Investment in Redimo LFG Limited


 

TIDMVEN TIDMVEN2 TIDMVEN3 
 
RNS Number : 3806D 
Ventus VCT plc 
01 December 2009 
 

 
 
 
 
 
 
 
 
 
 
Joint announcement of Ventus VCT plc, Ventus 2 VCT plc and Ventus 3 VCT plc (the 
"Companies") 
 
 
Investment in Redimo LFG Limited 
 
 
The Companies have recently determined that operational issues with electricity 
generation equipment managed by one of their investee companies, Redimo LFG 
Limited, will have a greater than previously anticipated impact on the dividends 
that the investee company is able to pay to the Companies in the financial year 
ending 28 February 2010. This in turn will impact the final dividend that the 
Companies expect to be able to declare for the financial year ending 28 February 
2010. Redimo LFG Limited owns a group of companies that operate engines 
generating electricity from landfill gas. 
 
 
In addition to the operational issues, Redimo LFG Limited holds the only 
operating assets in the Companies' investment portfolios that have a significant 
element of electricity market risk in their offtake contracts and as such the 
revenues generated have also been adversely affected by low winter 2009/10 
wholesale energy prices. 
 
 
In view of the above circumstances, it is expected that the Companies will 
declare final dividends for the financial year ending 28 February 2010 but in 
each case the dividend will be lower than the final dividend declared in the 
previous financial year. The interim dividends that have been declared by each 
of the Companies are not affected and will be paid in January 2010 as planned. 
 
 
The Investment Manager is in discussions with the investee company and its 
contractors regarding the operational issues and is aware that remedial work has 
already been undertaken. The early indications from the information supplied to 
the Investment Manager are positive, although a period of further operation is 
required before any firm conclusions can be drawn. The Investment Manager is 
liaising with the investee company's financial and other counterparties to 
assist in resolving any issues relating to the circumstances outlined in this 
announcement. 
 
 
The Companies expect to publish their next interim management statements, 
including statements of net asset values for the financial quarter ended 30 
November 2009, in due course. 
 
 
The top-up offers launched on 18 November 2009, which seek to raise GBP3.5m 
through the issue of new ordinary shares in the Companies, remain open. 
 
 
 
 
 
 
Enquiries should be directed to Steve Read (0207 939 5149 / 07825 540 773) or 
Matthew Ridley (0207 939 5350). 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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