Foresight Solar VCT PLC : Interim Management St...

Foresight Solar VCT plc
Interim Management Statement for the Quarter Ended 31 March 2013

Foresight Solar VCT plc presents its interim management statement for the quarter ended 31 March 2013.  This constitutes the company's second interim management statement for the financial year ending 30 June 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 March 2013 was 122.5p (31 December 2012: 102.5p).

 

In line with original expectations, an interim dividend of 2.5p per Ordinary Share was paid to shareholders on 12 April 2013.

 

At 31 March 2013, there were 38,366,252 ordinary shares in issue. During the three months ended 31 March 2013 there were no ordinary shares were issued or repurchased for cancellation. During February 2013, a prospectus offer for a new "C" Share class was launched to raise up to £20 million and as at 31 March 2013 2,724,024 C Shares had been issued.

The net assets at 31 March 2013 comprised the following:

	£'000		% of Net Assets
Unquoted Investments at fair value as determined by the Directors	45,407		96.6%
Quoted investments at bid price	0		0%
Total venture capital investments	45,407		96.6%
Cash & liquid investments	804		1.7%
Other net current assets	797		1.7%
Net Assets	47,008		100.0

There were no purchases or sales in the period.

After the quarter ended 31 March 2013 a bond refinancing of the four UK assets was completed. The proceeds from the bond and future cash flows have resulted in the immediate uplift from 102.5p per ordinary share at 31 December 2012 to 122.5p per ordinary share at 31 March 2013. A separate regulatory announcement, which has been sent to shareholders, on the bond refinancing was made on 3 May 2013.

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

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Source: Foresight Solar VCT PLC via Thomson Reuters ONE

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