Foresight VCT plc, Foresight 3 VCT plc & Foresight 4 VCT plc
Trading Statement
Foresight announces the successful refinancing of its £3.5 million investment in Dundee-based precision engineering firm Aerospace Tooling Corporation Limited.
Foresight Group (Foresight) is delighted to announce on behalf of the boards of Foresight VCT plc, Foresight 3 VCT plc and Foresight 4 VCT plc that it completed on 25 September 2014 the successful refinancing of its £3.5 million investment in Aerospace Tooling Corporation Limited ("ATCL") made in June 2013.
The refinancing has seen the aggregate investment of £3.5 million made by the three Foresight VCTs repaid in full through the recapitalisation of Shareholder Loan Notes held by the VCTs in ATCL and the payment of a special dividend, funded from the company's cash reserves and a senior term loan from the Company's incumbent banking partner HSBC.
Company | £ |
Foresight VCT plc | 1,500,000 |
Foresight 3 VCT plc | 500,000 |
Foresight 4 VCT plc "O" | 600,000 |
Foresight 4 VCT plc "C" | 900,000 |
Foresight's VCTs majority shareholding in ATCL remains unchanged.
Since Foresight's investment fifteen months ago, the company has performed strongly with sales up 66.6% year on year, and an increase in EBITDA of 114%. Forecasts for the current financial year ending June 2015 are to see that growth continue.
ATCL is a precision engineering company, with a niche specialism in the remanufacturing of high value aerospace and industrial gas turbine components. In 2012 the company was awarded the coveted Best Repair Supplier in the World from a leading aero engine manufacturer.
Darrel Connell, Director of Foresight and of ATCL commented "We are delighted that John Seaton and the new management team have been able to deliver such a strong performance in a relatively short period of time since our investment. We are confident that the company will continue on its growth trajectory and we look forward to supporting the management team in achieving their goals."
ENDS
For further information, please contact:
Ben Thompson: bthompson@foresightgroup.eu / 0203 667 8155