Interim / Quarterly Report • Aug 31, 2017
Interim / Quarterly Report
Open in ViewerOpens in native device viewer
Half-yearly Financial Report (unaudited) for the six month period ended 31 August 2017
16 Directors and Advisers
17 Condensed Statement of Comprehensive Income
Ventus VCT plc owns a portfolio of operating renewable energy companies
Registered No: 05205442
Front cover: Biggleswade wind farm in Bedfordshire (Photograph: Robert Pollock)
I am pleased to present the unaudited financial report of Ventus VCT plc (the "Company") for the six month period ended 31 August 2017, which demonstrates continuing good performance.
The Company is fully invested with a portfolio of companies operating wind and hydroelectric renewable energy assets. Details of the portfolio of investments held by the Company are set out in the Investment Manager's Report. Legislation changes for Venture Capital Trusts ("VCTs") prevent further investment by the Company in electricity generation projects.
Having served as the Company's Chairman since its incorporation in 2004, I will be stepping down from my position and David Williams will take over as Chairman on 1 November 2017. As previously announced, for continuity reasons, I will remain as a director and chairman of the audit committee until after the 2018 Annual General Meeting. It is the intention of the Company to recruit a new nonexecutive director in the first quarter of 2018.
The Company's key strategic objectives were described in the Annual Report for the year ended 28 February 2017 and remain unchanged. The Company's key objectives are:
To achieve a sustainable level of dividends from the management of a portfolio of renewable energy assets held within a tax efficient VCT.
To protect the capital of shareholders and to enhance its value by the active management of the assets operated by investee companies, which are generally joint venture companies.
To manage the assets of the Company with a view to maximising their longevity and optionality.
The Board has noted a recent downward trend in discount rates applied in valuing operating wind energy assets in the market. With this in mind, the Directors reviewed the assumptions used in valuing the Company's investments. Previously, the Company has generally applied discount rates in the range of 8.25% to 9.00% to cash flows from operating wind farm investments. However, the Directors have agreed that, in line with the market, a reduction in the discount rates used in valuing the wind farm investments is appropriate for this half-yearly financial report. Therefore, the discount rates applied have been reduced to between 8.00% and 8.75%.
The change in the discount rate assumptions has had a positive impact on the value of the Company's operational wind investments. The Directors believe the change is appropriate and in line with the market. More information about the valuation of the Company's investments is set out in the Investment Manager's Report including an analysis of the sensitivity the net asset value ("NAV") of each of the Company's share funds to changes in key assumptions used in valuing the Company's investments, including discount rates.
The Company's Investment Manager, Temporis Capital Limited, has closed the refinancing of three of the Company's investments, which own and operate wind farms at Eye, Weston and North Pickenham in East Anglia and between them have a generating capacity of 14.8MW.
Bayern LB provided term loans of £16.4 million between the three investee companies, at a blended rate of 3.85% and over a term of 14 years. The debt is fixed price and fully amortising. The proceeds repay loan facilities taken out in 2013 to fund construction of the three wind farms and the new loans offer significantly lower interest rates than were available in 2013.
The substantially reduced cost of debt will increase cashflow to the Company from the three investee companies, improving 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.
The Company holds an investment in Achairn Energy Limited, which operates a wind farm near Wick, Scotland. Achairn holds a 7.5MW grid connection, but has installed capacity of 6MW, leaving 1.5MW of grid capacity. The Investment Manager has negotiated a transaction with a neighbouring wind farm to use the excess grid capacity for a limited period. This is expected to result in additional cash flows to Achairn Energy Limited of approximately £4 million over the course of the life of the Achairn project. However, this expected additional cash flow has not yet been taken into account in the valuation of the Company's investment in Achairn Energy Limited.
The Investment Manager continues to look for additional opportunities to create value from investee company assets and expects to provide an update on this in the Annual Report.
Upper Falloch continues to perform below expectations. Works were undertaken in June 2016 on the Upper Falloch hydro scheme and performance has improved. The fundamental issue concerns the design of the intake system. The 2016 works identified an issue with the intake chamber, in which water sits before it falls into the pipeline. A re-design of the intake chamber is now complete and work to implement the design will take place in the summer of 2018 (the earliest period in which works are allowed to take place in the river), and will not be a cost to Upper Falloch. It is expected that these works will result in the scheme being capable of operating at its full capacity, subject to water resource.
The Board remains confident in the long term value inherent in the Company's "D" share assets. The three projects that comprise this portfolio were commissioned between July 2015 and November 2015. The share fund is valued at 130.4p per share and has generated a total shareholder return of 35.9p per share above the initial offer price of 100p when the shares were issued in 2014.
However, the D share assets - along with the Company's other assets - suffered from poor wind and rainfall resources throughout 2016. Given that the "D" share portfolio holds three assets, and is not as operationally mature as other share classes, the resource performance in 2016 has had a more adverse effect on cashflow than is the case with other share classes.
In addition, the issues with Upper Falloch, as described above, further reduced the revenue proceeds of the "D" share fund below expectations.
As a result of the combination of these two factors the Directors consider it prudent to revise the dividend target for the financial year ending 28 February 2018 to zero. The Board will update investors as to performance of the assets in the Company's Annual Report and, as stated above, remain confident in the long term value of these assets.
At the period end, the NAV of the ordinary share fund of the Company stood at £18,289,000 or 112.2p per ordinary share (28 February 2017: £18,684,000 or 114.6p per ordinary share).
The value of investments held at 31 August 2017 in the ordinary share fund was £17,520,000 compared to £17,597,000 at 28 February 2017. The Investment Manager's report provides further information about the valuation of all investee companies.
The income generated in the ordinary share fund during the six months ended 31 August 2017 totalled £291,000, of which £223,000 was loan stock interest, £67,000 was from dividends and £1,000 was bank deposit interest. This compares to total income of £432,000 for the six months ended 31 August 2016. Income in the six month period ended 31 August 2017 was lower than expected due to the poor wind and rainfall resource during 2016 and the delay between actual electricity generation and investee companies paying dividends.
This half-yearly period has been characterised by higher than normal (P50) wind speeds leading to additional generation at the Company's portfolio of wind farm investments. This may be expected to contribute to investee company dividends in future periods.
The revenue profit attributable to ordinary shareholders for the period was £122,000 or 0.75p per ordinary share (six month period ended 31 August 2016: £204,000 or 1.24p per ordinary share). The capital gain attributable to ordinary shareholders for the period was £135,000 or 0.83p per ordinary share (six month period ended 31 August 2016: £468,000 or 2.86p per ordinary share), resulting in a net gain attributable to ordinary shareholders for the period of £257,000 or 1.58p per ordinary share (six month period ended 31 August 2016: £672,000 or 4.10p per ordinary share).
On 9 August 2017, the Company paid a final dividend of 4.00p per ordinary share in respect of the year ended 28 February 2017. The Company has declared an interim dividend of 4.00p per ordinary share which will be paid on 17 January 2018 to all ordinary shareholders on the register as at the close of business on 15 December 2017.
At the period end, the NAV of the "C" share fund of the Company stood at £14,808,000 or 131.2p per "C" share (28 February 2017: £14,632,000 or 129.7p per "C" share).
The value of investments held at 31 August 2017 in the "C" share fund was £14,515,000 compared to £14,245,000 at 28 February 2017.
The total income of the "C" share fund for the year ended 31 August 2017 was £494,000, of which £190,000 was loan stock interest and £304,000 was from dividends. This compares with income generated by the "C" share fund of £602,000 in the year ended 31 August 2016. Lower than expected wind and rainfall resource during 2016 had a negative impact on income during the six month period ended 31 August 2017.
The revenue profit attributable to "C" shareholders for the period was £329,000 or 2.92p per "C" share (six month period ended 31 August 2016: £477,000 or 4.21p per "C" share). The capital gain attributable to "C" shareholders for the period was £355,000 or 3.14p per "C" share (six month period ended 31 August 2016: £265,000 or 2.34p per "C" share), resulting in a net gain attributable to "C" shareholders for the period of £684,000 or 6.06p per "C" share (six month period ended 31 August 2016: £742,000 or 6.55p per "C" share).
On 9 August 2017, the Company paid a final dividend of 4.50p per "C" share in respect of the year ended 28 February 2017. The Company has declared an interim dividend of 3.50p per "C" share which will be paid on 17 January 2018 to all "C" shareholders on the register as at the close of business on 15 December 2017.
The investment manager is entitled to a performance-related incentive fee of £197,000 in respect of the Return attributable to the "C" share fund for the year ended 28 February 2017. The fee has been accrued in the Company's accounts. More information about the Investment Management fee is set out in note 3 to the financial statements.
At the period end, the NAV of the "D" share fund of the Company stood at £2,596,000 or 130.4p per "D" share (28 February 2017: £2,618,000 or 131.5p per "D" share).
The value of investments held at 31 August 2017 in the "D" share fund was £2,495,000 compared to £2,509,000 at 28 February 2017.
The total income of the "D" share fund for the year ended 31 August 2017 was £35,000, all of which was loan stock interest. This compares with income generated by the "D" share fund of £30,000 in the year ended 31 August 2016.
The revenue profit attributable to "D" shareholders for the period was £13,000 or 0.64p per "D" share (six month period ended 31 August 2016: £9,000 or 0.44p per "D" share). The capital loss attributable to "D" shareholders for the period was £35,000 or
1.77p per "D" share (six month period ended 31 August 2016: capital loss of £80,000 or 4.02p per "D" share), resulting in a net loss attributable to "D" shareholders for the period of £22,000 or 1.13p per "D" share (six month period ended 31 August 2016: net loss of £71,000 or 3.58p per "D" share).
No final dividend was paid per "D" share in respect of the year ended 28 February 2017. The Company has not declared an interim dividend for the "D" shares.
As disclosed in the annual report and financial statements for the year ended 28 February 2017, the Directors anticipate a realistic target range for the next five years of 8.00p per ordinary share per annum and 8.00p per "C" share per annum. Given the issues with the "D" share fund's portfolio described above, the Directors have revised the target for the year ending 28 February 2018 to zero but the target for the following four years remains at 5.00p per "D" share per annum. It should be stressed that these are intentions only, and no forecasts are intended or should be inferred.
The charts below show historical annual dividends as well as target dividends for the next five years.
Dividend targets are intentions only. Valuation models are based on assumptions that are subject to change. No forecasts are intended or inferred.
The performance of the Company is reviewed in the Investment Manager's Report, including the Company's compliance with HM Revenue & Customs ("HMRC") VCT regulations.
The Directors consider the following key performance indicators, which are typical for VCTs, to best measure the Company's performance and to provide shareholders with a summary of how the business's objectives are being pursued:
| £000 | Ordinary Shares Pence per share 1 |
£000 | "C" Shares Pence per share 1 |
£000 | "D" Shares Pence per share 1 |
Total £000 |
|
|---|---|---|---|---|---|---|---|
| For the six month period ended 31 August 2017 | |||||||
| Revenue profit attributable to equity shareholders | 122 | 0.75 | 329 | 2.92 | 13 | 0.64 | 464 |
| Capital gain/(loss) attributable to equity shareholders | 135 | 0.83 | 355 | 3.14 | (35) | (1.77) | 455 |
| Net profit attributable to equity shareholders | 257 | 1.58 | 684 | 6.06 | (22) | (1.13) | 919 |
| Dividends paid during the period | (652) | (4.00) | (508) | (4.50) | - | - | (1,160) |
| Total movement in equity shareholders' funds | (395) | (2.42) | 176 | 1.56 | (22) | (1.13) | (241) |
| % | % | % | % | ||||
| Ongoing charges ratio 2 | 3.62% | 3.27% | 3.36% | 3.45% | |||
| Ordinary Shares |
"C" Shares |
"D" Shares |
Total |
| Pence per | Pence per | Pence per | |||||
|---|---|---|---|---|---|---|---|
| £000 | share 3 | £000 | share 3 | £000 | share 3 | £000 | |
| As at 31 August 2017 | |||||||
| Net asset value | 18,289 | 112.2 | 14,808 | 131.2 | 2,596 | 130.4 | 35,693 |
| Total shareholder return 4 | 28,162 | 174.0 | 18,479 | 163.7 | 2,706 | 135.9 | 49,347 |
1 The "per share" value is determined in respect of the weighted average number of shares in issue during the period, except in respect of the dividends paid in the period, which is determined on the basis of the number of shares eligible to receive dividends at the time the dividends were paid.
2 The on-going charges ratio represents the total operating expenditure during the period (excluding the Investment Manager's performance fee) as a percentage of the NAV of the Company at the end of the period.
The total annual running costs cap is set out in Note 3 to the financial statements.
3 The "per share" value is determined in respect of the number of shares in issue at the period end, except in respect of the total shareholder return which includes dividends paid and is determined on the basis of the number of shares eligible to receive dividends at the time the dividends were paid.
4 The total shareholder return represents the NAV of the Company at the period end plus the cumulative dividends paid by the Company since incorporation.
| Ordinary Shares |
C Shares |
D Shares |
|
|---|---|---|---|
| Net asset value as at 31 August 2017 | £18.3m | £14.8m | £2.6m |
| Net asset value per share as at 31 August 2017 | 112.2p | 131.2p | 130.4p |
| Mid-market share price as at market close on 31 August 2017 | 109.0p | 119.0p | 120.0p |
| Cumulative dividends per share paid to date | 61.8p | 32.5p | 5.5p |
| Total Return per share (NAV plus cumulative dividends paid) | 173.9p | 163.7p | 135.9p |
| Target dividend per share for year ending 28 February 2018: | |||
| Tax-free dividend * | 8.0p | 8.0p | 0.0p |
| Equivalent pre-tax dividend to Higher Rate taxpayer ** | 11.9p | 11.9p | 0.0p |
| Equivalent pre-tax dividend to Additional Rate taxpayer ** | 12.9p | 12.9p | 0.0p |
| Target dividend yield for year ending 28 February 2018 based on mid-market share price as at market close on 31 August 2017: |
|||
| After tax | 7.3% | 6.7% | 0.0% |
| Equivalent pre-tax dividend to Higher Rate taxpayer | 10.9% | 10.0% | 0.0% |
| Equivalent pre-tax dividend to Additional Rate taxpayer | 11.9% | 10.9% | 0.0% |
* Dividend targets are intentions only. No forecasts are intended or should be inferred. For eligible VCT investors (i.e., UK Residents aged over 18 years), there is no liability to tax on dividends and no Capital Gains Tax on realised gains. An investment limit of £200,000 per person per tax year applies.
** Equivalent pre-tax yields are computed assuming a shareholder receives dividends from other sources in excess of the £5,000 per year tax-free dividend allowance (effective from April 2016). From April 2016, Higher rate taxpayers pay tax on dividends in excess of the £5,000 tax-free allowance at the rate of 32.5% and Additional Rate taxpayers (taxable income in excess of £150,000) pay tax on dividends in excess of the £5,000 tax-free allowance at the rate of 38.1%.
The Company retains Philip Hare & Associates LLP to review its compliance with VCT regulations. The Directors are satisfied that the Company has continued to fulfil the conditions for maintaining VCT status.
The Company closely monitors regulatory developments within both the VCT and renewable energy sectors. In particular, the Government has been undertaking its Patient Capital Review which includes investment funds such as VCTs. The Company awaits the outcome, expected shortly, and hopes that the Government, recognising the achievements of the VCT sector, will not undermine shareholder value and confidence in the sector.
It has been a privilege and a pleasure to have been your Chairman since the inception of the Company and I take this opportunity to thank you for all your support over these past years.
David Pinckney Chairman 31 October 2017 Under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules, the Directors are required to identify those principal risks to which the Company is exposed and take appropriate steps to mitigate those risks. Other than the inherent risks associated with investment activities, which are discussed in the Investment Manager's Report, the risks described below are those which the Directors consider to be material. The Directors do not expect that the risks and uncertainties presented will change significantly over the current financial year.
• Failure to meet and maintain the investment requirements for compliance with HMRC VCT regulations may result in the Company losing its status as a VCT.
The Board mitigates this risk by regularly reviewing investment management activity and each new investment with appropriately qualified advisers and, typically, by obtaining pre-approval from HMRC for each qualifying investment.
• Inadequate control environment at service providers may lead to inaccurate reporting or misappropriation of assets
This risk is mitigated by only appointing service providers of a high standing under agreements that set out their responsibilities and by obtaining assurances from them that all exceptions have been reported to the Board. In addition, the Board has appointed an independent external party, Roffe Swayne, to report directly to the Board in respect of the Company's internal controls undertaken by the Investment Manager on behalf of the Company.
• Non-compliance with the Listing Rules of the Financial Conduct Authority, Companies Act Legislation and other applicable regulations may result in termination of the Company's Stock Exchange listing or other sanctions
This risk is mitigated by employing external advisers fully conversant with applicable statutory and regulatory requirements who report regularly to the Board on the Company's compliance.
• Reliance on the UK Government's continued support for the renewable energy sector and the risk of adverse changes in the application of government policies particularly in respect of the renewable energy sector and tax legislation.
The future level of Government-mandated support for renewables has important implications for the industry and could impact the value of investments the Company has made in companies which own and operate renewable projects. However, the Directors believe that existing renewable energy tariffs supporting the assets owned by investee companies are secure.
• The financial returns to the Company are dependent on the price of electricity its investee companies are able to sell through power purchase agreements. The value of the Company's investments is dependent on projected wholesale electricity prices.
This risk is mitigated because investee companies have negotiated fixed or floor price mechanisms into the power purchase agreements they have entered into for the sale of their generated output. However, in
the longer term, beyond the period of these agreements, the Company is exposed to wholesale prices to a greater degree. The hydro-electricity assets can opt into a floor price each year under the Feedin Tariff arrangements, which gives these assets a floor on the price of electricity sales. The Investment Manager's Report includes information about the average remaining tenor of the fixed price contracts and the sensitivity of the value of the Company's investments to changes in energy prices.
• The values of the Company's wind farm and hydro-electricity investments are dependent on expectations of the level of electricity export of each asset, which are driven by expectations of the long-term wind or rainfall conditions. It is possible that expectations of long-term climatic conditions may change over the life time of each investment. The Company's revenues and dividends to shareholders are dependent on actual wind and rainfall conditions.
The Investment Manager's Report includes information about the sensitivity of the values of the Company's investments to changes in electricity export assumptions. The Company's dividend targets are based on long-term average climatic conditions.
The Directors have concluded that it is appropriate to continue to adopt the going concern basis in preparing the accounts. The Company's major cash flows are within the Company's control (namely dividends) or are reasonably predictable (namely the operating expenses). The Company is able to forecast cash inflows comprising proceeds from investments to a reasonable degree. Having reviewed a cash flow forecast for the next 18 months, the Board has a reasonable expectation that the Company is able to continue in operational existence for a period of at least 12 months from the date of this report.
The Directors acknowledge responsibility for the interim results and approve this half-yearly report. The Directors confirm that to the best of their knowledge:
The Responsibility Statement has been approved by the Board.
Chairman 31 October 2017 In line with the strategic objectives set by the Board, the Investment Manager has continued to focus the Company's activities on optimising its renewable energy investments in order to generate stable long-term income with the objective of providing predictable dividends to shareholders.
The three share funds of the Company are fully invested in companies that own operating wind and hydroelectric projects. All development investments have either been completed, sold or written off.
With effect from 6 April 2016, investments made in all energy generation activities (including the export of electricity and the production of gas or other fuel) are not regarded as a qualifying trade under current VCT regulations.
Further changes to VCT regulations were introduced in the Finance Act 2016 which restrict VCTs to making only qualifying investments and certain limited investments for liquidity purposes. All other non-qualifying investments are prohibited.
As such, the Company is limited in its ability to make further investments in accordance with its investment policy and, therefore it, currently has no plans to make further investments. The VCT restrictions described above do not affect any of the Company's existing investments.
The ordinary share fund of the Company has investments in companies operating ten UK wind farms with an aggregate installed capacity of 83.35 megawatts. Five of these investee companies are also owned in part by the "C" share fund and one such company is also owned in part by the "D" share fund.
The "C" share fund has investments in companies operating seven UK wind farms with an aggregate installed capacity of 75.15 megawatts. Five of these seven companies are also owned in part by the ordinary share fund and one is also owned in part by the "D" share fund.
The "D" share fund currently has three operational investments. Bernard Matthews Green Energy Halesworth Limited operates a 10.25 megawatt wind farm and is also owned in part by the ordinary and "C" share funds.
All three share funds have a joint investment in two operational companies with hydroelectricity projects near Loch Lomond in Scotland (Darroch Power Limited and Upper Falloch Power Limited). These projects have an aggregate installed capacity of 2.80 megawatts.
The following table shows key information about the operational renewable energy projects owned by the Company's investee companies:
| Output as % | Investment held by | ||||||
|---|---|---|---|---|---|---|---|
| of budget - | Ordinary | "C" | "D" | ||||
| Capacity MW |
Operational since |
Location | 6 months ended 31 Aug 2017 |
Share Fund |
Share Fund |
Share Fund |
|
| Operational Wind | |||||||
| Fenpower Limited | 10.00 | May 2007 | Cambridgeshire | 101.3% | • | ||
| A7 Greendykeside Limited | 4.00 | Nov 2007 | Lanarkshire, Scotland | 127.1% | • | ||
| Achairn Energy Limited | 6.00 | May 2009 | Caithness, Scotland | 106.1% | • | ||
| A7 Lochhead Limited | 6.00 | Jun 2009 | Lanarkshire, Scotland | 112.6% | • | ||
| Greenfield Wind Farm Limited | 12.30 | Mar 2011 | Lanarkshire, Scotland | 122.2% | • | • | |
| Biggleswade Wind Farm Limited | 20.00 | Dec 2013 | Bedfordshire | 106.6% | • | • | |
| Eye Wind Power Limited | 6.80 | Apr 2014 | Suffolk | 104.2% | • | ||
| BMGE Pickenham Ltd/ | |||||||
| North Pickenham Energy Ltd | 4.00 | Apr 2014 | Norfolk | 114.4% | • | • | |
| BMGE Weston Ltd/ | |||||||
| Weston Airfield Investments Ltd | 4.00 | Apr 2014 | Norfolk | 110.3% | • | • | |
| AD Wind Farmers Ltd | |||||||
| (Allt Dearg Windfarmers LLP) | 10.20 | Dec 2012 | Argyll and Bute, Scotland | 100.8% | • | ||
| White Mill Windfarm Limited | 14.40 | Aug 2012 | Cambridgeshire | 104.1% | • | ||
| BMGE Halesworth Limited | 10.25 | Aug 2015 | Suffolk | 87.8% | • | • | • |
| Operational Hydro | |||||||
| Darroch Power Limited (Derrydarroch) | 1.90 | Dec 2015 | Near Loch Lomond, Scotland | 125.9% | • | • | • |
| Upper Falloch Power Limited | 0.90 | Dec 2015 | Near Loch Lomond, Scotland | 93.3% | • | • | • |
The performance of the assets owned by the investee companies was generally good during the period. Availability of the turbines and wind speeds have been good.
The hydro scheme operated by Upper Falloch Limited has performed below expectations predominantly because of a sizing issue with the water intake chamber. A solution was implemented in June 2016 to increase the water capture of the intake, after which time the performance has significantly improved. However, this has highlighted a further, smaller issue in relation to the level of pressure in the pipeline. Further analysis of the underlying data was undertaken to determine whether
generation levels could be improved because it is not yet operating satisfactorily. However, its value is not considered to be impaired. The consultant engineers have subsequently redesigned the intake. The work to improve the intake will be carried out in Summer 2018 which is the next period in which work is allowed to be carried out in the river. The company expects to receive compensation for the reduced revenue received as a result of the initial design but this has not been included in the valuation of the investment in Upper Falloch Power Limited, which remains valued at cost.
The Investment Manager is working actively to increase the value of the Company's portfolio through improvements in the operations of underlying assets and, when possible, the optimisation of the financial structure of investee companies.
Each of the investee companies with operational assets has been financed with senior debt. The percentage average loan-tovalue and the average remaining tenor of the debt finance of the investee companies with operational assets is set out below for each share fund's portfolio:
| Ordinary | "C" | "D" | |
|---|---|---|---|
| Share | Share | Share | |
| Percentage Loan-to-Value | 45% | 51% | 60% |
| Average remaining tenor of loan (years) | 10.3 | 11.9 | 13.8 |
A summary of the ordinary share fund's investment valuations as at 31 August 2017 and gains and losses during the six month period ended 31 August 2017 is given below:
| Investment value | Investment cost | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Voting rights as at 31 August 2017 % |
Shares as at 31 August 2017 £000 |
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Loans as at 31 August 2017 £000 |
Total as at 31 August 2017 £000 |
Shares as at 31 August 2017 £000 |
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Loans as at 31 August 2017 £000 |
as at 31 August 2017 £000 |
Unrealised Investment Investment gain/(loss) Total six months to 31 August 2017 £000 |
value Total as at 28 February 2017 £000 |
cost Total as at 28 February 2017 £000 |
||
| Operational wind | |||||||||||
| Fenpower Limited | Q | 33.33% | 3,715 | 1,215 | 4,930 | 308 | 1,169 | 1,477 | 37 | 4,904 | 1,488 |
| A7 Greendykeside Limited | Q 50.00% | 2,102 | 682 | 2,784 | 916 | 620 | 1,536 | 7 | 2,777 | 1,536 | |
| Achairn Energy Limited* | Q | 8.50% | 650 | 275 | 925 | 203 | 250 | 453 | 14 | 911 | 453 |
| A7 Lochhead Limited* | Q 30.00% | 1,084 | - | 1,084 | 820 | - | 820 | 46 | 1,038 | 820 | |
| Greenfield Wind Farm Limited* | PQ | 8.35% | 863 | 651 | 1,514 | 334 | 541 | 875 | 70 | 1,482 | 913 |
| Biggleswade Wind Farm Limited* | Q | 3.50% | 420 | 266 | 686 | 86 | 242 | 328 | 32 | 676 | 350 |
| Eye Wind Power Limited** | Q | 35.38% | 2,130 | - | 2,130 | 1,597 | - | 1,597 | (53) | 2,183 | 1,597 |
| Bernard Matthews Green Energy Weston Limited* |
Q 50.00% | 876 | - | 876 | 500 | - | 500 | (10) | 886 | 500 | |
| Bernard Matthews Green Energy Pickenham Limited* |
Q 50.00% | 924 | - | 924 | 500 | - | 500 | 160 | 764 | 500 | |
| Bernard Matthews Green Energy Halesworth Limited** |
Q | 4.45% | 361 | - | 361 | 51 | - | 51 | (5) | 366 | 51 |
| Operational small hydro | |||||||||||
| Darroch Power Limited* | Q | 14.09% | 375 | 488 | 863 | 176 | 444 | 620 | 1 | 862 | 620 |
| Upper Falloch Power Limited* | Q | 9.30% | 58 | 301 | 359 | 58 | 301 | 359 | - | 359 | 359 |
| Operational companies in the wind sector | |||||||||||
| Firefly Energy Limited* | 50.00% | - | 84 | 84 | 200 | 274 | 474 | (1) | 389 | 778 | |
| Realised investments | |||||||||||
| BEL Holdco Limited*** | - | - | - | - | - | - | - | - | - | 750 | |
| BEL Acquisition Limited*** | - | - | - | - | - | - | - | - | - | 51 | |
| Redeven Energy Limited* | 50.00% | - | - | - | - | 113 | 113 | - | - | 113 | |
| Total | 13,558 | 3,962 | 17,520 | 5,749 | 3,954 | 9,703 | 298 | 17,597 | 10,879 |
Q Investment complies with VCT regulations on qualifying holdings.
PQ Part of the investment complies with VCT regulations on qualifying holdings.
* A company in which Ventus 2 VCT plc has also invested (or in which Ventus 2 VCT plc had invested prior to the investment being realised).
** A company in which Ventus 2 VCT plc and Temporis Capital Renewable Infrastructure EIS Fund have also invested. The Company, Ventus 2 VCT plc and Temporis Capital Renewable Infrastructure EIS Fund are managed by Temporis Capital Limited.
*** BEL Acquisition Limited and BEL Holdco Limited were dissolved during the six month period ended 31 August 2017 having been placed in voluntary liquidation
A summary of the "C" share fund's investment valuations as at 31 August 2017 and gains and losses during the six month period ended 31 August 2017 is given below:
| ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– | Investment value | ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– | Investment cost | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Voting rights as at 31 August 2017 % |
Shares as at 31 August 2017 £000 |
Loans as at 31 August 2017 £000 |
Total as at 31 August 2017 £000 |
Shares as at 31 August 2017 £000 |
Loans as at 31 August 2017 £000 |
as at 31 August 2017 £000 |
Unrealised Investment Investment gain/(loss) Total six months to 31 August 2017 £000 |
value Total as at 28 February 2017 £000 |
cost Total as at 28 February 2017 £000 |
||
| Operational wind | |||||||||||
| Greenfield Wind Farm Limited* | PQ | 12.50% | 1,292 | 975 | 2,267 | 500 | 811 | 1,311 | 105 | 2,218 | 1,367 |
| White Mill Windfarm Limited* | PQ 25.00% | 2,455 | 175 | 2,630 | 1,000 | 151 | 1,151 | 96 | 2,701 | 1,318 | |
| AD Wind Farmers Limited* | Q 50.00% | 1,107 | - | 1,107 | 1,000 | - | 1,000 | (28) | 1,135 | 1,000 | |
| Biggleswade Wind Farm Limited* | Q | 21.50% | 2,578 | 1,635 | 4,213 | 527 | 1,487 | 2,014 | 195 | 4,154 | 2,150 |
| Weston Airfield Investments Limited* | Q 50.00% | 1,534 | - | 1,534 | 1,000 | - | 1,000 | (177) | 1,711 | 1,000 | |
| North Pickenham Energy Limited* | Q 50.00% | 1,942 | - | 1,942 | 1,000 | - | 1,000 | 445 | 1,497 | 1,000 | |
| Bernard Matthews Green Energy Halesworth Limited** |
Q | 5.64% | 457 | - | 457 | 300 | - | 300 | (7) | 464 | 300 |
| Operational small hydro | |||||||||||
| Darroch Power Limited* | Q | 4.22% | 112 | 146 | 258 | 53 | 133 | 186 | - | 258 | 186 |
| Upper Falloch Power Limited* | Q | 2.79% | 17 | 90 | 107 | 17 | 90 | 107 | - | 107 | 107 |
| Realised investments | |||||||||||
| Iceni Renewables Limited* | 50.00% | - | - | - | 400 | 18 | 418 | - | - | 417 | |
| Total | 11,494 | 3,021 | 14,515 | 5,797 | 2,690 | 8,487 | 629 | 14,245 | 8,845 |
Q Investment complies with VCT regulations on qualifying holdings.
PQ Part of the investment complies with VCT regulations on qualifying holdings.
* A company in which Ventus 2 VCT plc has also invested.
** A company in which Ventus 2 VCT plc and Temporis Capital Renewable Infrastructure EIS Fund have also invested. The Company, Ventus 2 VCT plc and Temporis Capital Renewable Infrastructure EIS Fund are managed by Temporis Capital Limited.
A summary of the "D" share fund's investment valuations as at 31 August 2017 and gains and losses during the six month period ended 31 August 2017 is given below:
| Investment value Investment cost ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– ––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Voting rights as at 31 August 2017 % |
Shares as at 31 August 2017 £000 |
Loans as at 31 August 2017 £000 |
Total as at 31 August 2017 £000 |
Shares as at 31 August 2017 £000 |
Loans as at 31 August 2017 £000 |
as at 31 August 2017 £000 |
Unrealised Investment Investment gain/(loss) Total six months to 31 August 2017 £000 |
value Total as at 28 February 2017 £000 |
cost Total as at 28 February 2017 £000 |
|
| Operational wind | ||||||||||
| Bernard Matthews Green Energy Halesworth Limited** |
13.38% Q |
1,085 | - | 1,085 | 712 | - | 712 | (15) | 1,100 | 712 |
| Operational small hydro | ||||||||||
| Darroch Power Limited* | 25.50% Q |
678 | 358 | 1,036 | 319 | 325 | 644 | 1 | 1,035 | 644 |
| Upper Falloch Power Limited* | 29.58% Q |
185 | 189 | 374 | 185 | 189 | 374 | - | 374 | 374 |
| Total | 1,948 | 547 | 2,495 | 1,216 | 514 | 1,730 | (14) | 2,509 | 1,730 |
Q Investment complies with VCT regulations on qualifying holdings.
* A company in which Ventus 2 VCT plc has also invested.
** A company in which Ventus 2 VCT plc and Temporis Capital Renewable Infrastructure EIS Fund have also invested. The Company, Ventus 2 VCT plc and Temporis Capital Renewable Infrastructure EIS Fund are managed by Temporis Capital Limited.
It is the accounting policy of the Company to hold its investments at fair value. The Company's investments in investee companies which operate renewable energy assets are valued using a discounted cash flow methodology. The Company has applied a discount rate to the unleveraged cash flows to determine the enterprise value of the investee company and then has subtracted the market value of any senior debt (including any prepayment fees and swap break costs) to calculate the value of the equity and/or mezzanine debt in the investee company. The discount rates used to value the unleveraged cash flows of investee companies range from 7.25% to 9.00%. Discount rates applied by the Company to the cash flows of operational wind investments have generally been in the range of 8.25% to 9.00% in prior periods. However, in this half-yearly report, the Company has reduced the discount rates generally applied to operational wind investments to between 8.00% and 8.75%. The change in discount rate assumption is in line with changes seen in the
market recently and has a positive impact on the value of the Company's operational wind investments.
The key assumptions that have a significant impact on discounted cash flow valuations for these assets are the discount rate, the price at which the power and associated benefits can be sold, the amount of electricity the investee companies' generating assets are expected to produce and operating costs.
The fair value of the Company's investments in project companies which have not passed an initial satisfactory operational period are determined to be the price of investment subject to a periodic impairment review.
Assumptions about the length of the operating lives of the renewable energy assets have been made in determining the value of the investee companies. It has been assumed the operating life of a wind farm is 25 years from date of first operation (albeit with an assumed reduction in availability in the final five years of operation). An active market for the sale of renewable energy projects has developed and,
as part of that, participants have generally adopted a 25 year operating life assumption in valuing these assets. The assumed reduction in availability in the final five years of operation is to take into account the expected reduction in performance of an older asset.
The assumption used in the valuation models of the hydro investments is a rolling 25 years from date of valuation. Hydro assets are generally considered to be longer-life than wind energy assets. However, there is very little consistency in the market as to the assumed operating life for hydro assets and electricity price projections beyond 25 years are very uncertain. For that reason, the Directors do not believe a change in assumption is supportable for the hydroelectric assets at the current time. The operating life assumptions for both wind energy and hydroelectric assets will be regularly reviewed in order that they may be kept in line with industry convention.
The charts below illustrate the sensitivity of the NAV of the Company's share funds to changes of certain key input assumptions applied to the unleveraged cash flows in the valuation models for the remaining assumed operating lifetime of the underlying assets.
The price at which the output from the generating assets is sold is a factor of both wholesale electricity prices and Government subsidies. The selling price is often fixed in the medium term under power purchase agreements. For periods outside the terms of these agreements the assumed future prices are estimated using external third party forecasts which take the form of specialist consultancy reports. In respect of each share fund, the percentage of investee companies with a fixed electricity price and the average remaining tenor of the fixed price is as follows:
| Ordinary Share |
"C" Share |
"D" Share |
|
|---|---|---|---|
| Percentage of investee companies with a fixed electricity price |
100% 100% 100% | ||
| Average remaining tenor of the fixed electricity price (years) |
2.5 | 2.9 | 0.1 |
Specifically commissioned external consultant reports are used to estimate the expected generating output of the investee company's generating assets taking into account their type and location. The analysis set out below describes the sensitivity of each share fund's NAV to a higher (P75) or lower (P25) probability of exceedance of the forecast long term average output versus the base case (P50).
The discount factor and inflation rate applied to the cash flows are regularly reviewed by the Investment Committee of the Investment Manager to ensure they are set at the appropriate levels. The Investment Committee and the Board will also give consideration to the specific performance characteristics of the particular type of generating technology being
used. The range of discount factors which form the base case in the sensitivity analysis is set out in the section above. The base case inflation rate (RPI) used in the sensitivity analysis is 2.5%.
The Company has focused on investing in companies developing renewable energy projects with installed capacities of up to 20 megawatts. Investments are generally in companies which own and operate projects initiated by specialist small-scale developers and smaller projects which are not attractive to large development companies and utilities.
The Investment Manager has allocated the Company's investments in equity securities and loan stock of companies owning renewable energy projects, primarily wind energy and hydroelectric.
When there is a conflict or potential conflict of interest between the investment strategy of the Company and that of another fund managed by Temporis Capital Limited, the matter is referred to the Investment Manager's compliance officer who ensures any conflicts are dealt with fairly. Any investment made in a company in which another fund managed by the Investment Manager has invested or intends to invest will be approved by the Directors who are independent of the Investment Manager, unless the investment is made at the same time and on the same terms or in accordance with a specific pre-existing agreement between the Company and the Investment Manager.
The Company's policy is to maintain cash reserves of at least 5% of net proceeds raised from share offers for the purpose of meeting operating expenses. Circumstances may arise which would require the Company to hold less than 5% of net proceeds in cash for a limited period of time.
In order to comply with VCT requirements, at least 70% by value of the Company's investments are required to be comprised of qualifying investments.
The Company typically owns 25% to 50% of the equity share capital of each investee company and a portion of its investment in each investee company may be in the form of loan stock.
The Company's uninvested funds are placed on deposit.
The geographical focus of the Company's portfolio is the UK and the majority of investments made to date are in the wind sector. Funds are invested in a range of companies with small-scale projects so that project risk is not concentrated in only a few schemes. All projects contained within the portfolio are now operational. Investments were made via subscriptions for new share capital or via loan stock instruments in order to secure a negotiated level of return from the project. The majority of investments are made in special purpose companies set up specifically to develop each project.
The Company has not borrowed funds for investment purposes. However, the Company is exposed to gearing through its investee companies which typically funded the construction costs of each project through senior debt which is non-recourse to the Company. The Investment Manager is involved in assisting investee companies in negotiating the terms of this finance to ensure competitive terms are achieved. The interest rate is typically fixed for the duration of the loan so that investee companies are not exposed to changes in market interest rates.
To the extent that borrowing is required by the Company for any purpose, the Directors will restrict the borrowings of the Company. The aggregate principal amount at any time outstanding in respect of money borrowed by the Company will not, without the previous sanction of an ordinary resolution of the Company, exceed a sum equal to 10% of the adjusted share capital and reserves of the Company in accordance with its Articles.
In order to gauge the maximum exposure of the Company to various risks, the following can be used as a guide:
i) Investments in qualifying holdings
Under VCT regulations, at least 70% of the Company's funds should be invested in qualifying holdings. When there is an issue of new shares, the 70% requirement does not apply to the new funds raised for any accounting periods which end earlier than three years from the date of allotment of the new shares.
For the purposes of the 70% qualifying holdings requirement, disposals of qualifying investments for cash may be disregarded for a period of six months. Where a VCT breaches any requirement due to factors outside of its control, it may apply to HMRC for a determination that the breach will be disregarded for a period of 90 days while the breach is remedied.
ii) Concentration limits
Under VCT regulations, no more than 15% of the Company's total assets should be in a single investee company at the time the investment is made in that investee company.
Investment Manager
31 October 2017
David Pinckney (Chairman) David Williams Jo Dixon
Temporis Capital Limited Berger House 36 - 38 Berkeley Square London W1J 5AE
The City Partnership (UK) Limited 110 George Street Edinburgh EH2 4LH
Barclays Bank plc 1 Churchill Place London E14 5HP
BDO LLP 55 Baker Street London W1U 7EU
Howard Kennedy LLP No.1 London Bridge London SE1 9BG
Philip Hare & Associates LLP Suite C- First Floor 4-6 Staple Inn London WC1V 7QH
Panmure Gordon (UK) Limited One New Change London EC4M 9AF
Capita Asset Services The Registry 34 Beckenham Road Beckenham Kent BR3 4TU
Roffe Swayne Ashcombe Court Godalming Surrey GU7 1LQ
| Ordinary Shares | "C" Shares "D" Shares |
Total | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Note | Revenue £000 |
Capital £000 |
Total £000 |
Revenue £000 |
Capital £000 |
Total £000 |
Revenue £000 |
Capital £000 |
Total £000 |
Revenue £000 |
Capital £000 |
Total £000 |
||
| Net unrealised gain/(loss) on investments |
6 | - | 298 | 298 | - | 629 | 629 | - | (14) | (14) | - | 913 | 913 | |
| Income from investments | 291 | - | 291 | 494 | - | 494 | 35 | - | 35 | 820 | - | 820 | ||
| Investment management fees |
3 | (59) | (176) | (235) | (95) | (284) | (379) | (8) | (24) | (32) | (162) | (484) | (646) | |
| Other expenses | (97) | - | (97) | (64) | 4 | (60) | (11) | - | (11) | (172) | 4 | (168) | ||
| Profit/(loss) before taxation |
135 | 122 | 257 | 335 | 349 | 684 | 16 | (38) | (22) | 486 | 433 | 919 | ||
| Taxation | 4 | (13) | 13 | - | (6) | 6 | - | (3) | 3 | - | (22) | 22 | - | |
| Profit/ (loss) and total comprehensive income for the period attributable to shareholders |
122 | 135 | 257 | 329 | 355 | 684 | 13 | (35) | (22) | 464 | 455 | 919 | ||
| Earnings per share: | ||||||||||||||
| Basic and diluted earnings per share (p) |
5 | 0.75 | 0.83 | 1.58 | 2.92 | 3.14 | 6.06 | 0.64 | (1.77) | (1.13) |
The Company has only one class of business and derives its income from investments made in the UK.
The total column of this statement represents the Company's Statement of Comprehensive Income, prepared in accordance with the recognition and measurement principles of International Financial Reporting Standards as adopted by the European Union. The revenue and capital columns shown above constitute supplementary information prepared under the Statement of Recommended Practice "Financial Statements of Investment Trust Companies and Venture Capital Trusts" 2014 ("SORP") published by the Association of Investment Companies.
The accompanying notes on pages 23 to 28 form an integral part of these Financial Statements.
| Ordinary Shares | "C" Shares "D" Shares |
Total | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Note | Revenue £000 |
Capital £000 |
Total £000 |
Revenue £000 |
Capital £000 |
Total £000 |
Revenue £000 |
Capital £000 |
Total £000 |
Revenue £000 |
Capital £000 |
Total £000 |
|
| Realised gain on investments |
6 | - | 1 | 1 | - | - | - | - | - | - | - | 1 | 1 |
| Net unrealised gain/(loss) on investments |
6 | - | 848 | 848 | - | 376 | 376 | - | (60) | (60) | - | 1,164 | 1,164 |
| Income from investments | 432 | - | 432 | 602 | - | 602 | 30 | - | 30 | 1,064 | - | 1,064 | |
| Investment management fees |
3 | (129) | (386) | (515) | (43) | (130) | (173) | (7) | (22) | (29) | (179) | (538) | (717) |
| Other expenses | (94) | - | (94) | (63) | - | (63) | (12) | - | (12) | (169) | - | (169) | |
| Profit/(loss) before taxation |
209 | 463 | 672 | 496 | 246 | 742 | 11 | (82) | (71) | 716 | 627 | 1,343 | |
| Taxation | 4 | (5) | 5 | - | (19) | 19 | - | (2) | 2 | - | (26) | 26 | - |
| Profit/(loss) and total comprehensive income for the period attributable to shareholders |
204 | 468 | 672 | 477 | 265 | 742 | 9 | (80) | (71) | 690 | 653 | 1,343 | |
| Earnings per share: | |||||||||||||
| Basic and diluted earnings per share (p) |
5 | 1.24 | 2.86 | 4.10 | 4.21 | 2.34 | 6.55 | 0.44 | (4.02) | (3.58) |
The Company has only one class of business and derives its income from investments made in the UK.
The total column of this statement represents the Company's Statement of Comprehensive Income, prepared in accordance with the recognition and measurement principles of International Financial Reporting Standards as adopted by the European Union. The revenue and capital columns shown above constitute supplementary information prepared under the Statement of Recommended Practice "Financial Statements of Investment Trust Companies and Venture Capital Trusts" 2014 ("SORP") published by the Association of Investment Companies.
The accompanying notes on pages 23 to 28 form an integral part of these Financial Statements.
| As at 31 August 2017 | As at 28 February 2017 (audited) |
||||||||
|---|---|---|---|---|---|---|---|---|---|
| Note | Ordinary Shares £000 |
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– "C" Shares £000 |
"D" Shares £000 |
Total £000 |
Ordinary Shares £000 |
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– "C" Shares £000 |
"D" Shares £000 |
Total £000 |
|
| Non-current assets | |||||||||
| Investments | 6 | 17,520 | 14,515 | 2,495 | 34,530 | 17,597 | 14,245 | 2,509 | 34,351 |
| 17,520 | 14,515 | 2,495 | 34,530 | 17,597 | 14,245 | 2,509 | 34,351 | ||
| Current assets | |||||||||
| Trade and other receivables | 458 | 131 | 150 | 739 | 440 | 344 | 116 | 900 | |
| Cash and cash equivalents | 7 | 449 | 475 | 2 | 926 | 782 | 97 | 2 | 881 |
| 907 | 606 | 152 | 1,665 | 1,222 | 441 | 118 | 1,781 | ||
| Total assets | 18,427 | 15,121 | 2,647 | 36,195 | 18,819 | 14,686 | 2,627 | 36,132 | |
| Current liabilities | |||||||||
| Trade and other payables | (138) | (313) | (51) | (502) | (135) | (54) | (9) | (198) | |
| Net current assets | 769 | 293 | 101 | 1,163 | 1,087 | 387 | 109 | 1,583 | |
| Net assets | 18,289 | 14,808 | 2,596 | 35,693 | 18,684 | 14,632 | 2,618 | 35,934 | |
| Equity attributable to equity holders | |||||||||
| Share capital | 4,076 | 2,832 | 498 | 7,406 | 4,076 | 2,832 | 498 | 7,406 | |
| Capital redemption reserve | 1,587 | - | - | 1,587 | 1,587 | - | - | 1,587 | |
| Share premium | - | - | 1,433 | 1,433 | - | - | 1,433 | 1,433 | |
| Special reserve | 6,884 | 7,667 | - | 14,551 | 7,415 | 7,667 | - | 15,082 | |
| Capital reserve – realised | (2,003) | (2,227) | (130) | (4,360) | (1,840) | (1,953) | 519 | (3,274) | |
| Capital reserve – unrealised | 7,744 | 6,510 | 764 | 15,018 | 7,446 | 5,881 | 150 | 13,477 | |
| Revenue reserve | 1 | 26 | 31 | 58 | - | 205 | 18 | 223 | |
| Total equity | 18,289 | 14,808 | 2,596 | 35,693 | 18,684 | 14,632 | 2,618 | 35,934 | |
| Basic and diluted net asset value per share (p) | 8 | 112.2 | 131.2 | 130.4 | 114.6 | 129.7 | 131.5 |
Approved by the Board and authorised for issue on 31 October 2017.
Chairman
The accompanying notes on pages 23 to 28 form an integral part of these Financial Statements.
Ventus VCT plc. Registered No: 05205442
| Ordinary Shares | capital £000 |
Capital Share redemption reserve £000 |
Share premium £000 |
Special reserve £000 |
Capital reserve realised £000 |
Capital reserve unrealised £000 |
Revenue reserve £000 |
Total £000 |
|---|---|---|---|---|---|---|---|---|
| At 1 March 2017 | 4,076 | 1,587 | - | 7,415 | (1,840) | 7,446 | - | 18,684 |
| Transfer from special reserve to revenue reserve | - | - | - | (531) | - | - | 531 | - |
| Profit/(loss) and total comprehensive income for the period | - | - | - | - | (163) | 298 | 122 | 257 |
| Dividends paid in the period | (652) | (652) | ||||||
| At 31 August 2017 | 4,076 | 1,587 | - | 6,884 | (2,003) | 7,744 | 1 | 18,289 |
| "C" Shares | £000 | £000 | £000 | £000 | £000 | £000 | £000 | £000 |
| At 1 March 2017 | 2,832 | - | - | 7,667 | (1,953) | 5,881 | 205 | 14,632 |
| Profit/(loss) and total comprehensive income for the period | - | - | - | - | (274) | 629 | 329 | 684 |
| Dividends paid in the period | - | - | - | - | - | - | (508) | (508) |
| At 31 August 2017 | 2,832 | - | - | 7,667 | (2,227) | 6,510 | 26 | 14,808 |
| "D" Shares | £000 | £000 | £000 | £000 | £000 | £000 | £000 | £000 |
| At 1 March 2017 | 498 | - | 1,433 | - | 519 | 150 | 18 | 2,618 |
| Transfer from Capital reserve realised to Capital reserve unrealised - | - | - | - | (628) | 628 | - | ||
| (Loss)/profit and total comprehensive income for the period | - | - | - | - | (21) | (14) | 13 | (22) |
| Dividends paid in the period | - | - | - | - | - | - | - | - |
| At 31 August 2017 | 498 | - | 1,433 | - | (130) | 764 | 31 | 2,596 |
| Total | £000 | £000 | £000 | £000 | £000 | £000 | £000 | £000 |
| At 1 March 2017 | 7,406 | 1,587 | 1,433 | 15,082 | (3,274) | 13,477 | 223 | 35,934 |
| Transfer from special reserve to revenue reserve | - | - | - | (531) | - | - | 531 | - |
| Transfer from Capital reserve realised to Capital reserve unrealised - | - | - | - | (628) | 628 | - | - | |
| Profit/(Loss) and total comprehensive income for the period | - | - | - | - | (458) | 913 | 464 | 919 |
| Dividends paid in the period | - | - | - | - | - | - | (1,160) | (1,160) |
| At 31 August 2017 | 7,406 | 1,587 | 1,433 | 14,551 | (4,360) | 15,018 | 58 | 35,693 |
All amounts presented in the Statement of Changes in Equity are attributable to equity holders. The reserves available for distribution comprise the revenue reserve, special reserve and realised capital reserve. The special reserve may be used to fund buy-backs of shares, as and when it is considered by the Board to be in the interests of the shareholders, and to pay dividends.
The accompanying notes on pages 23 to 28 form an integral part of these Financial Statements.
| Ordinary Shares | capital £000 |
Capital Share redemption reserve £000 |
Share premium £000 |
Special reserve £000 |
Capital reserve realised £000 |
Capital reserve unrealised £000 |
Revenue reserve £000 |
Total £000 |
|---|---|---|---|---|---|---|---|---|
| At 1 March 2016 | 4,076 | 1,587 | - | 8,761 | (1,297) | 6,049 | 571 | 19,747 |
| Transfer from special reserve to revenue reserve | - | - | - | (1,182) | - | - | 1,182 | - |
| Profit/(Loss) and total comprehensive income for the period | - | - | - | - | (380) | 848 | 204 | 672 |
| Dividends paid in the period | (1,957) | (1,957) | ||||||
| At 31 August 2016 | 4,076 | 1,587 | - | 7,579 | (1,677) | 6,897 | - | 18,462 |
| "C" Shares | £000 | £000 | £000 | £000 | £000 | £000 | £000 | £000 |
| At 1 March 2016 | 2,832 | - | - | 7,667 | (1,733) | 4,652 | 340 | 13,758 |
| Profit/(Loss) and total comprehensive income for the period | - | - | - | - | (111) | 376 | 477 | 742 |
| Dividends paid in the period | - | - | - | - | - | - | (508) | (508) |
| At 31 August 2016 | 2,832 | - | - | 7,667 | (1,844) | 5,028 | 309 | 13,992 |
| "D" Shares | £000 | £000 | £000 | £000 | £000 | £000 | £000 | £000 |
| At 1 March 2016 | 498 | - | 1,433 | - | (70) | 629 | 67 | 2,557 |
| Profit/(Loss) and total comprehensive income for the period | - | - | - | - | (20) | (60) | 9 | (71) |
| Dividends paid in the period | - | - | - | - | - | - | (40) | (40) |
| At 31 August 2016 | 498 | - | 1,433 | - | (90) | 569 | 36 | 2,446 |
| Total | £000 | £000 | £000 | £000 | £000 | £000 | £000 | £000 |
| At 1 March 2016 | 7,406 | 1,587 | 1,433 | 16,428 | (3,100) | 11,330 | 978 | 36,062 |
| Transfer from special reserve to revenue reserve | - | - | - | (1,182) | - | - | 1,182 | - |
| Profit/(Loss) and total comprehensive income for the period | - | - | - | - | (511) | 1,164 | 690 | 1,343 |
| Dividends paid in the period | - | - | - | - | - | - | (2,505) | (2,505) |
| At 31 August 2016 | 7,406 | 1,587 | 1,433 | 15,246 | (3,611) | 12,494 | 345 | 34,900 |
The accompanying notes on pages 23 to 28 form an integral part of these Financial Statements.
| Six months Six months ended 31 August 2017 |
ended 31 August 2016 |
||||
|---|---|---|---|---|---|
| Ordinary Shares £000 |
"C" Shares £000 |
"D" Shares £000 |
Total £000 |
Total £000 |
|
| Cash flows from operating activities | |||||
| Investment income received | 362 | 709 | - | 1,071 | 1,410 |
| Deposit/ other interest received | - | - | - | - | 6 |
| Investment management fees paid | (235) | (182) | - | (417) | (717) |
| Other cash payments | (183) | - | - | (183) | (51) |
| Cash generated from operations | (56) | 527 | - | 471 | 648 |
| Taxes paid | - | - | - | - | - |
| Net cash inflow from operating activities | (56) | 527 | - | 471 | 648 |
| Cash flows from investing activities | |||||
| Disposals of investments | - | - | - | - | 2,451 |
| Proceeds from investments | 375 | 359 | - | 734 | 161 |
| Net cash inflow from investing activities | 375 | 359 | - | 734 | 2,612 |
| Cash flows from financing activities | |||||
| Dividends paid | (652) | (508) | - | (1,160) | (2,505) |
| Net cash outflow from financing activities | (652) | (508) | - | (1,160) | (2,505) |
| Net increase/(decrease) in cash and cash equivalents | (333) | 378 | - | 45 | 755 |
| Cash and cash equivalents at the beginning of the period | 782 | 97 | 2 | 881 | 731 |
| Cash and cash equivalents at the end of the period | 449 | 475 | 2 | 926 | 1,486 |
The accompanying notes on pages 23 to 28 form an integral part of these Financial Statements
The half-yearly results which cover the six month period ended 31 August 2017 have been prepared on the basis of accounting policies set out in the statutory accounts of the Company for the year ended 28 February 2017. The half-yearly financial statements have been prepared under IAS 34 Interim Financial Reporting.
The accounting policies are consistent with those of the previous financial year. The Directors do not expect the accounting policies to change over the current financial year.
The financial information for the year ended 28 February 2017 contained in this Half-yearly Financial Report does not constitute the Company's statutory accounts for that period but has been derived from the statutory accounts.
Statutory accounts in respect of the year ended 28 February 2017 have been audited and reported on by the auditor and delivered to the Registrar of Companies and included the Report of the Auditor which was unqualified, did not draw attention to any matter by way of emphasis and did not contain a statement under S498(2) or S498(3) of the Companies Act 2006.
The Company pays the Investment Manager an annual management fee equal to 2.5% of the Company's net assets. The fee is not subject to VAT and is payable quarterly in advance. The annual management fee is allocated 75% to capital and 25% to revenue. Total annual running costs are in aggregate capped at 3.6% of NAV (excluding the Investment Manager's performance fee, any irrecoverable VAT and investment costs if applicable), with any excess being borne by the Investment Manager.
The Investment Manager will receive a performance-related incentive fee subject to the Company achieving certain defined targets. No incentive fee will be payable until the Company has provided a cumulative return to investors in the forms of growth in NAV plus payment of dividends ("the Return") of 60p per share. Thereafter, the incentive fee, which is payable in cash, is calculated as 20% of the amount by which the Return in any accounting period exceeds 7p per share. The incentive fee is exclusive of VAT.
The amount paid to the Investment Manager for the six month period ended 31 August 2017 in respect of the net assets attributable to the ordinary shareholders was £235,000 (six month period ended 31 August 2016: £515,000, which included a performance-related incentive fee of £264,000). The management fee paid to the Investment Manager for the six month period ended 31 August 2017 in respect of the net assets attributable to the "C" shareholders was £379,000, which included a performance-related incentive fee of £197,000 (six month period ended 31 August 2016: £173,000). The management fee paid to the Investment Manager for the six month period ended 31 August 2017 in respect of the net assets attributable to the "D" shareholders was £32,000 (six month period ended 31 August 2016: £29,000).
The Company has accrued £nil tax charge in the ordinary share fund (six month period ended 31 August 2016: £nil tax charge); £nil tax charge in the "C" share fund (six month period ended 31 August 2016: £nil tax charge) and £nil tax charge in the "D" share fund (six month period ended 31 August 2016: £nil tax charge). The tax charges are accrued using an effective tax rate of 19% for the 2017/18 tax year and 20% for the 2016/17 tax year, however dividends and capital gains are not subject to tax resulting in a lower effective tax rate than the standard applicable rate in the UK.
No provision for deferred taxation has been made on potential capital gains due to the Company's current status as a VCT under section 274 of the ITA and the Directors' intention to maintain that status. The Company intends to continue to meet the conditions required to maintain its status as a VCT for the foreseeable future.
| For the six month period ended 31 August 2017 | Ordinary Shares |
"C" Shares |
"D" Shares |
|
|---|---|---|---|---|
| Revenue return for the year | p per share* | 0.75 | 2.92 | 0.64 |
| Based on: | ||||
| Revenue return for the year | £000 | 122 | 329 | 13 |
| Weighted average number of shares in issue | number of shares | 16,307,547 | 11,283,207 | 1,990,767 |
| Capital gain/(loss) for the year | p per share* | 0.83 | 3.14 | (1.77) |
| Based on: | ||||
| Capital gain/(loss) for the year | £000 | 135 | 355 | (35) |
| Weighted average number of shares in issue | number of shares | 16,307,547 | 11,283,207 | 1,990,767 |
| Net profit/(loss) for the year | p per share* | 1.58 | 6.06 | (1.13) |
| Based on: | ||||
| Net profit/(loss) for the year | £000 | 257 | 684 | (22) |
| Weighted average number of shares in issue | number of shares | 16,307,547 | 11,283,207 | 1,990,767 |
| For the six month period ended 31 August 2016 | Ordinary Shares |
"C" Shares |
"D" Shares |
|
| Revenue return for the year Based on: |
p per share* | 1.24 | 4.21 | 0.44 |
| Revenue return for the year | £000 | 204 | 477 | 9 |
| Weighted average number of shares in issue | number of shares | 16,307,547 | 11,283,207 | 1,990,767 |
| Capital gain/(loss) for the year | p per share* | 2.86 | 2.34 | (4.02) |
| Based on: | ||||
| Capital gain/(loss) for the year | £000 | 468 | 265 | (80) |
| Weighted average number of shares in issue | number of shares | 16,307,547 | 11,283,207 | 1,990,767 |
| Net profit/(loss) for the year | p per share* | 4.10 | 6.55 | (3.58) |
| Based on: | ||||
| Net profit/(loss) for the year | £000 | 672 | 742 | (71) |
| Weighted average number of shares in issue | number of shares | 16,307,547 | 11,283,207 | 1,990,767 |
* The value per share may differ on recalculation due to rounding differences.
There is no difference between the basic return per ordinary share and the diluted return per ordinary share, between the basic return per "C" share and the diluted return per "C" share or between the basic return per "D" share and the diluted return per "D" share because no dilutive financial instruments have been issued.
| Six months ended 31 August 2017 | Ordinary Shares | "C" Shares | "D" Shares | Total | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares £000 |
Loan Stock £000 |
Total £000 |
Shares £000 |
Loan Stock £000 |
Total £000 |
Shares £000 |
Loan Stock £000 |
Total £000 |
Shares £000 |
Loan Stock £000 |
Total £000 |
|
| Opening position | ||||||||||||
| Opening cost | 6,556 | 4,329 | 10,885 | 5,797 | 3,048 | 8,846 | 1,216 | 514 | 1,730 | 13,569 | 7,892 | 21,461 |
| Opening realised losses | (168) | (417) | (585) | (464) | (17) | (481) | - | - | - | (632) | (434) | (1,066) |
| Opening unrealised gains | 6,924 | 373 | 7,297 | 5,587 | 294 | 5,880 | 746 | 33 | 779 | 13,257 | 700 | 13,956 |
| Opening fair value | 13,312 | 4,285 | 17,597 | 10,920 | 3,325 | 14,245 | 1,962 | 547 | 2,509 | 26,194 | 8,157 | 34,351 |
| During the period | ||||||||||||
| Investment proceeds | - | (375) | (375) | - | (359) | (359) | - | - | - | - | (734) | (734) |
| Unrealised gains | 246 | 52 | 298 | 574 | 55 | 629 | (14) | - | (14) | 806 | 107 | 913 |
| Closing fair value | 13,558 | 3,962 | 17,520 | 11,494 | 3,021 | 14,515 | 1,948 | 547 | 2,495 | 27,000 | 7,530 | 34,530 |
| Closing position | ||||||||||||
| Closing cost | 5,749 | 3,954 | 9,703 | 5,797 | 2,690 | 8,487 | 1,216 | 514 | 1,730 | 12,762 | 7,158 | 20,726 |
| Closing realised losses | 639 | (417) | 222 | (464) | (17) | (481) | - | - | - | 175 | (434) | (259) |
| Closing unrealised gains | 7,170 | 425 | 7,595 | 6,161 | 348 | 6,509 | 732 | 33 | 765 | 14,063 | 806 | 14,869 |
| Closing fair value | 13,558 | 3,962 | 17,520 | 11,494 | 3,021 | 14,515 | 1,948 | 547 | 2,495 | 27,000 | 7,530 | 34,530 |
During the six month period ended 31 August 2017 BEL Holdco Limited and BEL Acquisition Limited were dissolved after having been placed in voluntary liquidation. The value of the investments had been written off in a prior period but the cost of the investments, £801,000, has been derecognised during the six month period ended 31 August 2017. Proceeds of £7,000 had been received from the liquidation of BEL Holdco Limited in the prior year.
| Year ended 28 February 2017 | Ordinary Shares | "C" Shares | "D" Shares | Total | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (audited) | Shares £000 |
Loan Stock £000 |
Total £000 |
Shares £000 |
Loan Stock £000 |
Total £000 |
Shares £000 |
Loan Stock £000 |
Total £000 |
Shares £000 |
Loan Stock £000 |
Total £000 |
| Opening position | ||||||||||||
| Opening cost | 6,556 | 4,589 | 11,145 | 5,797 | 3,074 | 8,871 | 1,216 | 514 | 1,730 | 13,569 | 8,177 | 21,746 |
| Opening realised losses | (162) | (417) | (579) | (464) | (17) | (481) | - | - | - | (626) | (434) | (1,060) |
| Opening unrealised gains | 5,479 | 421 | 5,900 | 4,356 | 296 | 4,652 | 596 | 33 | 629 | 10,431 | 750 | 11,181 |
| Opening fair value | 11,873 | 4,593 | 16,466 | 9,689 | 3,353 | 13,042 | 1,812 | 547 | 2,359 | 23,374 | 8,493 | 31,867 |
| During the year | ||||||||||||
| Disposal proceeds | - | (260) | (260) | - | (26) | (26) | - | - | - | - | (286) | (286) |
| Investment proceeds | (7) | - | (7) | - | - | - | - | - | - | (7) | - | (7) |
| Realised losses | 1 | - | 1 | - | - | - | - | - | 1 | - | 1 | |
| Unrealised gains | 1,445 | (48) | 1,397 | 1,231 | (2) | 1,229 | 150 | - | 150 | 2,826 | (50) | 2,776 |
| Closing fair value | 13,312 | 4,285 | 17,597 | 10,920 | 3,325 | 14,245 | 1,962 | 547 | 2,509 | 26,194 | 8,157 | 34,351 |
| Closing position | ||||||||||||
| Closing cost | 6,556 | 4,329 | 10,885 | 5,797 | 3,048 | 8,845 | 1,216 | 514 | 1,730 | 13,569 | 7,891 | 21,460 |
| Closing realised losses | (168) | (417) | (585) | (464) | (17) | (481) | - | - | - | (632) | (434) | (1,066) |
| Closing unrealised gains | 6,924 | 373 | 7,297 | 5,587 | 294 | 5,881 | 746 | 33 | 779 | 13,257 | 700 | 13,957 |
| Closing fair value | 13,312 | 4,285 | 17,597 | 10,920 | 3,325 | 14,245 | 1,962 | 547 | 2,509 | 26,194 | 8,157 | 34,351 |
The shares held by the Company represent equity holdings in unquoted UK companies. The Investment Manager's Report provides details in respect of the Company's shareholding in each investment, loans issued and investments disposed of during the year.
In order to determine the valuations of the investee companies as at 31 August 2017 (and 28 February 2017), the Company has applied a discount rate to the unleveraged cash flows to calculate the enterprise value of each of the investee company and has then subtracted the market value of any senior debt (including any prepayment fees and swap break costs) to calculate the value of the equity and/or mezzanine debt in the investee company. The market value of senior debt in an investee company is its liquidation cost, i.e., the principal balance plus unpaid accrued interest, early repayment fees and swap break cost (if applicable). The market value of the mezzanine debt is determined by discounting the future principal and interest cash flows at discount rate of 9% with a cap on its value equal to 110% of face value.
The Company is required to report the category of fair value measurements used in determining the value of its investments, to be disclosed by the source of inputs, using a three-level hierarchy:
As at 31 August 2017, each of the Company's investments held was valued using inputs which are considered to be Level 3 inputs and a reconciliation of the movements is in the table above.
| Carrying amount £000 |
Quoted prices in active markets for identical instruments Level 1 £000 |
Significant other observable inputs Level 2 £000 |
Significant unobservable inputs Level 3 £000 |
|
|---|---|---|---|---|
| Shares | 27,000 | - | - | 27,000 |
| Loan stock | 7,530 | - | - | 7,530 |
| Total | 34,530 | - | - | 34,530 |
| 31 August 2017 | 28 February 2017 | |
|---|---|---|
| UK inflation rate | 2.50% | 2.50% |
| UK corporation tax rate | 19% reducing to 17% from 1 April 2020 |
20% reducing to 19% from 1 April 2017 and reducing to 17% from 1 April 2020 |
| Euro/sterling exchange rate | 1.10 | 1.20 |
| Energy yield assumptions | P50 case | P50 case |
| Operating life wind energy assets | 25 years from date of first operation | 25 years from date of first operation |
| Operating life hydro projects | 25 years from valuation date | 25 years from valuation date |
| Discount rates | range from 7.25% to 9.00% | range from 7.25% to 9.00% |
The Board has considered the key assumptions which may affect the results reported in the financial statements and the Company is further required to disclose the effect of changing one or more inputs with reasonable alternative assumptions where a significant change to the fair value measurement would result. The key assumptions that have a significant impact on the fair value in the discounted future cash flow valuations are the discount factors used (which range from 7.25% to 9.00%), the price at which power and associated benefits may be sold and the levels of electricity the investee' companies generating assets are likely to produce (which are taken from specialist consultant reports).
The Board has determined that a reasonable alternative assumption may be made in respect of the discount factors applied; the sensitivity of the value of the portfolio to the application of an increase or decrease in discount factors is set out below.
The investment portfolio has been reviewed for the effect of alternative valuation inputs, namely the sensitivity of the total value of all investments to a 0.5% increase or decrease in the discount factors applied to the valuation models of investments which have been valued using the discounted future cash flows from the underlying business.
The following table demonstrates the impact of the application of the upside and downside alternative discount factors to the net asset value of each share fund:
| Discount Factor +0.5% £000 |
Net Asset Value £000 |
Discount Factor -0.5% £000 |
|
|---|---|---|---|
| Ordinary shares | 17,418 | 18,289 | 19,203 |
| "C" shares | 14,103 | 14,808 | 15,548 |
| "D" shares | 2,472 | 2,596 | 2,726 |
Further sensitivity analysis is provided in the Investment Manager's Report.
The ordinary share fund held a cash balance of £449,000 at 31 August 2017, (28 February 2017: £782,000) of which £70,000 (28 February 2017: £70,000) represents an amount held on a decommissioning bond account on behalf of Eye Wind Power Limited which is considered to be a restricted cash balance. The ordinary share fund recognised an amount payable of £70,000 within trade and other payables as at 31 August 2017 in respect of the amount due to Eye Wind Power Limited.
| Ordinary Shares |
"C" Shares |
"D" Shares |
||
|---|---|---|---|---|
| Net asset value per share | p per share* | 112.2 | 131.2 | 130.4 |
| Based on: | ||||
| Net asset value | £000 | 18,289 | 14,808 | 2,596 |
| Number of shares | number of shares | 16,307,547 | 11,283,207 | 1,990,767 |
| Ordinary Shares |
"C" Shares |
"D" Shares |
||
|---|---|---|---|---|
| Net asset value per share | p per share* | 114.6 | 129.7 | 131.5 |
| Based on: | ||||
| Net asset value | £000 | 18,684 | 14,632 | 2,618 |
| Number of shares | number of shares | 16,307,547 | 11,283,207 | 1,990,767 |
* The value per share may differ on recalculation due to rounding differences
A final dividend for the year ended 28 February 2017 of 4.00p per ordinary share was paid to ordinary shareholders on 9 August 2017.
An interim dividend of 4.00p per ordinary share has been declared for the six month period ended 31 August 2017 which will be paid on 17 January 2018 to all ordinary shareholders on the register as at close of business on 15 December 2017.
A final dividend for the year ended 28 February 2017 of 4.50p per "C" share was paid to "C" shareholders on 9 August 2017.
An interim dividend of 3.50p per "C" share has been declared for the six month period ended 31 August 2017 which will be paid on 17 January 2018 to all "C" shareholders on the register as at close of business on 15 December 2017.
No final dividend for the year ended 28 February 2017 was paid to "D" shareholder.
No interim dividend has been declared in respect of the "D" shares for the six month period ended 31 August 2017.
The contingencies, guarantees and financial commitments of the Company were disclosed in the annual report and financial statements for the year ended 28 February 2017. All the guarantees disclosed therein remain in force except for the following change:
On 4 July 2017, the company registered a charge over its shares in Eye Wind Power Limited to Bayerische Landesbank as security for a senior loan facility of £6.1million. The liability of the Company under this charge of shares is limited to the value of the Company's investment in Eye Wind Power Limited.
The charge held by GCP Onshore Wind 1 Limited over the Company's shares in Eye Wind Power Limited was satisfied on 10 July 2017.
The investee companies in which the Company has a shareholding of 20% or more, as identified in the Investment Manager's Report, are related parties. The aggregate balances at the date of the Statement of Financial Position and transactions with these companies during the year are summarised below:
| Ordinary | "C" | "D" | ||
|---|---|---|---|---|
| Shares £000 |
shares £000 |
shares £000 |
Total £000 |
|
| Balances as at 31 August 2017 | ||||
| Investments - shares | 12,908 | 11,494 | 1,948 | 26,350 |
| Investments - loan stock | 3,687 | 3,021 | 547 | 7,255 |
| Accrued interest income | 319 | 119 | 150 | 588 |
| Transactions in the six months ended 31 August 2017 | ||||
| Loan stock interest income | 206 | 190 | 35 | 431 |
| Dividend income | 67 | 304 | - | 371 |
| Ordinary Shares |
"C" shares |
"D" shares |
Total | |
|---|---|---|---|---|
| £000 | £000 | £000 | £000 | |
| Balances as at 31 August 2016 | ||||
| Investments - shares | 12,137 | 10,064 | 1,752 | 23,953 |
| Investments - loan stock | 4,140 | 3,353 | 547 | 8,040 |
| Accrued interest income | 293 | 281 | 82 | 656 |
| Transactions in the six months ended 31 August 2016 | ||||
| Loan stock interest income | 224 | 201 | 30 | 455 |
| Dividend income | 184 | 401 | - | 585 |
| Ordinary Shares £000 |
"C" shares £000 |
"D" shares £000 |
Total £000 |
|
|---|---|---|---|---|
| Balances as at 28 February 2017 (audited) | ||||
| Investments - shares | 12,676 | 10,920 | 1,962 | 25,558 |
| Investments - loan stock | 4,010 | 3,325 | 547 | 7,882 |
| Accrued interest income | 341 | 295 | 115 | 751 |
| Accrued dividends | 64 | 39 | - | 103 |
| Transactions in the year ended 28 February 2017 (audited) | ||||
| Loan stock interest income | 462 | 402 | 64 | 928 |
| Dividend income | 612 | 613 | - | 1,225 |
In accordance with the Company's commitment to environmental sustainability and to minimise costs wherever appropriate, the financial statements will continue to be made available through regulated news service providers and will also be available in the Financial Reports section of the Company's website www.ventusvct.com. Any shareholder who wishes to receive notification of reports by email or post may request this by contacting the Registrar, Capita Asset Services, The Registry, 34 Beckenham Road, Beckenham, Kent, BR3 4TU.
www.ventusvct.com
Investment Manager Temporis Capital Limited Berger House 36/38 Berkeley Square London W1J 5AE
Tel: +44 (0) 20 7491 9033 www.temporiscapital.com
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.