Please read this important information before confirming that you have understood the risks associated with Ventus VCT plc and Ventus 2 VCT plc (the Ventus Funds), by scrolling to the tick box at the foot of this section.
The contents of this website have been issued and approved for the purposes of section 21 of the Financial Services and Markets Act 2000 by Temporis Capital Limited, a firm which is authorised and regulated in the UK by the Financial Conduct Authority (FRN 763725).
The information on this website relates to Ventus VCT plc and Ventus 2 VCT plc (the Ventus Funds) which are managed by Temporis Capital Limited (Temporis Capital).
The material on this website is provided for your general information about the Ventus Funds. It does not constitute an offer to sell or the solicitation of an offer to buy any investment. Nor does it constitute the giving of investment advice.
The investment referred to in this website is not suitable for all investors. No information detailed should be construed as advice to you on the suitability or otherwise of this investment, such suitability depending on all the circumstances of the person concerned. The information provided does not constitute investment, legal, tax or other advice nor is it to be relied upon in making an investment or other decision. You should obtain relevant and specific professional advice before making any investment decision.
Temporis Capital has taken all reasonable care to ensure that the facts stated in this website are true and accurate in all material aspects.
Illiquidity and loss of capital
Trading in Venture Capital Trust (VCT) shares is not particularly active and consequently the price that you may be offered when you wish to sell your shares may be less than the price at which you bought the shares. Shares typically trade at a discount to their net asset value.
An investment in a VCT should be regarded as a long term investment.
Tax and VCTs
The information contained on this website in relation to the tax benefits from investing in VCTs is based on existing legislation. Changes in the tax rules or changes in the legislation concerning VCTs and, specifically, qualifying holdings and qualifying trades, may limit future investment opportunities by the Ventus Funds and have an impact on future asset values and level of sustainable dividend.
The tax reliefs available to certain investors depend on the Ventus Funds maintaining HM Revenue & Customs approval. If this approval is withdrawn, the Ventus Funds will lose this status and all tax reliefs are likely to be removed.
Investors must retain their VCT shares for five years to retain the up-front income tax relief.
Past performance and projected dividend yields
Past performance of the VCT shares is no indication of future performance. The net asset value of the Ventus Funds is dependent on the performance of the underlying operational companies in the portfolio. Whilst the Boards have each stated objectives to "to achieve a sustainable level of dividends and to protect and enhance the company’s capital", there can be no guarantee that these objectives will be achieved.
How can I invest in the Ventus Funds?
Ventus VCT plc and Ventus 2 VCT plc are independent companies albeit with many mutual investments. Each company has a full listing on the London Stock Exchange. Their shares may be purchased through a stockbroker. In the first instance you should contact your advisor to seek investment advice and tax advice for your own personal circumstances. If after taking advice you wish to buy or sell shares you, or your broker, should contact Chris Lloyd or Paul Nolan at Panmure Gordon (UK) Limited, the Company’s market maker.
0207 886 2716
0207 886 2717
What return will I receive from investing in the Ventus Funds?
Each Ventus Fund has set out its target annual dividends for the next five years. The board of each company has set a strategic objective to achieve a sustainable level of dividends and to protect and enhance the value of the company’s capital by the active management of the assets operated by investee companies. The Ventus Funds intend to manage their renewable energy asset to maximise their longevity and optionality.
What are the tax benefits from investing in the Ventus Funds?
The Ventus Funds are Venture Capital Trusts (VCTs). For eligible VCT shareholders (i.e., UK Residents aged over 18 years), there is no liability to tax on dividends and no Capital Gains Tax on realised gains from the sale of shares. An investment limit of £200,000 per person per tax year applies.
How can I sell my shares in the Ventus Funds?
Ventus VCT plc and Ventus 2 VCT plc are listed on the London Stock Exchange. Ventus VCT plc and/or Ventus 2 VCT plc shares may be sold through a stockbroker.
What dividends have the Ventus Funds paid to date?
The dividends the Ventus Funds have paid are set out on our website at the following link: Dividends
How much are my shares worth?
The current share price of each of the ordinary, C and D shares of each of Ventus VCT plc and Ventus 2 VCT plc is published on the London Stock Exchange Website.
What is the net asset value of the Ventus Funds’ shares?
The most recent published net asset value (NAV) of each class of shares can be found in the most recently published financial reports which are on our website at the following link: Financial Reports.
What is the expected life of the Ventus Funds?
The Ventus Funds have each provided for a continuation vote at the AGM to be held in 2020 to consider continuation as a VCT. If the continuation motion is not carried a general meeting will be convened within four months of the 2020 AGM to present proposals for the restructuring or voluntary winding up of the Company. However, each of the board’s current strategic assessment is that the Ventus Funds should continue to operate over the long term, beyond 2020, to provide sustainable and stable tax efficient dividends to its investors.
What is the expected operating life of the renewable energy assets owned by the Ventus Funds?
The boards of the Ventus Funds have each instructed the investment manager, Temporis Capital, to manage the assets with a view to maximising their longevity and optionality.
The Ventus Funds hold equity and shareholder loan investments in companies which own and operate renewable energy assets: wind, hydro-electric and land-fill gas. The investments have been valued assuming an operating life of 20 years from the date of first operation for wind assets and an operating life of 25 years from the valuation date for hydro-electric assets. The land-fill gas investment is valued based on the revenues it is expected to earn from providing generators to the landfill gas scheme over the period in which it is contracted.
The boards and investment manager continue to monitor the market and to ensure that, wherever possible, optionality to derive any value from life extensions and repowering is preserved throughout the portfolio. Such initiatives may allow the Ventus Funds to extend their lifespan beyond the current assumed operational life of the portfolio. The economics of such a proposal will be a function of the electricity market at the relevant time, as well as turbine technology. Extension or repowering will normally require renegotiation of land leases and renewed planning permissions.
The issues around asset life and extension of asset life are discussed in more detail in the Strategy Notes which have been published by each board.
Do the Ventus Funds make use of debt financing?
Each of the Ventus Funds’ investee companies with operational assets has been financed with senior debt. The percentage loan-to-value and the average remaining tenor of the debt finance of the investee companies with operational assets is set out in the Ventus Funds’ financial reports. As the debt finance is repaid by each of the investee companies over the term of the loans, assuming all things being equal, the amount of free cash available for distribution to the investee companies’ shareholders should increase.