Foresight 4 VCT Plc Portfolio Update
03 4월 2023 - 4:00PM
UK Regulatory
TIDMFTF
Foresight Enterprise VCT PLC
LEI: 213800MWJNR3WZZ3ZP42
Sale of portfolio company Innovation Consulting Group Limited
("GovGrant") delivering a 4.5x cash-on-cash return and an IRR of
25% and the exit from Datapath Group Limited ("Datapath")
delivering an 11.7x cash-on-cash return and a 38% IRR for Foresight
Enterprise VCT
The Board of Foresight Enterprise VCT Plc ("FEVCT" or the
"Company") is pleased to announce the sale of two portfolio
companies since close of trading on 31 March 2023. The sale of
GovGrant to Source Advisors, a US corporate buyer backed by BV
Investment Partners, took place on 31 March 2023. GovGrant is one
of the UK's leading providers of R&D tax relief and patent box
relief and other innovation services. The transaction will generate
approximate gross proceeds of GBP6.8 million to FEVCT. When added
to GBP0.7 million of cash returned to date, this implies a total
cash-on-cash return of 4.5 times the capital of GBP1.65 million
invested in October 2015; equivalent to an IRR of 25% per year.
Since FEVCT made its original investment in 2015, Foresight
Group has supported GovGrant through a period of material growth
during which it has supported the R&D activities of a growing
number of customers. GovGrant's high levels of service and
innovative products, such as the growing patent box offering, have
contributed to driving innovation in the UK economy. Foresight
Group has taken a proactive approach to supporting the exceptional
senior management team, all of whom were introduced to the business
during the investment period.
The Board of the "Company" is also pleased to announce the exit
on 31 March 2023 of portfolio company Datapath Group Limited
("Datapath"), a global leader in the provision of visual solutions.
The transaction generated proceeds of GBP10.2 million at completion
with an additional GBP2.3 million payable over the next 24 months.
When added to GBP10.8 million of cash returned to date, this
implies a total cash-on-cash return of 11.7 times the original
investment; equivalent to an IRR of 38% since the initial
investment in 2007.
Since the original investment, Foresight Group has supported
Datapath through a period of material growth with revenues growing
from approximately GBP7 million to GBP25 million. Datapath has
developed a market leading hardware and software product suite for
the delivery of multi-screen displays and video walls which are
sold globally to a diverse customer base across a range of
sectors.
Including payment of a 3.8p per share dividend paid in December
2022, the Company's NAV per Ordinary Share was 63.7p as at 30
September 2022, to which the exit will add 2.0p, giving a pro forma
NAV per Ordinary Share of 65.7p.
The sale represents FEVCT's third and fourth exits in the last
twelve months, following the exits of TFC Europe and Codeplay
Software in 2022.
Raymond Abbott, Chair of Foresight Enterprise VCT said: "With
Foresight's support these two businesses have demonstrated strong
growth and we are pleased to announce these two highly successful
exits for the Company's shareholders. Both investments are examples
of how patient capital can help to unlock the growth potential of
UK SMEs."
For more information contact:
Gary Fraser, Foresight Group: 0203 667 8181
(END) Dow Jones Newswires
April 03, 2023 03:00 ET (07:00 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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