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VENTUS TWINS STRATEGY

Sophisticated and complex high-risk tax-sensitive investments in small companies: handle with care
BusyBumbleBee
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Re: VENTUS TWINS STRATEGY

#51131

Postby BusyBumbleBee » May 4th, 2017, 8:39 am

Rather interesting that they have called off the share class merger. When I and some other Fools met with them they (metaphorically) leant back in their chairs when we raised the difficulties of merging and said something like they were not insuperable.

Yes, UncleE, the D shares are fully invested but one of the run of the river hydro schemes is/was not working properly - maybe they have it fixed now though which will give a big uplift to NAV

What worries me in the statement is not the failure to merge but that one of the reasons they give for not merging the shares is the Manager's bonus. We all know the fees paid to the manager are too high especially as the manager cannot "buy and sell". Is this an indicator that they have not reached agreement to reduce management fees? If this is the case we must take action.

BusyBumbleBee
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Re: VENTUS TWINS STRATEGY

#56184

Postby BusyBumbleBee » May 26th, 2017, 3:19 pm

This has just been announced
Temporis has agreed that, with effect from 1 November 2017, which is the earliest practicable date that the terms of the current IMA could be renegotiated, the annual management fee will reduce from 2.5% to 2.25% of net asset value and will reduce further to 2.125% from 1 November 2020 and to 2% from 1 November 2021 onwards.

In return, the Company has agreed to extend the term of the agreement, such that the agreement is for an initial term of five years but terminable by either side on 24 months' notice. Under the Listing Rules, Temporis is considered to be a related party of the Company and the proposed change to the IMA constitutes a 'smaller related party' transaction. Howard Kennedy Corporate Services LLP, the Company's sponsor, has confirmed that, as is required under the Listing Rules, the change in the proposed investment management agreement is fair and reasonable so far as shareholders of the Company are concerned.

see http://www.investegate.co.uk/article.as ... 4237G&fe=1

Too little - too late in my view. Time for the board to go methinks.

BusyBumbleBee
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Re: VENTUS TWINS STRATEGY

#57085

Postby BusyBumbleBee » June 1st, 2017, 12:02 pm

So the results are out. See Annual Financial Report
http://www.investegate.co.uk/article.as ... 8625G&fe=1 and Annual Financial Report
http://www.investegate.co.uk/article.as ... 8613G&fe=1

Tale of woe really - wind speeds down, one run of the river system still not working. dividends for ORDs and C shares maintained but the D shares get nothing. Payment on 9th August - ex-div on 13 Jul

Confirmed the rubbish deal with Temporis - but mention the performance fee - NAV up slightly for ORDs and C shares but that is by extending the life of the assets.

The Company’s Investment Manager, Temporis Capital Limited, continues to be actively engaged in
managing the portfolio to maximise the total return to shareholders
gave me a laugh! But not active enough to justify their huge fees.

Will read more and give more comment if I find anything of interest BUT my view remains unchanged : the board must go.

PS shares mostly marked down on these results

BusyBumbleBee
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Re: VENTUS TWINS STRATEGY

#57163

Postby BusyBumbleBee » June 1st, 2017, 5:16 pm

PPS ; now they are all marked back up to where they were - except for the D shares which have been marked up by 10 pence. Funny old world.

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Re: VENTUS TWINS STRATEGY

#60199

Postby BusyBumbleBee » June 14th, 2017, 10:58 pm

TopOnePercent wrote:I'd certainly be interested in hearing further details please.


I've sent you a private message with yet more details - if any other Fool wants the same info I will send it in reply to a private message

with kind regards

BBB

127tolmers
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Re: VENTUS TWINS STRATEGY

#65040

Postby 127tolmers » July 5th, 2017, 11:29 pm

http://www.investegate.co.uk/ventus-vct ... 24492238K/
http://www.investegate.co.uk/ventus-2-v ... 27202242K/

The reduced cost of debt will increase cashflow to the Company from the two investee companies, enhancing value for shareholders. This is part of the Board's continuing strategy to enhance value to shareholders through active management of the Company's assets.

Will be interesting to hear more at the AGM.

UncleEbenezer
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Re: VENTUS TWINS STRATEGY

#68358

Postby UncleEbenezer » July 19th, 2017, 1:51 pm

Brownie points to them for investor communications, as today's RNS points to http://www.rns-pdf.londonstockexchange. ... 7-7-19.pdf and http://www.rns-pdf.londonstockexchange. ... 7-7-19.pdf .

The first (Board presentation) might be aimed at our BBB, and I hear the whoosh of it missing his main point. The second (Manager presentation) looks like something where you need to see the live presentation. But still, worth a look.

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Re: VENTUS TWINS STRATEGY

#89837

Postby SpinDoctor » October 21st, 2017, 8:34 pm

Results due shortly

I'm positive, as:
- Publicly available data (https://www.variablepitch.co.uk) suggests that Upper Falloch is operating at par with the other Ventus hydro plants on the estate, and valuations should move to dcf from cost.
- Above average wind speeds this year
- Refinancing of three portfolio companies should materially improve cashflow and NAV
- Inflation up
- Power prices up
- Assets still assumed zero value at end of operational life.
- Similar quoted funds at small (or moderate) premium.
- For this 'alternative asset' maturing portfolio, a discount rate of 9% is more than I would apply

I'm well aware of the negatives, including generous charges....

Picked up a few more on Friday.

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Re: VENTUS TWINS STRATEGY

#92325

Postby baronspill » November 1st, 2017, 1:50 pm

Even when income is down they always find a way to boost the NAV - this time by lowering the discount rate. I recall last time the 'trick' was to stretch out the operational life. Well, at least the accounting NAV is getting closer to the true NAV.

As you say wind speeds are above average this year so this should enhance results next year.

I expect assets at the end of their operational life to be assigned value at some stage down the road.

UncleEbenezer
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Re: VENTUS TWINS STRATEGY

#177474

Postby UncleEbenezer » October 31st, 2018, 10:10 pm

Half-year reports, no major surprises. Looks disappointing for D shares, but I haven't followed those so don't know if it was anticipated.

Charges still in the 3% ballpark: not much change there. And if there's any more clarity than before on asset lifetimes, I missed it. Perhaps time to sell up and reinvest the proceeds into TRIG's proposed placing or something similar? Sadly there's still a spread of several pence.

127tolmers
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Re: VENTUS TWINS STRATEGY

#177610

Postby 127tolmers » November 1st, 2018, 1:09 pm

No mention of doing a small top up offer along the lines of the 2 recent Hazel Renewable ones. A shame really.

127tolmers
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Re: VENTUS TWINS STRATEGY

#227280

Postby 127tolmers » June 5th, 2019, 6:34 pm

https://www.investegate.co.uk/ventus-vc ... 12512783B/
https://www.investegate.co.uk/ventus-2- ... 11452786B/

Ventus VCT plc (the "Company") announces that it has received a notice from certain shareholders of the Company (the "Requisitioning Shareholders") requiring that the Company (i) includes resolutions (the "Resolutions") in its forthcoming notice of Annual General Meeting to remove Josephine Dixon, David Williams and Christopher Zeal as directors of the Company and to appoint three new directors of the Company and (ii) circulates a statement (the "Requisitioning Shareholders' Statement") from the Requisitioning Shareholders to the Company's shareholders relating to the Resolutions.

It is the unanimous opinion of the directors of the Company that the Resolutions are not in the best interests of the Company's shareholders as a whole and should not be passed.

Ventus 2 VCT plc (the "Company") announces that it has received a notice from certain shareholders of the Company (the "Requisitioning Shareholders") requiring that the Company (i) includes resolutions (the "Resolutions") in its forthcoming notice of Annual General Meeting to remove Alan Moore, Paul Thomas and Colin Wood as directors of the Company and to appoint three new directors of the Company and (ii) circulates a statement (the "Requisitioning Shareholders' Statement") from the Requisitioning Shareholders to the Company's shareholders relating to the Resolutions.

It is the unanimous opinion of the directors of the Company that the Resolutions are not in the best interests of the Company's shareholders as a whole and should not be passed.


UncleEbenezer
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Re: VENTUS TWINS STRATEGY

#227325

Postby UncleEbenezer » June 5th, 2019, 9:54 pm

Yay, fireworks! Any Fools involved in that? Tolmers? BBB? Timbo?

I'll be selling at least some of my Ventus to raise money for my house purchase. I shall follow with interest and be ready to vote whatever is left!

cprof
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Re: VENTUS TWINS STRATEGY

#229750

Postby cprof » June 15th, 2019, 5:11 pm

Further information contained within Share Soc news (100). Concerns of the requisitioning shareholders are, 1) corporate governance, duration of tenure of directors, 2) Fees-in all their many forms 3) Amalgamation of funds 3) conflict of interest between shareholders and Temporis. Principal contact of the group is Nick Curtis, other proposed Directors:- Richard Roth, Andrew Garrad, Mike Carter & Matteo Maino. There is a website set up ventusvctshareholders.com but I could not get access.
ShareSoc are supporting the requisitioning process inasmuch as it is a way of communication concerns to the company and investors, but have not made a decision with respect to making a recommendation as to how shareholders should vote on the resolution itself

127tolmers
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Re: VENTUS TWINS STRATEGY

#230310

Postby 127tolmers » June 17th, 2019, 10:53 pm

https://www.investegate.co.uk/ventus-vc ... 33025318C/

Appointment of Director to Ventus VCT plc (the "Company")

The Board of Ventus VCT plc is pleased to announce the appointment of Lloyd Chamberlain as a non-executive director of the Company with effect from 14 June 2019.

Lloyd's career in finance and business has spanned more than 20 years; most recently as the founder and managing partner of Praxient Capital LLP, an FCA and SEC regulated investment manager. He was the portfolio manager for the Panther Fund strategy (2007-2015) using detailed fundamental research to invest across both equity and debt. Previously, Lloyd was a partner and portfolio manager at Pendragon Capital LLP, managing the Pendragon Excalibur Fund (2003-5). Lloyd has raised more than $500m from investors, delivering significant market outperformance. He gained a first-class degree in architecture from Cambridge before working as a management consultant at Bain & Company.

In addition to his investment management expertise, Lloyd is a significant shareholder in the Company. The Directors are confident that his appointment will enhance and complement the skill and knowledge of the Board, and that this increased shareholder representation is vital to prepare for the continuation vote to be held at the Company's 2020 AGM.

The appointment was made following a formal process conducted by the Nominations Committee.

Lloyd holds 15,000 Ordinary shares and 196,513 "C" shares.

Lloyd also holds 774,695 Ordinary shares and 323,875 "C" shares in Ventus 2 VCT plc.

Following Lloyd's appointment, the Board will comprise four directors, David Williams, Lloyd Chamberlain, Jo Dixon and Chris Zeal. David Williams has been Chairman of the Company since 31 October 2017. The Board anticipates that this increase in the number of directors is temporary, and that one of the directors will retire following a successful outcome of the continuation vote at the Company's 2020 AGM.

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Re: VENTUS TWINS STRATEGY

#230366

Postby Woodbridge » June 18th, 2019, 9:39 am

I have just looked at the website - which is now working.

There is a good section on the breakdown of costs shareholders are incurring to manage the assets. The new proposed directors are all there too and it is clear they have been chosen for their industry experience so that they can challenge the IM .

Interesting RNS yesterday that V1 has just appointed a fourth director who appears to have no industry experience but a lot of shares. Odd given that they have only ever had three NEDs. I wonder what their next move will be.

127tolmers
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Re: VENTUS TWINS STRATEGY

#230449

Postby 127tolmers » June 18th, 2019, 1:14 pm

Giraffe time! You really couldn't make it up! The response to shareholder complaints about excess overheads is to appoint an extra director at presumably £25k for a year.

127tolmers
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Re: VENTUS TWINS STRATEGY

#231880

Postby 127tolmers » June 25th, 2019, 9:27 am

Annual reports out.
https://www.rns-pdf.londonstockexchange ... 9-6-25.pdf

Too little too late?

I am pleased to be able to present the Annual Report and Financial Statements of Ventus VCT plc (the “Company”) for the year ended 28 February 2019. The performance of the Company over the financial year has been strong with significant increases in net asset value (“NAV”) across all share classes. The Company has also progressed a number of important initiatives that will serve to increase or bring forward cashflow from its investee companies both now and in coming years.

These include agreeing terms to reduce the cost of the debt held by many of our investee companies, as well as agreeing to release debt reserve accounts held by the investee companies. The Board has quantified the impact of these actions, together with an agreement reached with Temporis Capital Limited (“Temporis”) to reduce investment management fees, as follows: Share Class Estimated increase in cash available over next 5 years: Ordinary Shares4.18p/share “C” Shares11.01p/share “D” Shares17.41p/share

In light of the expected increases in free cash the Board is reviewing its capital allocation framework and will communicate the results of this review in October 2019. This framework will consider share buybacks, increased dividends and re-investment within the investee companies.For this year the Board proposes to pay a special dividend of 1.00p in addition to the 4.00p final dividend in the ordinary and “C”share classes, resulting in a total dividend for the year of 9.00p in the ordinary shares and 9.00p in the “C”shares.The Board proposes to pay a 2.50p dividend in the “D”shares.Together the growth in NAV and the interim and proposed final dividends gives an appreciable total return for each share class

Over the previous five years each share class is amongst the top performers in its VCT fundraising vintage.Citywire shows that over the previous five years the six Company and Ventus 2 VCT plc share classes are the six best performing environmental VCTs


Voting
A separate resolution is proposed at the AGM on each substantially separate issue. The Registrar collates the proxy votes, and the results (together with the proxy forms) are forwarded to the Company Secretary immediately prior to the AGM. In order to comply with the Code, proxy votes are announced at the AGM, following each vote on a show of hands, except in the event of a poll being called. The notice of the next AGM can be found at the end of these Financial Statements. A proxy form in respect of this meeting has been issued to shareholders separately.

This year's report is surprisingly silent on how to obtain a proxy if your shares are in a nominee name. There is no proxy form on the company website...yet. The Registrars are:

The City Partnership (UK) Limited Suite 2 Park Valley House Park Valley Mills Meltham Road Huddersfield HD4 7BH

127tolmers
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Re: VENTUS TWINS STRATEGY

#231885

Postby 127tolmers » June 25th, 2019, 9:36 am

City partnership can be contacted on Tel: 01484 240 910

Email: registrars@city.uk.com

127tolmers
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Re: VENTUS TWINS STRATEGY

#231912

Postby 127tolmers » June 25th, 2019, 11:19 am

Notice of AGM now on website but not as yet on an RNS. Worth a close read with arguments pro and con the shareholder proposals and voting instructions. Last 2 pages contain the full detailed shareholder proposals for the first time.

https://ventusvct.com/pdf/Ventus%20-%20 ... 0CLEAN.pdf

https://ventusvct.com/pdf/Ventus%202%20 ... 0CLEAN.pdf


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