Foresight 4 VCT PLC : Interim Management Statement

Foresight 4 VCT plc
Interim Management Statement for the Quarter Ended 31 December 2012

Foresight 4 VCT plc presents its Interim Management Statement for the quarter ended 31 December 2012.  This constitutes the company's second Interim Management Statement for the financial year ending 31 March 2013, as required by the UK Listing Authority's Disclosure and Transparency Rule 4.3.

The unaudited net asset value (NAV) per Ordinary share as at 31 December 2012 was 92.6p (30 September 2012: 95.1p).

 

At 31 December 2012, there were 37,800,729 ordinary shares in issue. During the three months ended 31 December 2012 there were no shares issued.

There were 120,000 Ordinary shares repurchased during the period.

 

The unaudited net asset value (NAV) per C share as at 31 December 2012 was 89.8p (30 September 2012: 93.0p).

 

At 31 December 2012, there were 18,744,740 C shares in issue. During the three months ended 31 December 2012 there were no shares issued.

There were no shares repurchased during the period.

The net assets of the Ordinary Shares at 31 December 2012 comprised the following:

	£'000		% of Net Assets
Unquoted Investments at fair value as determined by the Directors	28,208		80.6
Quoted investments at bid price	1,187		3.4
Total venture capital investments	29,395		84.0
Net Current Assets	5,604		16.0
Net Assets	34,999		100.0

The net assets of the C Shares at 31 December 2012 comprised the following:

	£'000		% of Net Assets
Unquoted Investments at fair value as determined by the Directors	15,599		92.6
Quoted investments at bid price	0		0
Total venture capital investments	15,599		92.6
Net Current Assets	1,238		7.4
Net Assets	16,837		100.0

Quoted investments are stated at bid price as at 31 December 2012.  Unquoted investments are stated at fair value as at 31 December as determined by the Directors.

During the three months ended 31 December 2012 the following significant investment transactions took place (all companies unquoted except where otherwise indicated):

Ordinary Shares Portfolio

New and follow-on investments:

Name of Company	Business Activity	Amount Invested £'000
The Bunker	Ultra Secure data centres	52
Snell Corporation	Digital solutions	4

Investment disposals:

Name of Company	Business Activity	Original Cost £'000	Proceeds £'000
Crumb Rubber	Manufactures building products from waste plastic	23	23
i-Plas	Manufacture of fine rubber powder from recycled tyres	81	81

C Shares Portfolio

New and follow-on investments:

Name of Company	Business Activity	Amount Invested £'000
The Fin Machine	Manufacturer or special- purpose capital equipment	500

The turnaround at Fin Machine, the "C" Share fund's largest single investment, continues to make progress, albeit slower than planned, with a much reduced rate of loss, positive EBITDA having been generated throughout the second half of 2012.  Reflecting continuing working capital requirements, a further £500,000 loan was advanced by Foresight 4 C in October 2012. In February 2013 the management team was strengthened with the appointment of a new CEO and Group Finance Director.

Investment disposals:

There were no disposals during the period.

For further information please contact:
Gary Fraser, Foresight Group:                            01732 471 800

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Source: Foresight 4 VCT PLC via Thomson Reuters ONE

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