Ventus 2 VCT PLC Disclosure to Investors (2433I)
08 December 2015 - 1:40AM
UK Regulatory
TIDMVEN2
RNS Number : 2433I
Ventus 2 VCT PLC
07 December 2015
Ventus 2 VCT plc
(the "Company" or the "Alternative Investment Fund" or
"AIF")
Disclosure to Investors
Temporis Capital LLP ("Temporis") received approval from
the Financial Conduct Authority with effect from 5 November
2015 to act as a full scope UK Alternative Investment
Fund Manager ("AIFM"). The Company's board has amended
the existing investment management agreement in place
with Temporis to record the obligations of Temporis as
the Company's AIFM.
As part of these additional obligations, Temporis is
required to make certain disclosures to investors in
accordance with FUND 3.2.2R of the FCA Rules and Article
23 of the Alternative Investment Fund Managers Directive
("AIFMD"). It should be noted that the majority of these
disclosures are already made either in the Annual Report
and Financial Statements, the Half-yearly Financial Report,
the Interim Update, or on the Company's website, to the
extent that they are applicable. For ease of reference
the required disclosures are summarised below:
---------------------------------------------------------------------------------------------------------
AIFMD FUND Requirements Disclosures to Investors
Article 3.2.2R of AIFMD article
23 23 and FCA Fund
handbook 3.2.2R
--------- -------- ---------------------------- ------------------------------------------------------
The Company's investment strategy
and objectives are to achieve
attractive long term investment
A description returns to shareholders by maximising
of the investment both dividend yield and capital
strategy and growth from a portfolio of investments
objectives of in companies developing or operating
(1a) (1a) the AIF; renewable energy projects.
--------- -------- ---------------------------- ------------------------------------------------------
if the AIF is
a feeder AIF,
information on
where the master
(1a) (1b) AIF is established; N/A
--------- -------- ---------------------------- ------------------------------------------------------
if the AIF is
a fund of funds,
information on
where the underlying
(1a) (1c) funds are established; N/A
--------- -------- ---------------------------- ------------------------------------------------------
The Company invests in a portfolio
of companies that own wind power,
landfill and hydro-electric projects.
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
a description projects initiated by specialist
of the types small-scale developers and
of assets in smaller projects which are not
which the AIF attractive to large development
(1a) (1d) may invest; companies and utilities.
--------- -------- ---------------------------- ------------------------------------------------------
The Company's investments are
made in special purpose vehicles
which were set up specifically
to develop each project.
Investments are made via subscriptions
for new share capital, acquiring
existing share capital or via
loan stock instruments in order
the investment to secure a negotiated level of
techniques that return from the project.
the AIF, or the Please see the Company's most
AIFM on behalf recent Annual Report and Financial
of the AIF, may Statements for further details
employ and all on the Company's associated risks
(1a) (1e) associated risks; and mitigants.
--------- -------- ---------------------------- ------------------------------------------------------
In order to comply with Venture
Capital Trust ("VCT") regulations
at least 70% by value of the Company's
investments are required to be
composed of "qualifying investments"
and 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.
In accordance with the Company's
investment policy, a maximum of
10% of the net funds raised from
share offers may be invested in
any applicable companies developing pre-planning
(1a) (1f) investment restrictions; projects.
--------- -------- ---------------------------- ------------------------------------------------------
the circumstances
in which the The Company does not intend to
(1a) (1g) AIF may use leverage; borrow.
--------- -------- ---------------------------- ------------------------------------------------------
The Company is exposed to gearing
the types and through its investee companies
sources of leverage which typically fund the construction
permitted and costs of each project through
the associated senior debt which is non-recourse
(1a) (1h) risks; to the Company.
--------- -------- ---------------------------- ------------------------------------------------------
To the extent that borrowing is
required, the Directors shall
restrict the borrowings of the
Company. The aggregate principal
amount at any time outstanding
in respect of money borrowed by
the Company shall not, without
any restrictions the previous sanction of an ordinary
on the use of resolution of the Company, exceed
leverage and a sum equal to 10 % of the adjusted
any collateral share capital and reserves of
and asset reuse the Company in accordance with
(1a) (1i) arrangements; its Articles.
--------- -------- ---------------------------- ------------------------------------------------------
the maximum level
of leverage which
the AIFM is entitled
to employ on
behalf of the
(1a) (1j) AIF; As prescribed above.
(MORE TO FOLLOW) Dow Jones Newswires
December 07, 2015 09:40 ET (14:40 GMT)
Ventus 2 Vct (LSE:VEN2)
Historical Stock Chart
From Apr 2024 to May 2024
Ventus 2 Vct (LSE:VEN2)
Historical Stock Chart
From May 2023 to May 2024
Real-Time news about Ventus 2 Vct Plc (London Stock Exchange): 0 recent articles
More Ventus Vct 2 News Articles