Foresight Vct Share Discussion Threads

[joekoe] 20/1/2004 21:21

No news about the ACG IPO as far as I can see. I found a somewhat out of date link that meationed a placement in Q4 2003 - see . Anyone have good contacts at Teather & Greenwood to find out whats up? Apart from that Yoo seem to be heading up again. But FTV is completely frozen. Weird. Any goss/news would be much appreciated.

[urpo] 18/12/2003 13:36

Similarly speechless.

Unfortunately - I don't think they can change the price of the open offer without withdrawing it and restarting which would cost a bundle in legal fees. Simpler just to close it and work with the money they've got.

What I actually expect to happen though, is for some institution who doesn't care about VCT benefits to do a deal quickly and take the whole block or for it to just be pulled. In the past the managers did defend the 'A' shareholders' interests when the 'C' fund was launched and there was significant value already in the portfolio - so I'm not overly concerned I just want it out of the way.

I'd guess that if the MM's start to feel that it can be pulled the price will lurch upward quickly.

I ended up buying 10k more the other day after watching the latest leg up on Yoo have no effect on the price.

Have to say I'm delighted to benefit from their exuberance, but I wouldn't want a direct exposure. Having institutional negotiating power is much more reassuring.

[rivaldo] 18/12/2003 13:14

Hi urpo. It's not really an overhang IMO, since the shares haven't actually been issued. Can't remember the closing date, but the offer will no doubt stay open for months yet - and in the meantime, if the NAV rises, then the price of the open offer shares rises accordingly.

As punters we'll always be the last to know about the ACG float. So close to Xmas, I suspect it'll now be early next year if it happens.

The price has gone up 5p today - though YOO is up by the equivalent of 6p-7p in the last couple of days alone. The 18m shares in YOO alone are now worth around over £10m. I couldn't believe it when YOO went to 30p - now I'm speechless!! But it's great for FTV.

[urpo] 18/12/2003 09:42

Finally worked it out. The open offer is still just that. i.e. open.

So there is an overhang of 400k shares around which are not shifting because you have to buy 3 C shares at the same time and though their portfolio is interesting it doesn't have Yoo or ACG in it.

I wish people wanting to use their VCT allowances for this year would get their fingers out.

[urpo] 17/12/2003 15:44

Ok - I know that if they wanted to realise any of their investment in Yoo then that would be difficult and might well drop the price significantly, but still only up 5p on a mid-market basis with Yoo up 15p seems a bit of a lag! On a Nav basis every penny up in Yoo should equate to about 1.5p for FTV.

Go figure.

More seriously - has anyone seen any recent news on the ACG float? Other than the initial report and the FT article above I can't find any news or any indication of when that is likely.

[rivaldo] 20/11/2003 12:44

Don't say I didn't warn you...(still a way away, so I suppose it's possible it might not happen):



"COMPANIES UK: ACG plans float with £50m value
By Sharlene Goff
Financial Times; Nov 20, 2003

Advanced Composites Group, which makes carbon fibre parts and materials used in structures from wind turbines to Formula One racing cars, intends to float on the main market of the London Stock Exchange within the next two months.

The group hopes to raise about £5m in new cash and is expected to have an initial market value of about £50m.

Alan Moore, chief executive, said he was confident of delivering continued growth to shareholders.

"I believe we can easily double turnover in the next four years," he said. "These markets are huge markets so a small percentage of them would enable enormous growth."

ACG has traditionally supplied the motorsport industry but it wants to diversify as carbon fibre is used for an increasing range of applications.

Mr Moore said that the group would use the flotation proceeds to expand its presence in the wind energy market.

It intends to use $3m (£1.7m) to purchase plants and equipment in the US and the remainder of the proceeds to fund a 45,000 sq ft manufacturing plant in the UK.

Carbon fibre made by ACG was used in the structure of the Mars Beagle Lander, the spacecraft which is due to land on the red planet on Christmas day.

Mr Moore said ACG hoped its product would also be used in civilian aerospace structures within the next five years.

In the year to August 31 2003, the group generated pre-tax profit of £3.75m on sales of £34.7m."

[rivaldo] 18/11/2003 11:18

Ta cfol. FTV now have 18.41m shares in YOO, or 16.3%.

So the most recent published NAV was 151.36p. With around 13m shares in issue, the 3.75m YOO shares are worth an extra £750,000 or so on NAV, or, say, just over 5p, taking NAV to around 157p. Add in potential uplift from an ACG float and NAV should be well over £2, compared to the current mid-price of 137p.

The discount from my original post is no longer there, but ACG look a strong company - if the float is announced I'll be attempting to top up.

[jmillskeel] 18/11/2003 08:03

good news.

[cfol] 18/11/2003 07:55

Yoomedia Loan Stock conversion through...

[cfol] 18/11/2003 07:53

Yoomedia Loan Stock conversion has gone through...

[rivaldo] 17/11/2003 18:56

I suppose I ought to update the first post.

Anyway, today's RNS stated that FTV's NAV was 151.36p, compared to a share price of around 130p. That's of course without any uplift from ACG if and when it floats.

And some director buying also announced (how on earth did he get them at this price?!):

"The Company announces that on 17 November 2003 R W Blears, a director of the
Company, purchased 12,951 Ordinary Shares at a price of 118p per Ordinary Share.

Following this purchase R W Blears is interested in 37,627 Ordinary Shares
representing 0.28 per cent. of the Ordinary Shares that are in issue."

Would it therefore be a reasonable conclusion that an ACG float might therefore be on the cards pre-Xmas?

[rhiannon] 17/10/2003 15:37

Nice SAFE way into the likes of YOO without the daytraders giving you sleepless nights. wdik

[jmillskeel] 14/10/2003 11:06

i know its old.RNS Number:5919Q
Foresight Technology VCT PLC
06 October 2003


Foresight Technology VCT plc

Net Asset Value

Under the terms of the Offer for Subscription announced on 22 September 2003 the
Board announced that the unaudited Ordinary Share and "C" Share net asset values
would be published as soon as possible following a month end or more frequently
if in the Directors' opinion there was a significant movement in the net asset
value of each fund.

On 23 September the Board announced a new unaudited net asset value of 158.99p
per Ordinary Share as it had significantly increased compared to 142.37p per
Ordinary Share as at 12 noon 18 September 2003.

The Board today announces that the unaudited net asset value per Ordinary Share
as at 30 September 2003 has moved significantly and the new unaudited net asset
value is 146.18p per Ordinary Share.

The 30 September 2003 month end unaudited net asset values, based on management
accounts for the Ordinary Shares fund and "C" Shares fund, are expected to be
announced on 20 October 2003.



This information is provided by RNS
.

[cfol] 01/10/2003 10:27

Thanks Linhur.

[linhur] 29/9/2003 18:23

cfol

The offer was dated 22 September so if you bought on 19 September you should be entitled to "the existing shareholder preference" which is to get your order in by 13 October.The offer is then open to all and sundry on first come first served basis.The minimum subscription is £2500.I suggest you ring Matrix Securities who are handling the offer on 020 7292 0825.

I shall not be taking up the offer as I have a wodge of C shares. The C portfolio has performed extremely poorly with no obvious winners at this stage.I hope I can get out of C shares before they amalgamate in 2007 with the O portfolio which has several winners.

The NAV is only altered om a 6 monthly basis.

regards
linhur

[cfol2] 28/9/2003 17:42

Only been a holder since 19 Sept..! Anyone know off hand whether this offer will be available to me?

Also - for the duration of the offer, will the price be changing on a weekly basis to correspond with the NAV..? Seems like It would be wiser to buy a chunk from the broker now... if we would have to pay a price corresponding to the Nav... or is their something i'm missing? Probably.. sorry for all the questions, hopefully someone can help.

Regards

cfol

[cfol2] 24/9/2003 19:50

Only been a holder since 19 Sept..! Anyone know off hand whether this offer will be available to me?

Also - for the duration of the offer, will the price be changing on a weekly basis to correspond with the NAV..? Seems like It would be wiser to buy a chunk from the broker now... if we would have to pay a price corresponding to the Nav... or is their something i'm missing? Probably.. sorry for all the questions, hopefully someone can help.

Regards

cfol

[damanko] 24/9/2003 18:56

Haven't rec't the offer yet, I hold "C" shares only, bought at flotation in 2000, what are the implications for me, any idea? Thanks
DKO

[rivaldo] 24/9/2003 17:20

Hi jm,

Re the share offer, dunno yet. I'd have preferred if it was just the ords rather than the C shares as well, but will have to have a closer look at what's in the C shares fund.

The killer for me would be if there was further ACG float news prior to the fundraising close date - this would make it a no-brainer. Let's keep an eye on this (and on YOO - if that reaches 100p it might make a difference too!).

[jmillskeel] 24/9/2003 16:40

here you go,

Foresight Technology VCT PLC
22 September 2003

Foresight Technology VCT plc

Offer for Subscription of up to 1,101,646 new Ordinary Shares together with
3,304,938 new 'C' Ordinary Shares being offered in packages consisting of one
new Ordinary Share and three new 'C' Shares ('New Shares').

The Company announces that it is posting to shareholders details of an offer for
subscription. The New Shares being offered are in packages consisting of 1 new
Ordinary Share together with 3 new 'C' Shares. The price at which each package
is being offered is calculated by reference to the last published unaudited net
asset values of each Ordinary Share and 'C' Share plus 5.5 per cent. to cover
the issue costs. The net asset value of each Ordinary Share and 'C' Share on 18
September 2003 was 142.37p and 68.77p respectively making the subscription cost
of each package £368.97. Based on these net asset values the Company will raise,
upon full subscription, approximately £3.8llion, net of expenses.

The Board believes that raising additional capital should enable Foresight to:

• take advantage of the encouraging investment opportunities currently
under review and should provide shareholders with a greater spread of
risk from a larger and more diverse portfolio of technology investments
in each fund;

• spread administrative costs across a larger capital base; and

• make second round 'follow on' investments in existing portfolio
companies when attractive investment opportunities arise.


Current Trading and Prospects

The Directors continue to be pleased with the overall progress made by the
investments in the Ordinary Shares fund and in particular with investments in
Telecom Plus plc and in Advanced Composites Group Limited. On 8 July 40% of the
Company's holding in Telecom Plus Plc sold, realising a profit of £900,000 above
the average cost of those shares. Advanced Composites Group Limited is currently
considering exit opportunities including a flotation. In addition there has been
an increase in the share price of YooMedia Plc.

The companies in the 'C' Shares fund have been held for a shorter time than
those in the Ordinary Shares fund. Whilst there have not yet been any
realisations from this fund, Broadreach Networks Limited, Oxonica Limited and
themutual.net Plc are all making good progress.

As a result of the new BVCA guidelines, the most significant effect of which is
an uplift in the value of Advanced Composites Group Limited, the net asset value
of the Ordinary Shares has increased significantly from the 30 June 2003
valuation.

Save as above, there have been no significant changes to the Company's trading
or financial position since 30 June 2003.


Terms of the Offer

Investors are invited to subscribe a lump sum amount for packages of New Shares.
On the basis of the net asset values as at 18 September 2003, the net amount to
be raised, assuming full subscription, would be approximately £3.8 million. Net
asset values will be published as soon as possible following a month end or more
frequently if, in the Directors' opinion, there is a significant movement in the
net asset value of each fund. Allotments of New Shares will be made on a weekly
basis other than at the beginning of the month when allotments will be made as
soon as the month end net asset value is available.

Shareholders will be given prority under the Offer and will have until 13
October to submit their application forms. After this date New Shares are being
offered on a wider basis. Applications will be treated on a first come, first
served basis subject to a minimum subscription amount of £2,500.

The capital raised by the issue of new Ordinary Shares will be pooled with
existing Ordinary Shares fund and the capital raised by the issue of new 'C'
Shares will be pooled with existing 'C' Shares fund. The new Ordinary Shares and
the new 'C' Shares will rank pari passu with the existing Ordinary Shares and 'C
' Shares respectively, except that the new Ordinary Shares will not rank for the
Ordinary Share special dividend and the new 'C' Shares will not rank for the
interim 'C' Share dividend both announced on 28 August 2003.

The Offer will remain open until 30 April 2004, unless fully subscribed at an
earlier date. Application will be made for the New Shares to be listed on the
London Stock Exchange.



This information is provided by RNS
The company news service from the London Stock Exchange

[cfol] 24/9/2003 16:37

Hi,

New to FTV - have to hold my hands up and ask the question - what share offer?

cfol

[jmillskeel] 24/9/2003 16:11

rivaldo, are you going to take up the offer ??

[rivaldo] 24/9/2003 16:06

Nice indeed!!

Trying to keep up with NAV is a difficult task!

If NAV was £1.42 at 18th September (when YOO was about 28p), since YOO is now 38p that's an extra £1.8m on NAV, or around 15p. Plus TEP is continuing to rise. So NAV must be around £1.60 by now - I s'pose today's 10p rise takes FTV to less of a discount to NAV.

If this carries on the share offer will look more and more attractive. Waiting for documentation to arrive.

[cfol] 24/9/2003 15:12

Just seen it..!