TIDMVEN2 TIDMVNC TIDMVND
RNS Number : 3995I
Ventus 2 VCT PLC
08 August 2019
Ventus 2 VCT plc (the "Company")
Additional information disclosures
Shareholders have requested additional information in relation
to a number of aspects of the Company's finances and its commercial
relationship with Temporis Capital Limited, the "Investment
Manager".
In order to facilitate a more informed discussion of these
matters at the Annual General Meeting to be held at 12:30pm 8
August 2019 the Board wishes to disclose the following
information:
1. Detailed breakdown of "Other Costs" disclosed in the
management accounts for the year ended 28 February 2019
2. Detailed breakdown of Thalia Power Limited charges to the Company's investee companies
3. Detailed breakdown of the directors' fees paid to the
Investment Manager from the Company's investee companies
Furthermore, in relation to the performance fee payable to the
Investment Manager pursuant to the investment management agreement
(the "Performance Fee") between the Board and the Investment
Manager (the "IMA"), the Board makes the following additional
disclosure:
The IMA provides that in the event the Company terminates the
IMA in the absence of any breach by the Investment Manager, the
Company's obligation to pay the Performance Fee to the Investment
Manager continues beyond the termination of the IMA in respect of
investments that were completed up to the date of termination.
This provision was fully disclosed in the original prospectus
describing the first IMA. Directors at that time understood this to
be the then current practice and to be a reasonable incentive to
the investment manager. The only amendments to this provision
relate to the creation of subsequent share classes to include the
issuance of C and D shares in the relevant calculations.
Ventus Funds: Other Costs - year ended 28 February 2019
Ventus VCT Ventus 2
plc VCT plc TOTAL
GBP GBP GBP
----------- --------- --------
Employer's National Insurance (Directors) 8,412 7,552 15,964
----------- --------- --------
Director executive search fees 15,000 - 15,000
----------- --------- --------
Directors expenses 7,182 4,863 12,045
----------- --------- --------
LSE listing fees 7,367 7,367 14,733
----------- --------- --------
D & O insurance (Fund and Investee companies) 16,699 21,253 37,952
----------- --------- --------
Registrar fees 31,254 29,992 61,247
----------- --------- --------
Company Secretarial fees 19,433 25,114 44,547
----------- --------- --------
Auditor: other services * (2,617) (2,700) (5,317)
----------- --------- --------
Internal audit 4,500 4,500 9,000
----------- --------- --------
Sponsor & brokerage costs (RAM & Panmure) 21,147 22,500 43,647
----------- --------- --------
VCT compliance (Philip Hare) 6,026 6,026 12,052
----------- --------- --------
FSA fees 6,381 6,036 12,416
----------- --------- --------
Postage 1,350 2,839 4,190
----------- --------- --------
Printing 18,767 18,027 36,794
----------- --------- --------
Subscriptions - Association of Investment
Companies 6,265 6,623 12,887
----------- --------- --------
PR & marketing * 1,362 (1,158) 205
----------- --------- --------
RNS charges 2,660 2,514 5,174
----------- --------- --------
Bank charges 3,096 233 3,329
----------- --------- --------
Consultancy reports 26,243 32,970 59,213
----------- --------- --------
Legal fees 2,082 2,082 4,164
----------- --------- --------
Irrecoverable VAT 27,037 23,466 50,503
----------- --------- --------
TOTAL 229,645 220,100 449,745
----------- --------- --------
* Negative figures represent writing back of costs that were
over accrued in the prior period.
Thalia Power Limited - Annual Administration Allocation by shareholding in investee
Fees company:
Annual
Company Fee GBP Ventus Ventus 2 3rd party TOTAL GBP
Eye Wind Power
Limited 33,488 11,848 11,848 9,792 33,488
---------------------------------- --------------------------- ------------------------ ------------------------ ---------------
Bernard
Matthews Wind
Farm
Weston LLP 32,885 16,442 16,442 - 32,885
---------------------------------- --------------------------- ------------------------ ------------------------ ---------------
Bernard
Matthews Wind
Farm
North
Pickenham LLP 27,404 13,702 13,702 - 27,404
---------------------------------- --------------------------- ------------------------ ------------------------ ---------------
Bernard
Matthews
Green Energy
Halesworth
Limited 33,175 7,783 9,651 15,742 33,175
---------------------------------- --------------------------- ------------------------ ------------------------ ---------------
Upper Falloch
Power Limited 16,432 6,846 7,122 2,465 16,432
---------------------------------- --------------------------- ------------------------ ------------------------ ---------------
Darroch Power
Limited 21,927 9,608 9,029 3,289 21,927
---------------------------------- --------------------------- ------------------------ ------------------------ ---------------
Muirhall Wind
Farm Limited 34,177 7,126 9,963 17,089 34,177
---------------------------------- --------------------------- ------------------------ ------------------------ ---------------
Biggleswade
Wind Farm
Limited 39,498 9,874 9,874 19,749 39,498
---------------------------------- --------------------------- ------------------------ ------------------------ ---------------
White Mill
Windfarm
Limited 38,126 9,532 9,532 19,063 38,126
---------------------------------- --------------------------- ------------------------ ------------------------ ---------------
Osspower
Limited 27,458 - 13,729 13,729 27,458
---------------------------------- --------------------------- ------------------------ ------------------------ ---------------
A7 Lochhead
Limited 20,263 6,079 4,053 10,132 20,263
---------------------------------- --------------------------- ------------------------ ------------------------ ---------------
A7
Greendykeside
Limited 20,263 10,132 - 10,132 20,263
---------------------------------- --------------------------- ------------------------ ------------------------ ---------------
Fenpower
Limited 8,653 2,884 - 5,769 8,653
---------------------------------- --------------------------- ------------------------ ------------------------ ---------------
Achairn Energy
Limited 21,649 1,842 8,752 11,055 21,649
---------------------------------- --------------------------- ------------------------ ------------------------ ---------------
TOTAL 375,398 113,698 123,696 138,004 375,398
---------------------------------- ------------------------ ------------------------ ---------------
Ventus Ventus
VCT plc 2 VCT plc
Average Thalia Power Limited contract
price, GBP 26,765 28,873
---------------- ---------------
Average Amount borne by Ventus VCT
plc & Ventus 2 VCT plc, GBP 8,746 10,308
---------------- ---------------
Temporis Capital Limited - Annual Directors' fees
Allocation by shareholding in investee company:
Annual Fee Ventus Ventus
GBP VCT plc 2 VCT plc 3rd party TOTAL GBP
Achairn Energy
Limited 6,603 562 2,669 3,372 6,603
---------------------------------- ------------------------ ------------------------ ---------------
Fenpower
Limited 7,168 2,389 - 4,779 7,168
---------------------------------- ------------------------ ------------------------ ---------------
A7 Lochhead
Limited 6,577 1,973 1,315 3,288 6,577
---------------------------------- ------------------------ ------------------------ ---------------
RPS Dargan
Road Limited 3,824 - 1,912 1,912 3,824
---------------------------------- ------------------------ ------------------------ ---------------
Greenfield
Wind Farm
Limited 6,306 1,315 1,838 3,153 6,306
---------------------------------- ------------------------ ------------------------ ---------------
A7
Greendykeside 7,065 3,533 - 3,533 7,065
---------------------------------- ------------------------ ------------------------ ---------------
BMGE Pickenham
Ltd 3,000 1,500 1,500 - 3,000
---------------------------------- ------------------------ ------------------------ ---------------
BMGE Weston
Ltd 3,000 1,500 1,500 - 3,000
---------------------------------- ------------------------ ------------------------ ---------------
TOTAL 43,542 12,772 10,734 20,036 43,542
---------------------------------- ------------------------ ------------------------ ---------------
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCPPMPTMBAMMML
(END) Dow Jones Newswires
August 08, 2019 04:56 ET (08:56 GMT)
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