TIDMFTSV
FORESIGHT SOLAR & INFRASTRUCTURE VCT PLC
Ordinary Shares Total Net Assets as at 30 June 2018: GBP40.8m
Ordinary Shares Net Asset Value per share as at 30 June 2018: 93.0p
Ordinary Shares Dividends paid during the year ended 30 June 2018: 6.0p
-- Total net assets GBP40.8 million.
-- After payment of 6.0p in dividends, Net Asset Value per Ordinary Share at
30 June 2018 was 93.0p (2017: 95.9p).
-- At 30 June 2018, the fund held positions in seven UK solar assets, with a
total installed capacity of 48.9MW. During the year the portfolio
generated 38.6Gwh of clean energy, sufficient to power approximately
12,450 UK homes for a year.
-- Two UK solar assets, Littlewood and Laurel Hill, were acquired by
existing portfolio companies in August and September 2017 respectively,
increasing the portfolio's capacity by 19.2MW.
-- In November 2017, our original portfolio companies completed the sale of
the four UK FiT solar assets. Our portfolio company, Shaftesbury Solar I
UK Holdings Limited, also invested GBP0.4 million in a 400kW rooftop
solar installation in Campania, Italy.
-- In January 2018, the subsidiary of our portfolio company Skibo Solar III
Limited completed the sale of the EOSOL solar asset in California.
-- Two interim dividends of 3.0p per Ordinary Share were paid during the
year, on 24 November 2017 and 27 April 2018.
-- Two interim dividends of 2.5p per C Share were paid during the year, on
24 November 2017 and 27 April 2018.
-- The Company completed a share class merger on 29 June 2018, where the C
and D Shares funds were merged with the Ordinary Shares fund, uniting the
shareholder base and pooling the assets of the fund.
Chairman's Statement
INTRODUCTION
I am pleased to present the Annual Report and audited accounts for
Foresight Solar & Infrastructure VCT Plc and to provide you with an
update on the progress made. During the year, the share class merger
between the Ordinary, C and D Shares was completed, uniting the
shareholder base and allowing for the fund to embark upon its next
phase. At the operating level, the disposal by our original portfolio
companies of their older Feed-in Tariff ("FiT") solar assets was
completed at a favourable price. As discussed in the Investment
Manager's Review, new projects were acquired by these companies with
potential for further returns. These transactions will support the
fund's objective of delivering an attractive return for investors.
PERFORMANCE
ORDINARY SHARES
The underlying net asset value increased by 3.1p per Ordinary Share
before deducting the 6.0p per Ordinary Share dividend paid during the
year.
This has been driven by the profitable sale by our original portfolio
companies of their FiT assets in November 2017, generating proceeds of
over GBP11m, as well as additional proceeds of over GBP1.5m received
during the year from the sale of the fund's Italian solar assets
initially sold in December 2016. These proceeds have been retained by
the portfolio companies to finance new opportunities.
Additionally, an extension to the useful economic lives of the existing
sites combined with improvements in the efficiency and revenue
generation of these same sites, with support from the fund's Investment
Manager, has driven an increase in valuation of the portfolio of
GBP0.8m.
Existing portfolio companies also acquired two new UK solar plants
during the year, the first being Littlewood in Mansfield,
Nottinghamshire and the second being Laurel Hill near Donaghcloney,
Northern Ireland. These two projects added a combined capacity of
19.2MW.
In aggregate, following the share class merger with the C Shares and the
D Shares funds, the Company ended the year with investments in portfolio
companies with total generating capacity of 49.3MW compared with 41.2MW
at 30 June 2017.
The overall performance of the Ordinary Shares fund remains robust and
the total return since inception as at 30 June 2018 was 128.0p per
Ordinary Share.
C SHARES
The C Shares had a total return of 104.2p per share at 29 June 2018
(after deducting the performance incentive fee) compared to 105.1p per
share at 30 June 2017. No new assets were acquired in this period.
D SHARES
The D Shares had a total return of 92.2p per share at 29 June 2018
compared to 96.8p per share at 30 June 2017. During this period,
Shaftesbury Solar I UK Holdings Limited, in which D Share money was
invested, invested in a new rooftop solar project in Campania, Italy
adding capacity of 400kW.
CASH & DEAL FLOW
The Company had cash and liquid resources of GBP4.9m at 30 June 2018
(excluding cash held in portfolio companies). The Company receives
regular interest and loan stock payments and dividends from its
underlying investments enabling it to continue to fund its dividend
policy as well as meeting expenses in the ordinary course of business as
they fall due.
INVESTMENT GAINS & LOSSES
During the year the Company recognised unrealised gains of GBP0.8m.
Further information regarding the breakdown of this amount is contained
in the Investment Manager's Report.
DIVIDS
In its original prospectus the Board's stated objective was to pay
dividends of 5.0p per Ordinary Share each year throughout the life of
Foresight Solar & Infrastructure VCT plc after the first year. The level
of dividends was not, however, guaranteed.
During the year and prior to the share class merger, total dividends of
6.0p per Ordinary Share and 5.0p per C Share were paid. The Board is
pleased to announce that the next interim dividend, of 3.0p per Ordinary
Share, will be paid on 23 November 2018 based on an ex-dividend date of
8 November 2018 and a record date of 9 November 2018. This means that
total dividends of 38.0p per Ordinary Share will have been paid during
the eight years since launch.
SHARE CLASS MERGER
On 29 June 2018, the C and D Shares funds were merged with the Ordinary
Shares fund, based on the proportionate value of their respective
shareholdings of Ordinary Shares, C Shares and D Shares as at 31 March
2018, adjusted to take account of the 3.0p per Ordinary Share and the
2.5p per C Share dividends paid on 27 April 2018, and other fund level
movements up to the date of the merger. The conversion ratios were
0.9057 for C shares and 0.9917 for D shares. On the basis of these
conversion ratios, the Company's issued share capital was 43,911,189
Ordinary Shares and 1,222,778 Deferred Shares. The Deferred Shares are
not listed, and have no value attributable.
SHARE ISSUES & BUYBACKS
During the year under review, the Ordinary Shares fund repurchased
298,622 shares for cancellation at a cost of GBP290,000 and the C Shares
fund repurchased 37,677 shares for cancellation at a cost of GBP32,000,
at an average discount to NAV of 2.6%. No new shares were issued.
A table of intended communications to shareholders and likely tender
offers is included on page 17.
PERFORMANCE INCENTIVE FEE
Before the share class merger was implemented on 29 June 2018, the
performance incentive hurdle for the C shares was satisfied, with a
total return of 105.3p per share, resulting in an accrual of GBP130,000
due to the Manager. This was paid post year end.
There were no performance incentive fees paid or accrued in respect of
the Ordinary Shares or the D Shares.
Following the share class merger, the entire fund will apply the
existing Ordinary Shares performance incentive fee arrangement.
ANNUAL GENERAL MEETING
The Company's Annual General Meeting will take place on 6 December 2018
at 12.30pm. I look forward to welcoming you to the Meeting, which will
be held at the offices of Foresight Group in London.
OUTLOOK
The strategic focus of the Board remains the optimisation of the
portfolio's performance and valuation through a number of initiatives.
In this respect, the Investment Manager continues to examine
opportunities such as refinancing assets at lower interest rates and
fixing power price agreements (PPAs) when they are deemed attractive.
Operationally we have benefitted from good irradiance conditions in the
first quarter of the current year.
David Hurst-Brown
Chairman
31 October 2018
Investment Manager's Review
PORTFOLIO SUMMARY
In November 2017, our portfolio companies successfully sold four of the
portfolio's solar assets, which qualified for the Feed-in Tariff ("FiT")
subsidy, generating proceeds of over GBP11m. This was a profitable exit
and the proceeds have been retained by our portfolio companies to
finance new opportunities.
The Littlewood solar plant (5MW) in Mansfield, Nottinghamshire, was
purchased from its constructor Goldbeck in August 2017. Littlewood
presented an attractive investment opportunity given the quality of
Goldbeck projects and the fact that Foresight already had precedent
contracts from which to transact. The site connected to the grid in
March 2017.
In September 2017, Laurel Hill, a 14.2MW construction stage solar plant
located near Donaghcloney, Northern Ireland was acquired. The plant
successfully connected to the grid at the end of February 2018,
qualifying for 1.4 ROCs under the regime's grace period. The project was
acquired from solar developer BNRG, which Foresight has worked with
previously.
In January 2018, the subsidiary of our portfolio company Skibo Solar III
Limited completed the sale of its interest in the 3.6MW EOSOL asset in
California. The decision was taken to capitalise on the relative
strength of the US dollar in comparison to sterling subsequent to the
Brexit referendum of 2016, as well as the high demand for operational
solar assets in the US.
In November 2017, Shaftesbury Solar I UK Holdings Limited, a portfolio
company in which D Share money was invested, made an investment of
GBP0.4m, to finance the construction of a 400kW rooftop solar
installation in Campania, Italy. The solar panels are being installed on
the roof of a building owned by Telecomponenti, which manufactures
plastic products for the telecom and energy industry. This is the first
unsubsidised solar site to be acquired by a portfolio company, with the
majority of the electricity generated being sold to Telecomponenti at a
fixed price under a long-term contract. Construction of the project
completed in May 2018, and performance is in line with expectations. It
is intended to fund a second stage, adding a further 500kW of capacity.
Previously, the discounted cash flow ("DCF") methodology used to value
the assets assumed a 25-year asset life, with no residual value at the
end of this period. This assumption was based on the market standard
lease terms for the properties on which portfolio company solar assets
are located and planning consent periods initially granted by local
planning offices.
Some of the portfolio companies have secured lease and planning rights
to extend the useful economic life of their solar assets across the
majority of the portfolio by up to an extra ten years beyond this
25-year period. Cash flows from the extended periods are now included in
the DCF models.
PORTFOLIO PERFORMANCE
For the period 1 July 2017 to 30 June 2018 total electricity production
was 0.3% below expectations, in line with irradiation levels that were
also 0.3% below expectations. There will be annual movements in
performance caused by irradiation or the efficiency of the plan but this
does not require adjustment to the long term forecasts for the plants.
Further details on performance is included on pages 10 to 13.
FOLLOWING PERIOD
Existing portfolio companies acquired four solar projects post period
end: Basin Bridge, Stables, Dove View and Beech Farm. These projects
were acquired from other funds managed by Foresight. Other existing
portfolio companies completed their debt refinancing of the Laurel Hill
site in August 2018, provided by Royal Bank of Scotland. The refinancing
proceeds have been used to repay the majority of the borrowings
originally taken to finance their acquisition of Littlewood and Laurel
Hill.
REGULATORY AND MARKET CHANGES
During the second half of 2017, there was increased discussion about the
future funding of the lowest cost renewables, onshore wind and solar.
Government announcements coinciding with the results of the Contracts
for Difference ("CfD") auction in September 2017 confirmed the
expectation that solar and onshore wind will continue to be excluded
from Pot 1 (established technologies) during the third auction round
expected in Spring 2019 and are highly unlikely to feature in future
auction rounds. However, as capex costs for battery storage continue to
reduce, there is the possibility of co-locating battery facilities with
solar projects, which could drive further market growth.
In October 2017, the release of the Clean Growth Strategy (the
Government's plan to grow the UK's national income while cutting
greenhouse gas emissions) also excluded any mention of future support
for onshore wind and ground mounted solar. Although the lack of
regulatory support for new large scale solar projects has halted the
flow of primary solar assets to market, secondary market activity has
increased considerably as investors have turned to the acquisition of
existing operational assets currently being held by short term
investors.
Despite the aforementioned developments, there has been growing support
to reconsider the use of subsidies, including proposals for technology
neutral auctions from diverse groups including backbench Conservative
MPs, the Committee for Climate Change, Energy UK, Dieter Helm's cost of
energy review and a variety of NGOs and energy trade associations.
Meanwhile, a report from the Committee on Climate Change in June 2017
highlighted that the UK is significantly behind its 2030 targets to
reduce carbon emissions and could fail to meet the legally binding
commitments set out in the UK's Fifth Carbon Budget. The UK government
has recently agreed to increase the 2030 renewable energy target from
27% to 32%, creating a clear opportunity for additional growth of the UK
solar market in the medium to long-term.
In December 2017, Ofgem published a consultation which is broadly
supportive of the co-location of battery storage facilities with ROC
accredited renewable energy installations, lifting concerns that this
could invalidate existing ROC accreditations. The Investment Manager
will continue to monitor the progress of these market developments and
its potential to accelerate the transition to a decentralised energy
system.
In July 2018, Ofgem issued a consultation which proposes a Significant
Code Review ("SCR") to address inefficiencies in network access and
forward-looking network charging arrangements. If launched, this would
run in parallel with the current SCR in progress and the Targeted
Charging Review ("TCR") launched in August 2017, which encompasses a
review of residual network charging arrangements. The impact of these
review processes on charging arrangements for embedded generation has
the potential to materially affect the embedded benefits received by the
portfolio.
There remains political uncertainty following the UK's vote to withdraw
from the European Union. Although formal Brexit negotiations started on
19 June 2017, it remains unclear to what extent the UK power market will
continue to be integrated with the wider EU power market and therefore
what the impact on wholesale power prices will be. The Manager will
continue to carefully monitor any potential political effects from
Brexit, however current indications suggest that the UK Government
remains committed to a carbon reduction agenda.
POWER PRICES
Following a winter of relatively high power prices, the spot price rose
to GBP51 per MWh as at 30 June 2018 (GBP46 per MWh in June 2017).
The average power price achieved across the portfolio during the
reporting period was GBP46.77 per MWh.
During the period 1 July 2017 to 30 June 2018 there was a downward
movement of 7.3% in the medium to long term power price forecast. The
Investment Manager uses forward looking power price assumptions to
assess the likely future income of the portfolio investments for
valuation purposes. The Company's assumptions are formed from a blended
average of the forecasts provided by third party consultants and are
updated on a quarterly basis. The Investment Manager's forecasts
continue to assume an increase in power prices in real terms over the
medium to long-term of 1.08% per annum (30 June 2017: 1.7%), driven by
higher gas and carbon prices.
During the period, 75% of the Company's revenue from portfolio
investments came from the FiT subsidy or sale of ROCs and other green
benefits to an offtaker. These revenues are directly and explicitly
linked to inflation for 20 years from the accreditation date under the
ROC regime and subject to Retail Price Index ("RPI") inflationary
increases applied by Ofgem in April of each year.
The majority of the remaining 25% of revenues derive from electricity
sales by our portfolio companies which are subject to wholesale
electricity price movements. Electricity prices in the UK are a
component of the RPI index basket of goods and services and as a result
present a degree of correlation with the long term RPI. This direct
indexation of revenues derived from ROC benefits and the degree of
inflation linkage of the wholesale electricity price provides
correlation with long term inflation for a significant percentage of
cash flows.
Power Purchase Agreements ("PPAs") are entered into between each
portfolio company and offtakers in the UK electricity supply market.
Under the PPAs, each portfolio company will sell the entirety of the
generated electricity and ROCs to the designated offtaker.
The PPA strategy adopted by our portfolio companies seeks to optimise
their revenues from the power generated, while keeping the flexibility
to manage their solar assets appropriately. As at 30 June 2018, our
portfolio companies put in place fixed power price arrangements in
respect of their solar businesses operating on the Turweston site and
floating rate PPAs, which track market power prices, in respect of their
other solar businesses operating on other sites.
The boards of our portfolio companies, with assistance from Foresight,
constantly assesses conditions in the electricity market and set their
pricing strategy on the basis of likely future movements. Following the
year end further fixed price arrangements have been entered into by our
portfolio companies, offering a premium over the long-term power price
forecasts. Four assets, including Turweston, representing c.31MW of
installed capacity now have fixed price arrangements until December
2019.
Our portfolio companies retain the option to fix the PPAs of their
portfolio assets at any time. As part of the ongoing efforts by our
portfolio companies to maximise the commercial performance of their
businesses, they have undertaken a PPA tendering process across all
their assets, which has seen a significant reduction in fees charged to
them by the offtakers.
SUSTAINABLE INVESTING
Sustainability lies at the heart of the Manager's approach, and the
Manager believes that investing responsibly, seeking to make a positive
social and environmental impact, is critical to its long term success.
These factors have been integrated into the investment process, and are
actively supported by all involved, regardless of seniority. With that
in mind, the Manager has adopted a Responsible Investment Framework to
provide a suitable operational framework in matters related to the
investment process, such that sustainability and sustainable investing
has become part of the day-to-day operations. Further to the
environmental advantages of large scale renewable energy, each
investment is closely scrutinised for localised environmental impact.
Where improvements can be made, the Manager will work with planning and
local authorities to minimise visual and auditory impact of sites.
LAND MANAGEMENT
The Investment Manager is a working partner of the Solar Trade
Association's Large Scale Asset Management Working Group. Foresight is a
signatory to the Solar Farm Land Management Charter and seeks to ensure
that the solar farms operated by all of our portfolio companies are
managed in a manner that maximises the agricultural, landscaping,
biodiversity and wildlife potential, which can also contribute to
lowering maintenance costs and enhancing security. As such, the
Investment Manager regularly inspects sites and advises portfolio
companies to develop site specific land management and biodiversity
enhancement plans to secure long term gains for wildlife and ensure that
the land and environment are maintained to a high standard. This
includes:
-- Management of grassland areas within the security fencing to promote
wildflower meadows and sustainable sheep grazing;
-- Planting and management of hedgerows and associated hedge banks;
-- Management of field boundaries between security fencing and hedgerows;
-- Sustainable land drainage and pond restoration;
-- Installation of insect hotels and reptile hibernacula;
-- Installation of boxes for bats, owls and kestrels; and
-- Installation of beehives by local beekeepers.
Most solar parks are designed to enable sheep grazing and the remaining
plants are investigated for alterations to ensure that the farmland on
which the solar assets are located can remain useful in agricultural
production, which is a frequent desire of local communities.
SOCIAL AND COMMUNITY ENGAGEMENT
The Investment Manager actively seeks to engage with the local
communities around the solar assets operated by our portfolio companies
and regularly attends parish meetings to encourage community engagement
and promote the benefits of their solar assets.
HEALTH AND SAFETY
There were no reportable health and safety incidents during the period.
Safety, Health, Environment and Quality ('SHEQ") performance and risk
management are a top priority at all levels for Foresight Group. To
further improve the management of SHEQ risks, reinforce best practice
and ensure non-compliance with regulations is avoided, the fund's
Investment Manager has appointed an independent health and safety
consultant who regularly visits the portfolio assets operated by our
portfolio companies to ensure they not only meet, but exceed, industry
and legal standards. The consultant has confirmed that all sites are in
compliance with all applicable regulations. Recommendations that have
been implemented to help raise standards further include improvements to
the safety signage on the fence of two plants.
OUTLOOK
During the financial year ended 30 June 2018, as well as acquiring three
new projects, we encouraged our portfolio companies to focus on the
continued optimisation of the existing businesses, both from an
operational perspective and in respect of their ability to support a
sustainable level of debt to enhance returns to the fund. We encourage
our portfolio companies to continue this, as well as to explore new
acquisition opportunities which we believe will be accretive to the
value of their businesses, and to the benefit of the fund's investment
in them in the long term.
Dan Wells
Partner
31 October 2018
Income Statement
for the year ended 30 June 2018
Year ended 30 June Year ended 30 June
2018 2017
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Investment holding
gains -- 835 835 -- 7,938 7,938
Realised losses
on investments -- -- -- -- (3,318) (3,318)
Income 1,543 -- 1,543 871 -- 871
Investment management
fees (173) (649) (822) (205) (1,668) (1,873)
Loan interest
payable (371) -- (371) (30) -- (30)
Other expenses (647) -- (647) (537) -- (537)
Profit before
taxation 352 186 538 99 2,952 3,051
Taxation -- -- -- (33) 33 --
Profit after taxation 352 186 538 66 2,985 3,051
Profit per share:
Ordinary Share 0.8p 0.4p 1.2p 0.3p 3.2p 3.5p
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.
Reconciliation of Movements in Shareholders' Funds
Called-up Share Capital Profit
share premium redemption and loss
capital account reserve account Total
Year ended 30 June 2018 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
As at 1 July 2017 454 7,061 112 35,292 42,919
Expenses in relation
to prior year share issues -- (23) -- (41) (64)
Repurchase of shares (3) -- 3 (322) (322)
Share class merger (12) 12 -- -- --
Dividends -- -- -- (2,253) (2,253)
Profit for the year -- -- -- 538 538
As at 30 June 2018 439 7,050 115 33,214* 40,818
Called-up Share Capital Profit
share premium redemption and loss
capital account reserve account Total
Year ended 30 June 2017 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
As at 1 July 2016 528 3,549 2 46,527 50,606
Share issue in the year 36 3,673 -- -- 3,709
Expenses in relation
to share issues -- (161) -- (194) (355)
Repurchase of shares (110) -- 110 (10,986) (10,986)
Expenses in relation
to tender offer -- -- -- (184) (184)
Dividends -- -- -- (2,922) (2,922)
Profit for the year -- -- -- (3,051) (3,051)
As at 30 June 2017 454 7,061 112 35,292* 42,919
*Of this amount GBP11,306,000 (2017: GBP14,219,000) is distributable.
Balance Sheet
at 30 June 2018
Registered Number: 07289280
As at As at
30 June 30 June
2018 2017
GBP'000 GBP'000
Fixed assets
Investments held at fair
value through profit or
loss 53,352 53,752
Current assets
Debtors 465 432
Money market securities
and other deposits 9 9
Cash 4,844 5,694
5,318 6,135
Creditors
Amounts falling due within
one year (2,852) (1,968)
Net current assets 2,466 4,167
Creditors
Amounts falling due greater
than one year (15,000) (15,000)
Net assets 40,818 42,919
Capital and reserves
Called-up share capital 439 454
Share premium 7,050 7,061
Capital redemption reserve 115 112
Profit and loss account 33,214 35,292
Equity shareholders' funds 40,818 42,919
Net asset value per share
Ordinary Share 93.0p 95.9p
Cash Flow Statement
for the year ended 30 June 2018
Year Year
ended ended
30 June 30 June
2018 2017
GBP'000 GBP'000
Cash flow from operating activities
Deposit and similar interest received 8 1
Investment management fees paid (791) (723)
Performance incentive fee paid -- (3,323)
Secretarial fees paid (269) (150)
Other cash receipts/(payments) 107 (341)
Net cash outflow from operating
activities (945) (4,536)
Cash flow from investing activities
Purchase of investments (97) (32)
Net proceeds on sale of investments 1,332 2,649
Investment income received 1,515 1,047
Net cash inflow from investing
activities 2,750 3,664
-------------------------------------- -------- --------
Cash flow from financing activities
Proceeds of fund raising -- 4,058
Proceeds from borrowings on long
term debt -- 15,000
Expenses of fund raising (80) (298)
Expenses in relation to tender
offer -- (156)
Repurchase of own shares (322) (10,986)
Equity dividends paid (2,253) (2,923)
Net cash (outflow)/inflow from
financing activities (2,655) 4,695
Net (outflow)/inflow of cash in
the year (850) 3,823
Reconciliation of net cash flow
to movement in net funds
(Decrease)/increase in cash for
the year (850) 3,823
Net cash and cash equivalents
at start of year 5,703 1,230
Net cash and cash equivalents
at end of year 4,853 5,703
Analysis of changes in net cash
Cash
At 1 July 2017 flow At 30 June 2018
GBP'000 GBP'000 GBP'000
Cash and cash
equivalents* 5,703 (850) 4,853
*Including money market securities and other deposits
Notes to the accounts
1. The audited Annual Financial Report has been prepared on the
basis of accounting policies set out in the statutory accounts of the
Company for the year ended 30 June 2018. All investments held by the
Company are classified as 'fair value through the profit and loss'.
Unquoted investments have been valued in accordance with IPEVC
guidelines, as updated in December 2015. Quoted investments are stated
at bid prices in accordance with the IPEVC guidelines and Generally
Accepted Accounting Practice.
2. These are not statutory accounts in accordance with S436 of the
Companies Act 2006. The full audited accounts for the year ended 30 June
2018, which were unqualified and did not contain any statements under
S498(2) or S498(3) of Companies Act 2006, will be lodged with the
Registrar of Companies. Statutory accounts for the year ended 30 June
2017 including an unqualified audit report and containing no statements
under the Companies Act 2006 will be delivered to the Registrar of
Companies in due course.
3. Copies of the Annual Report will be sent to shareholders and will
be available for inspection at the Registered Office of the Company at
The Shard, 32 London Bridge Street, London, SE1 9SG and can be accessed
on the following website:
https://www.globenewswire.com/Tracker?data=WoO3hAcrjA1B1sFslqV3D2TwpfX8Yrlog0odvuo8rYSKYKf4aGuryMz6935iGfwyUg81OL0FZb20EA8TbWZacRVBhR8BnLndbsEeOmDg4ec=
www.foresightgroup.eu
4. Net asset value per share
Net asset value per Ordinary Share is based on net assets at the year
end of GBP40,818,000 (2017: GBP26,197,000) and on 43,911,189 Ordinary
Shares (2017: 27,324,838), being the number of Ordinary Shares in issue
at that date.
5. Return per share
Year ended
30 June Year ended 30 June
2018 2017
Ordinary Ordinary
Shares Shares C Shares D Shares
GBP'000 GBP'000 GBP'000 GBP'000
Total profit/(loss) after
taxation 538 1,305 1,862 (116)
Total profit/(loss) per
share (note a) 1.2p 3.5p 14.9p (3.1)p
Revenue profit/(loss)
from ordinary activities
after taxation 352 128 3 (65)
Revenue profit/(loss)
per share (note b) 0.8p 0.3p 0.0p (1.7)p
Capital profit/(loss)
from ordinary activities
after taxation 186 1,177 1,859 (51)
Capital profit/(loss)
per share (note c) 0.4p 3.2p 14.9p (1.4)p
Weighted average number
of shares in issue during
the year (note d) 45,273,865 37,041,226 12,509,247 3,761,042
Notes:
a) Total profit/(loss) per share is total profit/(loss) after taxation
divided by the weighted average number of shares in issue during the
year.
b) Revenue profit/(loss) per share is revenue profit/(loss) after
taxation divided by the weighted average number of shares in issue
during the year.
c) Capital profit/(loss) per share is capital profit/(loss) after
taxation divided by the weighted average number of shares in issue
during the year.
d) The weighted average number of shares has been adjusted to take
account of the O, C and D share class merger on 29 June 2018.
6. The Annual General Meeting will be held at 12.30pm on 6 December
2018 at the offices of Foresight Group LLP, The Shard, 32 London Bridge
Street, London, SE1 9SG.
7. Income
Year ended Year ended
30 June 30 June
2018 2017
GBP'000 GBP'000
Loan stock interest 572 786
Dividends receivable 963 84
Bank interest 8 1
1,543 871
--------------------- ---------- ----------
8. Investments held at fair value through profit or loss
Ordinary
Shares C Shares D Shares
Fund Fund Fund Company
Company GBP'000 GBP'000 GBP'000 GBP'000
Book cost at 1 July 2017 22,743 8,316 1,620 32,679
Investment holding gains 17,762 3,311 -- 21,073
Valuation at 1 July 2017 40,505 11,627 1,620 53,752
Movements in the period:
Purchases at cost* 97 -- -- 97
Disposal proceeds (369) (963) -- (1,332)
Investment holding gains/(losses) 1,516 (609) (72) 835
Transfer to Ordinary
Shares fund -- book cost 8,973 (7,353) (1,620) --
Transfer to Ordinary
Shares fund -- investment
holding gains/(losses) 2,630 (2,702) 72 --
Valuation at 30 June
2018 53,352 -- -- 53,352
---------------------------------- -------- -------- -------- --------
Book cost at 30 June
2018 31,444 -- -- 31,444
Investment holding gains 21,908 -- -- 21,908
Valuation at 30 June
2018 53,352 -- -- 53,352
*Purchases at cost represents costs incurred in relation to the
underlying FiT assets and refinancing of Turweston asset held by
portfolio companies.
9. Transactions with the manager
Details of arrangements with Foresight Group LLP, Foresight Fund
Managers Limited and Foresight Group CI Limited are given in the
Directors' Report and Notes 3 and 13. All arrangements and transactions
were on an arms length basis.
Foresight Group, which acts as investment manager to the Company, earned
fees of GBP692,000 in the year (2017: GBP820,000). At the year end date,
amounts due from Foresight Group in respect of management fees were
GBP2,000 (2017: GBP104,000 payable to Foresight Group). It also earned
performance incentive fees of GBP130,000 (2017: GBP1,053,000), all of
which was payable at the year end (2017: GBPnil).
Foresight Fund Managers Limited, Company Secretary until November 2017,
earned fees of GBP100,000 (2017: GBP211,000) during the year, of which
GBPnil (2017: GBP61,000) remained payable at the year end date.
Foresight Group LLP was appointed Company Secretary in November 2017 and
received fees of GBP102,000 (2017: GBPnil) during the year, of which
GBP2,000 (2017: GBPnil) remained payable at the year end date.
Foresight Group recharged fund expenses incurred on behalf of the
Company of which GBP158,000 (2017: GBP53,000) remained payable at the
year end date.
END
(END) Dow Jones Newswires
October 31, 2018 12:14 ET (16:14 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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