Half-yearly report
FORESIGHT VCT PLC
Summary
* Net asset value per Ordinary Share as at 30 June 2010 was 47.3p compared to
39.8p as at 31 December 2009.
* Net asset value per Planned Exit Share as at 30 June 2010 was 95.0p.
* Six follow-on investments were made from the Ordinary Shares Fund totalling
£371,802. These were SkillsMarket (£80,000), i-plas Group Holdings
(£73,498), @Futsal (£70,988), Trilogy Communications (£62,500), Closed Loop
Recycling (£56,250) and Silvigen (£28,566).
* One small realisation was made from the Ordinary Shares Fund: a loan
repayment from SkillsMarket (£20,000).
* Planned Exit Fund closed on 30 June 2010 having issued 6,179,833 Planned
Exit Shares at 100p per share.
* Three new investments were made from the Planned Exit Fund totalling
£1,662,500: Foresight Luxembourg Solar 2 (£1,037,500), Closed Loop Recycling
(£500,000) and i-plas Group Holdings (£125,000).
Chairman's Statement
Introduction and Results
In this, my first communication to shareholders since my recent appointment as
Chairman, I am pleased to be able to report sound progress in the development of
the investment portfolios.
I am pleased to report that the net asset value of the Ordinary Shares increased
to 47.3p per share at 30 June 2010 from 39.8p per share at 31 December 2009,
representing an uplift of 19%. The current performance of several of the
unquoted investments within the portfolio both in terms of revenues and profits
generated has improved over the six months under review, a significant amount of
which can be attributed to export driven growth principally to the US and
Europe. Furthermore, the order books of several portfolio companies give the
Manager cause for optimism for the latter half of the current year and that the
recent positive portfolio performance can be maintained.
Notwithstanding these positive signs, stock market sentiment is fragile,
significant macroeconomic uncertainties remain, and trading and credit
conditions continue to be difficult in many sectors of the economy. Against this
background Foresight Group continues to adopt a cautious approach to managing
the portfolio.
The Planned Exit Fund successfully raised over £6 million of gross proceeds from
launch in late January until the offer closed on 30 June. The net asset value at
30 June 2010 was 95.0p per Planned Exit Share. Three investments have been made
in accordance with the investment mandate of the fund including two into
existing Foresight investments.
The Planned Exit Shares objective is to combine greater security of capital than
is normal within a VCT with the enhancement of investor returns created by the
VCT tax benefits. The key objective of the Planned Exit Fund is to distribute a
minimum of 110p per share issued through a combination of tax-free income,
buybacks and tender offers before the sixth anniversary of the closing date of
the offer.
The Ordinary Shares objective is to maximise the level of tax-free dividends,
either generated from income or from capital profits realised on the sale of
investments. However, there have been no material realisations in the period and
current cash resources are being retained to support the portfolio, consequently
the Board is not recommending an interim dividend at this time.
Portfolio Review
The performance of a number of portfolio companies continued to improve,
reflecting growing demand and strong sales pipelines, most notably Camwood,
Diagnos Holdings, Alaric Systems and Trilogy Communications.
Camwood's AppDNA software division, which is the market-leader in automated
application compatibility for virtualisation, desktop and server operating
system projects, has made good progress. The company has won a number of major
contracts with large corporations in the US and Europe, and has also developed a
global network of partnerships. It has a strong pipeline of opportunities for
further contract wins. For the year to 31 March 2010, the company reported rapid
sales growth and improved profitability and this has continued into the first
quarter of its new financial year.
Diagnos develops and sells sophisticated automotive diagnostic software and
hardware to independent mechanics and garages to allow them to service and
repair vehicles. As cars become increasingly sophisticated, they also become
more reliant on electronic systems to run functions such as fuel injection and
engine management systems. To fix any fault, mechanics need a diagnostic
software tool such as that produced by Diagnos to enable them to 'talk' to the
computer running the process or system. The investment in Diagnos was made in
February 2009. For the period 20 February 2009 to 31 December 2009, Diagnos
produced an operating profit of £1.48 million on sales of £5.49 million. It is
continuing to grow sales and profits in its current financial year and on 1 July
2010 took an important step forward by acquiring its previously
independently-owned US distributor.
Alaric is enjoying strong growth and is continuing to win major new contracts.
During the year to 31 March 2010, orders were won from 15 new customers,
resulting in total sales for that year of some £4 million. Capacity to satisfy
these orders is being met principally through expanding the office in Kuala
Lumpur. Alaric is developing a growing sales pipeline and profile in the Far
East, Mexico and the USA. An important relationship has been established with
Oracle to serve the card authorisation switch market Worldwide. The budget for
the current year shows substantial growth on sales achieved in 2010.
Trilogy Communications is continuing to build partnerships with large
international defence companies and its pipeline of sales opportunities has
continued to grow. The company's financial year for 2010/11 has started very
strongly and both its broadcast and defence divisions are ahead of plan. The
company's order book is strong and the outlook for the remainder of the year is
very positive.
Having recovered from a fire in late 2009, Closed Loop Recycling continues to
make solid operational, commercial and revenue progress with production rates at
record levels, processing 100 tonnes per day and producing material of a
particularly high quality. The full capex work, associated with the equipment
replacement and upgrade to both replace fire damaged equipment and optimise the
plant, has been successfully completed. Closed Loop is currently generating
revenues in excess of £1 million per month.
The turnaround at Aigis continues gradually and the business made small profits
in both the first and second quarters of 2010, which has helped improve the
company's underlying cash position. Aigis is in the process of recruiting
further engineering resource to allow the company to meet customer requirements
promptly, while reducing costs in other areas.
During the period Oxonica sold its sole remaining trading subsidiary, based in
the USA, for net proceeds of $4,000,000. The company's staff and costs have been
reduced to a minimum to preserve cash resources pending anticipated receipts
from future royalty streams. The company is already receiving royalties from
Croda and has the possibility of royalties from Becton Dickinson, which is
anticipated to commence in 2015/2016.
Investment Activity
Ordinary Shares Fund - Purchases
Six follow-on investments were made from the Ordinary Shares Fund totalling
£371,802. These were SkillsMarket (£80,000), i-plas Group Holdings (formerly
Lynwood Group Holdings) (£73,498), @Futsal (£70,988), Trilogy Communications
(£62,500), Closed Loop Recycling (£56,250) and Silvigen (£28,566).
SkillsMarket successfully launched a new web-based, Software as a Service (SaaS)
product, iProfile Recruiter Account, at the start of the year and Foresight VCT
invested a further £80,000 to fund the operational costs associated with the
turnaround strategy. The turnaround strategy has been successful and the company
is now focusing its efforts on growing the sales of the new product and early
indications are that the product is proving to be popular within the company's
target markets.
The investment in i-plas Group Holdings (formerly Lynwood Group Holdings) of
£73,498 was used to fund an increase in capacity for i-plas, to satisfy its
growing sales pipeline for plastic building products, an area of plastics
recycling which has significant growth potential.
A planned second tranche of funds was invested into @Futsal to develop its
existing capacity in Swindon and to commission a new super-arena in Birmingham.
This should enable the business to reach a scale where it can operate profitably
and generate cash, as well as prove the concept and viability of the super arena
model.
Silvigen has positioned itself to supply the biomass fuel needs of the UK power
generation sector, which is driven by a number of regulatory incentives.
Silvigen raised £200,000 in February 2010, of which Foresight VCT invested
£28,566, to provide ongoing working capital required as a result of operational
delays. Its wood pelleting plant is now fully commissioned and production
volumes are increasing steadily. A number of large customer trials are ongoing.
Ordinary Shares Fund - Realisations
Although Foresight Group continue to work on several potential realisations
within the portfolio, potential acquirers, generally, are only slowly returning
to the market following several years of difficult trading and tight credit
conditions. A loan repayment of £20,000 was received from SkillsMarket during
the period.
Planned Exit Shares Fund - Purchases
Three new investments were made from the Planned Exit Fund totalling £1,662,500:
Foresight Luxembourg Solar 2 (£1,037,500), Closed Loop Recycling (£500,000) and
i-plas Group Holdings (£125,000).
The Planned Exit Fund invested £1,037,500 in Foresight Luxembourg Solar 2
(holding vehicle of La Castilleja) during the six months under review. La
Castilleja is an operating 10MW solar photovoltaic ('PV') plant located in the
region of Cordoba, Andalucia in Spain. The plant has been operating since
September 2008 and benefits from an attractive feed-in-tariff of 44 euro cents
per kilowatt hour generated, resulting in a project yield of approximately 12%
per annum. This attractive level of feed-in tariff has not been available to
plants connected after September 2008. The investment was made in Euros but the
fund has a foreign exchange option in place to hedge against adverse currency
movements/losses.
The Planned Exit Fund invested £500,000 into Closed Loop Recycling as part of a
£1 million round to replace £1 million of the banking facility provided by
Allied Irish Bank, which has suffered a severe liquidity crisis due to its
exposure to the Irish property market and has required significant support from
the Irish Government.
Valuation Policy
Investments held by the Company have been valued in accordance with the
International Private Equity and Venture Capital (IPEVC) valuation guidelines
(September 2009) developed by the British Venture Capital Association and other
organisations. Through these guidelines investments are valued as defined at
'fair value'. Ordinarily, unquoted investments will be valued at cost for a
limited period following the date of acquisition, being the most suitable
approximation of fair value unless there is an impairment or significant
accretion in value during the period. Quoted investments and investments traded
on AIM and PLUS (formerly OFEX) are valued at the bid price as at 30 June 2010.
The portfolio valuations are prepared by Foresight Group and are subject to
approval by the Board.
Share Issues and Share Buy-backs
On 28 January 2010 the Company announced the publication of a prospectus to
raise up to £10,000,000 by way of an issue of Planned Exit Shares, a new share
class subsequently approved by shareholders on 23 February 2010. From launch
until the offer closed on 30 June 2010, 6,179,833 Planned Exit Shares were
issued at 100.0p per share.
All of these share issues were under the new VCT provisions which commenced on
6 April 2006, namely: 30% upfront income tax relief which can be retained by
qualifying investors if the shares are held for the minimum five year holding
period.
As part of the Company's active buy-back programme, during the period, 395,984
Ordinary Shares were purchased for cancellation at a cost of £139,584,
representing an average discount of 11.4% to net asset value.
Directorate change
As a public listed company, Foresight VCT plc is required to comply with the
regulations of the UK Listing Authority ("UKLA"). Certain changes to the
existing Board are required prior to new UKLA regulations on Board independence
coming into effect on 28 September 2010.
As a result of these changes, Bernard Fairman stepped down from the Board on 18
June 2010. This change does not impact the provision of investment management
services by Foresight Group. Additionally, Peter Dicks stepped down as Chairman
of the Board on 30 July 2010 but continues as a Director.
At the same time as Peter's resignation as Chairman I was appointed as Chairman
of Foresight VCT following my resignation as a Director of Foresight 3 VCT.
I would like to thank Peter for all of his hard work in his role as Chairman and
Bernard for his hard work as a Director since the Company's launch in 1997.
Outlook
The recovery in the underlying trading of many portfolio companies has
benefitted, to varying degrees, from the positive export conditions created by a
weaker currency and better than expected growth in portfolio companies' target
markets. We remain optimistic about the current prospects and outlook for many
portfolio companies, which continue to display strong order books, revenue and
profit growth but this is tempered by continuing macroeconomic uncertainties
that could lead to a double dip recession or prolonged period of low growth.
Although there has been very little portfolio activity in terms of purchases or
sales over the last six months, we are witnessing potential acquirers slowly
returning to the market following two years of difficult trading and tight
credit conditions. The Board and investment Manager are, therefore, hopeful that
the positive current performance of the portfolio will translate into
realisations over the coming months and that this will filter through to net
asset value performance and distributions over the medium term.
John Gregory
Chairman
Telephone: 01296 682751
Email: j.greg@btconnect.com
31 August 2010
For further information please contact:
Gary Fraser, Foresight Fund Managers Limited Tel: 01732 471800
Unaudited Half-Yearly Results and Responsibility Statements
Principal Risks and Uncertainties
The principal risks faced by the Company can be divided into various areas as
follows:
* Performance
* Regulatory
* Operational; and
* Financial
The Board reported on the principal risks and uncertainties faced by the Company
in the Annual Report and Accounts for the year ended 31 December 2009. A
detailed explanation can be on found on page 12 of the Annual Report and
Accounts which is available on www.foresightgroup.eu or by writing to Foresight
Group at ECA Court, South Park, Sevenoaks, Kent, TN13 1DU.
In the view of the Board, there have been no changes to the fundamental nature
of these risks, except for currency risk, since the previous report and these
principal risks and uncertainties are equally applicable to the remaining six
months of the financial year as they were to the six months under review. Since
the Annual Report at the 31 December 2009 the currency risk that the Company is
exposed to has changed as a result of the investment in Foresight Luxembourg
Solar 2 which trades in the Euro currency. As Foresight VCT's investment would
be susceptible to movements in the Euro currency the Board has arranged a hedge
against the movement in the currency for the full value of the investment. The
cost of this hedge is to be repaid by Foresight Luxembourg Solar 2 and is
therefore included in the value of the investment.
Directors' Responsibility Statement:
The Disclosure and Transparency Rules ('DTR') of the UK Listing Authority
require the Directors to confirm their responsibilities in relation to the
preparation and publication of the Interim Report and financial statements.
The Directors confirm to the best of their knowledge that:
(a) the summarised set of financial statements  has been prepared in accordance
with the pronouncement on interim reporting issued by the Accounting Standards
Board;
(b) the interim management report includes a fair review of the information
required by DTR 4.2.7R (indication of important events during the first six
months and description of principal risks and uncertainties for the remaining
six months of the year);
(c) the summarised set of financial statements give a true and fair view in
accordance with UK GAAP of the state of affairs of the Company and of the profit
and loss of the Company for that period and comply with UK GAAP and Companies
Act 2006; and
(d) the interim management report includes a fair review of the information
required by DTR 4.2.8R (disclosure of related parties' transactions and changes
therein).
Going Concern
The Company's business activities, together with the factors likely to affect
its future development, performance and position, are set out in the Business
Review in the 31 December 2009 annual report. The financial position of the
Company, its cash flows, liquidity position and borrowing facilities are
described in the Chairman's Statement, Business Review and Notes to the Accounts
of the 31 December 2009 annual report. In addition, the annual report includes
the Company's objectives, policies and processes for managing its capital; its
financial risk management objectives; details of its financial instruments and
hedging activities; and its exposures to credit risk and liquidity risk.
The Company has considerable financial resources together with investments and
income generated therefrom across a variety of industries and sectors. As a
consequence, the Directors believe that the Company is well placed to manage its
business risks successfully despite the current uncertain economic outlook.
The Directors have reasonable expectation that the Company has adequate
resources to continue in operational existence for the foreseeable future. Thus
they continue to adopt the going concern basis of accounting in preparing the
annual financial statements.
The half-yearly Financial Report has not been audited or reviewed by the
auditors.
On behalf of the Board
John Gregory
Chairman
31 August 2010
Unaudited Non-Statutory Analysis between the
Ordinary Shares and Planned Exit Shares Funds
Income Statements
for the six months ended 30 June 2010
 Planned Exit Shares
  Ordinary Shares Fund Fund
  Revenue Capital Total  Revenue Capital Total
  £'000 £'000 £'000  £'000 £'000 £'000
Investment holding gains  - 4,950 4,950  - - -
Realised losses on investments  - (1,293) (1,293)  - - -
Income  247 - 247  56 - 56
Investment management fees  (48) (144) (192)  (2) (5) (7)
Other expenses  (178) - (178)  (22) - (22)
------------------------- ----------------------
Return/(loss) on ordinary
activities before taxation  21 3,513 3,534  32 (5) 27
Tax on ordinary activities  - - -  - - -
------------------------- ----------------------
Return/(loss) on ordinary
activities after taxation  21 3,513 3,534  32 (5) 27
------------------------- ----------------------
Return/(loss) per share  0.1p 7.3p 7.4p  0.7p (0.1)p 0.6p
------------------------- ----------------------
Balance Sheets
at 30 June 2010
   Planned Exit Shares
  Ordinary Shares Fund  Fund
    £'000   £'000
Non-current assets
Investments at fair value
through profit or loss    21,085   1,578
Debtors - amounts
receivable in more than
one year    106   -
---------------------- -----------------------
      21,191   1,578
Current assets
Debtors - amounts
receivable in less than
one year    1,071   901
Derivative financial
instruments    -   85
Money market and other
deposits    422   3,200
Cash    84   127
---------------------- -----------------------
    1,577   4,313
Creditors: Amounts falling
due within one year    (183)   (18)
---------------------- -----------------------
Net current assets    1,394   4,295
---------------------- -----------------------
Net assets    22,585   5,873
---------------------- -----------------------
Capital and reserves
Called-up share capital    477   62
Share premium account    11,931   5,784
Distributable reserves    10,150   27
Capital redemption reserve    27   -
---------------------- -----------------------
    22,585   5,873
---------------------- -----------------------
Number of shares in issue    47,741,385   6,179,833
Net asset value per share    47.3p   95.0p
---------------------- -----------------------
Reconciliation of Movements in Shareholders' Funds
for the six months ended 30 June 2010
Share Capital
Called-up premium Distributable redemption
  share capital account Reserve reserve Total
Ordinary
Shares Fund  £'000 £'000 £'000 £'000 £'000
As at 1
January 2010 Â 481 11,931 6,745 23 19,180
Share issues
in the period  - - - - -
Expenses in
relation to
share issues   - - - -
Repurchase of
shares  (4) - (140) 4 (140)
Returned
dividend  - - 11 - 11
Return for the
period  - - 3,534 - 3,534
----------------------------------------------------------------
As at 30 June
2010 Â 477 11,931 10,150 27 22,585
----------------------------------------------------------------
Share Capital
Called-up premium Distributable redemption
  share capital account Reserve reserve Total
Planned Exit
Shares Fund  £'000 £'000 £'000 £'000 £'000
As at 1
January 2010 Â - - - - -
Share issues
in the period  62 6,118 - - 6,180
Expenses in
relation to
share issues  - (334) - - (334)
Return for the
period  - - 27 - 27
----------------------------------------------------------------
As at 30 June
2010 Â 62 5,784 27 - 5,873
----------------------------------------------------------------
Unaudited Income Statement
for the six months ended 30 June 2010
 Six months ended Six months ended Year ended
 30 June 2010 30 June 2009 31 December 2009
 (unaudited) (unaudited) (audited)
 Revenue Capital Total Revenue Capital Total Revenue Capital Total
 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Invesment
holding gains - 4,950 4,950 - 3,280 3,280 - 3,547 3,547
Realised
losses on
investments - (1,293) (1,293) - (4,089) (4,089) - (3,988) (3,988)
Income 303 - 303 181 - 181 441 - 441
Investment
management
fees (50) (149) (199) (53) (159) (212) (100) (299) (399)
Other (200) - (200) (154) - (154) (318) - (318)
expenses
------------------------------------------------------------------------
Return/(loss)
on ordinary
activities
before
taxation 53 3,508 3,561 (26) (968) (994) 23 (740) (717)
Tax on
ordinary
activities - - - - - - - - -
------------------------------------------------------------------------
Return/(loss)
on ordinary
activities
after
taxation 53 3,508 3,561 (26) (968) (994) 23 (740) (717)
------------------------------------------------------------------------
Return/(loss)
per share:
Ordinary
Share 0.1p 7.3p 7.4p  (0.1)p  (2.0)p  (2.1)p 0.0p  (1.5)p  (1.5)p
------------------------------------------------------------------------
Planned Exit
Share 0.7p (0.1)p 0.6p N/A N/A N/A N/A N/A N/A
------------------------------------------------------------------------
The total column of this statement is the profit and loss account of the Company
and the revenue and capital columns represent supplementary information.
All revenue and capital items in the above Income Statement are derived from
continuing operations. No operations were acquired or discontinued in the year.
The Company has no recognised gains or losses other than those shown above;
therefore, no separate statement of total recognised gains and losses has been
presented.
Unaudited Balance Sheet
at 30 June 2010
   As at  As at  As at
31
30 June 2010 Â 30 June 2009 Â December
   2009
   (unaudited)  (unaudited)  (audited)
   £'000  £'000  £'000
Non-current
assets
Investments at
fair value
through profit
or loss   22,663  16,037  17,095
Debtors - amounts
receivable in
more than one
year  106  26  66
-------------- -------------- ----------
   22,769  16,063  17,161
Current assets
Debtors - amounts
receivable in
less than one
year  1,969  1,584  1,306
Derivative
financial
instruments   85  -  -
Money market
and other
deposits   3,622  692  570
Cash   211  945  233
-------------- -------------- ----------
   5,887  3,221  2,109
Creditors:
Amounts As  As  As
falling due at at at
within one
year   (198)  (177)  (90)
-------------- -------------- ----------
Net current   5,689  3,044  2,019
assets
-------------- -------------- ----------
Net assets   28,458  19,107  19,180
-------------- -------------- ----------
Capital and
reserves
Called-up
share capital   539  488  481
Share premium
account   17,715  11,915  11,931
Distributable
reserve   10,177  6,687  6,745
Captial
redemption
reserve   27  17  23
-------------- -------------- ----------
   28,458  19,107  19,180
-------------- -------------- ----------
Net asset
value per
share:
Ordinary Share   47.3p  39.2p  39.8p
-------------- -------------- ----------
Planned Exit
Share   95.0p  N/A  N/A
-------------- -------------- ----------
Unaudited Reconciliation of Movements in Shareholders' Funds
for the six months ended 30 June 2010
Called-up Share Capital
share premium Distributable redemption
   capital account Reserve reserve Total
Company   £'000 £'000 £'000 £'000 £'000
As at 1
January 2010 Â Â 481 11,931 6,745 23 19,180
Share issues
in the period   62 6,118 - - 6,180
Expenses in
relation to
share issues   - (334) - - (334)
Repurchase of
shares   (4) - (140) 4 (140)
Returned
dividend   - - 11 - 11
Return for the
period   - - 3,561 - 3,561
--------------------------------------------------------------
As at 30 June
2010 Â Â 539 17,715 10,177 27 28,458
--------------------------------------------------------------
Unaudited Summary Cash Flow Statement
for the six months ended 30 June 2010
  Six months ended Six months ended Year ended
30 June 2010 30 June 2009 31 December
   2009
   (unaudited) (unaudited) (audited)
   £'000 £'000 £'000
Cash flow from operating
activities
Investment income received   102 86 125
Deposit and similar
interest received   2 57 143
Investment management fees
paid   (98) (189) (79)
Secretarial fees paid   (59) (58) (115)
Other cash payments   (152) (109) (207)
--------------------------------------------------
Net cash outflow from
operating activities and
returns on investment   (205) (213) (133)
Taxation   -  -  -
--------------------------------------------------
Investing activities
Purchase of unquoted
investments and
investments quoted on AIM Â Â (2,035) (1,385) (2,406)
Net proceeds on sale of
unquoted investments   20 -  165
Net proceeds on sale of
quoted investments   -  -  167
Net proceeds from deferred
consideration   19 110 110
--------------------------------------------------
Net capital outflow from
investing activities   (1,996) (1,275) (1,964)
Equity dividends
received/(paid) Â Â 11 (491) (490)
--------------------------------------------------
Management of liquid
resources
Subscription to money
market   (3,201) (21) (24)
Redemption from money
market   149 2,079 2,204
--------------------------------------------------
   (3,052) 2,058 2,180
Financing
Proceeds of fund raising   5,633 1,000 1,000
Expenses of fund raising   (273) (40) (48)
Dividends reinvested   -  23 23
Repurchase of own shares   (140) (106) (429)
--------------------------------------------------
Net cash inflow from
financing activities   5,220 877 546
--------------------------------------------------
(Decrease)/increase in
cash   (22) 956 139
--------------------------------------------------
Notes to the Unaudited Half-Yearly Results
1. The unaudited interim results have been prepared on the basis of the
accounting policies set out in the statutory accounts of the Company for the
year ended 31 December 2009. Unquoted investments have been valued in
accordance with IPEVC guidelines. Quoted investments are stated at bid
prices in accordance with the IPEVC guidelines and UK Generally Accepted
Accounting Practice.
2. These are not statutory accounts in accordance with S436 of the Companies
Act 2006 and the financial information for the six months ended 30 June
2010 and 30 June 2009 has been neither audited nor reviewed. Statutory
accounts in respect of the period to 31 December 2009 have been audited and
reported on by the Company's auditors and delivered to the Registrar of
Companies and included the report of the auditors which was unqualified and
did not contain a statement under S498(2) or S498(3) of the Companies Act
2006. No statutory accounts in respect of any period after 31 December 2009
have been reported on by the Company's auditors or delivered to the
Registrar of Companies.
3. Copies of the Interim Report will be sent to shareholders and will be
available for inspection at the Registered Office of the Company at ECA
Court, South Park, Sevenoaks, Kent, TN13 1DU.
4. Net asset value per share
      The net asset value per share for the Ordinary Shares and the Planned Exit
Shares has been calculated on the appropriate allocation of the Company's assets
and liabilities. From 1 April 2010, 80% of all joint costs incurred were
allocated to the Ordinary Shares Fund and 20% to the Planned Exit Shares Fund,
based on original funds raised. Pre 1 April 2010, all expenses were allocated to
the Ordinary Shares Fund.
      The net asset value per share is based on net assets at the end of the
period and on the number of shares in issue at the date.
 Ordinary Shares Fund Planned Exit Shares Fund
Number of
Net Assets Number of Net Assets Shares in
 £'000 Shares in Issue £'000 Issue
30 June 2010 22,585 47,741,385 5,873 6,179,833
30 June 2009 19,107 48,765,445 N/A N/A
31 December
2009 19,180 48,137,369 N/A N/A
5. Return per share
      The weighted average number of shares for the Ordinary Shares and Planned
Exit Shares funds used to calculate the respective returns are shown in the
table below.
   Ordinary Shares Fund Planned Exit Shares Fund
Six months ended 30 June 2010 Â Â 47,999,540 shares 4,213,657 shares
Six months ended 30 June 2009 Â Â 46,574,328 shares N/A
Year ended 31 December 2009 Â Â 48,191,161 shares N/A
6. Income
 Six Months ended Six Months ended Year ended
 30 June 2010 30 June 2009 31 December 2009
 (unaudited) (unaudited) (audited)
Company £'000 £'000 £'000
Loan stock interest 300 159 333
Overseas based Open Ended
Investment Companies
("OEICS") 3 7 16
Interest received on VAT
refunded - Â - Â 84
Bank deposits - Â 7 7
Other - Â 8 1
---------------------------------------------------
 303 181 441
---------------------------------------------------
7. Investments at fair value through profit or loss
Company  Quoted Unquoted Total
  £'000 £'000 £'000
Book cost at 1 January 2010 Â 9,129 18,983 28,112
Investment holding losses  (4,946) (6,071) (11,017)
--------------------------------
Valuation at 1 January 2010 Â 4,183 12,912 17,095
Purchases at cost  - 2,035 2,035
Disposal proceeds  - (20) (20)
Realised losses  - (1,312) (1,312)
Investment holding (losses)/gains  (23) 4,888 4,865
--------------------------------
Valuation at 30 June 2010 Â 4,160 18,503 22,663
--------------------------------
Book cost at 30 June 2010 Â 9,129 19,686 28,815
Investment holding losses  (4,969) (1,183) (6,152)
--------------------------------
Valuation at 30 June 2010 Â 4,160 18,503 22,663
--------------------------------
Ordinary Shares Fund  Quoted Unquoted Total
  £'000 £'000 £'000
Book cost at 1 January 2010 Â 9,129 18,983 28,112
Investment holding losses  (4,946) (6,071) (11,017)
--------------------------------
Valuation at 1 January 2010 Â 4,183 12,912 17,095
Purchases at cost  - 372 372
Disposal proceeds  - (20) (20)
Realised losses  - (1,312) (1,312)
Investment holding (losses)/gains  (23) 4,973 4,950
--------------------------------
Valuation at 30 June 2010 Â 4,160 16,925 21,085
--------------------------------
Book cost at 30 June 2010 Â 9,129 18,023 27,152
Investment holding losses  (4,969) (1,098) (6,067)
--------------------------------
Valuation at 30 June 2010 Â 4,160 16,925 21,085
--------------------------------
Planned Exit Shares Fund  Quoted Unquoted Total
  £'000 £'000 £'000
Book cost at 1 January 2010 Â - - -
--------------------------------
Valuation at 1 January 2010 Â - - -
Purchases at cost  - 1,663 1,663
Investment holding losses * Â - (85) (85)
--------------------------------
Valuation at 30 June 2010 Â - 1,578 1,578
--------------------------------
Book cost at 30 June 2010 Â - 1,663 1,663
Investment holding losses  - (85) (85)
--------------------------------
Valuation at 30 June 2010 Â - 1,578 1,578
--------------------------------
      * The currency option described on page 4 exactly offsets the currency
loss on the Foresight Solar Luxembourg 2 investment.
8. Related parties
      Foresight Group, as investment Manager of the Company, is considered to be
a related party by virtue of its management contract with the Company. During
the period, services of a total value of £199,000 (30 June 2009: £212,000; 31
December 2009: £399,000) were purchased by the Company from Foresight Group. At
30 June 2010, the amount due to Foresight Group included within creditors was
£114,000.
      Foresight Fund Managers Limited, as Secretary of the Company and as a
subsidiary of Foresight Group, is also considered to be a related party of the
Company. During the period, services of a total value of £50,000 excluding VAT
(30 June 2009: £50,000; 31 December 2009: £100,000) were purchased by the
Company from Foresight Fund Managers Limited. At 30 June 2010, the amount due to
Foresight Fund Managers Limited included within creditors was £25,000 (excluding
VAT).
      No Director has, or during the period had, a contract of service with the
Company. Bernard Fairman, who resigned on 18 June 2010, is the ultimate
beneficial owner of Foresight Group, the Company's investment Manager. Subject
to these exceptions, no Director was party to, or had an interest in, any
contract or arrangement (with the exception of directors' fees) with the Company
at any time during the period under review or as at the date of this report.
t:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Foresight VCT PLC via Thomson Reuters ONE
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