Foresight VCT PLC : Publication of Circular and...

Foresight VCT PLC ("Company")
Publication of Circular and Prospectus


Publication of a circular to shareholders of the Company including a notice of general meeting and publication of a Prospectus relating to an Offer for Subscription to raise in aggregate up to £20,000,000 by issues of Ordinary Shares ("Offer")

Summary

The board of the Company ("Board") has today issued a circular to its shareholders containing proposals to:

-          authorise the directors to allot Ordinary Shares in relation to the Offer;
-          disapply pre-emption rights so that the Ordinary Shares can be allotted on a monthly basis without the need to make pre-emptive offers to existing Shareholders; and
-          reduce the share premium account arising on the issue of Ordinary Shares

These proposals require the approval of the Company's shareholders and this is being sought at a meeting of the Company to be held on 30 October 2013 at 12 noon at the offices of Foresight Group LLP, ECA Court, South Park, Sevenoaks, Kent TN13 1DU.

The Board is also pleased to announce the publication of a Prospectus relating to the Offer. Shareholders will shortly receive a copy of a securities note (which, together with a summary and registration documents dated 26 September 2013, form the "Prospectus") and a copy of the circular convening the general meeting.

Background and reasons for the offer

Reasons for the Offer
The Board believes there is currently an extremely attractive opportunity, post the recent recession, to make further private equity type investments in order to enhance returns for Ordinary Shareholders. The ability to continue this programme of investment is particularly important to maintain returns in the future and the Offer is being launched to take advantage of a continuing flow of attractive investment opportunities being received by the Company's Investment Manager ("Foresight").

Investment opportunity
Foresight is experiencing particularly strong deal flow and seeing attractive entry valuations in the market. The Company has recently concluded several new investments including media services company Procam TV, guitar amplification business Blackstar and engineering services business Aerospace Tooling Corporation. All of these businesses are generating profits and are considered by the Directors and the Investment Manager as having significant growth opportunities ahead of them.

Funds raised under the Offer will also increase the Company's net assets overall and allow the Company's administrative costs to be spread across a wider asset base, so that the administrative costs of the Company per Share can be reduced.
Further Information

Full details of the Offer will be set out in the Registration Document, Summary and Securities Note which together comprise a Prospectus in accordance with the Prospectus Rules made under Section 84 of FSMA, and which is published as at today's date.

All documents comprising the Prospectus and the circular will also available from the offices of Foresight Group LLP, ECA Court, South Park, Sevenoaks, Kent TN13 1DU and the following website: http://www.foresightgroup.eu.

A copy of the circular and the Prospectus have also been submitted to the Financial Conduct Authority and will be shortly available for inspection on both the Foresight Group LLP website (www.foresightgroup.eu) as well as at the National Storage Mechanism (www.hemscott.com/nsm.do).

For further information, please contact:

Gary Fraser
Foresight Fund Managers Limited
Telephone: [phone]

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Source: Foresight VCT PLC via Thomson Reuters ONE

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