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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Foresight Enterprise Vct Plc | LSE:FTF | London | Ordinary Share | GB00B07YBS95 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 57.50 | 56.00 | 59.00 | 57.50 | 57.50 | 57.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Unit Inv Tr, Closed-end Mgmt | 9.9M | 6.22M | 0.0263 | 21.86 | 136.19M |
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FORESIGHT 4 VCT PLC
Summary
-- Diversified portfolio of 21 actively managed companies.
-- Net Asset Value per Share increased by 1.1p to 70.7p as at 30 September
2018. The portfolio has seen an uplift in valuation of GBP1.8 million
over the period.
-- The Company completed five new investments, totalling GBP3.5 million and
exited one investment, realising GBP1.3 million.
-- One follow-on investment of GBP0.5 million was made during the period.
-- A total of GBP29 million was raised under the offer for subscription that
closed on 18 May 2018. GBP14.7 million has been raised during the period
under the new offer which launched on 14 June 2018.
-- The Tender Offer, which launched on 16 July 2018, was fully subscribed
and 7,788,768 Shares were bought back for GBP5 million.
-- A further GBP7.3 million raised through the issue of Shares post period
end, bringing the total raised under the current offer to GBP22 million.
-- On 19 October 2018, an interim dividend of 4.0p per Share was paid based
on an ex-dividend date of 4 October 2018 and a record date 5 October
2018.
Chairman's Statement
Dividends
In line with the Board's objective on dividend payments, an interim
dividend of 4.0p per Share was declared on 16 August based on an
ex-dividend date of 4 October 2018 and a record date of 5 October 2018.
The dividend was subsequently paid on 19 October 2018.
Top-up Share Issues and Share Buy-backs
On 16 July 2018, a Tender Offer of up to GBP5 million was launched,
providing investors with an opportunity to sell their Shares back to the
Company at a discount to NAV of 7.5%. This took place on 17 September
and 7,788,768 Shares were repurchased at 64.20p per Share.
Other Share buybacks took place on 7 August 2018 (500,000 Shares at
62.50p per Share), 26 September 2018 (180,000 Shares at 62.25p per
Share) and 28 September 2018 (209,185 Shares at 62.25p per Share), all
of which have enabled the Company to achieve its target discount to NAV.
Over the next twelve months the Board will look to reduce the discount
to NAV from 10% to 7.5%.
Fundraising
The offer for subscription dated 19 May 2017, which raised GBP29 million,
closed on 18 May 2018.
The Company is currently seeking to raise up to GBP50 million (with a
GBP30m over-allotment facility) through the current offer for
subscription dated 14 June 2018, which will close on 30 April 2019. This
provides existing Shareholders and new investors
with the opportunity to invest in the Company and benefit from the tax
reliefs available to qualifying investors. As at 29 November 2018, GBP22
million had been raised. Funds raised under both of these offers have
allowed the Company to take advantage of attractive investment
opportunities and to increase portfolio diversification in line with the
ongoing strategy of the Company. The new offer will result in further
opportunities for the Company. Full details of the new offer can be
found in the Prospectus issued by the Company on 14 June 2018, which is
also available on Foresight Group's website.
Performance and Portfolio Activity
During the period, the net asset value per Share increased by 1.6% to
70.7p from 69.6p.
At the end of the period the Company held 21 investments in UK based
businesses across a wide range of sectors. The performance of the
portfolio has been steady during the period, with an increase of GBP1.8
million in value. Positive progress made by companies including Datapath,
Specac and FFX has been offset by lower valuations for CoGen and
Biofortuna, as detailed in the Manager's1 Review and the Top Ten
Investment sections of this report.
Five new investments were completed during the period under review
amounting to GBP3.5 million. Namely, Luminet Networks (a provider of
fixed wireless access across central London), Mologic (a health
diagnostics company based in Bedford), The Naked Deli (a Newcastle-based
group of 'cleaneating' restaurants), Codeplay (a software developer
specialising in Artificial Intelligence) and Accrosoft (a software
company providing Applicant Tracking Systems and communication software
for schools). One follow-on investment of GBP0.5 million was made in
molecular diagnostics business Biofortuna. 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. Following the successful fundraise launched in May 2017,
the Company is in a position to fully exploit these attractive
investment opportunities.
In the period to 30 September 2018, one realisation took place,
generating total proceeds of GBP1.3 million.
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 Foresight Group. In addition to the annual event in London,
Foresight Group has started to hold a series of regional Investor Forums
around the country. Details of regional events will be sent to
Shareholders resident in the locality as and when they are organised.
Outlook
The Board believes that the Company now has the platform from which
Foresight Group can build improving performance driving Net Asset Value
growth.
Facilitated by the liquidity provided by the issue of new shares, the
Company will be able to capitalise on the strong pipeline of attractive
investment opportunities that Foresight Group continues to see in
smaller, growth businesses across the UK.
Raymond Abbott
Chairman
30 November 2018
Manager's Review
Portfolio Summary
As at 30 September 2018 the Company's portfolio comprised 21 actively
managed investments with a total cost of GBP48.5 million and a valuation
of GBP68.6 million. The portfolio is diversified by sector, transaction
type and maturity profile.
Portfolio review
New investments and follow-on funding
It has been a busy period for investment activity, with the Company
committing a total of GBP4 million to five new investments and one
follow-on funding round since the beginning of April. Further details of
the new investments are provided below.
Luminet
The Company made a GBP600,000 development capital investment into
Luminet, an award-winning provider of commercial wireless broadband
solutions. Founded in 2005, Luminet has grown its client base to more
than 550. The new Chairman introduced by Foresight Group has been
helping to clarify Luminet's strategy and has been introducing some
potentially significant partners from his network, developed as a long
standing senior manager at BT.
Mologic
The Company invested GBP1,059,000 in Bedford-based Mologic as part of a
GBP4,000,000 growth capital investment round. Mologic provides contract
research and manufacturing services and is developing a promising
portfolio of proprietary products, including diagnostics for infectious
diseases, respiratory disease exacerbations and sepsis. Since the
investment in April, Mologic has been building its team and continuing
to work with the Bill & Melinda Gates Foundation to develop rapid
diagnostic test technology.
The Naked Deli
In May 2018, the Company completed a GBP750,000 growth capital
investment in The Naked Deli, a Newcastle-based group of 'clean eating'
restaurants offering eat-in casual dining and grab-and-go options.
Established in 2014, The Naked Deli serves a tasty range of healthy
gluten and dairy-free, vegan and paleo dishes. Since investment, the
pipeline of new potential sites has been extended and in July 2018 the
company's fourth outlet was opened, at Newcastle Airport.
Codeplay
In July the Company invested GBP300,000 in Edinburgh-based Codeplay, a
software developer specialising in Artificial Intelligence. Building on
its proven expertise in the fields of games and mobile phones, Codeplay
has developed a new technology which supports the deployment of
Artificial Intelligence applications into mass produced devices, with an
initial focus on the automotive sector and, specifically, Advanced
Driver Assistance Systems ("ADAS") and autonomous vehicles.
Accrosoft
In August, the Company invested GBP750,000 in Accrosoft, which provides
Software as a Service ("SaaS") products targeted at the recruitment and
education sectors. Based in Loughborough, Accrosoft was founded in 2008
by experienced SaaS entrepreneurs Alex Khakbiz and Mitesh Chauhan. The
business will use the investment to drive continued growth across both
sectors. Foresight Group has introduced Tim Duffy, founder of Meeting
Zone and ex-Chairman of Esendex, as Chairman to support this.
Pipeline
Foresight Group continues to see a strong pipeline of potential
investments. Opportunities are originated by a growing investment team
of 24 experienced professionals, operating from five offices in the UK.
In the year to September, over 1,400 business plans were reviewed,
allowing Foresight Group to select only the highest quality prospects
for the Company. The team's origination strategy is focused on building
relationships with advisors and professional service firms at a national
and local level, attending and organising networking events, as well as
approaching businesses directly.
Foresight Group is one of the most active private equity investors in
its preferred market, focusing on SMEs in all sectors across the UK,
seeking funding of GBP1-5 million. 2018 has been the team's busiest year
to date, completing investments across a number of funds under
management. The significant number of transactions completed each year
supports Foresight Group's reputation in the market and helps the team
deliver proprietary, off-market deals, through a proactive and
structured approach.
At 30 September 2018, the Company had cash in hand of GBP20.7 million.
This, together with proceeds from the current fundraising which closes
in April 2019, will be used to fund new and follow-on investments,
buybacks and running expenses. The Company remains well positioned to
continue pursuing the potential investment opportunities in the
pipeline.
Exits and realisations
Foresight Group continues to engage with a range of potential acquirers
of several portfolio companies, with demand for these high growth
businesses demonstrated by both private equity and trade buyers.
Thermotech
During the period, proceeds of GBP1,266,727 were generated from the
successful sale of facilities management business Thermotech, which
provides customised air conditioning and fire sprinkler systems. The
company was acquired by Servest Group, a facilities management group
headquartered in South Africa, generating a return of 2.1x Under the
Company's ownership Thermotech was able to expand its high-quality
customer base, which includes M&S, John Lewis and Selfridges, and
develop further recurring maintenance revenue streams.
Disposals in the period ended 30 September 2018
Valuation
Original Proceeds at 31 March
Cost/ Take-On on exit Gain/(loss) 2018
Company Detail Value GBP'000 GBP'000 GBP'000 GBP'000
----------- ------------ -------------- -------- ----------- ------------
Thermotech Full 2,067
Limited disposal 1,000 * ** 1,067 1,285
----------- ------------ -------------- -------- ----------- ------------
Total 1,000 2,067 1,067 1,285
------------------------- -------------- -------- ----------- ------------
*GBP800,000 of loans were repaid in 2016.
**In addition GBP53,410 of deferred consideration was received in July
2018.
Deferred consideration of GBP81,224 was also received by the Company
from the sale of ICA Limited in May 2018.
Key Portfolio Developments
The valuation of the portfolio has shown a total increase of GBP1.8
million over the period. Material changes in valuation, defined as
increasing or decreasing by GBP0.5 million or more since 31 March 2018,
are detailed below. Updates on these companies are included in the Top
Ten Investments section on pages 10 to 14 of the Interim Report, with
the exception of CoGen Limited, which has declined in valuation by
GBP1.5m.
CoGen recently completed the sale of one of its development projects but
the business still carries significant overheads and continues to
operate at a loss. The company is now delivering operations contracts at
two plants, which could help generate future improvements in cashflow.
However, further support will be required from other shareholders to
continue developing the pipeline of new opportunities.
Valuation Change
Company Basis of Valuation (GBP)
----------------------------- ---------------------------- ----------------
Discounted earnings
Datapath Group Limited multiple 1,414,418
----------------------------- ---------------------------- ----------------
Discounted earnings
FFX Group Limited multiple 774,409
----------------------------- ---------------------------- ----------------
Discounted earnings
Specac International Limited multiple 581,618
----------------------------- ---------------------------- ----------------
Biofortuna Limited Discounted revenue multiple (1,247,144)
----------------------------- ---------------------------- ----------------
CoGen Limited Discounted cashflow (1,471,636)
----------------------------- ---------------------------- ----------------
Galinette Limited, increased in value by GBP797,480 over the period due
to proceeds received on the restructuring and sale of Industrial
Efficiency II Limited.
6. Outlook
Foresight Group remains positive about the prospects of the existing
portfolio and continues to see encouraging levels of activity from
smaller UK companies seeking capital to grow and develop their
businesses. Inevitably though, the current lack of certainty around the
outcome of ongoing Brexit negotiations remains a preoccupation
throughout the UK economy.
At the time of writing, potential acquirers of portfolio companies also
continue to be active. Your investment management team remains focused
on targeting companies in markets with sound fundamentals, with
attractive growth attributes and strong management teams. Foresight
Group are working with the portfolio to plan for various Brexit
scenarios and will continue to monitor and adapt to market and
regulatory changes to ensure the Company and its portfolio is
well-placed to deliver returns to its investors.
Foresight Group CI Limited
30 November 2018
Unaudited Half-Yearly Results and Responsibility Statements
Principal Risks and uncertainties
The principal risks faced by the Company are as follows:
-- Performance;
-- Regulatory;
-- Operational; and
-- Financial.
The Board reported on the principal risks and uncertainties faced by the
Company in the Annual Report and Accounts for the year ended 31 March
2018. A detailed explanation can be found on page 23 of the Annual
Report and Accounts which is available on Foresight Group's website
www.foresightgroup.eu or by writing to Foresight Group at The Shard, 32
London Bridge Street, London, SE1 9SG.
In the view of the Board, there have been no changes to the fundamental
nature of these risks since the previous report and these principal
risks and uncertainties are equally applicable to the remaining six
months of the financial year as they were to the six months under
review.
Directors' responsibility statement
The Disclosure and Transparency Rules ('DTR') of the UK Listing
Authority require the Directors to confirm their responsibilities in
relation to the preparation and publication of the Half-Yearly Financial
Report and financial statements.
The Directors confirm to the best of their knowledge that:
1. the summarised set of financial statements has been prepared in
accordance with FRS 104;
2. the interim management report includes a fair review of the information
required by DTR 4.2.7R (indication of important events during the first
six months and description of principal risks and uncertainties for the
remaining six months of the year);
3. the summarised set of financial statements gives a true and fair view of
the assets, liabilities, financial position and profit or loss of the
Company as required by DTR 4.2.4R; and the interim management report
4. includes a fair review of the information required by DTR 4.2.8R
(disclosure of related parties' transactions and changes therein).
Going concern
The Company's business activities, together with the factors likely to
affect its future development, performance and position, are set out in
the Strategic Report of the Annual Report. The financial position of the
Company, its cash flows, liquidity position and borrowing facilities are
described in the Chairman's Statement, Strategic Report and Notes to the
Accounts of the 31 March 2018 Annual Report. In addition, the Annual
Report includes the Company's objectives, policies and processes for
managing its capital; its financial risk management objectives; details
of its financial instruments; and its exposures to credit risk and
liquidity risk.
The Company has considerable financial resources together with
investments and income generated therefrom across a variety of
industries and sectors. As a consequence, the Directors believe that the
Company is well placed to manage its business risks successfully.
The Directors have reasonable expectation that the Company has adequate
resources to continue in operational existence for the foreseeable
future. Thus they continue to adopt the going concern basis of
accounting in preparing the annual financial statements.
The Half-Yearly Financial Report has not been audited nor reviewed by
the auditors.
On behalf of the Board
Raymond Abbott
Chairman
30 November 2018
Financial Statements
Unaudited Income Statement
for the six months ended 30 September 2018
Six months ended Six months ended Year ended
30 September 2018 30 September 2017 31 March 2018
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Investment holding gains - 887 887 - 190 190 - 596 596
Realised gains on
investments - 1,201 1,201 - 738 738 - 1,059 1,059
Income 340 - 340 78 - 78 629 - 629
Investment management
fees (223) (669) (892) (160) (481) (641) (344) (1,033) (1,377)
Other expenses (348) - (348) (585) - (585) (792) - (792)
(Loss)/return on ordinary
activities before taxation (231) 1,419 1,188 (667) 447 (220) (507) 622 115
Taxation - - - - - - 96 (96) -
(Loss)/return on ordinary
activities after taxation (231) 1,419 1,188 (667) 447 (220) (411) 526 115
(Loss)/return per share (0.2)p 1.0p 0.8p (0.8)p 0.5p (0.3)p (0.4)p 0.5p 0.1p
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 period.
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
Unaudited Balance Sheet
at 30 September 2018
Registered Number: 03506579
As at As at As at
30 September 30 September 31 March
2018 2017 2018
GBP'000 GBP'000 GBP'000
Fixed assets
Investments held at fair value
through profit or loss 68,552 64,593 64,092
Current assets
Debtors 13,205 450 3,790
Money market securities and other
deposits 16,072 2,089 9,822
Cash 4,583 695 833
33,860 3,234 14,445
Creditors
Amounts falling due within one
year (770) (602) (600)
Net current assets 33,090 2,632 13,845
Net assets 101,642 67,225 77,937
Capital and reserves
Called-up share capital 1,438 968 1,121
Share premium 42,856 39,854 51,186
Capital redemption reserve 459 354 372
Profit and loss account 56,889 26,049 25.258
Equity shareholders' funds 101,642 67,225 77,937
Net asset value per share 70.7p 69.4p 69.6p
Unaudited Reconciliation of Movements in Shareholders' Funds
for the six months ended 30 September 2018
Called-up Share premium Capital redemption Profit and
share capital account reserve loss account Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
As at 1 April 2018 1,121 51,186 372 25,258 77,937
Share issues in the
period 404 28,941 - - 29,345
Expenses in relation
to share issues - (1,133) - - (1,133)
Repurchase of shares (87) - 87 (5,557) (5,557)
Expenses in relation
to tender offer - (138) - - (138)
Cancellation of share
premium - (36,000) - (36,000) -
Return for the period - - - 1,188 1,188
As at 30 September
2018 1,438 42,856 459 56,889 101,642
-------------- ------------- ------------------ ------------- -------
Unaudited Cash Flow Statement
for the six months ended 30 September 2018
Six months Six months Year
ended ended ended
31
30 September 30 September March
2018 2017 2018
GBP'000 GBP'000 GBP'000
Cash flow from operating activities
Investment income received 276 192 806
Dividends received from investments 7 8 46
Deposit and similar interest received 54 1 4
Investment management fees paid (1,016) (633) (1,315)
Secretarial fees paid (83) (81) (163)
Other cash payments (322) (640) (837)
Net cash outflow from operating activities (1,084) (1,153) (1,459)
Returns on investing activities
Purchase of unquoted investments (3,947) (674) (674)
Net proceeds on sale of investments 1,267 8,689 9,843
Net proceeds on deferred consideration 134 6 165
Net cash (outflow)/inflow from investing
activities (2,546) 8,021 9,334
Financing
Proceeds of fund raising 19,960 - 8,318
Expenses of fund raising (587) (17) (125)
Repurchase of own shares (5,739) (5,310) (6,525)
Expenses in relation to tender offer (38) - (131)
Equity dividends paid 34* (4,229) (4,229)
Movement in money market funds (6,250) (1,251) (8,984)
Proceeds of Foresight 3 VCT plc pre merger
allotments - 3,372 3,372
Cash acquired on merger with Foresight
3 VCT plc - 472 472
Net cash inflow/(outflow) from financing
activities 7,380 (6,963) (7,832)
Net increase/(decrease) in cash in the
period 3,750 (95) 43
------------ ------------- -------
*Dividends unclaimed after twelve years, returned to the Company.
Reconciliation of net cash flow to movement
in net cash
Increase/(decrease) in cash for the period 3,750 (95) 43
Net cash at start of the period 833 790 790
Net cash at end of period 4,583 695 833
Notes to the Unaudited Half-Yearly Results
for the six months ended 30 September 2018
1. The Unaudited Half-Yearly results have been prepared on the basis of
accounting policies set out in the statutory accounts of the Company for
the year ended 31 March 2018. Unquoted investments have been valued in
accordance with IPEV Valuation guidelines. Quoted investments are stated
at bid prices in accordance with IPEV Valuation guidelines and UK
Generally Accepted Accounting Practice.
2. These are not statutory accounts in accordance with S436 of the Companies
Act 2006 and the financial information for the six months ended 30
September 2018 and 30 September 2017 has been neither audited nor
formally reviewed. Statutory accounts in respect of the year ended 31
March 2018 have been audited and reported on by the Company's auditors
and delivered to the Registrar of Companies and included in the report of
the auditors which was unqualified and did not contain a statement under
S498(2) or S498(3) of the Companies Act 2006. No statutory accounts in
respect of any period after 31 March 2018 have been reported on by the
Company's auditors or delivered to the Registrar of Companies.
3. Copies of the Unaudited Half-Yearly Financial Report have been sent to
Shareholders and are available for inspection at the Registered Office of
the Company at The Shard, 32 London Bridge Street, London, SE1 9SG.
1. Net asset value per Share
The Net Asset Value per share is based on net assets at the end of the
period and on the number of Shares in issue at the date.
Net Assets Shares
GBP'000 in issue
30 September 2018 101,642 143,783,031
30 September 2017 67,225 96,846,130
31 March 2018 77,937 112,052,405
1. Return per Share
Six months Six months
ended 30 September ended 30 September Year ended
2018 2017 March 2018
GBP'000 GBP'000 GBP'000
Total return/(loss) after taxation 1,188 (220) 115
Total return/(loss) per share 0.8p (0.3)p 0.1p
Revenue loss from ordinary activities
after taxation (231) (667) (411)
Revenue (loss)/return per Ordinary
Share (note b) (0.2)p (0.8)p (0.4)p
Capital return from ordinary activities
after taxation 1,419 447 526
Capital return per Ordinary Share
(note c) 1.0p 0.5p 0.5p
Weighted average number of Ordinary
Shares in issue in the
period 135,704,832 83,536,454 94,123,649
Earnings for the period should not be taken as a guide to the results
for the full year.
1. Income
Six months Six months
ended ended Year ended
30 September 30 September 31 March
2018 2017 2018
GBP'000 GBP'000 GBP'000
Loan stock interest 278 39 544
Dividends 7 37 81
Bank interest received 4 - -
Overseas based Open Ended Investment
Companies ("OEIC's") 51 2 4
340 78 629
------------ ------------ -----------
1. Investments held at fair value through profit or loss
Company
Unquoted Total
GBP'000 GBP'000
Book cost at 1 April 2018 44,719 44,719
Investment holding gains 19,373 19,373
Valuation at 1 April 2018 64,092 64,092
Movements in the period:
Purchases at cost 3,947 3,947
Disposal proceeds (1,267) (1,267)
Realised gains * 1,067 1,067
Investment holding gains ** 713 713
Valuation at 30 September 2018 68,552 68,552
--------
Book cost at 30 September 2018 48,466 48,466
Investment holding gains 20,086 20,086
Valuation at 30 September 2018 68,552 68,552
-------- -------
* Realised gains on investments in the income statement include deferred
consideration of GBP134,000 received in the period.
** Investment holding gains in the income statement include the increase
in deferred consideration debtor of GBP174,000.
1. Transactions with Foresight Group
Foresight Group Cl Limited, which acts as investment manager to the
Company, earned fees of GBP892,000 during the period (30 September 2017:
GBP641,000; 31 March 2018: GBP1,377,000).
Foresight Group LLP, which acts as company secretary to the Company,
earned fees of GBP83,000 during the period (30 September 2017:
GBP81,000; 31 March 2018: GBP166,000).
The company secretary changed to Foresight Group LLP from Foresight Fund
Managers Limited in November 2017.
At the balance sheet date there was GBP470,000 due to Foresight Group Cl
Limited (30 September 2017: GBP11,000 due to Foresight Group Cl Limited;
31 March 2018: GBP163,000 due to Foresight Group Cl Limited) and
GBP41,000 due to Foresight Group LLP (30 September 2017: GBPnil; 31
March 2018: GBPnil). No amounts have been written off in the period in
respect of debts due to or from related parties.
1. Post balance sheet events
Post the period end there was an allotment of 4,846,700 Shares on 4
October 2018 with a further 1,918,335 Shares being allotted on 26
October 2018.
END
(END) Dow Jones Newswires
November 30, 2018 07:37 ET (12:37 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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