Foresight 3 VCT PLC (UK) – Interim Management Statement
Interim Management Statement
Foresight 3 VCT plc
Interim Management Statement for the Quarter Ended 31 December 2009
Foresight 3 VCT plc presents its interim management statement for the quarter ended 31 December 2009. This constitutes the company’s second interim management statement for the financial year ending 31 March 2010, 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 December 2009 was 98.6p (30 September 2009: 99.9p). A 5.0p per share dividend payment was made on 29 January 2010.
At 31 December 2009, there were 41,694,018 ordinary in issue. During the three months ended 31 December 2009 the Company launched a linked offer with Foresight 4 VCT plc, which enjoyed significant demand and issued a total of 2,803,729 shares at 106.0p per share in the period. Additionally during the period, 225,000 shares were repurchased for cancellation at a price of 89.0p per share.
The Company continues to see strong deal flow in its core investment markets of environmental infrastructure, cleantech and small management buyouts and, subject to new funds being raised, expects to make further investments in these areas in the coming months.
The net assets at 31 December 2009 comprised the following:
£’000 % of Net Assets
Unquoted Investments at fair value as determined by the Directors 28,560 69.5
Quoted investments at bid price 4,029 9.8
Total venture capital investments 32,589 79.3
Cash & liquid investments 5,068 12.3
Other net current assets 3,449 8.4
Net Assets 41,106 100.0
Quoted investments are stated at bid price as at 31 December 2009. Unquoted investments are stated at fair value as at 31 December as determined by the Directors.
During the three months ended 31 December 2009 the following significant investment transactions took place (all companies unquoted except where otherwise indicated):
Name of Company Business Activity Amount Invested
Closed Loop Recycles waste plastic bottles into food grade products 667
O-Gen Acme Trek Builds and operates combined heat and power plants 648
Lynwood Group Holdings Manufactures building products from waste plastic 191
Sarantel (AIM listed) Manufacture of high performance miniature antenna for mobile and wireless devices 150
Silvigen Integrated biomass fuel solutions 86
The Message Pad Contact centre service provider 52
The Bunker Secure data centres 41
Name of Company Business Activity Original Cost
O-Gen Acme Trek Builds and operates combined heat and power plants 273 273
Charter (AIM listed) International engineering 258 260
Datapath Manufacturer of PC based computer graphics and video 231 231
FDM Group (AIM listed) International IT services provider 88 140
Xploite (AIM listed) Discovers, consolidates and develops businesses in the IT services marketplace 104 83
Idox (AIM listed) Software solutions and services 62 79
Adventis (AIM listed) Marketing and advertising 138 47
Melorio (AIM listed) Vocational training for IT, construction and logistics 7 10
Published: 12:02 CET 15-02-2010 /HUGIN /Source: Foresight 3 VCT PLC /LSE: FTD /ISIN: GB00B3QF3772