Foresight VCT plc - Net Asset Value and Offer Update

27 Mar 2020 17:46

Foresight VCT plc - Net Asset Value and Offer Update

FORESIGHT VCT PLC (Company)

Net Asset Value and Offer Update

The Board and Foresight Group LLP, the manager of the Company, (Manager) have been continually monitoring the ongoing disruption being caused by the Coronavirus (Covid-19) pandemic and, in particular, the ongoing impact on portfolio companies.

In light of the above, the Board announces that the unaudited NAV per share as at 27 March 2020 was 66.5p (a reduction of 14.1% from the unaudited NAV per share of 77.4p as at 31 December 2019, which was used for the prior allotment of shares pursuant to the Offer referred to below). The updated NAV per Share as at 27 March 2020 reflects valuation reductions generally across the investments in the portfolio as a result of the market volatility arising from the impact of the Coronavirus pandemic affecting all businesses including those in which the Company invests. For the purposes of calculating the unaudited net asset value per share, the venture capital investments (which are all unquoted) are carried at fair value as at 27 March 2020, as determined by the Board on the advice of the Manager.

The Company currently has open an offer for subscription to raise up to £20 million, with an over-allotment facility to raise up to a further £5 million, (Offer) contained in the prospectus published by the Company on 28 January 2020 (Prospectus). The Board announced utilisation of the over-allotment facility on 13 March 2020.

The updated unaudited NAV per share referred to above represents a new significant factor in connection with the Offer and the Prospectus (a reduction of 13.3% from the unaudited NAV per share of 76.7p as at 30 September 2019, this being the latest unaudited published NAV per Share as at the date of the Prospectus). The Company intends, subject to approval by the Financial Conduct Authority, to publish a supplementary prospectus (Supplementary Prospectus) detailing the publication of the updated unaudited NAV per share shortly.

Following publication of the Supplementary Prospectus, investors who have already submitted application forms for new shares under the Offer will have a period of two working days in which they may withdraw such applications, should they wish to do so (as required under section 87Q(4)–(6) of the Financial Services and Markets Act 2000 (as amended). Further details of this right, including the deadline for withdrawal, will be contained in the Supplementary Prospectus which will be available from the Manager’s website at www.foresightgroup.eu.

The updated NAV per share referred to above is also intended to be used for the purposes of calculating the number of shares to be issued to applicants under the Offer in respect of 2019/2020 tax year-end applications. The Board will, together with the Manager, however, continue to keep this under review and will publish further updated NAVs per share (in particular for the purposes of an allotment of shares under the Offer if required).

For further information, please contact:

Company Secretary

Foresight Group LLP

Contact: Gary Fraser Tel: 0203 667 8100

Investor Relations

Foresight Group LLP

Contact: Ellie Kakoulli Tel: 0203 667 8181