Foresight Vct Share Discussion Threads

[damanko] 01/9/2010 08:47

This comment on the proposed "Merger" from Citywire:

Investors in the Keydata Income VCTs 1 and 2 will initially receive shares in Foresight VCT worth less than their original holdings under the terms of the merger between the three funds.

The boards of the three VCTs have agreed terms for the merger that will see Keydata investors receiving shares in Foresight based only on the physical valuation of the funds' renewable energy assets, mainly equipment held in storage and cash.

'As a consequence of the exclusion of the future operational value of these assets, this physical valuation will be significantly lower than the last announced net asset value (NAV) of the shares of the Keydata VCTs,' read a statement issued by the VCTs.

However, investors will be entitled to a deferred consideration in three years' time that could take account of the future value of the assets produced when they are generating electricity.

'It is anticipated that, if the plant is operationally successful, the value of the deferred consideration will compensate Keydata shareholders for the difference between the physical valuation of the assets at the time of merger and the NAV of their shares in Keydata VCTs at the time (minus costs).'

Asset manager Foresight Group has secured £3 million to fund the development of the Keydata VCT assets.

The boards of the Keydata VCTs 1 and 2 announced in May that they were to merge with the Foresight VCT.

The Keydata VCTs are separate legal entities to Keydata Investment Services and so were not hit by its administration last year.

[damanko] 01/9/2010 08:45

The guts of today's RNS:

Foresight VCT plc

Merger Update

The Boards of Foresight VCT plc and Keydata Income VCT 1 plc and Keydata Income VCT 2 plc (together "the Companies") today announce that, following the merger talks announcement on 19 May 2010, terms for the merger of the Companies have been agreed between their respective Boards.

The merger requires the approval of the Companies' shareholders and HMRC and would be effected pursuant to a scheme of reconstruction under s.110 of the Insolvency Act 1986 whereby the assets and liabilities of Keydata Income VCT 1 plc and Keydata Income VCT 2 plc (the Keydata VCTs) would be transferred to Foresight VCT plc in consideration for the issue of Foresight VCT plc ordinary shares directly to the shareholders of the Keydata VCTs. A merger effected on this basis would be outside the City Code on Takeovers and Mergers.

For the purposes of the merger the underlying value of the assets owned by the Keydata VCTs is considered to be made up of two component parts: the physical valuation of the assets (mainly engines and gasification equipment in storage and cash at bank) and the future operational value of the assets once they are generating electricity and potentially inputting to the National Grid.

In recognition of both the current physical valuation and future operational value of these assets, it is proposed that the proceeds of the merger for the Keydata VCTs' shareholders should be satisfied in two tranches:

Initially, on the date of the merger, ordinary shares in Foresight VCT plc will be issued to Keydata VCT shareholders based on a physical valuation of the Keydata VCTs assets at that time; and

Further entitlement to additional ordinary shares in Foresight VCT plc shares will be granted as deferred consideration to Keydata VCTs' shareholders. This deferred consideration will be issued after 30 September 2013 giving sufficient time for the plant to be built and the assets to achieve necessary performance milestones, on which the deferred consideration payment is dependant.

The Board of Foresight VCT believe that the above structure recognises the execution risks that Foresight VCT plc will be assuming as a consequence of the proposed merger and the current and potential value of the assets of the Keydata VCTs.

Foresight Group, the Companies' investment manager, has secured commitments from Foresight VCT plc and other funds managed by Foresight Group to invest a further £3 million in the project which reflects their confidence that a successful outcome can be achieved.

The Companies expect to convene general meetings to vote on the proposals during October 2010 and full details of the terms of the proposed merger will be published in the coming weeks.



John Gregory
Chairman
Telephone: [phone]
Email: [e-mail]
1 September 2010

Any Keydata shareholders out there care to comment? I'm not familiar with the plant mentioned, nor the possible revenue stream to come from National Grid, presumably when gas/electricity is sold back to the utility. Will do some digging.......

[damanko] 18/5/2010 11:56

Any holders of FTV still active and alive? If so, the above RNS merits interest. I confess to having no knowledge of Keydata's 2 VCT's, but will do some research and post soon. Any Keydata shareholders out there, please give us your thoughts.

[damanko] 16/5/2008 12:41

Glyn, I'll hunt it out over the weekend and email it to you. Will be up to date bid price wise, however the 5p dividend will have been paid out of the reserves.

Still a reasonably interesting mix of unquoted in the portfolio.

Regards

[glyn celyn] 16/5/2008 12:24

damanko
If you're out there still your holdings spread sheet would be much appreciated
Many thanks
Glyn

[damanko] 04/3/2008 19:34

tim,

the whacky thing is that a week/ten days ago one could have bought FTV at 43p, received a 5p dividend this week, then just hung on until the ex-dividend price (as well as the uplift in NAV which will come, you only have to look at the figures) - sorts itself out. As it will.

Although I have been a holder for 8 years, I am not a huge fan of the management. However, looking at the figures (which you now have...), it seems pretty obvious.

Either I am missing something, or it is as I write. I'll get back in, say, 3 or 4 months (an absolute second in the life of a VCT...), and we'll see how this has panned out.

[timbo003] 25/2/2008 07:24

V

Many thanks for the spreadsheet, the (almost) absence of any loan stock surprised me and it is in complete contrast to most other VCT portfolios, I guess this is because it it is tech orientated and therefore the portfolio companies do not always have earnings in order to pay interest on loan stock.

The link to the Motley Fool bulletin board is below, see you over there maybe

[damanko] 24/2/2008 21:53

Okay, Sunday night, no excuses, I've emailed the spreadsheet, let me know if there is a problem. Have used bid prices at close of play Friday 22nd February 2008, for the 9 quoted companies in the FTV portfolio.
Regards

[damanko] 24/2/2008 21:12

I'll update the spreadsheet with bid prices for the quoted shares & email you it within the next day or so. Pls paste TMF VCT links if possible.
Thanks...

[timbo003] 24/2/2008 20:43

Hi Damanko

Thanks for that useful info, my e-mail is:

[e-mail]

Any info gratefully received

I have my fair share of VCT disasters (for example Quester 5), but also quite a few good 'uns (for example Baronsmead2, 3 and 4).

I currently hold around around 400K VCT shares, original subscription price £1, although I've purchased around 20% of them in the secondary market (at lower prices), including Foresight, needless to say.

Do you frequent the Motley fool? there is quite an active BB on VCTs over there if you are interested.

[damanko] 24/2/2008 19:50

Hello Tim, I wish I only owned 15,000 shares in Foresight, it would have saved me a good deal of money (I bought on flotation of the "C" shares nearly 9 years ago, at £1.00 per share....).

In any case, that is my problem. I see Oxonica was up another 6p or so on Friday, an immediate uplift of £5000,000 or thereabouts to the Foresight NAV.

In perspective:

1p on the Oxonica price = £77,343 to FTV NAV
1p on the Smartfocus price = £146,291....
1p on the Sarantel price = £127,131.....


As you are now a (fellow) shareholder, if you give me an email address, I'll send you a spreadsheet detailing FTV's holdings, both quoted & unquoted. This is something you won't get from either the FTV website or annual report, as they have stopped citing the actual number of shares they hold in investee companies.

Regards
damanko

[timbo003] 20/2/2008 15:44

NAV now updated (20/02/08) on the Foresight web site.

NAV now 67.6p, offer price 42.5p, that's a huge 37% discount. They go ex-divi at the end of the month with a 5p (tax free) divi to come in March.

[timbo003] 20/2/2008 10:41

I topped up today, now hold 15K shares (all secondhand and purchased this year), still no update on NAV on the Foresight web site (to take into account rises in Oxonica and Sarantel ealier this week)

[damanko] 19/2/2008 07:25

Anyone left on here? Excellent news from Oxonica 18th February, followed by Sarantel this morning, 19th Feb. Should see a decent uplift in the share price, once the NAV calculations have been announced.

[damanko] 02/5/2007 18:32

5p down today, and there could be a lot further to fall......... by my last reckoning Oxonica represented about 23% of Foresight's NAV. Funny, got in the other day from North Africa - with an offering from our esteemed chairman to subscribe in yet another VCT, using Oxonica as an example of what they would invest (and have done...) in. Ho hum. What a bumch. Think I'll just forget them for another 7 years.

[damanko] 27/1/2007 15:02

These 3 companies in particular look promising, particularly Aquasium, which has been around for over a decade, and has bought what appears to have been an underperforming electron beam outfit from Smiths Industries some time back. Check out the websites from the links above, all 3 come across as professional & decently run. I've highlighted these 3 also - as in the latest accounts they are showing increased valuations from the initial investment sums. All the windows open here - I swear, the climate is the only thing I'll miss about this place one day. Well, okay, and the salary - a little. And ....... the holidays, a lot. 6 weeks on, 4 week off. On full pay. Where did it all go wrong..................................?

[damanko] 27/1/2007 10:30

Morning EG. Sorry (you know what is coming here............) - blue sky as far as the eye can see, tee shirt jobbie. Nice little dividend cheque popped into my account yesterday morning, another 50 like that and it will all seem worthwhile. When you get time let me know about the incentive stuff you mentioned. No good griping any more about the ordinary holders, they've done very well, and may do even better in the future - we have to hope so. Looking at the enlarged/combined portfolio, excluding Oxonica, there are half a dozen possibles that may yet bail us out. ANT & SARANTEL may also get a re-rating, after the disasterous early post flotation period. Hope all the naive management have gone - been pushed, and hard nosed types are now on the board, with the required experience. Enough.......... after their slaughtering of Tamworth, expect the Canaries to rattle those Blackpool folk this afternoon.

[elianasgrandpa] 27/1/2007 09:15

Hi Damanko,

You always make me dead jealous with your sunny weather reports!!!

I guess that I have to change my Favourite to this page from now on to keep in touch.

At least it's a bit shorter to scroll down and, hopefully, we'll get some involvement from Ordinary shareholders from now on.

It may be cold here this morning, but at least the sun is shining. FA Cup this afternoon - come on you Spurs!

Elianasgrandpa

[damanko] 19/1/2007 18:12

Welcome any FTV holders still around. As a holder in FTVC, have to say that you've had the better of the consolidation. Think I'm correct in saying FTV has 11 unquoteds, plus shares in 4 companies listed on AIM: Sarantel, Telecom plus, Clarity Commerce and Yoomedia. By my reckoning, the ordinaries have returned £2.50 or so per share, the "C"'s just 10.5p. Anyway, we all have to hope that something good will come out of the combined holdings.

[linhur] 13/9/2004 19:34

Nice move for Yoomedia today.I think Foresight still have a holding - nearly 15%

[rescuer] 09/6/2004 08:20

cheers Malay37,

regs

rescuer

[malay37] 09/6/2004 08:03

I think that that is the record date and the registrars are interested in that date, because it gives them some time to collate there information. From what I gather and reading up on it there are always to dates, the xd date and the record date. On 3/6/04 the announcement of the special dividend states that it goes ex div on the 9/6/04.

dyor

[rescuer] 09/6/2004 07:47

there's no XD flag on it, FWIW, the RNS does say

"a special
dividend of 52p per Ordinary Share is expected to be paid on 5 July 2004 to
Ordinary Shareholders on the register on 11 June 2004."

dont hold, just interested

[malay37] 09/6/2004 07:39

No just checked with Barclays and it is ex div today so you would not be entitled to the dividend.