VENTUS TWINS STRATEGY

[cprof]

RNS late today
1) All assets sold ( as it happens to entities related to Temporis)
2) Proceeds of sale exceed indicative amounts in April 2021 circular, if you include August dividends ( not sure that it is reasonable to calculate it in this way)
3) First payments on 21st Jan
4) remainder expected as soon as liquidation complete but 10% must be retained and then distributed by as soon as possible after the end of Feb
5) Pay out about 8-10% over todays mid market prices

Overall a good result, well done Nick Curtis

Help, what do I do with all this cash?

[UncleEbenezer]

Help, what do I do with all this cash?

Wine, women and song? Then you can squander any remainder on this season's VCT offers.

RNS https://www.investegate.co.uk/article.a ... 719516866W (I saw it, came here to post, see you got here first ).

Assets sold to two Temporis companies: the managers sold to themselves. It's actually not clear from the RNS whether there was either a competitive bidding process or an independent valuation: only weasel words paraphrased in your point 2. There are also words with a whiff of weasel about them re: oversight from Ernst & Young.

From memory, Foresight Solar sold to themselves but at an independent valuation, while Core sold to themselves at a suspect price. Hmmm ...

Modest surprises: the C and D shares are not quite equal across the pair, with V2 doing better than V1. And January's divi for V2 is surprisingly much higher than V1, though the residual value of course favours V1.

[UncleEbenezer]

RNS today, a circular re: winding up, e.g. https://www.investegate.co.uk/article.a ... 335398175X

Unfortunately the links to the circular itself aren't working: the server declines to serve me anything at all at the URLs linked. So if anyone's seen the circular and it says anything that matters, please share!

[cprof]

This link is from announcement via AIC, it opened OK for me.
http://www.rns-pdf.londonstockexchange. ... 22-1-7.pdf
I did not see anything unexpected in the announcement. Still ambiguity as to whether it was a competitive bid process.

[127tolmers]

Anyone with a knowledge of the Core VCT saga will see an immediate red flag in the proposal (unjustified and unexplained by the board) to appoint Begbies as liquidator; even more so when the sale transaction is to associates of the manager.

I will be voting for the proposals but against Begbies as liquidator; there are many more fish in the pond

Another red flag is that the meeting will be closed so no questioning of the board or liquidator will be possible in open forum.

The directors are required to sign off a statement of assets as they go into solvent members voluntary liquidation, so where is this statement?

[127tolmers]

Wind-up resolutions passed and Begbies appointed as liquidator. Luckily everything is ikn cash and just needs to be distributed this month.

https://www.investegate.co.uk/ventus-vc ... 21595040A/
https://www.investegate.co.uk/ventus-2- ... 21535043A/

[baronspill]

I couldn't see how to vote against Begbies through my online account. If it was possible then it wasn't made clear.

[cprof]

According to London Gazette
https://www.thegazette.co.uk/notice/3989617/
Notice to Ventus creditors was sent on 11/2/22 with response required by 2/3/22. So is it a reasonable assumption that we will not see any further proceeds until some days after 2/3/22?

[cprof]

E mail from liquidators today. The first interim distribution calculation has been made and funds are with registrars. Distribution will occur by end of March.
distributions per share are
Ventus
ord 70p
C 85p
D 185p

Ventus 2
ord 18p
c 85p
D 185p

Other comments are that it is taking longer because of complexity ( of course, always good for fees) and that total distributions are still expected to be in line with those set out in the Circular dated 7th January 2022 once all distributions have been made.

[UncleEbenezer]

E mail from liquidators today. The first interim distribution calculation has been made and funds are with registrars. Distribution will occur by end of March.

Funds with registrars for up to a month? Why?

Would any compensation scheme cover us if registrars were to go bust, or run off with our funds?

[127tolmers]

cprof, thanks for posting, I hold mine in AJBell and won't get this info for another few days, I suspect.

UncleE, you may not be aware but usual registrar practice is to require funds 3 weeks before payment of a dividend. On one special occasion I negotiated it down to 2 weeks. I would rather the funds were with the registrar than Begbies.

[baronspill]

When I read Begbies I can't help but think our money is with Begbie from Trainspotting...

[Banchory]

It is curious to note the very low distribution relating to V2 Ord shares.

Ventus 2
ord 18p
c 85p
D 185p

Has anyone had any explanation for this? Implies a further distribution of 28p/share later on (as noted on other thread) but this is much more than the intimated 10% retained amount suggested in the 7 Jan circular.

[cprof]

It is curious to note the very low distribution relating to V2 Ord shares.

Ventus 2
ord 18p
c 85p
D 185p

Has anyone had any explanation for this? Implies a further distribution of 28p/share later on (as noted on other thread) but this is much more than the intimated 10% retained amount suggested in the 7 Jan circular.

Yes I agree it does look a little strange that different share classes have different %ages of the total expected proceeds distributed via Jan special dividend and March first interim distribution. One possible reason could be found in the 23rd Dec RNS announcing the sale of assets. A footnote states "The completion of the sale of one asset is contingent on the passing of all the resolutions at general meetings of the Companies". If this asset was predominantly held in Ven2 then a later receipt of sale proceeds might explain the greater amount retained.

[Banchory]

Thanks, I have written to the liquidators asking for an explanation. I will let you know what they say (if anything)

[Banchory]

Email from liquidators yesterday. They have shunted the distribution level question (ie why the V2 ord payment is only 18p) to Temporis Capital. The liquidators also are very coy about when any final distribution would be made.

[cprof]

Email from liquidators yesterday. They have shunted the distribution level question (ie why the V2 ord payment is only 18p) to Temporis Capital. The liquidators also are very coy about when any final distribution would be made.

Thanks for the update, I find it a little odd that liquidators do not know why they are or are not able to distribute payments, I wonder if they do know but are asking Temporis Capital for permission to tell you. Is this Temporis Capital acting as previous managers or now as new owners of the assets? In either case what is it to do with them how the sale proceeds are distributed?
I remain reasonably relaxed about this ( mainly because my Ven 2 ord are a small proportion of the total ven holdings).
On a related matter I hold shares both certificated and also nominee with Interactive Investor(II). I have not received the liquidators communication via II. I find them usually very good at sending through shareholder notifications. Has anyone else received this through their nominee platform?

[Banchory]

Yes it is very odd.Here is the liquidator's email below. The second para is where they pass the buck on distribution levels back to Temporis Capital. Essentially they seem to be saying 'don't ask us, speak to Temporis'.
This will be Temporis the manager for Ventus, not Temporis the buyer?!
I have emailed Temporis but no reply as yet.

I also have had no comms from AJB. I only got this by going direct. AJB say they have had nothing either.

Cheers


FOR AND ON BEHALF OF ASHER MILLER – JOINT LIQUIDATOR OF VENTUS VCT PLC & VENTUS 2 VCT PLC (BOTH IN LIQUIDATION)

Dear Sir/Madam

Following our email to shareholders on 2 March 2022, we have received a number of queries in relation to the Liquidations of the Companies and the upcoming distributions. Please accept our apologies for the delay in response, however due to the volume and nature of these queries, we thought it more efficient to collate them and address them as a collective response, now that we are in a position to provide more detailed information. However, should you still have queries in relation to the Liquidation, please do not hesitate to contact us on SC-Team@btguk.com.

Please note, the Liquidator has been drawing on the specialist knowledge of the Companies’ investment managers, Temporis Capital, who have been assisting with the calculations in respect of the distribution to shareholders based on their investments and in line with previous interim dividends already declared. Accordingly, should you have any further queries in relation to the quantum of your distribution in the Liquidation, please direct these queries to Temporis Capital who should be able to assist you.

As previously stated we have been working in conjunction with Temporis Capital and the Companies’ Registrars, The City Partnership (UK) Limited, to be in a position to administer the first interim liquidation distribution to the shareholders. I am pleased to report that the first interim distribution in respect of each company was formally declared on 28 February 2022 and is due to be paid out to shareholders on 30 March 2022.

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.

If you have any remaining queries, please contact SC-Team@btguk.com.

Kind regards

Rhiannon McColl | Senior Administrator

Begbies Traynor | Pearl Assurance House, 319 Ballards Lane, London, N12 8LY| T: 020 8343 5900

[127tolmers]

Update from AJ Bell today, could be a tight squeeze to re-invest the money this tax year.

Further to our previous communication, we have received an update regarding the Ventus 2 VCT Plc liquidation event.

Asher Miller And Stephen Katz of Begbies Traynor (London) LLP have been appointed as joint liquidators of the Company, following approval at the General Meeting held on 2 February 2022.

The liquidators have announced that the first interim distribution is due to be paid out to shareholder on or around 30 March 2022.

Please be advised in some circumstances there may be delays in the proceeds being credited to us from our custodian. Please allow 10 working days for your account to be updated.

[Banchory]

Thanks, this does seem to be a long drawn out process. I've had no response from Temporis on the question why V2 Ord shares initial distribution level is so low. I'll let you know if I get a reply.