Foresight Technology Share Price (FTV)

Ptv

Just thought people would like to know why the SP looks like it went up, when it was really a share reorganisation.

Annual running costs attributable to the Ordinary Shares of Foresight VCT and Keydata 1 and Keydata 2 are approximately £717,000, £188,000 and £188,000 respectively (ignoring the current annual cost cap of 3.5 per cent. of the net asset value for Keydata 1 and Keydata 2 as this would not apply in the Enlarged Company). This represents 3.7 per cent. of the unaudited NAV attributable to the Ordinary Shares of Foresight VCT at 30 June 2010 and 5.2 per cent. of Keydata 1 and 5.2 per cent of Keydata 2's unaudited NAV at 30 November 2009. After the merger, the annual running costs are expected to be £885,000, a saving of £208,000 and reducing the combined annual running costs by 0.8 per cent. to approximately 3.3 per cent. of the net assets of the ordinary shares of the enlarged company. ....there's loads of it at; http://www.iii.co.uk/investment/detail%3Fcode%3Dcotn:FTV.L%26it%3Dle

i. Terms of the Merger The merger will provide for all of the assets and liabilities of Keydata 1 and Keydata 2 to be transferred to Foresight VCT in consideration for: * the issue of New Shares to Keydata VCTs Shareholders equal in value to the aggregate Roll-Over Value of the Keydata VCTs Shares on 24 February 2011; and * the issue of additional New Shares to Keydata VCTs Shareholders by way of Additional Consideration if the Enterprise Value of the Derby Project (defined below) as at 30 September 2013, exceeds the Roll-Over Value of the Keydata VCTs Shares on 24 February 2011. The maximum consideration (comprising the New Shares and the additional New Shares) which may be paid by Foresight VCT for the acquisition of the assets of Keydata 1 and Keydata 2 will not exceed £6.4 million. Therefore the maximum Additional Consideration will be the difference between the aggregate Roll-Over Value of the Keydata VCTs Shares on 24 February 2011 and £6.4 million. The merger will be completed, as regards the initial consideration, on a relative net asset value basis and will be subject to the Scheme becoming unconditional. The acquisition of the asset and liabilities of Keydata 1 and Keydata 2 is in line with Foresight VCT's investment policy. Following the transfer, the listing of the Keydata VCTs Shares will be cancelled and Keydata 1 and Keydata 2 will be wound up. (ii) Benefits anticipated from the merger The merger of the Keydata VCTs should result in cost savings and enhanced administrative efficiency. As the Keydata VCTs have the same investment manager, common advisers and similar investment policies, the merger should be achievable without major additional cost or disruption to the portfolio investments. The existing investment management arrangements between Foresight Group LLP ("Foresight Group") and Foresight VCT will remain in place. The Foresight VCT board considers that this merger should bring significant benefits to Foresight VCT shareholders and the Keydata VCTs shareholders through: * creation of a single VCT of a more economically efficient size with a greater capital base over which to spread administration and management costs; * a reduction in annual running costs for the enlarged company compared to the aggregate annual running costs of the three separate companies; * creation of an enlarged entity with a larger cash positive position making Foresight VCT better positioned to meet its ongoing obligations and to support existing investee companies, in this challenging economic environment; * the enlarged company will hold a more diversified portfolio thereby dispersing the portfolio risk; * an increased exposure to the environmental infrastructure asset class which is believed by the Foresight VCT board and Foresight Group to offer real growth for the future; and * the potential to make regular distributions in the future, particular

27 January 2011 Recommended proposals for a merger between Foresight VCT plc ("Foresight VCT") and Keydata Income VCT 1 plc ("Keydata 1") and Keydata Income VCT 2 plc ("Keydata 2") (together "Keydata VCTs") to be completed by way of a scheme of reconstruction of the Keydata VCTs under section 110 of the Insolvency Act 1986 and the transfer by the Keydata VCTs of their assets and liabilities to Foresight VCT and the cancellation of listing of the Keydata VCTs shares. Summary The boards of Foresight VCT, Keydata 1 and Keydata 2 ("Boards") announce that they have reached agreement on recommended proposals for the merger of Keydata 1 and Keydata 2 with Foresight VCT. The merger should result in an enlarged company having net assets of over £30 million and is expected to create the strategic benefit of increasing Foresight VCT's footprint in the environmental infrastructure sector, as well as providing a more economically efficient size and the cost savings as identified below. The Boards further announce that they are today writing to their respective shareholders with full details of the proposed merger. The merger will be effected by Keydata 1 and Keydata 2 being placed into members' voluntary liquidation pursuant to a scheme of reconstruction under Section 110 of the Insolvency Act 1986. The assets and liabilities of Keydata 1 and Keydata 2 will then be transferred to Foresight VCT in exchange for new Foresight VCT ordinary shares ("New Shares").  The effective date for the transfer of the assets and liabilities of the Keydata VCTs and the issue of New Shares pursuant to the merger is expected to be 28 February 2011 (the Effective date).  Following the Effective date, it is anticipated that the listing of the Keydata 1 Shares and Keydata 2 Shares will be cancelled on 1 March 2011. The Scheme is conditional upon the approval by the shareholders of Foresight VCT and Keydata 1 and Keydata 2 of resolutions to be proposed at extraordinary general meetings (EGMs) to be held on 18 February 2011 (for both Keydata VCTs and Foresight VCT) and 28 February 2011 (for Keydata VCTs only) and dissent not having been expressed by shareholders of the Keydata VCTs holding more than 10 per cent in nominal value of the issued share capital of either Keydata 1 or Keydata 2 and Foresight VCT confirming that it has received no notice of any claims, proceedings or actions of whatever nature threatened or commenced against Keydata 1 or Keydata 2 which the board of Foresight VCT regard as material. Introduction The Boards announced on 1 September 2010 that terms for the merger of Keydata 1 and Keydata 2 with Foresight VCT had been agreed. The Boards are now in a position to put merger proposals to the shareholders of their relevant companies. more...