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Annual Report and
Accounts
31 March
Foresight
4 VCT
plc 2007
Unaudited Half-yearly Financial
Report
i
for the six month period
ended 31 August 2007
Heading
Foresight
4
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Foresight 4 VCT plc
Foresight 4 VCT
f
4
Objective
The objective of Foresight 4 VCT plc is to provide private investors with an attractive return from a portfolio of
investments in fast-growing unquoted technology-based companies in the United Kingdom.
It is the intention to maximise the tax-free income available to investors from a combination of dividends and interest
received on investments and the distribution of capital gains arising from trade sales or flotations.
VCT Tax Benefit for Shareholders beyond 6 April 2007
To obtain VCT tax reliefs on subscriptions up to £200,000 per annum, a VCT investor must be a ‘qualifying’ individual
over the age of 18 with UK taxable income. The tax reliefs for subscriptions from 6 April 2007 are:
● Income tax relief of 30% on subscription into new shares, which is retained by shareholders if the shares are held
for more than five years.
● VCT dividends (including capital distributions of realised gains on investments) are not subject to income tax.
● Capital gains on disposal of VCT shares are tax free, whenever the disposal occurs.
Website: www.foresightvct.com
Contents
Summary and Chairman’s Statement
Top Ten Investments
Investment Summary
Responsibility Statement
Unaudited Profit and Loss Account
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01
03
05
06
07
Unaudited Reconciliation of Movement in
Shareholders’ Funds
Unaudited Balance Sheet
Unaudited Cash Flow Statement
Notes to the Unaudited Financial Statements
Shareholder Information
Corporate Information
07
08
09
10
12
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Half-yearly Financial Report for the six months ended 31 August 2007
01
Chairman’s Statement
I Summary
• Net asset value per share as at 31 August 2007 was
103.2p (compared to 101.5p as at 28 February 2007
and 98.7p as at 31 August 2006).
• An interim dividend of 5.0p per share to be paid on
28 December 2007.
• Four new investments totalling £2,147,000 were made
in TFC Europe (£500,000), Iskra Wind Turbines
(£750,000), O-Gen (UK) (£630,000) and Global
Immersion (£267,000).
• Eight follow-on investments totalling £1,270,000 were
made in Trilogy Communications (£325,000), The
Bunker Secure Hosting (£227,000), Auctioning4U
(£196,000), Adeptra (£47,000), Advanced Visual
Technology (£25,000), ZOO Digital (£300,000),
SkillsMarket (£140,000) and Always On (£10,000).
• Proceeds of £539,000 realised from the sale of the
remaining holding in Oasis Healthcare plc.
I am pleased to report that your Company has continued
to build on recent progress during the six months under
review, is continuing an active new investment
programme as well as realising both legacy and more
recent investments from within the portfolio. Reflecting
recent investment gains, I am pleased to announce that
an interim dividend of 5.0p per share will be paid to
shareholders on 28 December 2007.
Although Foresight 4’s holding in Oasis Healthcare was
relatively small, when combined with the holdings of other
Foresight VCTs, Foresight Group funds held over 10% of
Oasis’s share capital, enabling significant influence to be
exerted on the sales process and ultimately in achieving a
particularly attractive final offer. In my report 12 months
ago, Oasis was valued at 28p per share but was sold
during July for 94p per share, generating proceeds of
approximately £539,000 for Foresight 4.
Foresight 4 invested £200,000 in the management buyout of Covion Holdings in May 2005. This was the first
new investment by your Company following Foresight
Group’s appointment as Investment Manager in July
2004. In the period since the investment was made,
Covion has grown its turnover from £10 million
per annum to a current annualised rate in excess of £30
million. Subsequent to the period end, Covion was sold
Peter Dicks
Chairman
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to Balfour Beatty for total proceeds of £33 million, of
which Foresight 4 will receive some £855,000 — over
four times its original investment of £200,000.
The performance of a number of portfolio companies
continued to improve, reflecting growing demand and
strong sales pipelines, most notably Nomad Payments,
Adeptra, and Trilogy. Nomad Payments is now enjoying
increasing demand for its market leading debit and
prepaid card processing services while Nomad CORTEX,
the original card authorisation software business, is
performing particularly strongly. Adeptra is enjoying
growing sales for its automated alert services, in
particular winning more contracts from major financial
institutions in the USA, UK and now Europe. Trilogy is
also enjoying increasing demand for its IP-based
command and control communication system, Mercury,
particularly from the defence and Homeland Security
sector in the USA.
Auctioning4U has refocused its business away from the
consumer market towards developing its own specialist
online auction platforms, the first of which ToyMart
(serving the collectable toy market) is making good
progress and, additionally, it is selling its ClockWorx
workflow software suite to other online product resellers.
I Investment activity
The level of new investment activity remained high during
the six months under review, with four new investments
being made totalling £2,147,000: £500,000 in TFC
Europe; £750,000 in Iskra Wind Turbines; £630,000 in
O-Gen (UK); and £267,000 in Global Immersion.
TFC Europe designs and supplies its injection moulded
technical fasteners and ring and spring products to
customers across a wide range of industries, including
aerospace, automotive, hydraulics and petrochemicals.
Iskra Wind Turbines is a Loughborough-based
manufacturer of tree-sized wind turbines, typically 5.4m
rotor diameter on a 12m high tower. The company has
developed a high efficiency turbine suitable for volume
manufacture that has the best price/performance of any
tree-sized turbine currently commercially available.
O-Gen’s business is to develop, build, own and operate
plants which convert organic matter into combined heat
and power (“CHP”). The market is driven by government
regulation and incentives, specifically landfill tax which is
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Chairman’s Statement
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currently £24 per tonne increasing at £8 per tonne
per annum, and is driving waste operators towards
cheaper and more efficient methods of waste disposal.
The electricity generated from processing the organic
matter will be sold to the National Grid and as a
renewable energy source attracts Renewable Obligation
Certificates (“ROCs”) which generate further revenue.
According to UK legislation, 10% of power generated in
the UK must be from renewable sources by 2010
compared to 4% generated currently.
Global Immersion provides planetariums and immersive
theatres with projection equipment, design, installation
and maintenance services.
During the period, £1,270,000 was invested in follow-on
funding rounds in eight portfolio companies, namely
Trilogy Communications (£325,000), ZOO Digital
(£300,000), The Bunker Secure Hosting (£227,000),
Auctioning4U (£196,000), SkillsMarket (£140,000),
Adeptra (£47,000), Advanced Visual Technology (AVT)
(£25,000) and alwaysON (£10,000). ZOO Digital (AIM
listed) raised further capital to fund a significant
acquisition, which should help the company achieve
traction in its target markets, particularly the USA. More
recent investments Trilogy, The Bunker, Auctioning4U and
SkillsMarket required follow-on funding rounds as they
continued to develop their product offerings following
Foresight 4’s original investment. The Adeptra fundraising was to support their transition to a direct sales
model and support strong growth (sales increased from
$8.8 million in 2005 to $12 million in 2006), including
winning their first 3 mainland European customers.
I Realisations
In July 2007, the Company’s entire holding in Oasis
Healthcare was sold realising proceeds of £539,000 or
94p per Oasis Share. The sale of Oasis to Duke Street
Capital followed several bids and counter-bids from
parties interested in buying Oasis’s expanding portfolio of
dental practices and represents a significant premium to
the share price of 28p per share just 12 months ago.
On 17 October 2007, the Company sold its entire holding
in Covion to Balfour Beatty, which returned proceeds of
£855,000 on an original investment of £200,000 made,
just over two years ago, in May 2005.
I Net Asset Value
The net asset value per share as at 31 August 2007
increased to 103.2p (compared to 101.5p as at
28 February 2007 and 98.7p as at 31 August 2006).
I Dividend
The Company’s dividend policy is to aim to distribute to
shareholders a steady flow of dividends from income and
realised capital gains.
I Valuation policy
Investments held by the Company have been valued in
accordance with the International Private Equity and
Venture Capital (IPEVC) guidelines developed by the
British Venture Capital Association and other
organisations under which investments are valued, as
defined in the guidelines, at “fair value”. Ordinarily,
unquoted investments will be valued at cost for the
12 months following the date of acquisition as the most
suitable approximation of fair value unless there is an
impairment in value during the period. Quoted
investments and investments traded on AIM and PLUS
(formerly OFEX) are valued at the bid price as at
31 August 2007. The portfolio valuations are prepared
by Foresight Group and are subject to approval by
the Board.
I Share Issues and Share Buy-backs
The Board is pleased to announce its intention to issue a
prospectus (linked with other Foresight VCTs) for each to
raise up to £2.5 million in the current and next tax years.
This will enable your Company to remain an active
investor in the current market and take advantage of
new opportunities currently being reviewed by
Foresight Group.
It continues to be the Company’s policy to consider
repurchasing shares when they become available in order
to provide liquidity for the Company’s shares. During the
period, the Company repurchased 405,167 shares at a
cost of £363,000.
I Change of Name
The Investment Manager changed its name from
Foresight Venture Partners to Foresight Group on
1 October 2007.
I Outlook
The market in which Foresight 4 operates continues to
be encouraging in terms of potential new investment
opportunities as evidenced by the volume of new
investments completed during the period and the
current deal flow being reviewed by Foresight Group.
Furthermore, merger and acquisition activity continues to
be buoyant as witnessed by the realisations noted above.
To date, there has been no significant fallout from the
recent credit crunch on the levels of merger and
acquisition activity at the smaller end of the market in
which Foresight 4 operates and with that in mind,
Foresight Group will continue to actively pursue potential
realisations from within the portfolio.
Peter Dicks
Chairman
October 2007
Reflecting recent realised gains, the Board is declaring an
interim dividend of 5.0p per share for the year ending
28 February 2008 to be paid on 28 December 2007. The
ex dividend date will be 19 December 2007 and the
record date will be 21 December 2007.
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Half-yearly Financial Report for the six months ended 31 August 2007
03
Descriptions of Top Ten Investments by Value
A summary of all investments is provided on page 5.
Nomad Payments Ltd
is a leading provider of innovative card processing services and card payment processing software based in London. Nomad Payments
provides outsourced card processing services for issuers of debit and prepaid cards and is a leader in the latter emerging but fast
growing market in the UK and Europe. Nomad CORTEX supplies sophisticated retail payments software and systems used in handling
payments via debit and credit cards and ATMs, principally to retail banks in Central and Eastern Europe, Africa and the Middle East.
Nomad continues to win more customers and launch more prepaid card programmes.,779)
VectorCommand Ltd
is a globally recognised authority on incident command and continues to secure orders for its core Fire Simulation and Training suites.
Thirty-six UK Fire Brigades and eight Australian Fire Authorities have deployed the system, and other users are based in Europe, the
USA, Canada and the West Indies. The company is expanding its product portfolio and the introduction of multi-agency Emergency
Management tools has led to sales growth over the last 12 months, especially overseas and further growth is expected in the USA
through its US partner.
Eqos Ltd
develops and markets e-collaboration and CRM (customer relationship management) software for business to business transactions,
principally sold to major UK retailers for improving the efficiency of their supply chains. A significant proportion of annual sales revenue
comes from repeat orders from existing customers but annual sales growth depends on winning a small number of orders from new
customers. Following the establishment of a US sales office, good progress has been made in winning orders from major retailers in
the USA.
ZOO Digital Group plc
supplies authoring software and services to film studios and post-production films and to publishers and developers of interactive games on
DVD. Authoring is the process of transferring video and audio content to DVD and adding menus and links to allow consumers to navigate
the content. In August 2007, ZOO acquired the authoring business of Scope Seven, providing the group with a base near its key customers
in California and a broader service offering.
UTarget plc
UTarget is the UK market leader in serving the UK online advertising market, specialising in video advertising. The company is now serving in
excess of 9 million video ads per month including for blue chip clients such as BMW. The company is also the UK market leader in online
subsite advertising whereby full page ads are served behind the active browser.
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Descriptions of Top Ten Investments by Value
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Closed Loop London Ltd
is the first plant in the UK to recycle waste PET plastic bottles into food grade packaging material. Following a £12m private and public
sector funding issue led by Foresight Venture Partners, the 35,000 tonne capacity plant will be built in Dagenham and is expected to
be fully operational during the first half of 2008.
Advanced Visual Technology Ltd
develops and markets retail space management software and interactive hand-held mobile store planners and now has 50 customers
worldwide including Tesco, WH Smith, Barclays and HMV in the UK and Office Depot, Staples and KMart in the USA. Its products
deliver impressive financial improvements for customers. The company continues to win new customers worldwide while the prospects
for the sale of the new hand-held planner are promising.
Trilogy Communications Ltd
is a world-class supplier of Audio Communications and Infrastructure equipment to the broadcast, defence, emergency management
and commercial and industrial sectors. Trilogy has a reputation for innovative design, ease of operation and reliability. The company’s
products and systems are used in more than 40 countries around the world and excellent progress is being made with US defence
contractors which generates significant strategic value for the business.
Auctioning4U Ltd
through Auctioning4U, companies, individuals and government orgainisations can sell items via eBay, Amazon or other electronic
auction platforms — anonymously — without the inconvenience of writing descriptions, digitally photographing the goods, monitoring
the auction process or dealing with payments and shipping. Auctioning4U has developed the first of its own specialist auction sites
Toymart (addressing the collectable toy market) utilising its proprietary Clockworx workflow software.
Covion Holdings Ltd
provides total facilities management services (‘TFM’), or in its terminology ‘Facilities Infrastructure Services’ (‘FIS’), to private sector
clients in the office and industrial sectors. Covion manages all the client’s facilities and subcontracts specific services where necessary.
It seeks to form unique and close partnerships with its clients in the form of joint executive boards to which its site-based FIS manager
reports. Key clients are Britvic, Logica, Anglian Windows and Sara Lee. The Covion business was sold to Balfour Beatty Group on
17 October 2007, realising £855,000 of proceeds for Foresight 4 against the original investment cost of £200,000 and 31 August 2007
valuation of £808,294.
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Half-yearly Financial Report for the six months ended 31 August 2007
05
Investment Summary
31 August 2007
Amount
invested
Valuation
Investment
Nomad Payments Ltd
VectorCommand Ltd
Eqos Ltd
Auctioning4U Ltd
ZOO Digital Group plc
Utarget plc
Closed Loop London Ltd
Advanced Visual Technology Ltd
Trilogy Communications Ltd
Covion Holdings Ltd
SkillsMarket Ltd
Iskra Wind Turbines Ltd
Ixaris Systems Ltd
O-Gen UK Ltd
The Bunker Secure Hosting Ltd
TFC Europe Limited Ltd
OLED-T Ltd
Snell & Wilcox (UK) Ltd
Probability plc
Aigis Blast Protection Ltd
Global Immersion Ltd
Infrared Integrated Systems Ltd
Adeptra Ltd
alwaysON Group Ltd
Sindicatum Carbon Capital Ltd
The Casella Group Ltd
Healthgain Solutions Ltd
Oasis Healthcare plc
Signum Technologies Ltd
Grand Total
*Details on pages 3 and 4
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1,769,968
1,468,750
1,050,000
1,021,000
1,150,000
1,000,000
1,000,000
2,032,183
825,000
200,000
539,998
750,000
750,000
630,000
626,768
500,000
1,010,000
839,137
450,000
275,000
266,666
250,005
1,283,272
210,070
200,063
774,291
1,299,989
—
2,347,047
1,550,400
1,152,011
1,021,000
1,108,590
1,000,000
1,000,000
939,730
825,000
808,294
762,220
750,000
750,000
630,000
626,768
500,000
441,701
413,525
307,894
275,000
266,666
250,005
245,098
210,070
210,040
171,052
—
—
1,254,000
—
23,426,160
18,562,111
Valuation Methodology
*
*
*
*
*
*
*
*
*
*
Discounted revenue multiple
Price of recent funding round
Discounted revenue multiple
Cost
Bid price
Cost
Cost
Discounted revenue multiple
Cost
Discounted indicative offer
Price of recent funding round
Cost
Cost
Cost
Cost
Cost
Discounted revenue multiple
Discounted revenue multiple
Bid price
Cost
Cost
Cost
Discounted revenue multiple
Cost
Price of recent funding round
Discounted indicative offer
In administration
Sold
Nil value
28 February 2007
Amount
invested
Valuation
1,769,968
1,468,750
1, 050,000
825,000
850,000
1,000,000
1,000,000
2,007,183
500,000
200,000
399,998
—
750,000
—
400,000
—
1,010,000
839,137
450,000
275,000
—
250,005
1,235,900
200,000
200,063
774,291
1,299,989
276,607
2,347,047
1,550,400
1,152,011
825,000
808,590
1,000,000
1,000,000
939,730
500,000
536,370
399,998
—
750,000
—
400,000
—
441,701
538,274
219,079
275,000
—
250,005
363,021
200,000
210,040
171,052
—
232,349
1,254,000
—
20,285,891
15,109,667
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Foresight 4 VCT plc
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Responsibility Statement
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4
The Directors have chosen to prepare the financial statements for the Company in accordance with United Kingdom
Generally Accepted Accounting Practice (‘UK GAAP’)
In preparing these summarised financial statements for the period to 31 August 2007, we the Directors, confirm that to
the best of our knowledge:
(a)
the summarised set of financial statements has been prepared in accordance with the pronouncement on interim
reporting issued by 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 an 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 1985 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).
The half-yearly Financial Report has not been audited or reviewed by the auditors.
By order of the Board
Peter Dicks
Chairman
30 October 2007
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Half-yearly Financial Report for the six months ended 31 August 2007
07
Unaudited Profit and Loss Account
for the six months ended 31 August 2007
6 months to
31 August
2007
(unaudited)
£’000
6 months to
31 August
2006
(unaudited)
£’000
Year to
28 February
2007
(audited)
£’000
243
(336)
(135)
312
261
(287)
(130)
(1,354)
541
(588)
(249)
3,081
84
(1,510)
2,785
Gain/(loss) on realisation of investments
262
216
(2,917)
Profit/(loss) on ordinary activities before taxation
346
(1,294)
(132)
—
—
—
Profit/(loss) on ordinary activities after taxation
346
(1,294)
(132)
Balance transferred to/(from) reserves
346
(1,294)
(132)
Earnings/(loss) per share
1.6p
Investment income and deposit interest
Investment management fees
Other expenses
Unrealised gain/(loss) on revaluation of investments
Operating profit/(loss)
Tax on ordinary activities
(6.0)p
(0.6)p
All items in the profit and loss account derive from continuing operations. There were no other recognised gains or losses for the period.
Unaudited Reconciliation of Movement in Shareholders’ Funds
for the six months ended 31 August 2007
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6 months to
31 August
2007
(unaudited)
£’000
6 months to
31 August
2006
(unaudited)
£’000
Year to
28 February
2007
(audited)
£’000
Opening shareholders’ funds
Net proceeds from share issues
Shares repurchased in the period/year
Profit/(loss) for the period/year
Dividend
22,681
(3)
(363)
346
—
16,566
7,113
(195)
(1,294)
—
16,566
7,113
(304)
(132)
(562)
Closing shareholders’ funds
22,661
22,190
22,681
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Foresight 4 VCT plc
08
Unaudited Balance Sheet
at 31 August 2007
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As at
31 August
2007
(unaudited)
£’000
As at
31 August
2006
(unaudited)
£’000
As at
28 February
2007
(audited)
£’000
18,562
10,558
15,110
Current assets
Debtors
Money market and other deposits
Cash
253
3,607
389
253
10,104
1,467
289
7,335
9
Creditors: Amounts falling due within one year
4,249
(150)
11,824
(192)
7,633
(62)
Net current assets
4,099
11,632
7,571
Net assets
22,661
22,190
22,681
Capital and reserves
Called-up share capital
Share premium account
Capital redemption reserve
Profit and loss account
220
9,173
1,824
11,444
225
9,176
1,819
10,970
224
9,176
1,820
11,461
Equity shareholders’ funds
22,661
22,190
22,681
Non-current assets
Assets held at fair value
through profit and loss — Investments
Net asset value per share
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103.2p
98.7p
101.5p
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Half-yearly Financial Report for the six months ended 31 August 2007
09
Unaudited Cash Flow Statement
for the six months ended 31 August 2007
6 months to
31 August
2007
(unaudited)
£’000
6 months to
31 August
2006
(unaudited)
£’000
Year to
28 February
2007
(audited)
£’000
Cash flow from operating activities
Investment income received
Deposit and similar interest received
Investment management fees paid
Secretarial fees paid
Other cash payments
70
133
(167)
(37)
(103)
57
181
(323)
(36)
(180)
89
412
(652)
(68)
(239)
Net cash outflow from operating activities and returns on investment
(104)
(301)
(458)
—
—
—
(3,417)
—
—
539
(2,377)
573
925
14
(5,652)
598
925
14
—
(363)
—
(195)
(150)
(304)
Net capital outflow from financial investment
Equity dividends paid
(3,241)
—
(1,060)
—
(4,569)
(562)
Net cash outflow before financing and liquid resource management
(3,345)
(1,361)
(5,589)
Management of liquid resources
Movement in money market and other deposits
3,728
(5,896)
(3,126)
3,728
(5,896)
(3,126)
—
(3)
7,524
(411)
7,524
(411)
(3)
7,113
7,113
Increase/(decrease) in cash
380
(144)
(1,602)
Reconciliation of net cash flow to movement in net cash
Increase/(decrease) in cash for the period
Net cash at start of period
380
9
(144)
1,611
(1,602)
1,611
Net cash at end of period
389
1,467
9
Reconciliation of operating profit/(loss) to net cash flow
from operating activities
Operating profit/(loss)
Unrealised losses on investments
Increase/(decrease) in creditors
Decrease/(increase) in debtors
84
(312)
89
35
(1,510)
1,354
(75)
(70)
2,785
(3,081)
(56)
(106)
Net cash outflow from operating activities
(104)
(301)
(458)
Taxation
Financial investment
Purchase of unquoted investments and investments quoted on AIM
Net proceeds on sale of unquoted investments
Net proceeds on deferred consideration
Net proceeds on sale of quoted investments
Loan guarantee called
Repurchase of own shares
Financing
Proceeds of fund-raisings
Expenses of fund-raisings
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Notes to the Unaudited Financial Statements
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1
The unaudited Financial Statements have been prepared on the basis of accounting policies set out in the statutory accounts of
the Company for the year ended 28 February 2007. Unquoted investments have been valued in accordance with IPEVC
guidelines. Quoted investments are stated at bid prices in accordance with the IPEVC guidelines and Generally Accepted
Accounting Practice.
2
The information set out in this Half-yearly Financial Report does not constitute the Company's statutory accounts within the
terms of Section 240 of the Companies Act 1985 for the period ended 31 August 2007 and 31 August 2006, and is unaudited.
The information for the year ended 28 February 2007 does not constitute statutory accounts within the terms of Section 240 of
the Companies Act 1985 and is derived from the statutory accounts for the financial year, which have been delivered to the
Registrar of Companies. The auditors reported on those accounts; their report was unqualified and did not contain a statement
under Section 237(2) or (3) of the Companies Act 1985.
3
Copies of the Half-yearly Financial Report, have been mailed to shareholders and are available for inspection at the Registered
Office of the Company at ECA Court, South Park, Sevenoaks, Kent, TN13 1DU.
Copies of the Half-yearly Financial Report are also available electronically at www.foresightvct.com.
4
The number of shares in issue at 31 August 2007 was 21,951,339 ordinary shares (2006: 22,481,506). The weighted average
number of shares in issue during the period was 22,165,119 ordinary 1p shares (2006: 21,522,401).
5
Earnings for the first six months should not be taken as a guide to the results for the full year.
6
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 £335,533 (31 August 2006: £286,609, 28 February
2007: £588,349) were purchased by the Company from Foresight Group. At the 31 August 2007, the amount due to Foresight
Group disclosed under creditors was £119,546.
VCF 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 £31,427 (31 August 2006: £30,690, 28 February
2007: £62,239) were purchased by the Company from VCF Fund Managers Limited. At the 31 August 2007, the amount due by
VCF Fund Managers Limited disclosed under debtors (prepayments) was £18,931.
No Director has, or during the period had, a contract of service with the Company. Bernard Fairman is Managing Partner 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 Company at any time during the period under review or as at the date of this report.
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Half-yearly Financial Report for the six months ended 31 August 2007
11
Notes to the Unaudited Financial Statements
7
Movement in reserves
As at 28 February 2007
Share issues in the period
Expenses on share issues
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Share
Capital
premium redemption
account
reserve
£’000
£’000
9,176
1,820
—
—
(3)
—
Profit
and loss
account
£’000
11,461
—
—
Total
£’000
22,681
—
(3)
Shares repurchased in the period
(4)
—
4
(363)
(363)
Retained profit for the period
—
—
—
346
346
220
9,173
1,824
11,444
22,661
As at 31 August 2007
8
Called-up
share
capital
£’000
224
—
—
Summary of investment
Quoted
£’000
Unquoted
£’000
Total
£’000
Book cost as at 28 February 2007
Unrealised depreciation
1,577
(317)
18,709
(4,859)
20,286
(5,176)
Valuation at 28 February 2007
Movements in the period:
Purchase at cost
Disposal proceeds
realised gains
Unrealised appreciation
1,260
13,850
15,110
300
(539)
262
133
3,117
—
—
179
3,417
(539)
262
312
Valuation at 31 August 2007
1,416
17,146
18,562
Book cost as at 31 August 2007
Unrealised depreciation
1,600
(184)
21,826
(4,680)
23,426
(4,864)
Valuation at 31 August 2007
1,416
17,146
18,562
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Foresight 4 VCT plc
12
Shareholder Information
f
4
Dividends
Interim dividends are ordinarily paid to shareholders in December. Final dividends are ordinarily paid to shareholders in July.
Shareholders who wish to have dividends paid directly into their bank account rather than by cheque to their registered address can
complete a Mandate Form for this purpose. Mandates can be obtained by telephoning the Company’s registrar, Computershare
Investor Services PLC (see over for details).
Share price
The Company’s Ordinary Shares are listed on the London Stock Exchange. The mid-price of the Company’s Ordinary Shares is given
daily in the Financial Times in the Investment Companies section of the London Share Service. Share price information can also be
obtained from many financial websites.
Notification of change of address
Communications with shareholders are mailed to the registered address held on the share register. In the event of a change of address
or other amendment this should be notified to the Company’s registrar, Computershare Investor Services PLC, under the signature of
the registered holder.
Trading shares
The Company’s Ordinary Shares can be bought and sold in the same way as any other quoted company on the London Stock
Exchange via a stockbroker. The primary market maker for Foresight 4 VCT plc is Landsbanki Securities (see over for details).
Investments in VCTs should be seen as a long-term investment and shareholders selling their shares within three years of original
purchase (five years post-6 April 2007) may lose any tax reliefs claimed. Investors who are in any doubt about selling their shares
should consult their independent financial adviser.
Please call Foresight Group (see details below) if you or your adviser have any questions about this process.
Indicative financial calendar
May 2008
Announcement of annual results for the year ended 28 February 2008
May 2008
Posting of the Annual Report for the year ended 28 February 2008
July 2008
Annual General meeting
October 2008
Announcement of Half-yearly Financial Results for the six months to 31 August 2008
Enquiries
Contact Foresight Group for Foresight 4 VCT plc:
Telephone:
01732 471803
Fax:
01732 471810
e-mail:
[email protected]
website:
www.foresightgroup.eu
Foresight 4 VCT plc is managed by the Foresight Group which is authorised and regulated by the Financial Services Authority. Past
performance is not necessarily a guide to future performance. Stock markets and currency movements may cause the value of
investments and the income from them to fall as well as rise and investors may not get back the amount they originally invested. Where
investments are made in unquoted securities and smaller companies, their potential volatility may increase the risk to the value of, and
the income from, the investment.
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Half-yearly Financial Report for the six months ended 31 August 2007
13
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f
4
Foresight 4 VCT plc
ECA Court
South Park
Sevenoaks
Kent
TN13 1DU
Corporate Information
Directors
Peter Dicks (Chairman)
Roger Brooke
Bernard Fairman
Philip Stephens
Solicitors and VCT Status Advisers
Martineau Johnson
No. 1 Colmore Square
Birmingham
B4 6AA
Company Secretary
VCF Fund Managers Limited
ECA Court
South Park
Sevenoaks
TN13 1DU
Sponsors and Stockbrokers
Landsbanki Securities (UK) Limited
Beaufort House
15 St Botolph Street
London
EC3A 7QR
Registered Office and Investment Managers
Foresight Group
ECA Court
South Park
Sevenoaks
TN13 1DU
Registrar
Computershare Investor Services PLC
PO Box 82
The Pavilions
Bridgwater Road
Bristol
BS99 7NH
Auditors and Tax Advisers
Ernst & Young LLP
1 More London Place
London
SE1 2AF
Registered Number
3506579
Contact Numbers
● Registrars Shareholder Helpline — Computershare (0870 703 6292)
● General and Portfolio Queries — Foresight Group (01732 471800)
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