TIDMFTF
FORESIGHT 4 VCT PLC
Financial Highlights
-- Total net assets GBP111.9 million.
-- Net asset value per share increased by 3.2% in the period from 55.8p
at 31 March 2020 to 57.6p. Including the payment of a 2.8p dividend made
on 28 August 2020, NAV total return per share at 30 September 2020 was
60.4p, representing a positive total return of 8.2% in the period.
-- An interim dividend of 2.8p per share was paid on 28 August 2020,
costing GBP5.4 million.
-- 1.1 million ordinary shares were issued as part of the Dividend
Reinvestment Scheme on 28 August 2020.
-- The portfolio has seen an uplift in valuation of GBP10.0 million in
the last six months.
Chairman's Statement
I am pleased to present the un-audited Half-Yearly Report for Foresight
4 VCT plc for the period ended 30 September 2020.
Material events during the period
Before providing other details, I would like to draw attention to a
material event that occurred during the period being the continuing
impact of Covid-19 on the Company and its portfolio.
The Covid-19 virus has presented the Company and the management of every
one of its portfolio companies with unprecedented challenges which it is
anticipated will persist for a considerable time to come. The Manager
has been working closely with the portfolio companies, in order to try
to minimise any adverse impact of this virus, and it is a great credit
to the quality of the management of the portfolio companies, that the
fallout from the pandemic has not been even more significant. Until this
virus is brought under worldwide control, it is impossible to assess its
full impact. However, it is already clear that the value of every
business in the Company's portfolio has been materially affected, a
minority have benefitted but most have not.
At the end of last year the Company held eight investments, representing
some 16% by value of its investment portfolio, in businesses involved in
the travel, retail, entertainment and food and drink sectors. To date
these sectors are amongst those most hard hit by the provisions of the
lockdown imposed by the UK Government in response to the Covid-19 virus.
I am pleased to report that since the easing of the initial lockdown
provisions all the Company's investments in these sectors are continuing
to trade and, with one possible exception, they are already pursuing
revised business strategies which hold the potential for a return to
commercial viability in the short to medium term. It will, however, be
some time before the value of most of these businesses is again at or
above their pre-Covid levels.
The overall impact of the Covid virus could be seen in the material fall
in the valuation of the Company's portfolio at 31 March 2020. On a
positive note, I can say that since the year end date the trading
position of many of these businesses has improved resulting in a modest
increase in portfolio value in the period to 30 September 2020. On
behalf of the Board I would like to thank the Manager for the
considerable work it has done and is continuing to do alongside the
management teams at each and every one of the companies within the
portfolio.
Performance and portfolio activity
During the period Net Asset Value per share increased by 3.2% from 55.8p
at 31 March 2020 to 57.6p at 30 September 2020. Including the payment of
a 2.8p dividend made on 28 August 2020, NAV total return per share at 30
September 2020 was 60.4p, representing a positive total return of 8.2%
during the same six month period.
During the period under review the Manager made no new investments, as
it focused on supporting the current portfolio during the ongoing
Covid-19 Coronavirus outbreak.
Foresight Group LLP, the Company's investment manager, continues to see
a pipeline of potential investments sourced through its regional
networks and well-developed relationships with advisors and the SME
community, however, it is also focused on supporting the existing
portfolio through the Covid-19 pandemic. Following both the successful
fundraises launched in May 2017 and June 2018, the Company is in a
position to fully support the portfolio, where appropriate, and exploit
potential attractive investment opportunities.
Dividends
An interim dividend of 2.8p per Share was declared on 6 August 2020
based on an ex-dividend date of 13 August 2020 and a record date of 14
August 2020. The dividend was paid on 28 August 2020.
As noted in the Annual Report and Accounts and in light of the change in
portfolio towards earlier stage, higher risk companies, as required by
the new VCT rules, the Board felt it prudent to adjust the dividend
policy towards a targeted annual dividend yield of 5% of NAV per annum.
The Board and the Manager hope that this may be enhanced by additional
'special' dividends as and when particularly successful portfolio exits
are made. The impact of Covid-19 will be taken into consideration when
the Board considers dividends in the near term.
Shareholder communication
As a result of the travel restrictions imposed due to Covid-19, the
Manager's popular investor forums have been temporarily put on hold.
Once it is possible to do so, details of both a London event and
regional events will be sent to shareholders resident in the locality as
and when they are organised. The Manager held an investor webinar on 25
August 2020, details of which had been previously communicated to
investors. It is the intention of the Manager to continue to hold
investor webinars whilst the investor forums are on hold and details of
any future events will be communicated to investors.
Board composition
The Board continues to review its own performance and undertakes
succession planning to maintain an appropriate level of independence,
experience, diversity and skills in order to be in a position to
discharge all its responsibilities. As noted in the Annual Report and
Accounts the Board and Nomination Committee were seeking to appoint a
new non-executive director. The Board are delighted to announce that
Gaynor Coley was appointed to the Board on 10 September 2020 and as
Chair of the Audit Committee on 19 November 2020.
Outlook
The persisting uncertainty over the full impact of Covid-19 and the
negotiations in relation to Brexit create truly exceptional challenges
for every business. The Company invests primarily in developing
companies which by their nature benefit from general economic growth and
the current environment places considerable demands upon them and their
management teams. The Manager's private equity team is well aware of the
management and business needs of each of the companies within the
investment portfolio and is working closely with them to help them
progress during these testing times.
Until the pandemic is brought under worldwide control there will
inevitably be further, mainly unhelpful, implications for many UK based
businesses. Notwithstanding this, the Board and the Manager have been
impressed by the resilience shown by the significant majority of the
Company's investments and are optimistic that the existing portfolio has
potential to add value once the virus has been successfully contained.
Raymond Abbott
Chairman
4 December 2020
Manager's Review
Portfolio Summary
As at 30 September 2020 the Company's portfolio comprised 34 investments
with a total cost of GBP52.5 million and a valuation of GBP76.2 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 pages 10 to 14 of the
Half Yearly Report.
The investment team remain focused on supporting an annual dividend to
shareholders of at least 5% of the NAV per share whilst retaining a
stable NAV. The Company is currently on target as whilst dividends have
remained at 5%, NAV per share has also increased by 3.2% in the period.
During the period, the value of unquoted investments increased overall
by GBP10.0 million as the portfolio began to recover following the steep
decline experienced in the quarter to March as the country entered the
first peak of Covid-19. Whilst the recovery has been mixed across the
portfolio depending on sector, in aggregate the recovery is reflective
of the portfolio's ability to successfully navigate the impacts of
Covid-19 and the general uptick in economic activity following the
reopening of businesses over the summer. Since the end of September, the
country has had to face a second lockdown, which will bring further
volatility to trading. Nevertheless, the portfolio is well prepared to
weather this period of uncertainty with strong foundations laid during
the first lockdown.
NEW INVESTMENTS
Given the challenges of completing transactions during lockdown and the
broader uncertainty during the period, no new investments were made in
the six months to September. Smaller companies remained focused largely
on survival rather than strategic growth. In addition, the investment
team were primarily focused on managing and supporting the existing
portfolio through these unprecedented times. Where possible, portfolio
companies are trying to maximise any commercial opportunities arising
from Covid-19, with some thriving in the current climate.
FOLLOW-ON INVESTMENTS
With very active portfolio management and use of the various forms of
Government support, such as the furlough scheme and the Coronavirus
Business Interruption Loan Scheme, there have been no follow-on
investments during the six months to 30 September 2020. However, as
these schemes unwind and the economic climate remains depressed due to
further lockdowns, the Company anticipates multiple requirements for
follow-on investment in the coming months. In addition, the Company
will seek to make strategic follow-on investments into businesses to
support new growth plans or opportunities that have stemmed from the new
economic landscape.
EXITS AND REALISATIONS
Whilst the M&A climate has been challenging in the period, with most
trade acquirers focused on survival and private equity investors focused
on their existing portfolios or on distressed acquisitions, the
Investment Manager is seeing acquisition interest returning,
particularly in the healthcare, technology and E-commerce sectors.
PIPELINE
At 30 September 2020, the Company had cash in hand of GBP34.9 million,
which will be used to fund new and follow-on investments, dividends,
buybacks and running expenses. Foresight Group is seeing a recovery in
the pipeline of potential investments and has a number of opportunities
under exclusivity or in due diligence. The Company remains well
positioned to continue pursuing these potential investment
opportunities.
The onset of Covid-19 and the resulting economic downturn has resulted
in lower new investment activity across the market in the first three
quarters of 2020. As the economy recovers from the worst effects of the
virus, we expect company valuations to be attractive and demand for
funding to increase, driving some particularly interesting opportunities
for investment.
KEY PORTFOLIO DEVELOPMENTS
Overall, the value of unquoted investments held increased by GBP10.0
million to GBP76.2 million in the period, driven by an increase in the
value of existing investments. A disciplined approach to investment
valuations has been maintained in light of Covid-19. In the quarter to
March, the onset of the Covid-19 pandemic drove significant economic
uncertainty and the portfolio saw a substantial decrease in value of
GBP20.6 million. In the quarter to June, as the portfolio adapted to the
new economic climate, and started adapting their business models fair
values saw a slight recovery in aggregate, increasing by GBP3.3 million.
This upwards trend has continued, with valuations rebounding a further
GBP6.7 million in the quarter to September. Material changes in
valuation, defined as increasing or decreasing by GBP1.0 million or more
since 31 March 2020, are detailed below. Updates on these companies are
included below, or in the Top Ten Investments section on pages 10 to 14
of the Half Yearly Report.
KEY VALUATION CHANGES IN THE PERIOD
Company Valuation (GBP) Valuation Change (GBP)
----------------------------- --------------- ----------------------
Biofortuna Limited 5,163,636 4,165,696
----------------------------- --------------- ----------------------
Procam Television Holdings
Limited 2,179,243 2,179,243
----------------------------- --------------- ----------------------
FFX Group Limited 5,057,127 1,758,346
----------------------------- --------------- ----------------------
Hospital Services Group
Limited 3,089,081 1,531,512
----------------------------- --------------- ----------------------
Specac International Limited 7,011,068 1,232,162
----------------------------- --------------- ----------------------
PROCAM
Procam is a broadcast hire company, supplying equipment and crew for
location TV and film production and also has a division (True Lens
Services) focused on the manufacture and maintenance of camera lenses.
During Covid-19, Procam's rental business had to largely close due to
the halting of television and film production. Conversely, its True Lens
Services division continued to trade positively, back to pre-Covid-19
levels. As challenging trading conditions continued, Procam required a
formal restructuring and the Company supported a sale of the trade and
assets of Procam's rental division and spun out its True Lens Service
division into a separate company, supporting a substantial recovery in
value.
OUTLOOK
In light of rapidly evolving Government guidance, we now face a second
countrywide lockdown. Most businesses had fully reopened by September,
with the Manager supporting its portfolio through a transition to the
'new normal', working closely with them to implement safe working
environments and resilient business models. It is now crucial that we
act quickly and administer the same tools as the first lockdown to
support our portfolio companies. We will increase our dialogue with
management teams to closely monitor ongoing performance and cash levels.
We have also been working with companies to revise business plans and
budgets to manage creditor stretch and debt build-up, and to prepare
them for an eventual reduction of Government support. We are ensuring
that finance directors at the portfolio companies continue to tightly
manage overheads, reduce capital expenditure and work through
longer-term cost reduction plans given the uncertain macro environment.
It is important that management teams are well prepared for a sustained
period of weaker consumer and business demand. The Company's portfolio
is diversified by sector and market, and the SME sector has historically
proven to be resilient and nimble enough to weather periods of
volatility.
Where possible, we are trying to maximise any commercial opportunities
arising from the current situation. For example, there are also a number
of companies, particularly in the healthcare and life sciences sectors,
which have traded strongly during this period due to the increased
demand for the services they offer. Examples of this include Mologic,
which received a grant of c.GBP1m to fund Covid-related diagnostic
development. Molecular diagnostics business, Biofortuna moved quickly on
a number of opportunities to help manufacture 20 million Covid-19 test
kits and will explore further commercial possibilities in the space.
Another of the portfolio companies, HSL, has had very considerable
success supplying PPE to Irish and Northern Irish hospitals and has also
seen increased demand for mobile x-ray machines, as chest x-rays are
part of the treatment pathway for Covid-19. Other portfolio companies
are benefitting from wider trends that have stemmed from the pandemic,
such as power tools and building materials supplier FFX, which has seen
an upsurge in sales due to increased DIY spend and a boost in
E-commerce.
A proportion of the portfolio companies are particularly at risk due to
the sectors they operate in, such as travel, hospitality and leisure.
Many of these businesses will now be stuck in a prolonged period of
closures and uncertainty on when they will be allowed to reopen. The
Manager is working extensively with these businesses, paying particular
attention to managing creditors and cash preservation. It is important
to highlight that some of the Company's leisure investments demonstrated
market leading site metrics pre- Covid and will have the ability to
weather this temporary period of suppressed trading. Once reopened, even
with capacity limitations, we expect several of our leisure businesses
to return to profit and cash generation over time thanks to a loyal
customer base and favourable customer demographic.
Notwithstanding this backdrop, we continue to see encouraging levels of
activity from smaller UK companies seeking growth capital and expect
this to increase as companies begin to recover from the impact of
Covid-19 with requirements for permanent funding to working capital.
VCTs are still viewed by many entrepreneurs as an attractive source of
capital that provides scale-up funding to businesses at an early stage
of their growth, when other sources of funding may not be readily
available or alongside other sources of funding, including the
Government measures for supporting businesses during Covid-19. Despite
the current challenges for Covid-19 in the medium and long term, the UK
remains an excellent place to start, scale and sell a business, with
broad pools of talent and an entrepreneurial culture.
Russell Healey
Head of Private Equity
Foresight Group
4 December 2020
Unaudited Half-Yearly Results and Responsibilities Statements
Principal Risks and Uncertainties
The principal risks faced by the Company are as follows:
-- Performance;
-- Regulatory;
-- Economic (external shocks);
-- 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
2020. A detailed explanation can be found on page 25 of the Annual
Report and Accounts which is available on Foresight 4 VCT's website:
www.foresight4vct.com 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
4. the interim management report 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 2020 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
4 December 2020
Unaudited Income Statement
for the six months ended 30 September 2020
Six months ended
30 September 2020 Six months ended 30 Year ended 31 March
(Unaudited) September 2019 (Unaudited) 2020 (Audited)
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/ (losses) - 9,990 9,990 - 7,900 7,900 - (11,081) (11,081)
Realised losses
on investments - - - - (3,623) (3,623) - (5,251) (5,251)
Income 324 - 324 420 - 420 3,673 - 3,673
Investment management
fees (295) (884) (1,179) (330) (991) (1,321) (545) (1,633) (2,178)
Other expenses (270) - (270) (315) - (315) (594) - (594)
(Loss) /return
on ordinary activities
before taxation (241) 9,106 8,865 (225) 3,286 3,061 2,534 (17,965) (15,431)
Taxation - - - - - - - - -
(Loss) /return
on ordinary activities
after taxation (241) 9,106 8,865 (225) 3,286 3,061 2,534 (17,965) (15,431)
(Loss) /return
per share (0.1)p 4.7p 4.6p (0.1)p 1.7p 1.6p 1.3p (9.2)p (7.9)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 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 2020
Registered Number: 03506579
As at As at
30 September 30 September As at
2020 2019 31 March 2020
GBP'000 GBP'000 GBP'000
Fixed assets
Investments held at fair value
through profit or loss 76,196 82,488 66,206
Current assets
Debtors 971 15,874 726
Cash and cash equivalents 34,884 29,893 41,872
35,855 45,767 42,598
Creditors
Amounts falling due within one
year (124) (497) (104)
Net current assets 35,731 45,270 42,494
Net assets 111,927 127,758 108,700
Capital and reserves
Called-up share capital 1,944 1,957 1,948
Share premium account 80,002 79,466 79,443
Capital redemption reserve 518 494 503
Special distributable reserve 56,678 60,911 63,127
Capital reserve (50,874) (47,720) (49,990)
Revaluation reserve 23,659 32,650 13,669
Equity shareholders' funds 111,927 127,758 108,700
Net asset value per share 57.6p 65.3p 55.8p
Unaudited Reconciliation of Movements in Shareholders' Funds
for the six months ended 30 September 2020
Called-up Share Capital Special
share premium redemption Distributable Capital Revaluation
capital account reserve reserve* reserve* reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
As at 1 April 2020 1,948 79,443 503 63,127 (49,990) 13,669 108,700
Share issues in the
period 11 578 - - - - 589
Expenses in relation
to share issues - (19) - - - - (19)
Repurchase of shares (15) - 15 (795) - - (795)
Investment holding gains - - - - - 9,990 9,990
Dividend paid - - - (5,413) - - (5,413)
Management fees charged
to capital - - - - (884) - (884)
Revenue loss for the
period - - - (241) - - (241)
As at 30 September 2020 1,944 80,002 518 56,678 (50,874) 23,659 111,927
*Reserve is available for distribution, total distributable reserves at
30 September 2020 are GBP5,804,000 (31 March 2020: GBP13,137,000).
Unaudited Cash Flow Statement
for the six months ended 30 September 2020
Six months Six months
ended 30 ended 30 Year ended
September September 31 March
2020 2019 2020
GBP'000 GBP'000 GBP'000
Cash flow from operating activities
Loan interest received on investments 29 196 559
Dividends received from investments - 28 2,835
Deposit and similar interest received 26 111 238
Investment management fees paid (1,179) (1,267) (2,579)
Secretarial fees paid (79) (85) (169)
Other cash payments (147) (248) (418)
Net cash (outflow)/inflow from operating
activities (1,350) (1,265) 466
Cash flow from investing activities
Purchase of investments - (3,600) (8,361)
Net proceeds on sale of investments - - 434
Net proceeds on deferred consideration - 31 31
Net cash outflow from investing activities - (3,569) (7,896)
Cash flow from financing activities
Proceeds of fund raising - 10,021 25,586
Expenses of fund raising (19) (314) (336)
Repurchase of own shares (795) (1,098) (2,067)
Equity dividends paid (4,824) (7,067) (7,066)
Net cash (outflow)/inflow from financing
activities (5,638) 1,542 16,117
Net (outflow)/inflow in cash in the
period (6,988) (3,292) 8,687
Analysis of changes in net debt
At 1 April At 30 September
2020 Cash Flow 2020
GBP'000 GBP'000 GBP'000
Cash and cash equivalents 41,872 (6,988) 34,884
Notes to the Unaudited Half-Yearly Results
1. The Unaudited Half-Yearly Financial Report has been prepared on the basis
of the accounting policies set out in the statutory accounts of the
Company for the year ended 31 March 2020. Unquoted investments have been
valued in accordance with IPEV Valuation Guidelines.
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 2020 and 30 September 2019 has been neither audited nor
formally reviewed. Statutory accounts in respect of the year ended 31
March 2020 have been audited and reported on by the Company's auditors
and delivered to the Registrar of Companies and included 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 2020 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 will be sent to
shareholders via their chosen method and will be available for inspection
at the Registered Office of the Company at The Shard, 32 London Bridge
Street, London, SE1 9SG.
4. 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.
Shares in
Net assets Issue
30 September
2020 GBP111,927,000 194,420,778
30 September
2019 GBP127,758,000 195,726,224
31 March 2020 GBP108,700,000 194,826,224
1. Return per share
The weighted average number of shares used to calculate the respective
returns are shown in the table below.
Shares
Six months ended 30 September
2020 194,054,492
Six months ended 30 September
2019 195,728,848
Year ended 31 March 2020 195,581,908
Earnings for the period should not be taken as a guide to the results
for the full year.
6) Income
Six months Six months
ended 30 ended 30 Year ended
September September 31 March
2020 2019 2020
GBP'000 GBP'000 GBP'000
Loan stock interest 278 281 597
Dividends - 28 2,835
Deposit and similar interest
received 26 111 241
Other Income 20 - -
324 420 3,673
7) Investments held at fair value through profit or loss
GBP'000
Book cost as at 1 April 2020 52,537
Investment holding gains 13,669
Valuation at 1 April 2020 66,206
Movements in the period:
Purchases -
Disposal proceeds -
Realised gains -
Investment holding gains 9,990
Valuation at 30 September 2020 76,196
Book cost at 30 September 2020 52,537
Investment holding gains 23,659
Valuation at 30 September 2020 76,196
8) Related party transactions
No Director has an interest in any contract to which the Company is a
party other than their appointment and payment as directors.
9) Transactions with the Manager
Foresight Group LLP acts as manager to the Company and was appointed on
27 January 2020. During the period, services of a total cost of
GBP1,179,000 (30 September 2019: GBPnil; 31 March 2020: GBP3,000) were
purchased by the Company from Foresight Group LLP. Foresight Group CI
Limited, which acted as Manager to the Company until 27 January 2020
earned GBPnil in the period (30 September 2019: GBP1,321,000, 31 March
2020: GBP2,175,000).
During the period, administration services of a total cost of GBP79,000
(30 September 2019: GBP85,000; 31 March 2020: GBP169,000) were delivered
to the Company by Foresight Group LLP, Company Secretary.
At 30 September 2020, the amount due from Foresight Group LLP was
GBP452,000 (30 September 2019: GBPnil; 31 March 2020: GBP452,000) and
the amount due to Foresight Group CI Limited was GBPnil (30 September
2019: GBPnil, 31 March 2020: GBPnil).
10) Post-Balance sheet events
On 27 October 2020 the Company purchased 260,827 shares for cancellation
based on a NAV of 50.32p per share.
END
(END) Dow Jones Newswires
December 04, 2020 09:09 ET (14:09 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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