Ventus Vct Share Discussion Threads

[spin doctor] 11/2/2022 13:19

Nowt received by me as of today.

[spectoacc] 10/2/2022 11:56

Fair points, but my understanding is that they were to be appointed immediately (ie 2nd Feb), and am only going by what the co said:

"It is expected that the liquidators will distribute the majority of the remaining net proceeds very shortly after appointment...".


The c.10% being held back until end-Feb is surely to cover them, and they already have all the distribution details from the divi paid out on 21st Jan.

Not saying anything's amiss, just that I see absolutely no reason why they can't have stuck to "..Very shortly after..". Is in danger of being nearer to the end-Feb 10% than the 2nd Feb appointment!

[rbcrbc] 10/2/2022 11:45

Well with the meeting only on the 2nd Feb, the liquidators need to find where the bathrooms and fire exits are - LOL.

To be fair the resolution said 'the "Liquidators" be appointed as joint liquidators

Not that they had been.

For some reason my dividend always came by cheque in the post so just the process of ensuring the register was up to date, checking the accounts were in balance (as I guess the liquidators might have some personal responsibility if they were not and they distributed funds) and organising printing and posted is going to take a couple of weeks or so.

My expectation is that the end of next week is likely.

[spectoacc] 08/2/2022 08:30

More than a few days so far - anyone had 2nd payout yet?

Edit - it could be due to the liquidators wanting to earn their fees, but:


"It is expected that the liquidators will distribute the majority of the remaining net proceeds very shortly after appointment, although ten percent of the sales proceeds must be retained until the end of February as a condition of the sale."


2nd Feb appointment, now 8th Feb, not sure what "..Very shortly.." is, but surely about now. Personally I'd say about 48hrs.

[spectoacc] 02/2/2022 07:47

End of an era - circular says 10% to be held back until end-Feb, not sure if that's 10% of what's remaining after the recent payout, or 10% of total. Should know in a few days when the next payment arrives.

[rbcrbc] 31/12/2021 11:12

Baronsmead BVT - have consistently paid a good divi.

hxxps://www.hl.co.uk/shares/shares-search-results/b/baronsmead-venture-trust-plc-ordinary-10p/dividends

[spectoacc] 31/12/2021 09:15

Completely missed the post-close RNS on the 23rd. Definitely a great outcome, but the tax-free income will indeed be much missed. Been nothing else like Ventus.

So (I think):

122.9p from VEN

92.3p VEN2 (not sure why a few are buying at 93p today)

153.7 VENC

155.7p VNC

Sometime in March before total payout, with much arriving sooner.

Only quibble is with them claiming the result is "materially higher" than the estimates given before the shareholder vote. They're not material (typically 10%+), and the difference accounted for by divi we're foregoing, that would have been paid this month. ie the buyer has got the benefit of the retained earnings.

Minor quibble. They've stuck to timescale, and no complaints about prices.

[robertspc1] 23/12/2021 19:26

Good exit. Now where to deploy proceeds to replace that fantastic yield

[spectoacc] 29/11/2021 10:50

Missed that, thanks.

So we're into the 6 months, the 9 months taking us until 19th Feb.

No indication of actual sale prices, but within previous declared levels, or they'd have had to say.

Special divi amount just a reflection of distributable reserves.

[rbcrbc] 29/11/2021 10:21

Sale Process Update
Shareholders will be aware that at the General Meeting of the Company held on 19 May 2021 (the
“General Meeting”) the shareholders voted overwhelmingly (98.3%) in favour of the resolution proposed
by the Directors to sell the assets of the Company and discontinue the Company as a venture capital
trust.
Since that time the Directors have worked, together with Temporis Capital Limited (“Temporis”, the
“Investment Manager”) and Ernst & Young LLP (“EY”), to implement the resolution by undertaking a
formal sale process for all of the Company’s assets.
The sales process is progressing well, and the Directors expect to complete the sale process within the
expected timescale set out in the circular published on 13 April 2021 (the “Circular”). This timetable was
6 to 9 months from the date of the General Meeting held on 19 May 2021.
Post Sale Timeline
Subsequent to the completion of the sale process and receipt of the cash proceeds, the Directors intend
to declare a special interim dividend as soon as is practical. This dividend will be equal to the
distributable reserves in each share class and the Directors have set out the expected special interim
dividend by share class below:
Ordinary
Shares
pence per
share
"C" Shares
pence per
share
"D" Shares
pence per
share
Expected special interim dividend 47.0 64.0 11.0
At the same time as the transaction is announced, the Company also intends to issue a circular to
convene a further General Meeting of the Company with a resolution to place the Company into a
Members Voluntary Liquidation (“MVL”).
Providing that this resolution is passed, the liquidator will make a liquidation distribution, retaining the
minimum funds to cover future operating expenses and the estimated costs of liquidation, with a small
contingency.

[spectoacc] 04/11/2021 12:20

Interesting to see NMS down to a single share on all the classes. Allows them to today give someone 105 for a 2.5k sale of VEN's, and charge 145p (!) for a 4k purchase of VNC's.

@robertspc1 - fair point. Also, if any change to the previously-announced timetable, they'd need to RNS it, so def expecting something within the next few months.

[robertspc1] 02/11/2021 16:12

I think it's just taking a while because of the ridiculously complicated legal structures in place and the fact they don't own 100 per cent of all the assets. Hopefully holding statement soon, another dividend then cash

[spectoacc] 26/10/2021 07:01

They'd already tested the waters (hence the prices given), so something would have had to have changed - not impossible, but if it had, they'd have had to RNS it.

[daemonfunds] 25/10/2021 22:24

Maybe no bids at the mark at which they marked NAV? In which case, what are their legal obligations?

[spectoacc] 25/10/2021 15:37

Been quiet hasn't it. "Between 6 & 9 months" from the date of the passing of the vote - which was mid-May. So November-February for it all to be done by. Depending on timing, possibly another dividend first?

Meanwhile, we've had low historic wind speeds (bad) and a massive increase in power prices (good). Not sure how those two might affect the sale process/price, nor why it all should take so long. "These are the assets, submit your bids in 30 days, complete the purchase 30 days later". 3 months tops IMO.

Agree we're def due an update.

[rbcrbc] 25/10/2021 15:32

1/2 yearly report issued in Nov last year, so maybe an update as to the sale process in a few short weeks time, can anyone see a date planned for the half-year report ?

[spectoacc] 23/7/2021 06:58

We've an XD to enjoy first.

My guess is disposal/all monies back in Q4. Not sure why it needs to take so long tho, when they'd already gauged interest pre-circular.

Edit, from April's Circular:

"f both of the Resolutions are passed the Boards will commence the process of the disposal of the
Companies' assets, a process that is expected to take between 6 and 9 months."


Both Resolutions passed on 19th May, so "6 to 9 months" is between November and March. If it takes until March 2022 I'll be disappointed! But then we could expect one more divi beyond the one that's coming soon.

They'd gauged interest already - surely just put the assets to best & final, 60 day completion, wind up the co. But Circular implies November at the earliest.

[rbcrbc] 22/7/2021 19:37

So when do people expect the first pay-out from the sale of assets ? Can't be too far away ?

[leopoldalcox] 01/3/2021 21:34

I think it will be the quickest way to realise the discount. Considering bigger operators such as UKW trade at a premium, I hope ventus assets can also be sold at a premium. If they can do that I'll be very happy and voting in favour

[rbcrbc] 01/3/2021 17:24

Doesn't look like we have a choice.

[spectoacc] 01/3/2021 10:53

Interesting news today, any views?

[dogday] 01/2/2021 11:27

Still waiting for my January divi. Anyone had their's ?

[dave129] 15/11/2019 12:28

Quite - but last few years the latest the divi announcement has been is Nov 1st ... it's been radio silence this year. Most of the time it's last week Oct we've seen the RNS.

[spectoacc] 15/11/2019 08:20

July & December XD dates.

[dave129] 15/11/2019 07:42

Shouldn't we be getting a dividend announcement around about now?