Corporate Structure

Services

Fees/costs, year ending Feb 2018

Ventus Management Costs

Non Executive Directors

  • Managing Investment Manager (Temporis Capital)

£158,000

Investment Manager

  • General Management and shareholder representation

£2,163,000

Other Costs

  • Registrar fees
  • Sponsor & brokerage fees
  • Company secretarial fees
  • D&O insurance
  • LSE listing fees
  • FCA regulatory fees
  • Internal audit fees
  • Typesetting, printing & mailing costs for annual report
  • AIC subscription charges
  • VCT tax compliance and monitoring fees
  • RNS charges

£382,000

but no detailed cost breakdown provided

Audit and Taxation Services

£75,000

Investee Company Costs

Operations and Maintenance Services

  • Attending site and undertaking repairs
  • 24/7 monitoring of schemes
  • All practical + mechanical activities

Costs not known, and vary according to Investee Company

Thalia Power

Management of Investee Companies including:

  • Preparing management accounts
  • Liaising with the auditor to produce the statutory accounts
  • Preparing annual budgets
  • Company secretarial work including attending board meetings
  • Administering insurance cover and claims
  • Preparing VAT returns
  • Cash management
  • Purchase and sales ledger functions
  • Ofgem reporting
  • Bank modelling

Estimated to be £40,00 to £50,000 per Investee Company but these fees are not disclosed

  • With significant minority interests in 13 out of 16 Investee Companies, all Investee Company related costs should be recharged in full
  • Thalia Power provides a comprehensive list of services to Investee Companies
  • The role of the Investment Manager is much reduced now that there are no new investments to be made
  • Management at Ventus should primarily be related to the collection of income and shareholder representation