I made my first purchase of FTV on Wednesday, as a sleep easy investment and income play.|
|Here's the reason for today's RNS:
|For the few of us still alive and kicking here:
The following news is good in one respect, but in another sense implies that a quarter of FTV's assets now sit in cash - as a result of the Alaric sale. So the good news is that a special dividend seems quite in order.
The other side is that 25% of FTV's NAV no longer exists, and - given the normal discount to NAV, FTV's share price may well head south...........
Company Foresight VCT PLC
Headline Foresight VCT PLC : Portfolio update
Released 14:25 03-Dec-2013
Foresight VCT plc
Foresight VCT PLC ("Foresight VCT") announces the sale by its Ordinary Share Class of its investment in Alaric Systems Limited ("Alaric"), which provides payment processing and fraud prevention software, to a subsidiary of NCR Corporation.
Foresight VCT Ordinary Share Class has sold its investment of ordinary shares and loan stock in Alaric for GBP7.13 million, of which GBP1.12 million is held in escrow and in the absence of any claims against Alaric should become payable in tranches over the next four years. The carrying value of the investment in Alaric in Foresight VCT's interim management statement for the period ended 30 September 2013, published on 15 November 2013, was GBP6.375 million.
This represents a return of over five times original cost and 25% of the net asset value of Foresight VCT Ordinary Share Class as at 30 September 2013.
In consequence, the Board will be considering a further distribution to investors and will make an announcement in due course.
For further information please contact:
Gary Fraser, Foresight Group: 01732 471800|
No problem, please spread the word, I tend to use TMF in preference to ADVFN for VCT write ups and commentary, as it keeps everything in one place and I know that the managers and directors regularly view TMF to find out what investors think of them and to find out what investors think of their peers and rivals. The fact that it is moderated, helps too.|
|The AGM was yesterday, see report over on TMF:
|Read about this new investment in yesterday's Sunday Times, here is the bumph in a little more detail:
Apologies if I've woken anyone on this thread up................|
|I'm still here. Well, last time I looked I was.|
|No. Nobody here. And I'm off out now............|
|Anyone still here...?|
|Okay - I have it, thanks. Will reply in the next day.... (I'm a slow, sad old git as well).|
|I did reply to your email but it probably, quite reasonably, ended up in your junk folder!|
|Done. Look forward to hearing from you. I'll warn you I'm very slow at replying to emails!|
|Got it. Delete..........|
|Hm. Probably sums up too many brokers. I don't buy Unit Trusts for pretty much the same reasons, costs are too high compared to IT's, and in any case are commission driven, whereas IT's don't pay it to IFA's, so why would they recommend them.
I do my own stuff, these days - as you know - because I can. Run a couple of SIPPs with minimal costs, buy and sell online. Same with ISAs and run of the mill direct investments. What's your email address? You can post it here, wait ten minutes and then edit your post to delete it. I'll be in touch. Regards and happy hoping with FTV etc....|
|Maybe some holders are just too disenchanted to bother looking at this thread. I wouldn't blame them.
I clearly remember a discussion with a broker about the fact that the "C" shares had underperformed. "Well", he said, "at least you had the benefit of the original Foresight VCT." He went quiet when I pointed out that I only had the "C" shares!
The way I see it is that the original shares benefited from the "tech bubble" and the "C" shares "benefited" from the bursting of the bubble!
One of these says I will get on the right side of the deal.|
|That's right - where I found it. Happen we should look more often. Just happened to be really, really bored this morning.
For info, I think the total income has been 29.5p. Though I have two payments of 5p from 2004 & 2005. On reflection, they may have been 0.05p, I'd have to hunt through old records. In which case the payments would total only 20.5p. Sounds more like it in fact.............
I do occasionally wonder how many holders bother with this thread (or the old "C" one). Not many, I suspect - perhaps many are giving the daisies some upward pressure.
Original holders of Foresight VCT (as opposed to the "C" class) are closing in on £3.00 of tax free returns, plus the current share price to add to that. Nice work if we had got it, and not chosen to be mugs. C'est la vie.....|
|OK. don't worry. This mug has just spotted the news on their website. For other interested parties it's here .....
|Yes, that's right. My holding purchased Dec '99 equates to a price of £1.80. I haven't calculated the income so far but it's not enough!!!!
By the way, where did you find the article about Autologic? There was no RNS, as far as I can see.|
|To clarify that: If, like me - you bought at flotation in the year 2000, the buying price equates to £1.80. So quite some way to go, though I agree that things look nore hopeful than for many years.|
|Ditto fellow mug.....!
Though with the special payment next month I'll have received about 30% of my capital outlay 12 years ago. A few more deals like this may drive the share price north, at which point (if it ever does happen) I may just approach the company and see about selling my shares. A pipe-dream, I hear you saying, and you're probably right. Now I'll get back to my knitting.....|
|Thanks for posting that, damanko. Perhaps we are finally seeing the success we were expecting from the start. I'm not holding my breath, though!|
|Last June's Interim Report stated that £750,000 had been invested in Autologic, and it was valued then at £3,068,256. The RNS below states a return of 3.4 times original capital, so £2,550,000 should be in the company's coffers, which bodes well for dividends.
Plus the special payment of 7.5p will be paid in the next few weeks, following the earlier sale of APP-DNA. Perhaps things really are getting better for Foresight VCT. We'll see.
Foresight Group sells stake in Autologic generating 3.4 times return for investors
UK technology success, Autologic Diagnostic Holdings Ltd ('Autologic'), receives a £46m bid from ISIS Equity Partners to implement a secondary MBO
Leading SME investor Foresight Group's initial investment on behalf of Foresight VCT, Foresight 2 VCT, Foresight 3 VCT and Foresight 4 VCT generates a 3.4 times return
Foresight retains a minority shareholding and loan position in the company.
Foresight Group has sold just over 50% of its stake in Autologic to a new company funded by ISIS Equity Partners in a secondary management buyout at an enterprise value of £46m.
Foresight invested £3.75m in Autologic in February 2009, on behalf of the Foresight VCT, Foresight 2 VCT, Foresight 3 VCT and Foresight 4 VCT. The secondary buyout by ISIS Equity Partners, together with a recapitalisation of the company completed in July 2011, has returned £12.7m in aggregate to the four funds, representing a return of 3.4 times the original investment. Foresight is retaining a minority shareholding and loan position in the new company
Autologic is one of the fastest growing vehicle diagnostic services companies in the world, with a growth of 125% over the past two years. It supplies independent garages with diagnostic solutions and back-up support to enable them to service and repair leading car brands. Autologic is based in Oxfordshire, with offices in New York and Hong Kong and the management team is led by Kevin Finn and Peter Toland, along with Technical Director Ian Jones.
Donald Maclennan, Partner at Foresight Group, commented: "The Autologic team has done a terrific job in continuing to grow the business in challenging markets. We are delighted to be retaining a shareholding in this dynamic business as the management continues to develop it into the leader in its field. Autologic is typical of the growth capital investments Foresight makes in UK SMEs; an exceptional management team, profitable, high growth, a growing global market and a sustainable competitive advantage."
This transaction highlights the role that VCTs play in funding UK SMEs and in particular in providing growth capital at a time when traditional bank funding is scarce. Foresight is one of the leading investors in UK SMEs.