25th Jun 2019 12:35
(Alliance News) - Ventus VCT PLC and Ventus 2 VCT PLC both said Tuesday they saw "strong" financial years with "significant" increases in net asset value across all share classes.
Across the two trusts, they invest in 12 wind farms in the UK with installed capacity of 107.95 megawatts, three hydroelectricity schemes with installed capacity of 4.79 megawatts and one landfill gas project with installed capacity of 2.30 megawatts
At February 28, Ventus VCT's ordinary NAV per share stood at 117.0 pence, its NAV per C share was 138.5p and its NAV per 'D' share was 145.8p. These represents increases of 5.4%, 4.2% and 17% compared to the same point last year.
For the year ended February 28, Ventus VCT is proposing a special dividend of 1.0p, to add to the 4.0p final dividend proposed for the ordinary and 'C' share classes, giving a total dividend of 9.0p for the two share classes. The trust is proposing a 2.50p dividend for the 'D' share class.
At February 28, Ventus 2's ordinary NAV per share stood at 84.1p, its NAV per 'C' share was 140.1p and its NAV per 'D' share was 147.2p. These represents increases of 7.5%, 4.4% and 17% compared to the same point last year.
For the year ended February 28, Ventus 2 is proposing a special dividend of 1.0p, to add to the 2.50p final dividend proposed for the ordinary and 4.0p final dividend for the 'C' share class, giving a total dividend of 6.0p and 9.0p, respectively. The trust is proposing a 2.50p dividend for the 'D' share class.
In June, both Ventus VCT and Ventus 2 said they received notices from shareholders requiring resolutions for significant board changes.
The Ventus VCT resolution would see the removal of Chair David Williams, Audit Committee Chair Josephine Dixon, and Director Christopher Zeal.
The Ventus 2 VCT resolution seeks to remove Chair Alan Moore, Director Paul Thomas, and Audit Committee Chair Colin Wood.
On Tuesday, both trust's Chairs, David Williams and Alan Moore, issued identical statements saying: "Shareholders will be aware that a group of minority shareholders in the company has acted to place shareholder requisitioned resolutions at this year's AGM promoting the removal of the current experienced board of directors and replacement with new directors, all but one of whom have no experience of operating a listed company."
"Needless to say,I believe these resolutions are not in the best interests of shareholders and should be soundly rejected by shareholders at the forthcoming AGM", Williams and Moore added.
Williams and Moore said the Ventus trust's are in "good hands".
"Temporis has been the investment manager of the company since September 2011. It is the board's view – shared by many shareholders – that Temporis has performed well," the pair added. "Since 2011 the company has delivered substantial increases in value in each share class and the investment manager has converted the portfolio of partly developed assets and uninvested cash that it inherited into a stable operational portfolio of yielding assets."
Ventus VCT's ordinary shares were untraded Tuesday but last closed at 103.0p. The trust's 'C' shares were also untraded, having last closed at 120.0p. The 'D' shares were untraded at 117.0p.
Ventus 2's ordinary shares were untraded Tuesday but last closed at 71.5p. The trust's 'C' shares were also untraded, having last closed at 120.0p. The 'D' shares were untraded at 117.0p.