks, then contact them again. The explanation I got was that in order to be able to put the co's into liquidation, there had to be an asset still unsold. Not sure that's true - the co had "assets" in the form of bank balances - but seemingly why they hadn't completed one of the sales. Then it turned out to be more complicated than expected due to needing to remove security over an asset. And now, of course, we have largely inept liquidators trying to do it, rather than the directors who knew where the bodies are buried. So agree timescale unknown, and they'll enjoy racking up fees in the £100's an hour for multiple people. Fwiw this was iii's explanation for tardiness on the last payment: "I can advise that we received the payment on the 30th March however unfortunately, we did not receive the accompanying paperwork to reconcile the payments until yesterday (31st March 2022), which was the cause of the short delay."

[rbcrbc] 31/3/2022 14:46

The only sentences that indicates timescale says: 'Please note that together with Temporis Capital there is still some work to do to confirm and settle the companies final liabilities and therefore the above figures and estimates only' When taken with the statement 'There are further asset realisations to be made in respect of the ordinary shares' I am anticipating months rather than weeks. Pity as the next payment due on the Ords is 50% higher than the amount received today. There are further asset realisations to be made in respect of the ordinary shares today. I am happy to post the paperwork here if someone can tell me how to, or whatsapp / email it on if anyone wants to send me their contact info. or I'm sure Rhiannon would also forward a copy.

[spectoacc] 31/3/2022 13:47

Ms McColl one of 3 I've been conversing with. Still awaiting payment into iii, but they seem to be the new Barclays Stockbrokers - by the time they reply to my query, whatever tardiness I'd been complaining about has usually been resolved. So a iii problem, not a liquidator's one. Any idea on timescale on the paperwork @RBCRBC?

[rbcrbc] 31/3/2022 13:42

Good old fashioned cheque arrived today, together with paperwork. This payment: Ord = 18p per share C Shares = 85p per share D shares = 185p per share The anticipated final distributions will be: Ord = 27p per share C Shares = 6p per share D shares = 6p per share will be paid 'at the conclusion of the liquidation' - No hint when that will be, but: There are further asset realisations to be made in respect of the ordinary shares. Contact name given as 'please do not hesitate to contact my colleague' - Rhiannon McColl 020 8343 5900 Costs of liquidation (so far) £729,645.75)

[spectoacc] 30/3/2022 14:14

Money in today with 3 out of 5 a/cs, which is 2 out of 3 brokers (nothing from iii yet).

[jontyponty] 30/3/2022 07:30

Full amount of predicted £ received in my bank account this morning

[spectoacc] 29/3/2022 20:16

Bank payment for directly-held Ventus gone in this evening - good sign, hope it'll be reflected in the equity a/c's tomorrow. 30th might really mean the 30th. Whether we've missed the rally is another matter. Outstanding questions - when the bulk of the Ventus 2 Ords money is coming; when the rump (c.10%) held back is coming, assuming that still applies.

[spectoacc] 22/3/2022 13:26

An explanation this morning? "The distribution to be made to Ventus 2 ordinary shareholders on 30 March is proportionately smaller versus the distributions being made to the C and D shareholders because the consideration for one of the investee companies sold by the ordinary share fund has yet to be received. Receipt of the consideration has been held up because of a technical issue in releasing the security held by the senior lender to that investee company. The total net proceeds to be paid to the Ventus 2 ordinary shareholders are still expected to be in line with those set out in the Circular dated 7th January 2022.’" That would be the same Circular that said 90% of the proceeds back in early Feb, the remainder by 28th Feb? Looking forward to this next payout on 30th March.

[a0002577] 22/3/2022 11:12

spin doctor & spectotacc. the reason the Ven2 Ords got less in this distribution is perhaps because they got more in the first round paid via the special dividend. What to invest the proceeds in?? Suggest you read this on the lemon fool https://www.lemonfool.co.uk/viewtopic.php?t=17343. I started it 3 years ago but it still holds true. There are now more funds of which the battery funds are the most infesting. One of the biggest, Gore Street Energy Storage (GSF), has just announced a massive fund raise (plenty of space for you to invest) and its dividend policy which is a minimum of 7 pence per annum but increasing as NAV increases. See https://uk.advfn.com/stock-market/london/gore-street-energy-storage-GSF/share-news/Gore-Street-Energy-Storage-Fund-PLC-Notice-of-Gene/87615603.

[spectoacc] 21/3/2022 10:26

@Spin doctor - I fear the juicy tax-free Ventus divis are irreplaceable. Have a small NESF holding already, but most of the Ventus cash staying as cash for time being - too much uncertainty around Russia/Ukraine, stagflation, energy/commods to want to be too invested. Or rather, unconvinced a 7,400 FTSE reflects the current uncertainties. Will look to buy on weakness, depending on what's weak :) Had another response from the Liquidator last week that adds not much at all - expecting payout on 30th, no idea when final one, no idea why only 18p on the Ords but have queried it again.

[spin doctor] 11/3/2022 21:01

Thanks Spec for the chasing. Def taking longer than was indicated. What are you going to 'recycle' into, do you reckon? In quoted equity, I'm looking at NESF (shd arguably be trading at premium as per peers), HEIT (will take time, but generous divi and NAV/sp growth to come as per GSF) and possibly yet more OMIP (a nanocap version of SONG).