Ventus VCT Shareholders
 
 

 The Proposed Directors

Each fund currently has three directors and initially, it is the intention to replicate this governance structure.

It is however, anticipated that the directors will work together and share their skills across both funds as is the current practice of the existing directors.

A director’s primary responsibility is to ensure the interests of shareholders are looked after. To this end, in addition to their statutory duties, each proposed new director is committed to ensuring:

  1. the investment manager is held to account;
  2. the investee companies are being managed cost effectively to maximise the value of the underlying assets;
  3. there is a tight focus on the costs of running the VCT;
  4. plans are in place to support and maximise the short, medium and long term returns of each VCT; and
  5. cost effective corporate governance.

The proposed directors have been selected with this in mind, and based on their renewables experience in the wind and hydro sectors and VCT experience.

Nicholas Curtis will initially be a director on both funds but will step down from one fund once the longer-term strategy is agreed. This will also give the boards a chance to bring in any additional skills that they will consider will enhance the management of the funds once they have a fuller understanding of any specific issues that may arise.

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Richard Roth (Ventus 1)

Richard is an expert on the operation and governance of Venture Capital Trusts.

Richard sits on the board of five VCTs giving valuable insight into best practice and operational matters. Importantly, Richard has experience in self-managed VCTs and therefore understands the operational cost base and where savings can be made. Richard is a Chartered Management Accountant who has worked for blue chip companies including easyJet where he was one of the key executives who led the transformation of the company from a private company to a household name. Richard now works exclusively in the VCT sector and is a director of the Oxford Technology VCTs and Seneca Growth Capital VCT where he chairs the audit committees. During his tenure in these companies, Richard has driven major changes including substantial reductions in the fees paid to the investment manager and in other costs, and various other corporate changes which have been of significant benefit to existing shareholders.


 

Nick Curtis (Ventus 1 & 2)

Nick has significant experience in hydro and the operation of small-scale renewables assets.

Nick is a Chartered Accountant, having qualified with Coopers & Lybrand. He then worked for Edison Mission Energy, developing and acquiring power stations and renewables assets in the UK and Europe. Nick has extensive project finance and structuring skills having worked from 1998 to 2011 for Barclays Capital in the infrastructure and renewables sector. In 2011, Nick left banking to set up a renewables business, primarily focusing on small scale hydro and wind. He now owns and operates twelve renewable assets with an enterprise value of c. £40m. Nick is also a major long-term shareholder in Ventus with a shareholding of approximately £500,000 spread equally across the Ventus funds. Nick has practical experience of hydro and its issues and has also long term experience of managing a portfolio of renewables assets.


 

Andrew Garrad CBE (Ventus 1)

Andrew is one of the foremost technical wind experts in the UK and in 2017 was awarded a CBE for his services to renewable energy.

In 1984 Andrew co-founded the Garrad Hassan Group which grew to become the world’s largest renewable energy consultancy. It merged with Germanischer Lloyd in 2009 and he became the President of the combined company, GL-Garrad Hassan. When he retired, in 2015, it had 1,000 staff in 29 countries. Dr Garrad has been professionally involved in wind energy for 40 years and built his first wind turbine in 1971. He was Chairman of the British Wind Energy Association in 1989. From 2013 to 2014 he was President of European Wind Energy Association. Until 2015 he was responsible for the technical due diligence of most of the world’s largest project-financed wind farms including the first €Billion and $Billion projects. He is a Fellow of the Institution of Mechanical Engineers and the Royal Academy of Engineering, an Honorary Fellow of New College, Oxford and the Royal Academy of Engineering Visiting Professor of Sustainability at the University of Bristol.


 

Mike Carter (Ventus 2)

Mike was the Commercial and Deputy Managing Director of Repower UK, (now Senvion UK) and was responsible for the sale of c. 50% of the wind turbines to Ventus.

Mike is a qualified Mechanical Engineer who has spent his career in the renewable sector first in wind and latterly solar. From 2005 to 2011 Mike was responsible for the commercial team that sold more than 500MW of turbines on both a supply and full turnkey basis as well as the associated long-term Operations and Maintenance Agreements. Mike has experience of the wind industry from the manufacturer and services supplier perspective that will become increasingly important as the Ventus turbines get older. Mike is currently a consultant in the renewables sector working for Everoze Partners.


 

Matteo Maino (Ventus 2)

Matteo has significant expertise in the development of wind assets with extensive financing and structuring experience.

Matteo joined ENGIE in 2012 and is currently head of business development for ENGIE’s energy infrastructure activity in the UK and Ireland. He has the responsibility for a team business developers focused on the origination and development of projects within the renewables and energy storage sector. Prior to this Matteo worked as CFO of Highview Power Storage and as a principal in Babcock and Brown's European renewables team. Matteo started his career in the energy sector with Edison Mission Energy, where he worked on several large project and acquisition financings. Over the years, Matteo has been a director of companies owning and managing in excess of 2,000MW of wind assets across Europe. He is currently a director of a holding company managing a portfolio of c. 80MW of operational UK wind assets.