Ventus Vct Share Discussion Threads

[spectoacc] 11/3/2022 15:02

Got a rather long reply to my 3rd email today, including:

"Whilst preparing the calculations and arranging the transfer of funds from the Liquidation estate are relatively straightforward processes, we have been advised by the Registrar that there are time consuming formalities associated with initiating distributions of this nature to include, finalising and agreeing correspondence, printing, setting up the payments and completing banking verifications and therefore, 30 March 2022 was the earliest date they were able to make the payments".

Effectively taken nearly two months, when I read that and think "24hrs tops".

They're sticking by the 18p on the ords as the correct amount, surprisingly.

Not a lot more I can quote that isn't general guff.

[rbcrbc] 11/3/2022 13:23

hxxps://www.financial-ombudsman.org.uk/consumers/how-to-complain/complaint-checker

It might be worth asking them for a 'final response' so that a complaint can be made to the ombudsman.

Whilst complaints to ombudsmen take a long time, and is probably unnecessary at this stage, it might just be the 'kick up the backside' they need to keep it at the top of the pile.

[spectoacc] 10/3/2022 14:07

Emailed them again - don't actually think they've anyone working on it, it's just when it gets to the top of the pile. Allocating the costs across classes may indeed have been a tricky calculation - a few hours at most - but they said they'd completed it.

They have all the payment details from the first payment.

They're keeping some back (the money they should only have sat on until end-Feb).

They talk about selling assets, but that was done pre-liquidation.

My main concern is their false statements, ignorance, lack of communication or response, and general ineptness. Don't get the impression there's anything amiss at Ventus itself - no hidden debts, unreconciled bank entries etc.

[a0002577] 04/3/2022 13:44

It is worth re-reading the circular:


This says, among many other things

"It is expected that the Liquidators will distribute the majority of the proceeds very shortly after appointment, although ten percent of the sales proceeds must be retained until the end of February. The remaining proceeds will be returned to Shareholders as soon as possible thereafter. "

which certainly implies payment of the majority before the end of February

[spectoacc] 03/3/2022 16:40

No response from them, quelle surprise.

[spectoacc] 02/3/2022 17:45

Email from the liquidators just now, not what we wanted to hear and have given them a piece of my mind.

Not sure how much of that I have to spare this week, but their "...Slight delay.." is clearly a material delay.

[jontyponty] 28/2/2022 18:19

Indirect contact with Ventus can enlighten us no further. Clearly, the materials Ventus sent us before liquidation was, at best, optimistic and , at worst, misleading

[rbcrbc] 28/2/2022 11:11

Agreed SpectoAcc - One company I held that went into Liquidation took years to get its final assets sold (there were overseas assets, and the initial sub-liquidators went under themselves) . I wouldn't expect our final 10% to be paid for several months, but there does seem little reason why the rest should not arrive imminently.

[spectoacc] 28/2/2022 10:46

Fwiw I've heard nothing more. Today is the last day of Feb - if the RNS was to be believed, we should also have been getting our final 10% today.

Again, don't think there's anything dodgy, beyond misleading RNS's and the general tardiness of every liquidator. These things have been known to take years (eg if Ventus hadn't sold the assets in advance).

[spectoacc] 24/2/2022 09:57

Massive market dislocation, no Ventus money to play with.

[jontyponty] 21/2/2022 16:02

Let’s hope they’ve been appointed on a fixed or capped fee. Otherwise we’ll be “waiting for Godot”!

[spectoacc] 21/2/2022 14:36

@jontyponty - no date given, but a small quote: "..The bulk...within the next few weeks..".

Not at all what we were told, but liquidators are a law unto themselves - why do everything in a few days, when you can go on holiday and stretch it out. Their only incentive is racking up fees & making sure no creditors (what creditors?) can sue them.

Assume final 10% could well be end of March or beyond.

Have politely asked them if they can hurry up. Would matter less if the market wasn't about to get potentially very interesting.

[jontyponty] 21/2/2022 14:32

Any suggestions as to the date? Are we going to have to wait until the end of March?

[spectoacc] 21/2/2022 12:01

At risk of flogging a dead horse, this is what Ventus told us:

"It is expected that the Liquidators will distribute the majority of the proceeds very shortly after appointment,
although ten percent of the sales proceeds must be retained until the end of February. The remaining proceeds
will be returned to Shareholders as soon as possible thereafter. "


Liquidators were appointed on 2nd February.

Had a reply from them today which I probably shouldn't copy & paste, but suffice to say I'm now not expecting anything - not the promised payment, nor the final 10% - before the end of Feb.

Which if Ukraine does kick off, will be rather a pity.

[spectoacc] 17/2/2022 14:28

The final, held-back 10% is due at the end of the month - being a week on Monday.

We should have had the rest of it back by now, but clearly Begbies staff holidays haven't helped.

[jontyponty] 17/2/2022 14:08

My advisor isn’t expecting any payout until the end of the month

[jontyponty] 17/2/2022 14:07

My advisor isn’t expecting any payout until the end of the month

[spectoacc] 16/2/2022 15:43

Ha ha - who knows, but my guess is, any action needs them both to sign off. And very clearly should have occurred before any holidays.

Unless one went on holiday, then the other, much as solicitors are prone to do during property completions?

I'll be back onto them next week, but would quite like my money for if the markets kick off.

[rbcrbc] 16/2/2022 15:40

There were 2 people named Asher Miller and Stephen Katz are they both on holiday ?
Together ?

[spectoacc] 16/2/2022 15:32

I think if Mr Miller's on holiday this week, there's little point me doing more until next week. Have a low enough opinion of liquidators as it is :)

[jontyponty] 16/2/2022 15:31

Also possible that it’s taking a lot of time an effort for liquidators to get operational control of the bank accounts

[jontyponty] 16/2/2022 15:27

Hopefully the former Ventus Directors have a big interest in getting the funds distributed. Worth contacting them?

[spectoacc] 16/2/2022 11:21

Agree end of this week feels like the limit. They were appointed on the 2nd and this is no longer "..Very shortly after appointment..".

Edit - phoned Begbies to talk to Asher Miller, the liquidator listed on the Co House filing. "Sorry, he's on holiday this week".

Couldn't make it up. Hopefully not spending our proceeds.

[jontyponty] 16/2/2022 10:41

There’s a letter from liquidator on the Ventura website accepting appointment dated 4 Feb. I’d give them a week to put their team in place and a few days to check assets and liabilities. So I’d expect to receive funds by bank transfer by the end of this week.

[spectoacc] 16/2/2022 08:24

Can see the document appointing Begbies on Companies House now, under Ventus - filed 10th Feb, but date of appointment confirmed as 2nd Feb.

Will try contacting Begbies if nothing by the end of the week - "..Very shortly after appointment" now been a fortnight.