Foresight Solar & Infrastructure VCT plc : Inte...

Foresight Solar and Infrastructure VCT plc
Interim Management Statement for the Quarter Ended 31 March 2016

Foresight Solar VCT plc presents its interim management statement for the quarter ended 31 March 2016. This constitutes the company's third interim management statement for the financial year ending 30 June 2016, 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 March 2016 was 103.2p (31 December 2015: 105.9p).

During the three month period ended 31 March 2016 the underlying performance of the Ordinary Shares fund remained robust and generated a positive return per Ordinary Share of 3.1p (2.9%). However, given that the Ordinary Shares fund has or will during the course of 2016 pass the minimum five year holding period for all investors, the Board has elected to recognise an accrual for the performance fee incentive of approximately 5.8p per Ordinary Share at this time and this has been deducted to arrive at the NAV of 103.2p per Ordinary Share as at 31 March 2016. The accrual will be amended quarterly to reflect movements in the underlying total return of the Ordinary Share class prior to Shareholders being offered the opportunity to realise their investment at which point the final performance incentive fee will be determined.

The unaudited net asset value (NAV) per C share as at 31 March 2016 was 83.1p (31 December 2015: 82.0p).

In line with original expectations, an interim dividend of 3.0p per Ordinary Share and 2.5p per C Share was paid to shareholders on 8 April 2016.

At 31 March 2016 there were 38,290,862 Ordinary shares in issue. There were no share movements during the three months ended 31 March 2016 on the ordinary shares fund.

At 31 March 2016 there were 12,509,245 C shares in issue. There were no share movements during the three months ended 31 March 2016 on the C shares fund.

The net assets at 31 March 2016 comprised the following:

Ordinary Shares Fund			£'000		% of Net Assets
Unquoted Investments at fair value as determined by the Directors			41,443		105%
Quoted investments at bid price			0		0%
Total venture capital investments			41,443		105%
Cash & liquid investments			35		0%
Other net current assets			(1,945)		(5)%
Net Assets			39,533		100.0

C Shares Fund	£'000		% of Net Assets
Unquoted Investments at fair value as determined by the Directors	10,088		97%
Quoted investments at bid price	0		0%
Total venture capital investments	0		97%
Cash & liquid investments	58		0.6%
Other net current assets	248		2.4%
Net Assets	10,394		100.0

For further information please contact:
Gary Fraser, Foresight Group:                            020 3667 8100

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Foresight Solar & Infrastructure VCT plc via Globenewswire

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