Once Again...29 Oct 2013 13:01
FORESIGHT SOLAR VCT PLC
Summary
-- Net asset value total return per Ordinary Share in the year to 30 June
2013 increased by 22.2%, representing an uplift in net asset value to
115.7p (30 June 2012: 98.8p) and total dividend payments in the year of
5.0p per Ordinary Share.
-- In line with original expectations, interim dividends of 2.5p per
Ordinary Share were paid to shareholders on 31 October 2012 and 12 April
2013, making 5.0p per Ordinary Share for the year.
-- Bond refinancing completed on 2 May 2013, increasing target returns per
Ordinary Share from 130p towards 150p.
-- Two small further investments of GBP325,878 into Greenersite Limited and
GBP6,820 into Foresight Luxembourg Solar 2 S.â.r.l were made during
the year and a loan repayment of GBP410,505 was received from Foresight
VCT (Lux) 1 S.â.r.l.
-- The Ordinary Shares fund is considered fully invested and therefore the
Board launched a C Shares fund in February 2013 to take advantage of new
solar photovoltaic investment opportunities benefiting from the Renewable
Obligation Certificate (ROC) regime (as opposed to the Feed-in-Tariff
(FiT) scheme that benefited investments in the Ordinary Shares fund). As
at 30 June 2013, a total of 5,731,693 C Shares had been issued
based on an issue price of 100p per C Share.
Ordinary Shares Fund Year ended Year ended
30 June 2013 30 June 2012
Net asset value per share 115.7p 98.8p
Revenue return per share 4.8p 0.1p
Capital return per share 17.7p 5.1p
Total Dividends per share 5.0p -
Total return per share 22.5p 5.2p
Share price per share 99.0p 93.0p
C Shares Fund Year ended Year ended
30 June 2013 30 June 2012
Net asset value per share 99.4p n/a
Revenue return per share (0.4)p n/a
Capital return per share (0.3)p n/a
Total Dividends per share - n/a
Total return per share (0.7)p n/a
Share price per share 100.0p n/a
Chairman's Statement
Results
I am pleased to be able to report on a period of robust performance from
the Company's portfolio of solar investments. A combination of the solar
plants performing in line with or better than original expectations and
the bond refinancing has resulted in a 22.2% increase, after including
dividends paid in the year, in net asset value to 115.7p at 30 June 2013
from 98.8p at 30 June 2012. All of the investments are more fully
described in the Investment Manager's Report.
Bon