TIDMFTF
FORESIGHT 4 VCT PLC
Preliminary Announcement
2 July 2020
Foresight 4 VCT plc, managed by Foresight Group LLP, today announces the
preliminary results for the year ended 31 March 2020.
The Preliminary announcement has been approved for issue by the Board on
2 July 2020.
All other statutory information will be in the Annual Report which will
be available in the coming weeks when a final results announcement will
be issued.
Summary Financial Highlights
-- Total net assets GBP108.7 million.
-- Net Asset Value per share decreased by 17.7% from 67.8p at 31 March 2019
to 55.8p. Including the payment of a 4.0p dividend made on 16 August
2019, NAV per share at 31 March 2020 was 59.8p, representing a decrease
in total return of 11.8%.
-- The portfolio has seen a decrease in valuation of GBP16.3 million during
the year.
-- Five new investments totalling GBP7.6 million and three follow-on
investments totalling GBP0.8 million were made during the year.
-- GBP0.4 million was realised from sales and loan redemptions from two
portfolio companies.
-- A dividend of 4.0p per share was paid on 16 August 2019 based on an
ex-dividend date of 25 July 2019 and a record date 26 July 2019.
-- GBP16.0 million was raised during the year through the issue of shares,
bringing the total raised under the June 2018 offer to GBP51.1 million.
Chairman's statement
I am pleased to present the un-audited preliminary results for Foresight
4 VCT plc for the year ended 31 March 2020.
PERFORMANCE AND PORTFOLIO ACTIVITY
During the year Net Asset Value per share decreased by 17.7% from 67.8p
at 31 March 2019 to 55.8p at 31 March 2020. Including the payment of a
4.0p dividend made on 16 August 2019, NAV per share at 31 March 2020 was
59.8p, representing a decrease in total return of 11.8%. This decrease
was primarily driven by the impact of Covid-19 on the Company's
portfolio, please refer to the 'Material events during the year' section
for more detail on this.
At the end of the year the Company held 32 investments in UK based
businesses across a wide range of sectors. The performance of the
portfolio had been steady during the year, prior to the impact of
Covid-19, which resulted in a decrease of GBP16.3 million in value.
Positive progress made by companies including Mologic Ltd has been
offset by lower valuations for Ixaris Group Holdings Limited, one of the
many companies materially impacted by Covid-19, as detailed in the
Investment Manager's Review and the Top Ten Investment sections of this
report.
Five new investments were completed during the year of GBP7.6 million.
Namely:
-- Fourth Wall Creative Limited (a technology-led sports merchandising
business),
-- Ten Health & Fitness Limited (a group of boutique fitness studios
offering physiotherapy, massage therapy and fitness classes).
-- Roxy Leisure Limited (a games focused bar group)
-- Rovco Ltd (a provider of subsea surveying services)
-- Biotherapy Services Limited (a pharmaceutical biotech company
specialising in wound treatment regenerative medicine)
The Investment Manager, Foresight Group, continues to see a pipeline of
potential investments sourced through its regional networks and
well-developed relationships with advisors and the SME community,
however, 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.
DIVIDS
In line with the Board's objective on dividend payments, an interim
dividend of 4.0p per Share was declared on 18 July 2019 based on an
ex-dividend date of 25 July 2019 and a record date of 26 July 2019. The
dividend was paid on 16 August 2019.
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.
TOP-UP SHARE ISSUES AND SHARE BUY-BACKS
Share buybacks took place on 12 July 2019 (650,000 shares at 61.0p), 24
July 2019 (500,000 shares at 61.0p), 30 September 2019 (736,153 shares
at 57.75p), 27 January 2020 (500,000 shares at 60.4p) and 30 January
2020 (400,000 shares at 60.4p) all of which have enabled the enlarged
VCT to achieve its target discount to NAV, which moved to 7.5% following
the issue of the half-yearly report.
The dividend reinvestment scheme saw 1,192,686 shares being allotted on
16 August 2019.
FUNDRAISING
The offer for subscription dated 14 June 2018, which sought to raise up
to GBP50 million (with a GBP30m over-allotment facility), closed on 12
April 2019 having raised GBP51.1 million.
Funds raised under this offer 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.
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.
As communicated in the half yearly Report, the Board offered
shareholders the opportunity to elect the method by which they receive
shareholder communications. I am pleased to announce that 99% of
communications to investors will now be provided electronically. The
Board believe that in addition to further promoting sustainability, a
key objective of the fund, this shift will result in some overall cost
savings.
MATERIAL EVENTS DURING THE YEAR
The Covid-19 virus has presented the Company and the management of its
portfolio companies with an unprecedented threat which it is anticipated
will persist for a considerable time to come. On behalf of the Board I
would pay tribute to the work which has been undertaken by the Manager,
both in administering the Company and more particularly in working
closely with the management of the Company's portfolio companies, in
order to try to minimise the ongoing impact of this threat. Until this
virus is brought under worldwide control, it is impossible to assess its
full impact. However, it is already clear that in the immediate future
every business in the UK will be materially affected, as can be seen
through the material fall in valuation during the year; considerable
work has and is continuing to be undertaken by the Manager alongside the
management teams at each and every one of the companies within the
portfolio to contain the impact so far as possible.
Prior to the issue of this report, on 15 April 2020 the Board and the
Manager announced that the unaudited NAV per share as at 15 April 2020
was 56.1p reflecting the valuation reductions generally across the
investments in the portfolio as a result of the impact of the Covid-19
pandemic up to this date.
AUDITOR
The Board launched a tender for its audit contract following the signing
of the 2019 Annual Report and Accounts. The previous auditor, KPMG LLP,
was invited to tender alongside several other firms. As announced in the
Half- Yearly Report, following this tender process, Deloitte LLP was
appointed as company auditor for the year ended 31 March 2020. The Board
is pleased with the appointment but would like to record its thanks to
KPMG LLP for its services and advice over the past eight years.
OUTLOOK
The persisting uncertainty over the full impact of Covid-19 and the
ongoing 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
ensure that they are able to make progress during these testing times.
Nevertheless, the Board and the Manager are optimistic that the existing
portfolio has potential to grow once the spread of the virus has been
successfully contained.
ANNUAL GENERAL MEETING
The Company's Annual General Meeting will take place on 3 September 2020
at 1.00pm. The meeting will be held by way of a closed meeting and
shareholders will not be permitted to attend. Shareholders are
encouraged to vote through proxy and send any questions to the Managers
Investor Relations team. Please refer to the formal notice in the Annual
Report and Accounts, when available, for further details in relation to
the format of this year's meeting and the request to observe social
distancing and travel restrictions in place.
Raymond Abbott
Chairman
Manager's Review
The Company has appointed Foresight Group LLP ("the Manager") to provide
investment management and administration services.
The investment management and administration arrangements were
previously with Foresight Group CI Limited (the Manager's parent
undertaking), with Foresight Group CI Limited appointing the Manager as
its investment adviser and delegating administration services to the
Manager. The investment management and administration arrangements were
novated and amended to be directly with the Manager on 27 January 2020.
References to the Manager's activities in this report include those
activities of Foresight Group CI Limited prior to the change in
arrangements.
Portfolio Summary
As at 31 March 2020 the Company's portfolio comprised 34 investments
(including the Special Purpose Vehicles "SPVs") with a total cost of
GBP52.5 million and a valuation of GBP66.2 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 within the Annual Report and Accounts and will
be available once final results are announced.
NEW INVESTMENTS
The Company maintained investment momentum throughout the financial year,
investing a total of c.GBP7.6 million in five new businesses: Fourth
Wall Creative, a technology-led sports merchandising business; Ten
Health, a group of boutique fitness studios offering a range of services
including physiotherapy, massage therapy and fitness classes; Biotherapy
Services, a pharmaceutical biotech company specialising in wound
treatment medicine; Rovco, a technology company focused on subsea
surveying and Roxy Leisure, a group of games orientated bars.
FOURTH WALL CREATIVE LIMITED
In April 2019 the Company invested GBP2.0 million in Fourth Wall
Creative, a technology-led sports merchandising business. Its core
business is the design and distribution of membership welcome packs on
behalf of football clubs. The investment will fund growth through the
development of new services, expanding the customer base and exploring
other sports opportunities.
TEN HEALTH & FITNESS LIMITED
In June 2019 the Company invested GBP1.6 million in Ten Health, a group
of boutique fitness studios offering a range of services including
physiotherapy, massage therapy and fitness classes. Ten Health was
developed to bridge the gap in the market between traditional healthcare
and mainstream fitness. The investment will be used to further develop
Ten Health's non-fitness services and to support a roll-out of new
studios.
BIOTHERAPY SERVICES LIMITED
In November 2019, the Company invested GBP1.5 million in Biotherapy
Services, a pharmaceutical biotech company specialising in wound
treatment regenerative medicine, with a focus on treating chronic
diabetic foot ulcers and complex wounds. The investment will support the
completion of clinical trials and facilitate product development and
launch.
ROVCO LTD
In December 2019, the Company invested c.GBP1.0 million in Rovco, a
company which provides subsea surveying services. Established in 2015,
the business seeks to disrupt the industry with new technology that
significantly increases automation. The investment will support the
growth of the business's commercial and operational capabilities and its
international expansion.
ROXY LEISURE LIMITED
In December 2019, the Company invested GBP1.5 million in Roxy Leisure, a
games focused bar group operating eight sites across the Midlands and
Northern England. Founded in 2013, the sites provide a range of
entertainment facilities including pool tables, ping-pong, bowling,
shuffleboard, mini-golf, arcade gaming and karaoke. The investment will
be used to support the business's expansion.
FOLLOW ON INVESTMENTS
Follow-on investments totalling c.GBP0.8 million were also made in three
existing portfolio companies throughout the year. Further details are
provided below.
FERTILITY FOCUS LIMITED
During the year the Company made a c.GBP0.2 million follow-on investment
in Fertility Focus, a fertility monitoring device business. This was to
support new product launches planned for 2020.
LUMINET NETWORKS LIMITED
In December 2019 the Company made a c.GBP0.4 million follow-on
investment in Luminet, providers of fixed wireless internet access to
businesses across London. The investment was required to help the
business fulfil its pipeline of new contracts.
BIOFORTUNA LIMITED
Also in December 2019, the Company made a GBP0.3 million follow-on
investment in Biofortuna, a molecular diagnostics business which
manufactures DNA tests. The investment was required to provide
additional working capital and support an asset purchase.
PIPELINE
At 31 March 2020, the Company had cash balances of GBP41.9 million
available to fund new and follow-on investments, buybacks and running
expenses.
Depending on the length and severity of the Covid-19 outbreak and
associated restrictions, we expect to see a higher proportion of the
Company's deployment focused on follow-on investments in the short to
medium term. We anticipate that the onset of a downturn may result in
lower new investment activity in the coming months and a disciplined
approach to investment valuations will be maintained.
As the economy recovers from the worst effects of the virus, we expect
valuations to be attractive and demand for funding to increase, driving
some particularly interesting opportunities for investment.
EXITS AND REALISATIONS
During the period, proceeds of c.GBP0.4 million were generated from the
successful exit of one investment.
In December 2019, the Company completed the successful sale of Flowrite
Refrigeration Holdings Limited, a company focused on the design,
installation and servicing of air conditioning equipment throughout the
UK, to Airedale Catering Equipment Group Limited. With our support,
Flowrite has become a market leader in the refrigeration and air
conditioning service market. The company has an enviable customer base,
including some of the UK's largest restaurant chains, pub groups and
retailers. Overall, the investment generated a 1.4x return on cash and a
double-digit IRR, when taking into account previous proceeds.
DISPOSALS IN THE YEARED 31 MARCH 2020
Original Valuation
Company Detail Cost/ Proceeds Gain/(loss) at
Take-On 31 March
Value GBP GBP* 2019
GBP GBP
Autologic Diagnostics
Group Limited Dissolved 2,162,787 - (2,162,787)^ -
Evance Wind Turbines
Limited Dissolved 1,490,420 - (1,490,420)^ -
Vector Command Limited Dissolved 1,468,750 - (1,468,750)^ -
Loan
The Naked Deli Ltd Repayment 81,000 81,000 - 81,000
Flowrite Refigeration Full
Limited disposal 513,368 353,101 (160,267) 352,981
Total disposals 5,716,325 434,101 (5,282,224) 433,981
*In addition to the above, the Company received deferred consideration
of GBP31,287 (Trilogy Communications Limited).
^This loss refers to the transfer on disposal between unrealised and
realised reserves and has no impact on NAV in the current year.
KEY PORTFOLIO DEVELOPMENTS
Overall, the value of investments held reduced to GBP66.2 million from
GBP74.6 million in the prior year, driven by a decrease in value of
existing investments by GBP16.3 million and balanced by new investments
and disposal proceeds aggregating to GBP7.9 million.
Updates on the companies that have seen a material change in valuation
are included below, or in the Top Ten Investments section detailed in
the Annual Report and Accounts, when available. Valuations, many of
which are calculated using listed comparable companies, have been
impacted in the short-term, reflecting the broader effects of the
coronavirus outbreak on market sentiment. Material changes in valuation
are defined as increasing or decreasing by over GBP0.5 million since 31
March 2019.
Valuation Change
Company Valuation Methodology (GBP)
----------------------------- ----------------------------- ----------------
Innovation Consulting
Group Limited Discounted earnings multiple 623,254
----------------------------- ----------------------------- ----------------
The Naked Deli Ltd Nil Value (669,000)
----------------------------- ----------------------------- ----------------
Specac International Limited Discounted earnings multiple (680,564)
----------------------------- ----------------------------- ----------------
Procam Television Holdings
Limited Nil Value (1,300,255)
----------------------------- ----------------------------- ----------------
Biofortuna Limited Discounted revenue multiple (1,192,139)
----------------------------- ----------------------------- ----------------
Datapath Group Limited Discounted earnings multiple (2,004,371)
----------------------------- ----------------------------- ----------------
TFC Europe Limited Discounted earnings multiple (3,261,814)
----------------------------- ----------------------------- ----------------
Ixaris Group Holdings
Limited Discounted revenue multiple (6,594,177)
----------------------------- ----------------------------- ----------------
BIOFORTUNA
Biofortuna is a molecular diagnostics business that manufactures
freeze-dried DNA tests. The drop is valuation can predominately be
attributed to a slowdown in trading, with two key clients delaying
projects. Following the Covid-19 outbreak, Biofortuna is exploring
opportunities to produce testing kits. This should greatly improve the
business's cash position.
PROCAM TELEVISION HOLDINGS LIMITED
Procam Television is a leading broadcast hire company, supplying
equipment and crew for location TV production. The reduction in
valuation reflects a challenging year of trading to 31 March 2019, with
both sales and gross margins lower than budget.
THE NAKED DELI
The Naked Deli Limited is a healthy eating food chain predominantly
targeting lunchtime trade. Prior to COVID-19, the business implemented a
turnaround plan with a new CEO and a revised menu format to try to
improve performance. This strategy began to show some positive results
and the business was able to pay GBP120k of accumulated interest and
loan note principal to F4. Since March however, The Naked Deli closed
all its stores in line with government guidance. The outlook for the
sector is subdued for the longer term with uncertainties regarding
footfall in town centres, particularly for lunchtime trade with
employees still working from home. Due to the difficult outlook as well
as the remaining uncertainty around the business model, the investment
valuation has been written down to zero pending improved visibility on
re-opening performance and recovery of the sector.
OUTLOOK
Despite a brief improvement in sentiment immediately following the
election, a significant new threat has emerged in the form of Covid-19.
We have been working closely with the Company's portfolio to identify
risk areas and are encouraging businesses to take the necessary
precautions. Covid-19 will lead to significantly weaker consumer and
business spending and in many cases, companies missing forecasts. Given
the above, we are asking our portfolio businesses to stress-test their
cash positions to ensure that where possible they can withstand a
significant downturn in trading. We are ensuring that the finance
directors at our portfolio companies are tightly managing central
overheads, reducing capital expenditure and preparing both short and
long-term cost reduction plans.
A proportion of our portfolio companies are particularly at risk due to
the sectors they operate in, such as Ixaris in the travel sector or The
Naked Deli in the leisure space. We are paying particular attention to
these, leveraging the experience and skillset of the wider investment
team to assist the management teams in preserving and maximising cash.
We are working closely with certain management teams to take decisive
steps to significantly reduce cash burn in the short and medium term.
There are also a number of companies, namely in the healthcare and life
sciences sectors, which are trading strongly during this period due to
the increased demand for the services they offer. Examples of this
include Mologic, which recently received a grant of c.GBP1m to fund
Covid related diagnostic development Molecular diagnostics business and
Biofortuna, has also been presented with a number of opportunities to
help manufacture Covid-19 Polymerase Chain Reaction (PCR) test kits and
will explore further commercial possibilities in the space. Another of
our portfolio companies, HSL, has seen increased demand for mobile x-ray
machines, as chest x-rays are part of the treatment pathway for
Covid-19.
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.
Notwithstanding these events, 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 recently
announced 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
Partner and Head of Private Equity
Foresight Group LLP
Un-audited Income Statement
for the year ended 31 March 2020
Year ended Year ended
31 March 2020 31 March 2019
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Investment holding (losses)/
gains - (11,081) (11,081) - 5,292 5,292
Realised losses on investments (5,251) (5,251) - (514) (514)
Income 3,673 - 3,673 744 - 744
Investment management fees (545) (1,633) (2,178) (498) (1,494) (1,992)
Other expenses (594) - (594) (568) - (568)
Profit/ (loss) on ordinary
activities before taxation 2,534 (17,965) (15,431) (322) 3,284 2,962
Taxation - - - - - -
Profit/ (loss) on ordinary
activities after taxation 2,534 (17,965) (15,431) (322) 3,284 2,962
Profit/ (loss) per share: 1.3p (9.2)p (7.9)p (0.2)p 2.2p 2.0p
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 year.
The Company has no recognised gains or losses other than those shown
above, therefore no separate statement of total comprehensive income has
been presented.
The Company has only one class of business and one reportable segment,
the results of which are set out in the Income Statement and Balance
Sheet.
There are no potentially dilutive capital instruments in issue and,
therefore, no diluted earnings per share figures are relevant. The basic
and diluted earnings per share are, therefore, identical.
Un-audited Reconciliation of Movements in Shareholders' Funds
Called-up Share Capital Special
share premium redemption distributable Capital Revaluation
Year ended 31 March capital account reserve reserve* reserve* reserve Total
2020 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
As at 1 April 2019 1,736 63,676 475 70,094 (43,106) 24,750 117,625
Share issues in the
year 240 16,481 - - - - 16,721
Expenses in relation
to share issues - (714) - - - - (714)
Repurchase of shares (28) - 28 (1,674) - - (1,674)
Realised losses on
disposal of investments - - - - (5,251) - (5,251)
Investment holding
losses - - - - - (11,081) (11,081)
Dividends paid - - - (7,827) - - (7,827)
Management fees charged
to capital - - - - (1,633) - (1,633)
Revenue loss for
the year - - - 2,534 - - 2,534
As at 31 March 2020 1,948 79,443 503 63,127 (49,990) 13,669 108,700
*Reserve is available for distribution, total distributable reserves at
31 March 2020 are GBP13,137,000 (2019: GBP26,988,000).
Called-up Share Capital Special
share premium redemption distributable Capital Revaluation
Year ended 31 March capital account reserve reserve reserve reserve Total
2019 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
As at 1 April 2018 1,121 51,186 372 46,898 (41,098) 19,458 77,937
Share issues in the
year 718 50,748 - - - - 51,466
Expenses in relation
to share issues - (2,125) - - - - (2,125)
Repurchase of shares (103) - 103 (6,541) - - (6,541)
Expenses in relation
to tender offer - (133) - - - - (133)
Cancellation of Share
Premium - (36,000) - 36,000 - - -
Realised losses on
disposal of investments - - - - (514) - (514)
Investment holding
gains - - - - - 5,292 5,292
Dividends paid - - - (5,941) - - (5,941)
Management fees charged
to capital - - - - (1,494) - (1,494)
Revenue loss for
the year - - - (322) - - (322)
As at 31 March 2019 1,736 63,676 475 70,094 (43,106) 24,750 117,625
Un-audited Balance Sheet
at 31 March 2020 Registered number: 03506579
As at 31 March As at 31 March
2020 GBP'000 2019 GBP'000
Fixed assets
Investments held at fair value
through profit or loss 66,206 74,615
Current assets
Debtors 726 10,331
Cash and cash equivalents 41,872 33,185
42,598 43,516
Creditors
Amounts falling due within one
year (104) (506)
Net current assets 42,494 43,010
Net assets 108,700 117,625
Capital and reserves
Called-up share capital 1,948 1,736
Share premium account 79,443 63,676
Capital redemption reserve 503 475
Special distributable reserve 63,127 70,094
Capital reserve (49,990) (43,106)
Revaluation reserve 13,669 24,750
Equity shareholders' funds 108,700 117,625
Net asset value per share:
55.8p 67.8p
Un-audited Cash Flow Statement
for the year ended 31 March 2020
Year ended Year ended
31 March 2020 31 March 2019
GBP'000 GBP'000
Cash flow from operating activities
Loan interest received on investments 559 549
Dividends received from investments 2,835 35
Deposit and similar interest received 238 149
Investment management fees paid (2,579) (2,104)
Secretarial fees paid (169) (166)
Other cash payments (418) (450)
Net cash inflow/ (outflow) from operating
activities 466 (1,987)
Cash flow from investing activities
Purchase of investments (8,361) (8,281)
Net proceeds on sale of investments 434 2,082
Net proceeds on deferred consideration 31 513
Net cash outflow from investing activities (7,896) (5,686)
Cash flow from financing activities
Proceeds of fund raising 25,586 43,562
Expenses of fund raising (336) (972)
Repurchase of own shares (2,067) (6,480)
Equity dividends paid (7,066) (5,907)
Net cash inflow from financing activities 16,117 30,203
------------------------------------------- ------------- -------------
Net inflow of cash for the year 8,687 22,530
Reconciliation of net cash flow to movement
in net funds
Increase in cash and cash equivalents
for the year 8,687 22,530
Net cash and cash equivalents at start
of year 33,185 10,655
Net cash and cash equivalents at end of
year 41,872 33,185
At 1 April At 31 March
2019 Cash flow 2020
Analysis of changes in net debt GBP'000 GBP'000 GBP'000
Cash and cash equivalents 8,687 33,185 41,872
Notes
1. The audited Annual Financial Report for the year ended 31 March
2020 is yet to be published. The preliminary announcement has been
prepared on the basis of accounting policies set out in the statutory
accounts of the Company for the year ended 31 March 2019. All
investments held by the Company are classified as 'fair value through
the profit and loss'. Unquoted investments have been valued in
accordance with the latest IPEV guidelines.
1. Net asset value per share
Net asset value per share is based on net assets at the year end of
GBP108,700,000 (2019: GBP117,625,000) and on 194,826,224 (2019:
173,570,806) shares, being the number of shares in issue at that date.
1. Return per share
Year ended Year ended
31 March 2020 31 March 2019
GBP'000 GBP'000
Total (loss)/profit after taxation (15,431) 2,962
Total (loss)/profit per share
(note a) (7.9)p 2.0p
Revenue profit/(loss) from ordinary
activities after taxation 2,534 (322)
Revenue profit/(loss) per share
(note b) 1.3p (0.2)p
Capital (loss)/profit from ordinary
activities after taxation (17,965) 3,284
Capital (loss)/profit per share
(note c) (9.2)p 2.2p
Weighted average number of shares
in issue in the year 195,581,908 147,007,155
Notes:
1. Total (loss)/profit per share is total (loss)/profit after taxation
divided by the weighted average number of shares in issue during the
year.
2. Revenue profit/(loss) per share is revenue profit/(loss) after taxation
divided by the weighted average number of shares in issue during the
year.
3. Capital (loss)/profit per share is capital (loss)/profit after taxation
divided by the weighted average number of shares in issue during the
year.
1. Annual General Meeting
The Company's Annual General Meeting will take place on 3 September 2020
at 1.00pm. The meeting will be held by way of a closed meeting and
shareholders will not be permitted to attend, shareholders are
encouraged to vote through proxy and send any questions to the Managers
Investor Relations team. Please refer to the formal notice in the Annual
Report and Accounts, when available, for further details in relation to
the format of this year's meeting and the request to observe social
distancing and travel restrictions in place.
1. Income
Year ended Year ended
31 March 31 March
2020 2019
GBP'000 GBP'000
Loan stock interest 597 560
Dividends receivable 2,835 35
Deposit and similar interest received 241 149
3,673 744
6. Investments held at fair value through profit or loss
2020 2019
GBP'000 GBP'000
Unquoted investments 66,206 74,615
66,206 74,615
GBP'000
Book cost as at 1 April 2019 49,892
Investment holding gains 24,723
Valuation at 1 April 2019 74,615
Movements in the year:
Purchases at cost 8,361
Disposal proceeds (434)
Realised losses* (5,282)
Investment holding losses** 11,054
Valuation at 31 March 2020 66,206
Book cost at 31 March 2020 52,537
Investment holding gains 13,669
Valuation at 31 March 2020 66,206
*Realised losses in the income statement include deferred consideration
received of GBP31,000 (Trilogy Communications Limited).
**Investment holding losses in the income statement have been reduced by
the offset in the deferred consideration debtor of GBP27,000 (Trilogy
Communications Limited)
7. Related party transactions
No Director has an interest in any contract to which the Company is a
party, other than their appointment as directors.
8. Transactions with the manager
Foresight Group CI Limited, which acted as investment manager to the
Company until 27 January 2020 when Foresight Group LLP was appointed as
Manager, earned fees of GBP2,175,000 (2019: GBP1,992,000) , Foresight
Group LLP, who was appointed as Manager on 27 January 2020 earned fees
of GBP3,000 up to 31 March 2020 (2019: nil). No performance fee was paid
or accrued for the period (2019: nil).
Foresight Group LLP was appointed Company Secretary in November 2017 and
received fees of GBP169,000 (2019: GBP166,000), during the year.
At the balance sheet date there was GBPnil (2019: GBPnil) due to
Foresight Group CI Limited and GBP452,000 (2019: GBPnil) due from
Foresight Group LLP. No amounts have been written off in the year in
respect of debts due to or from related parties.
END
(END) Dow Jones Newswires
July 02, 2020 10:55 ET (14:55 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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