Foresight VCT PLC : Interim Management Statement

Foresight VCT plc
Interim Management Statement for the Quarter Ended 30 September 2011

Foresight  VCT plc  presents its  interim management  statement for  the quarter
ended   30 September   2011.  This  constitutes  the  company's  second  interim
management statement for the financial year ending 31 December 2011, 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 30 September 2011
was  123.8p (30 June 2011: 108.8p).  The principal  reason underlying the uplift
in  the NAV was  the sale of  the investment in  App-DNA Group Limited to Citrix
Systems Inc on 26 October 2011. Citrix Systems Inc acquired all of the equity in
App-DNA  Group  Ltd  for  a  total  consideration  of $92m and Foresight VCT plc
received  initial consideration of  £7.3m, compared to  a last reported carrying
value of £4.55m. This equates to a return of approximately 32 times the original
cost  of  investment.  In  addition  a  further  £0.9 million of escrow amounts,
subject  to various  warranties, could  be receivable  by the ordinary shares of
Foresight VCT over the next four years.

The  unaudited net asset value  (NAV) per Planned Exit  Share as at 30 September
2011 was 89.8p (30 June 2011: 93.7p).  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.

The  number of  Ordinary Shares  in issue  at 30 September 2011 was 28,694,271.
 During  the three months  ended 30 September 2011 no  shares were issued or re-
purchased by the company for cancellation.

The  number of Planned Exit Shares in issue at 30 September 2011 was 6,179,833.
 During  the  three  months  ended  30 June  2011 no  shares  were issued or re-
purchased by the company for cancellation.


Net  assets  of  the  Ordinary  Shares  fund  at 30 September 2011 comprised the
following:
+-------------------------------------------------------+------+---------------+
|                                                       |£'000 |% of Net Assets|
+-------------------------------------------------------+------+---------------+
|Unquoted Investments at fair value as determined by the|      |               |
|Directors                                              |28,622|           80.5|
+-------------------------------------------------------+------+---------------+
|Quoted investments at bid price                        | 1,061|            3.0|
+-------------------------------------------------------+------+---------------+
|Total venture capital investments                      |29,683|           83.5|
+-------------------------------------------------------+------+---------------+
|Net Current Assets                                     | 5,847|           16.5|
+-------------------------------------------------------+------+---------------+
|                                                       |      |               |
|Net Assets                                             |35,530|          100.0|
+-------------------------------------------------------+------+---------------+


Net  assets of the  Planned Exit Shares  fund at 30 September 2011 comprised the
following:
+--------------------------------------------------------+-----+---------------+
|                                                        |£'000|% of Net Assets|
+--------------------------------------------------------+-----+---------------+
|Unquoted  Investments at fair value as determined by the|     |               |
|Directors                                               |3,212|           57.9|
+--------------------------------------------------------+-----+---------------+
|Quoted investments at bid price                         |    0|            0.0|
+--------------------------------------------------------+-----+---------------+
|Total venture capital investments                       |3,212|           57.9|
+--------------------------------------------------------+-----+---------------+
|Net Current Assets                                      |2,336|           42.1|
+--------------------------------------------------------+-----+---------------+
|                                                        |     |               |
|Net Assets                                              |5,548|          100.0|
+--------------------------------------------------------+-----+---------------+

Quoted  investments are carried  at bid price  as at 30 September 2011. Unquoted
investments  are carried at fair value  as at 30 September 2011 as determined by
the directors.

During  the  three  months  ended  30 September  2011 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 |
+-----------------+-----------------------------------+-----------------------+
| Silvigen        | Integrated biomass fuel solutions | 94                    |
+-----------------+-----------------------------------+-----------------------+

Investment disposals:

+---------------------------+---------------------------+-------------+--------+
|Name of Company            |Business Activity          |Original Cost|Proceeds|
|                           |                           |£'000        |        |
|                           |                           |             |£'000   |
+---------------------------+---------------------------+-------------+--------+
|Autologic Diagnostics      |Automotive       diagnostic|0            |376     |
|                           |equipment                  |             |        |
+---------------------------+---------------------------+-------------+--------+
|Clarity  Commerce Solutions|Hospitality,   leisure  and|675          |159     |
|(AIM listed)               |customer         engagement|             |        |
|                           |software                   |             |        |
+---------------------------+---------------------------+-------------+--------+
|AppDNA                     |Application       migration|83           |83      |
|                           |software                   |             |        |
+---------------------------+---------------------------+-------------+--------+
|Trilogy Communications     |Broadcast    and    defence|23           |23      |
|                           |communications             |             |        |
+---------------------------+---------------------------+-------------+--------+
|Rivington Street Holdings  |Network security software  |17           |16      |
+---------------------------+---------------------------+-------------+--------+
|Sarantel (AIM listed)      |Antennas for mobile phones |556          |15      |
+---------------------------+---------------------------+-------------+--------+


Planned Exit Shares Portfolio

New investment:

+-------------------+----------------------------+-----------------------+
| Name of Company   | Business Activity          | Amount Invested £'000 |
+-------------------+----------------------------+-----------------------+
| Porchester Equity | Investment Holding Company | 625                   |
+-------------------+----------------------------+-----------------------+

Investment disposals:

None

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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