Report from Tim Grattan
The Ventus (VEN) and Ventus 2 (VEN2) AGMs were held on Thursday 8th August 2019, commencing at 11:30 at the offices of Howard Kennedy (the VCT’s solicitors), No. 1 London Bridge, London SE1 9BG.
For investors who are not familiar with VEN and VEN2, they are both Venture Capital Trusts (VCTs) which own (or part own) a number of wind farms and hydroelectric power generation stations in the UK. The directors of the VCTs employ Temporis (renewable energy specialists) to manage the VCT’s renewable assets. All of the assets benefit from valuable government subsidies and are highly cash generative thus allowing the VCTs to pay out large tax free dividends to shareholders twice a year.
The AGMs, were somewhat unusual this year, as there were some additional resolutions for shareholders to consider (requisitioned by a group of dissatisfied shareholders) which proposed replacing the incumbent board of directors of both VCTs. with new directors nominated by the requisitioning shareholders.
Background information regarding the reasons…
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