TIDMFTF
FORESIGHT 4 VCT PLC
Final Results
31 July 2017
Foresight 4 plc, managed by Foresight Group CI Limited, today announces
the final results for the year ended 31 March 2017.
These results were approved by the Board of Directors on 31 July 2017.
You may, in due course, view the Annual Report in full at
www.foresightgroup.eu. All other statutory information can also be found
there.
Financial Summary
ORDINARY SHARES FUND
-- Diversified portfolio of 26 actively managed companies
-- Total net assets GBP42.2 million
-- Net Asset Value per Ordinary Share increased by 3.1p to 73.5p as at
31 March 2017 (31 March 2016:70.4p).
-- The portfolio has seen an uplift in valuation of GBP2.7 million over
the year
-- One follow-on investment of GBP0.2 million was made during the year
-- GBP0.3 million was realised from sales and loan redemptions from
three portfolio companies, and a further GBP0.5 million of deferred
consideration
-- On 22 June 2017 Foresight 4 VCT plc acquired the assets and
liabilities of Foresight 3 VCT plc. The new larger Company, with
post-merger assets of GBP77.0 million, will be better positioned to
increase shareholder value, raise funds and progress the investment
strategy.
-- In July 2017 the Company successfully exited its investments in
Blackstar Amplification and
The Bunker Secure Hosting, realising a total of GBP6.0 million compared
to an investment cost of
GBP2.1 million.
-- A special dividend of 4.0p per Ordinary Share was paid on 17 July
2017 based on an ex-dividend date of 29 June 2017 and a record date 30
June 2017
Chairman's statement
During the year, the net asset value per Ordinary Share increased by
4.4% to 73.5p, driven by the positive performance of investments. The
Company has now achieved growth in net asset value over several quarters
and the Board believes that the underlying portfolio of growing
companies is well positioned to maintain this in future periods.
MERGER WITH FORESIGHT 3 VCT PLC
Following the end of the reporting period, the previously proposed
merger of Foresight 4 VCT plc and Foresight 3 VCT plc became effective
after it received approval from the Shareholders of both companies on 14
and 22 June 2017. We anticipate that your new larger Company, with a
portfolio of 26 companies with carrying values and post-merger assets of
GBP77.0 million, will be better positioned to increase shareholder value,
raise further funds, and progress the current successful investment
strategy. The merger, which has been under discussion since September
2016, is expected to deliver cost savings and other benefits which the
Board believes support the strategy to expand the size of the Company.
The ability to sustain a significantly wider spread of investments will
facilitate risk management by increasing diversification. In addition,
the reduced need to maintain liquid assets should allow the enlarged
Company to consider making additional returns to Shareholders. The
increased scale of the Company gives it the critical mass to generate
sufficient income and realisations and expects to meet an attractive
dividend target, as well as maintaining a regular programme of share
buybacks aimed at maintaining an initial discount to NAV in the region
of 10%. Furthermore, a larger company is able to spread the fixed
elements of running costs across a wider asset base and, as a result,
can reduce costs as a percentage of net assets. Accordingly, the annual
management fee will reduce from 2.25% to 2.0% of net assets and the
annual expenses cap will reduce from 3.5% to 2.95% of net assets. Full
details of the merger can be found in the Circular sent to you on 19 May
2017 which is also available on Foresight's website.
SPECIAL DIVID
It is the Company's policy to provide a flow of tax-free dividends,
generated from income and from capital profits realised on the sale of
investments. However, distributions are inevitably dependent largely on
successful realisations, refinancings and other forms of cash generation,
which have been low during the review period. The Board was therefore
not able to recommend a dividend during the year. The Board is
encouraged by the recent success in generating cash from investments
within the portfolio, notably the sale of The Bunker Secure Hosting and
Blackstar Amplification in July 2017. Enhanced by the increased size of
the Company, this gives the Board confidence that it may be able to
initiate future payments of dividends to Shareholders when prudent to do
so. The Board therefore declared a Special Dividend of 4.0p per share,
payable to shareholders on the register on 30 June 2017. The Special
Dividend was paid on 17 July 2017.
TOP-UP SHARE ISSUES AND SHARE BUY-BACKS
During the period under review there were no share buybacks or share
issues. However, following the merger, alongside the Special Dividend,
the Company is also in a position to provide a partial or full exit
event for shareholders by way of a Tender Offer of up GBP5 million. As
announced on 21 July 2017 the offer period will run until 20 September
2017 at a discount to NAV of 7.5%. Full details of the Tender Offer
(including application forms for participation) can be found in the
Circular sent to you on 21 July 2017, which is also available on
Foresight's website. In addition to this tender offer, over time the
also Board expects to be in a position to implement a series of share
buybacks to enable the enlarged VCT to achieve its target of a discount
to NAV in the region of 10%. It remains the Board's intention to provide
a potential exit event via a further Tender Offer in 2018.
FUNDRAISING
The Board is also taking the opportunity to raise up to GBP50 million
through the issue of new shares in the Company, through an offer for
subscription, launched on 19 May 2017. This will provide Shareholders
and new investors with the opportunity to invest in the Company and
benefit from the tax reliefs available to qualifying investors. The
Board believes that there are attractive opportunities to make further
growth investments in order to generate returns for investors as the
Manager continues to see strong deal flow and is seeing a significant
number of high quality private equity investment opportunities. Funds
raised under the offer will allow the Company to take advantage of this
flow of attractive investment opportunities and further increase
portfolio diversification in line with the ongoing strategy of the
Company. Full details of the offer, which will close on 30 April 2018,
can be found in the Prospectus issued by the Company on 19 May 2017.
BOARD COMPOSITION
Following the resolutions at the Annual General Meeting in September
2016, and following the merger with Foresight 3 VCT plc, a number of
changes have been made to the Board. Upon the retirement of Philip
Stephens from the Board with effect from 31 March 2017, Simon Jamieson
was appointed as Chairman of Foresight 4 VCT plc. Subsequently I was
appointed as Chairman on 22 June 2017. Peter Dicks also indicated his
intention to retire from the Board on the earlier of a corporate action
or the Annual General Meeting in 2017. To facilitate this, Michael Gray
joined the Board as an independent Non-Executive Director on 14 February
2017. Further details of the Board members can be found on page 28-29 of
the Annual Report and Accounts. On behalf of the Board, we would like to
wish both Philip and Peter well for the future and thank them for their
valuable contributions, since the launch of the Company in 1998 in
Philip's case and since 2004 for Peter. Read
PERFORMANCE AND PORTFOLIO ACTIVITY
The Board is generally pleased with the increase in net asset value
achieved during the year under review. At the year end the Company held
26 investments with carrying values in UK based businesses across a wide
range of sectors. The Company has benefited from the solid overall
performance within the portfolio and increased valuations of several
companies, principally Datapath, Procam, Specac and Protean, which are
detailed in the Top Ten Investment section of the Annual Report and
Accounts.
The wider VCT sector has begun to see an increase in investment activity
as it adapts to the changes in regulation set out in the much delayed
publication of HMRC's VCT Guidance Manual in May 2016. However, with
limited liquidity available, no new investments were completed by the
Company during the year and one follow-on investment of GBP189,000 was
made in molecular diagnostics business Biofortuna. The Investment
Manager, Foresight Group, continues to see a strong pipeline of
potential investments sourced through its regional networks and
well-developed relationships with advisors and the SME community.
Assuming the fund raising launched in May 2017 is successful, the
Company expects to be in a position to fully exploit these attractive
investment opportunities. In the year to 31 March 2017, two small
realisations took place and generated total proceeds of GBP251,000.
Trilogy Communications was sold to a US competitor in the professional
intercom sector, while the Company reduced its position in AIM listed
group, ZOO Digital. Since the end of the period this investment has been
fully realised. Furthermore, Blackstar Amplification and The Bunker
Secure Hosting have also been successfully sold, realising a combined
total of GBP6.0 million. During the year the Manager has supported and
worked with the management teams of the investee companies to maximise
value for shareholders. The Board believes that the re-focused portfolio
now provides a solid platform to deliver growth, underpin future
dividends and enhance Shareholder returns. Further information on the
investment portfolio is included within the Investment Manager's Report
on page 8 of the Annual Report and Accounts.
SHAREHOLDER COMMUNICATION
As part of its ongoing commitment to high quality investor relations,
the Board encourages you to attend one of the popular Investor Forums
hosted by the Investment Manager, Foresight Group. Four of these popular
events are held annually and we will be in touch later this year about
the next opportunity to attend.
ANNUAL GENERAL MEETING
The Company's Annual General Meeting will take place on 28 September
2017 at 10.00am. I look forward to welcoming you to the Meeting, which
will be held at the offices of Foresight Group in London. Prior to the
formal business of the Annual General Meeting, Foresight Group, the
investment Manager and two investee companies will give presentations.
OUTLOOK
Over the last year, the Board believes that the Company has demonstrated
the benefits of the Manager's portfolio management actions, with
improving performance driving Net Asset Value growth. We believe the
Company is now well positioned to build on this momentum. Headway has
been made in reducing the discount in NAV during the period under review,
with the discount dropping to 20%. However, further progress is
required. Facilitated by the merger with Foresight 3 VCT plc and the
liquidity expected to be provided by the issue of new shares, the
Company should be able to capitalise on the strong pipeline of
attractive investment opportunities that the Manager continues to see in
smaller, growth businesses across the UK.
Raymond Abbott
Chairman
31 July 2017
Investment Manager's Review
As at 31 March 2017 the Company's portfolio comprised 26 actively
managed investments with a total cost
of GBP17.7m million and a valuation of GBP40.5 million. The portfolio is
diversified by sector, transaction type, and maturity profile. Details
of the ten largest investments by valuation, including an update on
their performance, are provided on page 12 of the Annual Report and
Accounts.
NEW INVESTMENTS AND FOLLOW-ON FUNDING
The Company had current cash in hand of GBP1.6 million at 31 March 2017.
This will be utilised alongside proceeds from the recent realisations
and proceeds from the offer for subscription for new and follow on
investments, buybacks and ongoing running expenses. No new investments
were made during the year to 31 March 2017. In July 2016, a further
tranche of GBP189,000 was invested in molecular diagnostics business
Biofortuna as part of a GBP1.6 million funding round alongside other
Foresight VCTs and coinvestors. This additional capital was provided to
help finance continuing new product development of its blood group
genotyping range. During the year the company has increased the number
of customers using the business for manufacturing, providing greater
visibility of revenues and a platform for positioning the company for
growth next year. I
PIPELINE
Foresight has a focused strategy for generating deal flow across the UK,
combining meetings with advisors and professional service firms,
attending and organizing networking events and approaching businesses
directly. Foresight is deeply connected within the investment community
and its efforts are producing positive results. The team typically
analyses around 100 new investment opportunities each month, of which
only a handful will be deemed of sufficient quality to require full
evaluation for a potential investment. Foresight is firmly established
as a key player in the investment range of GBP1m to GBP5m and is
acknowledged for its appetite to transact and support ambitious SME
management teams.
EXITS AND REALISATIONS
Total proceeds of GBP251,000 were generated during the year from the
disposal of two investments. In addition four further investments were
exited without proceeds.
In August 2016, the Company successfully completed the sale of Trilogy
Communications, which provides intercoms solutions to a number of
sectors including defence, broadcast and industrials, to California
based Clear-Com LLC. The Company received GBP139,000 following
completion (compared with a carrying value of GBP81,000 at 31 March
2016), with further deferred consideration payable subject to warranty
claims and tax claims. This contingent asset is recognised as a debtor
within the Company's accounts at 31 March 2017. During the year, a total
of 1,108,537 ordinary shares in AIM listed Zoo Digital ("ZOO") were sold,
realising GBP139,000 Further disposals continued post period end and the
investment was fully exited on 5 April 2017. ZOO supplies software and
services for authored content (e.g. DVD, Blu-ray, iTunes media) to media
businesses and post-production firms.
The current environment is supportive of further exits across the
portfolio. While exchange rates currently favour international buyers,
we continue to witness strong appetite to acquire high quality UK
companies from both domestic and international parties.
Following the end of the reporting year, the Company's positions in
Blackstar Amplification and The Bunker Secure Hosting were successfully
realised, generating total proceeds of GBP6.0 million compared to an
investment cost of GBP2.1 million. The sale of Autologic's operating
subsidiaries was also agreed with Opus Group AB, a Swedish company which
provides vehicle environmental and safety testing services globally.
Although the value of this realisation was in line with the recently
reduced valuation, this sale takes total the overall returns on this
investment to 4.6x initial cost, including the partial sale of the
investment to a mid-market private equity firm in 2012.
Blackstar Amplification
The Company originally invested in Blackstar Amplification, an
award-winning Northamptonbased designer and manufacturer of innovative
guitar amplifiers, in 2012. The funding provided growth capital and
helped restructure the company's shareholder base. In addition,
Foresight introduced Keith Pacey, former Executive Chairman and CEO of
Maplin Electronics, as Chairman. Blackstar has expanded internationally
and more than doubled turnover over the last four years, established
itself as the number two amplifier brand in the UK and USA and broadened
its product catalogue. The exit was facilitated by a management buyout,
supported by the company's manufacturing and distribution partners, and
generated return of c.2x money.
The Bunker Secure Hosting
Having first invested in May 2006, the Company has been a longstanding
shareholder in The Bunker, which builds, hosts and manages high security,
high availability IT data centres, providing competitive data storage
solutions. The growth capital provided by the Company was used to scale
The Bunker's data storage facilities materially. The business has
experienced a compound annual growth rate of over 14% of recurring
revenues for the past three years with annual revenues growing to in
excess of GBP9 million compared to GBP1.8m at investment, having built
an expert reputation in the specialist FinTech space. The Bunker was
acquired by Palatine Private Equity, generating an overall return of
2.44x over the life of the investment.
DISPOSALS IN THE YEARED 31 MARCH 2017
Original
Cost/
Take-On
Value Proceeds Gain/(loss) Exit Valuation at 31 March 2016
Company Detail GBP'000 GBP'000 GBP'000 Multiple GBP'000
Trilogy
Communications
Holdings Full
Limited disposal 776 138 (638) 0.2 81
Zoo Digital Part
Group plc disposal 377 112 (265) 0.3 108
The Skills
Group Limited Dissolved 789 1 (788) 0.0 -
Abacuswood Part
Limited disposal 224 - (224) 0.0 -
Always On Group Full
Limited disposal 680 - (680) 0.0 85
Thermotech
Solutions Part
Limited** disposal 800 - (800) 0.0 800
The Fin Machine
Company
Limited Dissolved 3,037 - (3,037) 0.0 -
Total disposals 6,683 251 (6,432)* 0.00 1,074
In addition to the above, deferred consideration of GBP509,000 was
received by the fund from the sale of Amberfin Holdings Limited, O-Gen
Acme Limited and DeFaqto Group Limited.
* Of this figure, GBP5,608,000 of the loss had been recognised in
previous years and as such had no impact on the NAV in the current year.
** This investment was restructured in the year.
POST PERIOD DISPOSALS
Original
Cost/
Take-On Proceeds
Value on exit Gain/(loss) Exit Valuation at 31 March 2017
Company Detail GBP'000* GBP'000* GBP'000* Multiple** GBP'000*
Blackstar
Amplification
Holdings Full
Limited disposal 1,000 1,543 543 1.5 1,535
The Bunker
Secure
Hosting Full
Limited disposal 3,260 4,431 1,171 1.4 4,425
Autologic
Diagnostics
Group Full
Limited disposal 2,000 600 (1,400) 0.3 600
Zoo Digital Full
Group plc disposal 1,053 297 (756) 0.3 306
* Based on Foresight 3 VCT plc and Foresight 4 VCT plc merged figures.
** Compares original cost to proceeds on exit. Excludes interest income,
loan repayments and recapitalisations in previous periods.
Key Portfolio Developments
The Company has benefitted from solid performance of the underlying
portfolio, with a net valuation change of GBP2.7 million in total.
Material changes in valuation, defined as increasing or decreasing by
GBP500,000 or more since 31 March 2016, are detailed below. Each of
these companies are detailed in the Top Ten Investments section on the
next page, with the exception of Autologic.
Autologic Diagnostics Group provides advanced aftermarket automotive
diagnostic services. A switch in strategy towards a recurring revenue
model for its software-based diagnostic tools incurred some exceptional
costs. Trading has continued to deteriorate recently and the valuation
of the company has been reduced accordingly. The investment was
subsequently sold after the end of the reporting period in June 2017.
The sale takes total overall returns on this investment to 4.6x initial
cost.
Company Valuation Methodology Valuation Change (GBP)
Discounted earnings
Datapath Group Limited multiple 2,312,171
Discounted earnings
Procam Television Holdings multiple 797,015
Specac International Discounted earnings
Limited multiple 686,194
Discounted earnings
Protean Software Limited multiple 590,457
CoGen/Ogen UK Limited Discounted cash flow (566,663)
Thermotech Solutions Discounted earnings
Limited multiple (629,219)
Autologic Diagnostics Discounted earnings
Group Limited multiple (1,891,350)
Outlook
Although the recent UK election has introduced further uncertainty,
Foresight believes the outlook for the UK's SME sector remains positive.
Foresight continues to see increasing dealflow and a high level of
activity with a growing pipeline of suitable investment opportunities.
Formal Brexit negotiations have now commenced with details of the
initial framework for the UK's exit from the European Union likely to
take shape over the coming months. Foresight remains of the view that
this will ultimately create new opportunities for well-managed,
entrepreneurial SMEs, which will require financing to support their
future growth. Furthermore, we expect to see the solid interest from
numerous potential acquirers of businesses in the portfolio crystallise
into further realisations in the year ahead.
Russell Healey
Partner and Head of Private Equity
Foresight Group
31 July 2017
Income Statement
for the year ended 31 March 2017
Year ended Year ended
31 March 2017 31 March 2016
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Investment holding
gains - 8,728 8,728 - 3,931 3,931
Realised losses on
investments - (5,941) (5,941) - (10,434) (10,434)
Income 383 - 383 2,570 - 2,570
Investment
management fees (229) (686) (915) (279) (839) (1,118)
Other expenses (424) - (424) (499) - (499)
(Loss)/return on
ordinary activities
before taxation (270) 2,101 1,831 1,792 (7,342) (5,550)
Taxation - - - - - -
(Loss)/return on
ordinary activities
after taxation (270) 2,101 1,831 1,792 (7,342) (5,550)
Return per share:
Ordinary Share (0.6)p (3.7)p (3.1)p 3.1p (12.7)p (9.6)p
The total column of this statement is the profit and loss account of the
Company and the revenue and capital
columns represent supplementary information.
All revenue and capital items in the above Income Statement are derived
from continuing operations. No
operations were acquired or discontinued in the year.
The Company has no recognised gains or losses other than those shown
above, therefore no separate
statement of total recognised gains and losses has been presented.
Reconciliation of Movements in Shareholders' Funds
Called-up Share Capital Profit and
share premium redemption loss
capital account reserve account Total
Year ended 31
March 2017 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
As at 1 April
2016 574 5,147 265 34,379 40,365
Expenses in
relation to
previous
share
issues* - (35) - - (35)
Transaction
costs - - - (2) (2)
Loss for the
year - - - 1,831 1,831
As at 31
March 2017 574 5,112 265 36,208** 42,159
Called-up Share Capital Profit and
share premium redemption loss
capital account reserve account Total
Year ended 31
March 2016 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
As at 1 April
2015 570 4,847 261 47,165 52,843
Share issues
in the year 8 347 - - 355
Expenses in
relation to
previous
share
issues* - (47) - - (47)
Repurchase of
shares (4) - 4 (266) (266)
Dividends - - - (6,970) (6,970)
Loss for the
year - - - (5,550) (5,550)
As at 31
March 2016 574 5,147 265 34,379** 40,365
* Trail commission payable to financial advisors in the year.
** Of this amount GBP14,049,000 (2016: GBP20,949,000) is realised and
distributable.
Balance Sheet
at 31 March 2017
As at As at
31 March 2017 31 March 2016
GBP'000 GBP'000
Fixed assets
Investments held at fair value through
profit or loss 40,463 37,738
Current assets
Debtors 151 959
Money market securities and other deposits 838 1,773
Cash 790 62
1,779 2,794
Creditors
Amounts falling due within one year (83) (167)
Net current assets 1,696 2,627
Net assets 42,159 40,365
Capital and reserves
Called-up share capital 574 574
Share premium account 5,112 5,147
Capital redemption reserve 265 265
Profit and loss account 36,208 34,379
Equity shareholders' funds 42,159 40,365
Net asset value per share:
Ordinary Share 73.5p 70.4p
Cash Flow Statement
for the year ended 31 March 2017
Year ended Year ended
31 March 31 March
2017 2016
GBP'000 GBP'000
Cash flow from operating activities
Investment income received 553 563
Dividends received from investments 10 2,117
Deposit and similar interest received 4 24
Investment management fees paid (915) (1,118)
Secretarial fees paid (157) (157)
Other cash payments (284) (379)
Net cash (outflow)/(inflow from operating activities
and returns on investment (789) 1,050
Returns on investment and servicing of finance
Purchase of unquoted investments (189)) (7,256)
Net proceeds on sale of investments 357 717
Net proceeds on deferred consideration 509 7
Net proceeds on liquidation of investments - 58
Net capital inflow/(outflow) from financial
investment 677 (6,474)
Equity dividends paid - (6,970)
Management of liquid resources
Movement in money market funds 935 2,627
935 2,627
Financing
Proceeds of fund raising - 355
Expenses of fund raising for previous years (35) (47)
Repurchase of own shares (60) (111)
Net cash (outflow)/inflow/inflow from financing
activities (95) 197
Net inflow /(outflow) of cash for the year 728) (9,570)
Reconciliation of net cash flow to movement in net
funds
Increase /(decrease) in cash for the year 728 (9,570)
Net cash at start of year 62 9,632
Net cash at end of year 790 62
Analysis of changes in net
debt
At 1 April 2016 Cash flow At 31 March 2017
GBP'000 GBP'000 GBP'000
Cash and cash equivalents 62 728 790
Notes to the accounts
1. These are not statutory accounts in accordance with S436 of the
Companies Act 2006. The full audited accounts for the year ended 31
March 2017, which were unmodified and did not contain any statements
under S498(2) of Companies Act 2006 or S498(3) of Companies Act 2006,
will be lodged with the Registrar of Companies. Statutory accounts for
the year ended 31 March 2017 including an unmodified audit report and
containing no statements under the Companies Act 2006 will be delivered
to the Registrar of Companies in due course.
2. The disclosures in this announcement have been prepared on the
basis of accounting policies set out in the statutory accounts of the
Company for the year ended 31 March 2017. All investments held by the
Company are classified as 'fair value through the profit and loss'.
Unquoted investments have been valued in accordance with IPEVC
guidelines. Quoted investments are stated at bid prices in accordance
with the IPEVC guidelines and Generally Accepted Accounting Practice.
3. Copies of the Annual Report will be sent to shareholders and will
be available for inspection at the Registered Office of the Company at
The Shard, 32 London Bridge Street, London, SE1 9SG and can be accessed
on the following website: www.foresightgroup.eu
4. Net asset value per share
Net asset value per Ordinary Share is based on net assets at the year
end of GBP42,159,000 (2016: GBP40,365,000) and on 57,375,499 (2016:
57,375,499) Ordinary Shares, being the number of Ordinary Shares in
issue at that date.
5. Return per share
Year ended Year ended
31 March 2017 31 March 2016
Ordinary Ordinary
Shares Shares
GBP'000 GBP'000
Total return/(loss) after taxation 1,831 (5,550)
Total return/(loss) per share (note a) 3.1p (9.6)p
Revenue (loss)/return from ordinary activities after
taxation (270) 1,792
Revenue (loss)/return per share (note b) (0.6)p 3.1p
Capital return/(loss) from ordinary activities after
taxation 2,101 (7,342)
Capital return/(loss) per share (note c) 3.7p (12.7)p
Weighted average number of shares in issue in the
year* 57,375,499 57,567,321
* The weighted average number of shares in 2016 has been adjusted to
take account of the O and C Share fund merger on 10 August 2015.
Notes:
a) Total return/(loss) per share is total return after taxation divided
by the weighted average number of shares in issue during the year.
b) Revenue (loss)/return per share is revenue return after taxation
divided by the weighted average number of shares in issue during the
year.
c) Capital return/(loss) per share is capital return after taxation
divided by the weighted average number of shares in issue during the
year.
6. Annual General Meeting
The Company's Annual General Meeting will take place on 28 September
2017 at 10.00am at the offices of Foresight Group in London. Details can
be found on page 66 of the Annual Report and Accounts.
Prior to the formal business of the Annual General Meeting, Foresight
Group, the investment Manager and two investee companies will give
presentations between 10.00am and 10.30am.
7. Income
Year ended Year ended
31 March 2017 31 March 2016
GBP'000 GBP'000
Loan stock interest 368 428
Dividends receivable 11 2,117
Overseas based Open Ended Investment
Companies ("OEICS") 4 24
Bank deposits - 1
383 2,570
8. Investments held at fair value through profit or loss
Year ended Year ended
31 March 2017 31 March 2016
GBP'000 GBP'000
Quoted investments 143 282
Unquoted investments 40,320 37,456
40,463 37,738
Quoted Unquoted Total
GBP'000 GBP'000 GBP'000
Book cost at 1 April 2016 827 27,438 28,265
Investment holding (losses)/gains (545) 10,018 9,473
Valuation at 1 April 2016 282 37,456 37,738
Movements in the year:
Purchases at cost - 189 189
Disposal proceeds ** (112) (139) (251)
Realised losses* (264) (6,168) (6,432)
Investment holding gains * 237 8,982 9,219
Valuation at 31 March 2017 143 40,320 40,463
Book cost at 31 March 2017 451 21,320 21,771
Investment holding (losses)/gains (308) 19,000 18,692
Valuation at 31 March 2017 143 40,320 40,463
* Realised losses in the income statement includes GBP509,000 realised
gains in relation to deferred consideration received during the year,
and GBP18,000 realised loss in relation to deferred consideration which
was written off during the year. Both were recognised within investment
holding gains in the income statement up until the point of receipt /
write off.
** Net proceeds in the cash flow statement includes GBP106,000 received
during the current year which was recognised as a debtor in 2016
9. Transactions with the Manager
Foresight Group, which acts as investment manager to the Company in
respect of its investments earned fees of GBP915,000 during the year
(2016: GBP1,118,000).
Foresight Fund Managers Limited, Company Secretary, received fees of
GBP157,000 (2016: GBP157,000) during the year. The annual secretarial
fee (which is payable together with any applicable VAT) is adjusted
annually in line with the UK Retail Prices Index.
At the balance sheet date there was GBP3,000 due to (2016: GBP1,000 due
from) Foresight Group and GBPnil (2016: GBPnil) due to Foresight Fund
Managers Limited. No amounts have been written off in the year in
respect of debts due to or from related parties.
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Foresight 4 VCT PLC via Globenewswire
http://www.foresightgroup.eu/
(END) Dow Jones Newswires
July 31, 2017 11:21 ET (15:21 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
Foresight Enterprise Vct (LSE:FTF)
Historical Stock Chart
From Apr 2024 to May 2024
Foresight Enterprise Vct (LSE:FTF)
Historical Stock Chart
From May 2023 to May 2024