Foresight VCT PLC : Interim Management Statemen...

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

Foresight VCT plc presents its interim management statement for the quarter ended 31 March 2012.  This constitutes the company's first interim management statement for the financial year ending 31 December 2012, 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 2012 was 123.2p (31 December 2011: 123.9p).  The unaudited net asset value (NAV) per Planned Exit Share as at 31 March 2012 was 91.1p (31 December 2011: 92.4p). The unaudited net asset value per Infrastructure Share as at 31 March 2012 was 94.5p. The Board is not aware of any significant events or transactions between the date of the NAV and the date of publication of this Interim Management Statement.

A final dividend of 7.5p per Ordinary Share was paid on 23 March 2012.

The Board is pleased to announce an interim dividend of 5.0p per Planned Exit Share to be paid on 31 August 2012. The shares will be quoted ex-dividend on 15 August 2012 and the record date for payment will be 17 August 2012.

At 31 March 2012, there were 27,595,353 Ordinary shares and 6,179,833 Planned Exit in issue. Infrastructure Shares issued 11,671,295 shares allotted at £1 per share during the 3 months to 31 March 2012.

During the three months ended 31 March 2012 no shares were issued or repurchased by the company for cancellation.

Net assets of the Ordinary Shares fund at 31 March 2012 comprised the following:

	£'000	% of Net Assets
Unquoted Investments at fair value as determined by the Directors	25,847	76.0
Quoted investments at bid price	165	0.5
Total venture capital investments	26,012	76.5
Net Current Assets	7,997	23.5
Net Assets	34,009	100.0

Net assets of the Planned Exit Shares fund at 31 March 2012 comprised the following:

	£'000	% of Net Assets
Unquoted Investments at fair value as determined by the Directors	5,173	91.9
Quoted investments at bid price	0	0.0
Total venture capital investments	5,173	91.9
Net Current Assets	458	8.1
Net Assets	5,631	100.0

Net assets of the Infrastructure Shares fund at 31 March 2012 comprised the following:

	£'000	% of Net Assets
Unquoted Investments at fair value as determined by the Directors	9,000	81.6
Quoted investments at bid price	0	0.0
Total venture capital investments	9,000	81.6
Net Current Assets	2,026	18.4
Net Assets	11,026	100.0

Quoted investments are carried at bid price as at 31 March 2012. Unquoted investments are carried at fair value as at 31 March 2012 as determined by the directors.

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

Ordinary Shares Portfolio

Follow-on investments:

Name of Company	Business Activity	Amount Invested £'000
Autologic Diagnostics Group	Automotive diagnostics equipment	1,487
Wholesale Efficiency	Energy Efficiency	1,000
Withion Power	Electricity production from waste wood	766
Leisure Efficiency II	Energy Efficiency	675
Biofortuna	Cryo-preservation technology	312
Abacus Wood	Wood pellet manufacturing	200
i-Plas group	Manufacturer of building products for molecular diagnostics	90
Trilogy Communications	Broadcast and defence communications	32
Silvigen	Integrated biomass fuel solutions	58
Data Continuity Group	Data storage solutions	20

Investment disposals / loan repayments:

Name of Company	Business Activity	Original Cost £'000	Proceeds £'000
Autologic Diagnostics Holdings	Automotive diagnostics equipment	814	3,578

Planned Exit Shares Portfolio

New investments:

Name of Company	Business Activity	Amount Invested £'000
Leisure Efficiency	Energy Efficiency	690
Trilogy Communications	Broadcast and defence communications	93
Industrial Engineering Plastics	Plastics distributor and fabricator	75
Data Continuity Group	Data storage solutions	20

Investment disposals:

Name of Company	Business Activity	Original Cost £'000	Proceeds £'000
Portchester	Privately owned investment company	125	125

Infrastructure Shares Portfolio

New investments:

At 31 March 2012, nine investments each of £1million had been made in acquisition vehicles preparing to trade. An update on any investments made will be given in the annual report and accounts to 31 December 2012.

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

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Source: Foresight VCT PLC via Thomson Reuters ONE

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