Foresight VCT Plc - Final Results 31 December 2021
FORESIGHT VCT PLCLEI:
213800GNTY699WHACF46
Final results31 December
2021
Foresight VCT plc, managed by Foresight Group LLP, today
announces the final results for the year ended 31 December
2021.These results were approved by the Board of Directors on 13
April 2022.The Annual Report will shortly be available in full
at www.foresightgroup.eu. All other statutory information can
also be found there.
Highlights
- Total net assets £185.1 million
- A final dividend of 3.7p per share was paid on
25 June 2021, costing £7.5 million
- Net Asset Value per share increased by 22.3% from 73.7p at 31
December 2020 to 90.1p at 31 December 2021. After
adding back the payment of a 3.7p dividend made on
25 June 2021, NAV Total Return per share was 93.8p,
increasing the total return in the year to 27.3%
- Six new investments totalling £9.9 million and six
follow-on investments totalling £5.2 million made during
the year
- The value of the investment portfolio rose by
£34.3 million in the year to 31 December 2021. This
was driven by an increase of £42.0 million in the valuation of
investments plus £15.1 million of new investments offset by sales
of investments totalling £22.8 million
- The offer for subscription launched in July 2021
was closed on 8 April 2022 and raised a total of
£23.4 million after expenses
- The Board is recommending a final dividend for the year
ended 31 December 2021 of 4.5p per share,
to be paid on 24 June 2022
Chair’s statement
I am pleased to present the Company’s audited Annual Report and
Accounts for the year ended 31 December 2021 and to report a
significant uplift in Net Asset Value (“NAV”) per share for the
year.
I would like to draw your attention to the separate section on
page 7 of the Annual Report and Accounts which includes
information on material post year end events.
Overview of 2021The NAV per share increased
from 73.7p to 90.1p during the year and, after adding back the
dividend of 3.7p which was paid in June 2021, the total return was
an increase to 93.8p. This represents a strong investment
performance with a NAV Total Return per share of 27.3% for the
12 months.
The widespread rollout of the vaccination programme in the UK in
2021 has fortunately resulted in a reduction in hospitalisations
and deaths from COVID-19 despite the emergence of new, more
transmissible variants. As a consequence, Government restrictions
have gradually been lifted and life has begun to return to a more
normal pattern, although some structural changes may now persist in
the way that we live and work, as the use of technology has
accelerated during this period.
After a sharp drop in value in 2020, the Company’s portfolio in
aggregate experienced a recovery which continued strongly
throughout 2021. Many of the portfolio companies have successfully
adapted to the new economic landscape, with some performing
extremely well and demonstrating the strength of their management
teams.
A minority, particularly those companies in the travel, retail
and hospitality sectors, struggled as a result of lockdowns, social
distancing and travel restrictions, but these businesses are
beginning to bounce back as pent-up demand is unlocked. At the end
of 2021, 29 companies in the existing portfolio recorded a combined
increase in unrealised value of £41.6 million, offset by
11 companies recording an aggregate fall in unrealised value
of £4.0 million. Three investments were sold in full and one
partially.
For the last two years the Manager has continued to work very
closely with all the businesses in the portfolio to help them
minimise the damage to their operations from the pandemic and to
revise their strategies where necessary. Many of the members of the
private equity team have done this whilst working from home.
Despite this disruption to their working lives, they have also
managed to source a growing number of investment opportunities
during the year and added several new investments to the portfolio.
It is a sign of the improving outlook that the team’s initial focus
on value preservation of the portfolio during the worst of the
pandemic has since changed to investment growth and acquisition.
The Board would like to thank the members of the team for their
dedication and diligence during this time.
StrategyThe Board and the Manager continue to
pursue a strategy for the Company which includes the following four
key objectives:
- Further development of Net Asset Value Total Return while
continuing to grow the Company’s assets
- Payment of an annual dividend of at least 5% of the NAV
per share (based on the last announced NAV per share) and at
the same time endeavouring, at a minimum, to maintain the NAV per
share on a year‑on‑year basis
- The implementation of a significant number of new
and follow-on qualifying investments every year
- Maintaining a programme of regular share buybacks at a discount
in the region of 10% to the prevailing NAV per share
The Board and the Manager believe that these key objectives
remain appropriate and the Company’s performance in relation to
each of them over the past year is reviewed in more detail
below.
Net Asset ValueAs at 31 December 2021
the NAV of the Company was £185.1 million
(31 December 2020: £151.8 million), which is in line with
the Board’s objective of growing the Company’s assets.
At the start of the year, 87% of the Company’s assets were
already invested and the Board believed it would be in the
Company’s best interest to raise further funds to provide liquidity
for its activities in 2021 and beyond. On 26 July 2021
the Company launched an offer for subscription to raise up to £20
million, with an over‑allotment facility to raise up to a further
£10 million, through the issue of new shares. By the end of 2021,
£5.3 million of capital had been raised net of expenses and,
as at the date of this report, funds raised have increased to £23.4
million, of which £18.1 million has been raised post year end, as
detailed in the post balance sheet events note 20 of the Annual
Report and Accounts. We would like to thank those existing
shareholders who have supported this offer and welcome all new
shareholders to the Company.
During the year the NAV per share increased by 22.3% from 73.7p
at 31 December 2020 to 90.1p at 31 December 2021. After
adding back the payment of a dividend of 3.7p per share on 25 June
2021, which is detailed below, NAV Total Return per share for the
year was 93.8p, representing a total return of 27.3%.
After paying the dividend of 5.0% of NAV, the Company has
exceeded its objective of maintaining the NAV per share on a
year‑on‑year basis.
The total return per share from an investment made
five years ago would be 38.9%, which is above the minimum
target return set by the Board of 5% per annum. Exceeding this
target is at the centre of the Company’s current and future
portfolio management strategy.
DividendsThe final dividend for the year ended
31 December 2020 of 3.7p per share was paid on
25 June 2021 based on an ex-dividend date of 10 June
2021, with a record date of 11 June 2021. The total cost
of this dividend was £7.5 million, including shares allotted
under the dividend reinvestment scheme.
The Board is recommending a final dividend for the year ended
31 December 2021 of 4.5p per share, to be paid on 24 June
2022 based on an ex-dividend date of 9 June 2022, with a
record date of 10 June 2022.
The Company continues to achieve its target dividend yield of 5%
of NAV, which was set in 2019 in light of the change in portfolio
towards earlier-stage, higher-risk companies, as required by the
current VCT rules. The Board and the Manager hope that this level
may be exceeded in future by payment of additional “special”
dividends as and when particularly successful portfolio disposals
are achieved.
Investment performance and portfolio activityA
detailed analysis of the investment portfolio performance over the
year is given in the Manager’s Review.
During the year under review, the Manager completed six new
investments, mostly in the technology and healthcare sectors, and
six follow-on investments costing £9.9 million and £5.2 million
respectively. The Company also disposed of three investments and
partially disposed of one investment, generating proceeds of £22.8
million with a further £1.5 million of deferred consideration
included within debtors at the year end. Details of each of these
new portfolio companies and disposals can be found in the Manager’s
Review.
The Board and the Manager are confident that a more significant
number of new and follow-on investments can be achieved in 2022 as
the economy continues to open up and more opportunities emerge.
After the year end, a new investment of £1.1 million was made
into Homelink Healthcare Limited and a further follow-on investment
of £0.5 million was made into Rovco Limited.
The Company and Foresight Enterprise VCT plc have the same
Manager and share similar investment policies. The Board closely
monitors the extent and nature of the pipeline of investment
opportunities and is reassured by the Manager’s confidence in being
able to deploy funds without compromising quality and to satisfy
the investment needs of both companies.
Responsible investingThe analysis of
environmental, social and governance (“ESG”) issues is embedded in
the Manager’s investment process and these factors are considered
key in determining the quality of a business and its long-term
success. Central to the Manager’s responsible investment approach
are five ESG principles that are applied to evaluate investee
companies, acquired since May 2018, throughout the lifecycle of
their investment, from their initial review and acquisition to
their final sale. Every year, these portfolio companies are
assessed and progress measured against these principles. More
detailed information about the process can be found on page 38 of
the Manager’s Review in the Annual Report and Accounts.
BuybacksDuring the year the Company repurchased
8,657,404 shares for cancellation at an average discount of 10.0%,
achieving its objective of maintaining regular share buybacks at a
discount of 10.0%, as noted above. The Board and the Manager
consider that the ability to offer to buy back shares at a target
discount of approximately 10.0% is fair to both continuing and
selling shareholders and is an appropriate way to help underpin the
discount to NAV at which the shares trade.
Share buybacks are timed to avoid the Company’s closed periods.
Buybacks will generally take place, subject to demand, during the
following times of year:
- April, after the Annual Report has been published
- June, prior to the Half-Yearly reporting date of
30 June
- September, after the Half-Yearly Report has been published
- December, prior to the end of the financial year
Management charges, co-investment and performance
incentiveThe annual management fee is an amount equal to
2.0% of net assets, excluding cash balances above £20 million,
which are charged at a reduced rate of 1.0%. This has resulted in
ongoing charges for the period ended 31 December 2021 of
2.0% of net assets, which is at the lower end of the range when
compared to competitor VCTs.
Since March 2017, co-investments made by the Manager and
individual members of the Manager’s private equity team have
totalled £1.0 million alongside the Company’s investments of £70.9
million. The co-investment scheme requires that the individual
members of the team invest in all of the Company’s investments from
that date onwards and prohibits selective “cherry picking” of
co-investments. If any individual team member opts out of
co-investment, they cannot invest in anything during that year.
The performance incentive scheme only applies after an
investment has been sold and the scheme incorporates three
different hurdles, all of which need to be achieved at different
stages before any performance fee can be paid: an Investment Growth
Hurdle for the individual investment at exit and also two NAV Total
Return Hurdles, the first upon the exit of the investment and the
second three years later. The NAV Total Return Hurdle increases
each year, so the second NAV Total Return Hurdle will be higher
than the first. The continued improvement in the Company’s net
asset performance and in its NAV Total Return per share has
resulted in the initial NAV Total Return Hurdle under the
arrangement being met for the first time.
As at 31 December 2021, the individual Investment
Growth Hurdles have been met for two realised and 13 unrealised
investments out of the 31 new early‑stage investments made since
the introduction of the performance incentive arrangements and a
contingent liability of £4.9 million in respect of this is
disclosed in note 15 of the Annual Report and Accounts. For the
first time, the Company has provided for a £0.3 million liability
in relation to the Accrosoft exit, which achieved two of the three
hurdles at the date of exit. An investment under the arrangement
will only qualify for the payment of a performance fee if all three
hurdles described above have been met.
More information on the performance incentive arrangements
(including an explanation of terms used above) can be found in note
13 of the Annual Report and Accounts.
Board compositionThe Board continues to review
its own performance and undertakes succession planning to maintain
an appropriate level of independence, experience, diversity and
skills in order to be in a position to discharge its
responsibilities. 2021 saw some planned changes to the composition
of the Board.
The Board was delighted to appoint Patricia (Patty) Dimond as a
Non-Executive Director in February 2021. Details of Patty’s
experience and expertise can be found in her biography on page 45
of the Annual Report and Accounts.
After nearly 11 years as Chair, John Gregory retired at the AGM
on 27 May 2021, as planned. On behalf of the Company, I
would again like to thank John for his significant contribution and
commitment to the Company, which has benefited enormously from his
wisdom and guidance during his service as Chair. My fellow
Directors and I wish John a happy retirement.
The Nomination Committee will continue its plans to refresh the
Board over the next two years and aims to achieve a sensible
balance between continuity and reinvigoration in compliance with
the AIC code.
Material post year end events The Russian
invasion of Ukraine in February 2022 has created a humanitarian
crisis in Europe on a scale not seen for decades, with the war’s
fatalities and casualties mounting and millions of Ukrainian
refugees seeking shelter in neighbouring countries. The wider
ramifications of this tragedy are still unknown but inflationary
pressures worldwide are increasing, particularly in energy and
food, and supply chains, already under strain from the pandemic,
will continue to be disrupted. The war has also increased the
potential for further market turmoil and cyber attacks. The
portfolio has some limited direct exposure to Russia and Ukraine
but this remains manageable. The Manager is working closely with
management teams of investee companies to be prepared and plan for
a deteriorating economy.
Since the year end, the Company has continued to allot new
shares under its Prospectus published on 26 July 2021,
containing an offer for subscription to raise up to
£20 million with an over-allotment facility to raise a further
£10 million. In advance of the allotment of the Company’s new
shares under this offer in March and as a result of increased
market volatility, the Board announced on 18 March 2022 two
unaudited NAVs per share: a NAV of 90.1p per share as at 31
December 2021 and 87.5p per share as at 28 February 2022. The
reduction of 2.9% in NAV since 31 December 2021 follows from the
general decline in public markets since that date. Since this
announcement, allotments of new shares have been based on a NAV per
share of 87.5p, the most up to date unaudited valuation at the
time.
On 25 March 2022, in order to accommodate further demand and in
accordance with the terms of the Prospectus, the Board decided to
implement the over‑allotment facility in part to raise up to a
further £5 million. The offer was closed to applications on
7 April 2022 and ended on 8 April 2022 with gross
funds raised of £24.1 million.
Shareholder communicationWe were disappointed
that we were not able to meet with shareholders in person in 2021
as a result of the travel restrictions imposed due to COVID-19. As
an alternative, shareholders were invited to a virtual AGM in May,
followed at the beginning of June by an online investor forum
facilitated by the Manager. We appreciate how popular such events
are with our investors and hope to hold future events in person if
safe to do so.
Annual General MeetingThe Company’s Annual
General Meeting will take place on 31 May 2022 at 1.00pm
and we look forward to meeting as many of you as possible in
person, providing rules permit. Please refer to the formal notice
on page 89 of the Annual Report and Accounts for further details in
relation to the format of this year’s meeting, including remote
attendance. Voting will be conducted on a poll rather than a show
of hands with the Chair of the AGM holding the proxy votes.
We would encourage you to submit your votes by
proxy ahead of the deadline of 1.00pm on 27 May 2022 and, if
attending remotely, to forward any questions by email to
InvestorRelations@foresightgroup.eu in advance of
the meeting.
OutlookThe global economy has rebounded
strongly this year from the low levels of activity recorded in
2020, when the pandemic first struck and successive lockdowns
severely impacted both supply and demand factors. However, the
legacy of COVID-19, combined with the ongoing impact of Brexit and
the current geopolitical conflict in Ukraine, continue to challenge
both our economy and society and create uncertainty for businesses.
In particular, the risks of inflationary pressures, supply chain
issues and staff shortages are emerging and may impact the future
economic recovery. In these conditions, the Company’s investments
in unquoted, small, early-growth businesses entail higher levels of
risk, greater volatility in valuation and lower liquidity than
larger listed companies. It is unlikely, therefore, given these new
global developments that the Company will generate the same level
of total return that has been achieved in 2021.
However, the Manager understands well the management and
business requirements of each of the companies within the
investment portfolio and is working closely with them to help them
adapt to, and grow within, this changing environment.
The Company’s current portfolio of investments is well
diversified by number, business sector, size and stage of
development and overall has demonstrated its relative resilience in
the face of the pandemic and its repercussions. We anticipate that
the portfolio in aggregate will also be able to withstand the
increasing challenges and uncertainties arising from the current
turmoil in Central Europe and will continue to prosper over
time.
The fundraising referred to earlier will provide additional
resources to make new acquisitions and enable the Company to take
advantage of the increasing numbers of investment opportunities
that are now emerging out of the recent disruption. We are
cautiously optimistic that the existing portfolio and these new
acquisitions will generate long term value for
shareholders.
Margaret Littlejohns Chair
13 April 2022
Manager’s review
The Board has appointed Foresight Group LLP (“the Manager”) to
provide investment management and administration services.
Portfolio summary As at 31 December 2021, the
Company’s portfolio comprised 49 investments with a total cost of
£102.7 million and a valuation of £167.0 million. The
portfolio is diversified by sector, transaction type and maturity
profile. Details of the ten largest investments by valuation,
including an update on their performance, are provided on pages 24
to 28 of the Annual Report and Accounts.
In the year, the value of the investment portfolio rose by £34.3
million as a result of an increase of £42.0 million in the
valuation of investments plus £15.1 million of new investments
offset by sales of investments totalling £22.8 million.
Overall, the portfolio has performed well as markets reopened
following the impact of COVID-19.
In line with the Board’s strategic objectives, the Manager
remains focused on growing the Company through further development
of Net Asset Value Total Return whilst paying an annual dividend to
shareholders of at least 5% of the last announced NAV per share. In
the year, Net Asset Value Total Return was 27.3%, net assets
increased 22.0% to £185.1 million and an annual dividend of 5% of
the NAV per share as at 31 December 2020 was paid, meaning that the
Company has successfully met these objectives.
New investments The Manager was able to meet
prospective companies in person again, an important part of
assessing investments and developing relationships with management
teams. Many management teams have successfully steered their
businesses through the pandemic whilst developing clearer medium
and longer-term growth plans. The Manager has also invested further
in its origination capabilities and identified a large number of
appropriate investment opportunities during the year.
Over the course of 2021, six new investments were completed,
investing a total of £9.9 million. Behind these, there continues to
be a strong pipeline of opportunities that the Manager expects to
convert during the next 12 months. Follow-on investments
totalling £5.2 million were also made in existing investee
companies.
Hexarad Group LimitedIn June 2021, the Company
invested £0.8 million into Hexarad Group, an early-stage,
high-growth healthcare technology company, providing teleradiology
services to NHS Trusts and UK private healthcare customers.
Headquartered in London, the company was founded in 2016 by a team
of NHS consultant radiologists and differentiates itself through
its clinical leadership and technology-led proposition. The
investment into Hexarad Group will enable the company to support
more NHS and private healthcare customers and further improve how
they use the technology which is core to its customer
and radiologist experience.
NorthWest EHealth LimitedIn June 2021, the
Company invested £1.5 million into NorthWest EHealth, which
provides software and services to the clinical trials market,
allowing pharmaceutical companies and contract research
organisations to conduct feasibility studies, recruit patients and
run trials. The investment will be used to expand the current data
network, enabling the company to support a larger number of trials
at a global level, increase product development and expand the
sales and marketing team to help build long-term, strategic
relationships.
Additive Manufacturing Technologies LtdIn June
2021, the Company invested £1.7 million into Additive Manufacturing
Technologies (“AMT”), which manufactures systems that automate the
post-processing of 3D printed parts. AMT originally received seed
funding from Foresight Williams EIS in
September 2019. The additional investment, made
alongside further investment from Foresight Williams and other
institutions, will be used to further accelerate its commercial
progress.
Callen-Lenz Associates LimitedIn August 2021,
the Company made a £2.4 million investment into Callen-Lenz
Associates, a developer, designer and manufacturer of high
performance unmanned aerial vehicles (“UAVs”) as well as components
and navigation and communication software for UAVs. Callen-Lenz
Associates delivers research and development contracts for large
public and private sector clients, which create regulatory approved
technologies that are made into products and sold to other
commercial customers. Founded in 2007, it has four revenue
segments: research and development, hardware, software and
services which are mutually supportive to clients as they move
through the design and sales process with the engineering team. The
investment will enable Callen-Lenz Associates to scale the business
through new hires in key operating and engineering functions.
Newsflare LimitedIn December 2021, the Company
invested £2.0 million into Newsflare, a marketplace for
user-generated video (“UGV”) which currently has one of the largest
video libraries with fully cleared rights in the world, with over
244,000 licensable videos on its platform. Newsflare was founded in
2011 and is headquartered in London with staff in Los Angeles, New
York and a technology team in Bulgaria. This investment will allow
the company to focus on building its video library, attract new
customers by expanding the sales and marketing teams as well as
improving their platform and technology.
Crosstown Dough LtdIn December 2021, the
Company invested £1.5 million into Crosstown Dough, a premium sweet
treat brand offering a range of doughnuts, recently complemented by
cookies and ice cream, with a growing vegan offering. Founded in
2014, it has 14 bricks-and-mortar stores and 12 market stalls and
food trucks, plus its goods are sold online through its website,
providing customers with an on‑demand or pre-order delivery
service, which traded well during the pandemic. The investment will
support the further rollout of the retail network as well as
growing the digital, wholesale and corporate/events revenue
streams.
Follow-on investmentsThe Manager had expected
that more portfolio companies would need additional capital to
support them through continued difficult trading conditions
resulting from the lockdown. However, the portfolio has remained
relatively resilient, supported by the Manager.
The Manager has arranged follow-on investments into
six companies during 2021, totalling £5.2 million. Further
details of each of these are provided below.
The additional equity injections in the period were mainly used
to support each company’s further growth plans, such as launching
new products or to expand into new markets. As markets continue to
open up, the Manager remains cautiously optimistic about the health
of the rest of the portfolio and the need for follow-on funding
over the coming months.
Clubspark Group LtdIn March 2021, Clubspark
Group, a software platform that provides sports clubs and centres
with the ability to manage operations such as court and equipment
booking, received a £1.5 million follow-on investment from the
Company. The investment will be used to push further into
international markets, including the US.
Fresh Relevance LtdIn May 2021, a £0.7 million
follow-on investment was made into Fresh Relevance, a SaaS email
marketing and web personalisation platform providing online
retailers with personalised customer experiences and real-time
marketing tools. The investment will be used to support further
growth and accelerate the product rollout.
Biotherapy Services LimitedIn July 2021, a
follow-on investment of £0.7 million was made into Biotherapy
Services (“BTS”), a leading pharmaceutical biotech company. BTS has
developed a wound care treatment for diabetic foot ulcers and the
additional funds will be used to support its clinical development
through trials.
Vio Healthtech Limited (formerly
Fertility Focus Limited)In August 2021, a £0.3
million follow-on investment was made into Vio Healthtech, a
leading fertility monitoring technology company that has developed
registered medical devices that enable women to predict ovulation.
The funding will be used to support a new product launch over the
next 12 months.
Fourth Wall Creative LimitedIn November 2021,
an additional £1.3 million was invested into Fourth Wall Creative
(“FWC”). FWC designs, procures and fulfils branded merchandise for
use in membership welcome packs, season-ticket presentation boxes
and hospitality gifts for sports clubs and organisations,
predominantly football clubs in the UK but increasingly cricket and
rugby clubs. The investment will be used to invest further in its
technology to enable the company to add more customers, allowing it
to secure long-term licence agreements with sports teams to
directly engage with the fans on their behalf. This will allow FWC
to drive fan engagement for the clubs.
Ten Health & Fitness LimitedIn December
2021, Ten Health & Fitness, a multi-site operator in the
boutique health, wellbeing and fitness market, received an
additional investment of £0.6 million. The funding will be used for
the rollout strategy of more sites as consumers return to in-person
studio offerings with an increased focus on health and
wellbeing.
RealisationsThe M&A climate has been robust
in certain sectors, particularly in healthcare, technology and
ecommerce. The Manager continues to engage with a range of
potential acquirers of several portfolio companies, with demand for
these high-growth businesses demonstrated by both private equity
and trade buyers.
FFX Group LimitedIn January 2021, the Company
successfully sold its investment in FFX Group, one of the UK’s
largest multi‑channel, independent suppliers of high‑quality power
tools, fixings and building supplies. The transaction
generated proceeds of £11.1 million at completion and the Company
will receive up to £0.3 million of deferred consideration after 18
months, subject to certain conditions. This implies a cash-on-cash
return of 4.3x the initial investment of £2.7 million, made in
October 2015, which is equivalent to an IRR of c.32%. During the
investment period, FFX Group opened a new 60,000 sq ft distribution
centre and a new head office in Kent.
The business updated its brand and launched an extensive
range of its own products. Since the Company’s investment, FFX
Group more than tripled revenues and increased headcount by over
125.
Mologic Ltd.In July 2021, the Company
successfully sold its investment in Mologic, a health diagnostics
company providing both contract research services for clients and
developing its own range of proprietary point-of-care diagnostics
products. It was sold to Global Access Health, a not-for-profit
company financed by the Soros Economic Development Fund, the impact
investing arm of the Open Society Foundations and a group of other
philanthropic organisations and investors. The return multiple
of 3.1x includes deferred consideration, reflecting an IRR of
c.38%. During the investment period, the Mologic team had worked
with the Manager to strengthen the business, develop the product
portfolio, increasing turnover by over 165% and employee numbers by
over 40%. The business has also developed a presence in the US,
opening an office on the East Coast, and also a manufacturing
partnership in West Africa.
Ixaris Systems LtdIn August 2021, the Company
sold its holding in Ixaris Systems, an award-winning leader in B2B
travel payment technology, to Nium, a global B2B payments platform
based in Singapore, resulting in proceeds of c.£1.2 million
representing a return of 1.5x cost. Ixaris Systems’ main product is
a pre-paid debit card providing flexible funding and payment
methods. Ixaris Systems has clients in over 50 countries, ranging
from the world’s largest travel brands to independent travel
agencies.
The decision was made to exit this investment as it would likely
have needed considerable further investment to continue trading
given the depressed travel industry. Without a clear timeline on
market recovery, a process was undertaken to find the best acquirer
for Ixaris Systems led by a new executive chair brought in with the
Manager’s support.
Since investment, the Manager helped recruit key senior team
members as well as helping the business establish partnerships with
Visa and Mastercard and increase headcount by over 75.
Accrosoft LimitedIn October 2021, the Company
completed the sale of Accrosoft, a recruitment and employee
onboarding software company, to Acendre Technologies Inc., an HR
software business headquartered in the US. One of its main products
is Vacancy Filler (“VF”), software which streamlines talent
acquisition and recruitment management for organisations. It helps
millions of candidates to apply for jobs easily and empowers
recruiters and hiring managers to recruit better and faster.
Acendre and Accrosoft’s VF product are complementary businesses and
by joining forces they will be able to offer a recruitment and HR
management software platform across a much wider customer base,
as well as establishing a presence in Europe.
Prior to the sale of Accrosoft, its subsidiary, Weduc, was spun
out, with the Company retaining its 19.4% shareholding. Weduc is a
leading communication platform sold into the education sector and
was initially launched in 2017. The company has grown
significantly since the Manager’s original investment, doubling its
customer numbers over the past year.
This transaction generated proceeds of £4.3 million, which
represents a return of 1.8x and IRR of 25.9% over a period
of three years with further upside possible given the ongoing
investment in Weduc.
Realisations in the year ended 31 December
2021
|
|
Accounting |
|
|
Valuation at |
|
|
cost at date |
|
Realised |
31 December |
|
|
of disposal |
Proceeds |
gain/(loss) |
2020 |
Company |
Detail |
(£) |
(£) |
(£) |
(£) |
FFX Group Limited |
Full disposal |
2,676,426 |
11,056,074 |
8,379,648 |
11,196,564 |
Mologic Ltd. |
Full disposal |
2,434,483 |
6,270,206 |
3,835,723 |
5,054,260 |
Ixaris Systems Ltd |
Full disposal |
2,266,036 |
1,207,635 |
(1,058,401) |
632,221 |
Accrosoft Limited |
Partial disposal |
2,363,062 |
4,276,188 |
1,913,126 |
3,369,089 |
Total disposals |
|
9,740,007 |
22,810,103 |
13,070,096 |
20,252,134 |
PipelineAt 31 December 2021, the Company had
cash reserves of £17.5 million, which will be used to fund new
and follow‑on investments, buybacks and running expenses. The
Manager is seeing its pipeline of potential investments grow and
has a number of opportunities under exclusivity or in due
diligence, which it continues to progress.
The onset of COVID-19 and the resulting economic downturn
resulted in lower new investment activity in 2020, while 2021 saw
an increased flow of opportunities as restrictions reduced
throughout the year. Depending on the length and severity of any
potential COVID-19 variants and associated restrictions, the
Manager expects to see a higher proportion of the Company’s
deployment focused on new investments in the short to medium
term.
As the economy recovers from the worst effects of
the lockdowns, the Manager expects the demand for funding to
increase. However, given high levels of liquidity in the market,
investment opportunities are likely to be reasonably competitive.
Therefore, the Manager remains focused on using its direct
origination strategy to identify off-market opportunities and
supplement traditional sources of deal flow.
Post-year end activityHomeLink
Healthcare LimitedPost year end, in March 2022, £1.1
million of growth capital was invested into HomeLink Healthcare, a
specialist provider of Hospital-at-Home and Virtual Ward services.
The company employs highly qualified and experienced nurses and
rehabilitation teams to provide services to patients in their own
homes, through contracts with the NHS. These services deliver a
range of clinical interventions, including wound care, intravenous
therapies, physiotherapy, and rehabilitation. The clinical services
offered alleviate pressure on the NHS by freeing up vital bed
space, saving time and reducing costs.
Rovco LimitedPost year end, in March 2022,
Rovco received a £0.5 million follow-on growth capital
investment, part of a funding round totalling £15.2 million. Rovco
is a leading provider of autonomy and cloud managed robotics for
subsea surveys in offshore wind and oil field decommissioning. The
investment will allow Rovco, and its technology division Vaarst, to
further tech development and continue global expansion to Austin,
Texas and Tokyo, Japan, as well as increasing its presence across
Europe.
Key portfolio developments Material changes in
valuation, defined as increasing or decreasing by £1.0 million or
more since 31 December 2020, are detailed below.
Updates on these companies are included below, or in the Top Ten
Investments section on pages 24 to 28 of the Annual Report and
Accounts.
Key valuation changes in the year
Company |
Valuation methodology |
Net movement (£) |
Hospital Services Group Limited |
Discounted earnings multiple |
6,867,997 |
Nano Interactive Group Limited |
Discounted revenue multiple |
4,396,303 |
Specac International Limited |
Discounted earnings multiple |
3,740,867 |
TFC Europe Limited |
Discounted earnings multiple |
2,683,854 |
TLS Management Limited (formerly Dhalia Limited) |
Net assets |
2,620,405 |
Cinelabs International Ltd |
Discounted earnings multiple |
2,577,655 |
Roxy Leisure Ltd |
Discounted earnings multiple |
2,341,310 |
Mowgli Street Food Group Limited |
Discounted earnings multiple |
2,321,642 |
Codeplay Software Limited |
Discounted revenue multiple |
1,804,243 |
Ollie Quinn Limited |
Discounted revenue multiple |
1,329,909 |
Innovation Consulting Group Limited |
Discounted earnings multiple |
1,283,902 |
Spektrix Limited |
Discounted revenue multiple |
1,171,851 |
NorthWest EHealth Limited |
Discounted revenue multiple |
1,159,042 |
Fresh Relevance Ltd |
Discounted revenue multiple |
1,032,572 |
Online Poundshop Limited |
Nil value |
(1,099,597) |
TLS Management LimitedTLS is based in Barwell,
Leicestershire and is a specialist provider of lens manufacturing,
refurbishment and servicing to the film and television markets.
31 December 2021 update Performance in the lens
rehousing business continued to underpin the company’s impressive
performance, representing 82% of FY2021 full-year revenue. Demand
from domestic and international customers remains strong with
a robust order book providing revenue visibility for the next two
years, driven by the high levels of production activity returning
in the film and TV markets.
Cinelabs International LtdCinelabs
International provides non-creative post production services to
film and TV production houses globally, primarily to those shooting
on analogue film. It also offers film restoration, digitisation and
archiving services to owners of film archives.
31 December 2021 update Cinelabs
International’s performance over 2021 was a significant
improvement compared to the prior year given the strong performance
in TV dramas and more consistent revenues from music promotions.
However, feature film revenue remains impacted by COVID-19
postponements and some global supply chain issues for certain types
of Kodak films. Cinelabs International made an attractive
acquisition during the year which is performing well and brought
additional digital capabilities.
Roxy Leisure LtdRoxy Leisure is a games bar
group with venues predominantly across the North of England. It
offers a range of entertainment facilities including pool tables,
ping-pong, bowling, shuffleboard, mini golf, arcade games and
karaoke.
31 December 2021 update Roxy Leisure has had an
extremely strong year since the lifting of restrictions, with
customers returning in force. It is also benefiting significantly
from the ongoing investments in new sites made during the pandemic.
The search for potential new sites in other key target cities
continues.
Mowgli Street Food Group LimitedA fast-casual
chain of Indian street food restaurants founded in 2014, Mowgli
Street Food Group is differentiated from traditional Indian
restaurants with a focus on healthy dishes and an extensive
gluten-free, vegetarian and vegan offering.
31 December 2021 update Mowgli Street Food
Group continues to trade very strongly across its 14 sites,
including London and Cheltenham, which opened in 2021, and despite
the Omicron wave and “Plan B” restrictions. There is a schedule of
site openings planned throughout the UK for 2022.
Codeplay Software LimitedCodeplay Software is
an Edinburgh-based software developer and software consultancy
business which was established in 2002. Codeplay Software’s
consultancy customers are chip manufacturers which need to develop
tools that will extract the best performance from their
products.
31 December 2021 update After investing in
developing the product offering, Codeplay Software has a platform
which enables artificial intelligence algorithms to run more
efficiently on next generation car hardware platforms. The nature
of recent projects with large global tech customers is
increasingly strategic.
Online Poundshop LimitedOnline Poundshop is an
online-only discount retailer of general merchandise.
Founded and chaired by the founder of Poundland and a proven
operator in the sector, it currently has over 200,000 customers in
its database and sells over 3,000 products which are fulfilled from
a 21,000 sq ft warehouse in Dudley.
31 December 2021 update Despite generating
ongoing revenues, the company had a challenging year, in part
due to the return to the high street by consumers and in
part due to stock availability challenges. A funding round was
required and the Manager decided not to invest further, resulting
in subsequent dilution and the holding has been written down to
zero.
OutlookThe direct impact of COVID-19 is
gradually receding but the combination of loose fiscal policy and
relaxation of restrictions globally is resulting in other
challenges for businesses. In the UK, the success of the
vaccination rollout has enabled the Government to remove
restrictions and now “live with the virus”. There is an expectation
that the UK’s return to normal should continue at least until next
winter. This, combined with the gradual easing of COVID-19 related
border security measures, will provide a welcome boost to
hospitality, travel and leisure. The Manager remains cautiously
optimistic but will keep the situation under review and will
support the portfolio as required at the first sign of any relapse
caused by new emerging COVID-19 variants.
The gradual opening up of the global economy and the
consequential increase in demand for resources and staff are
putting pressure on supply chains and resulting in staffing
concerns across some industries. Several of Foresight Group’s
portfolio companies have been impacted by the global computer chip
shortage amongst other raw material price rises and delays in
delivery. Businesses are also struggling with both staff retention
and hiring new staff as the number of vacancies in the market is
driving both churn and wage inflation. However, such is the demand
in several markets, many companies are successfully passing cost
increases on to the end customer, protecting margins but adding to
the global consumer squeeze.
Hospitality, which had a particularly torrid 2020, enjoyed a
strong summer 2021 and festive period, as consumers relieved
pent-up demand and returned to a pre-pandemic trend of increased
levels of experiential spend. This has resulted in positive results
at portfolio companies including Roxy Leisure and Mowgli Street
Food Group. Similarly, technology businesses with clear revenue
visibility and a differentiated product, and healthcare services
businesses, continue to trade strongly and are the current focus of
the Manager’s origination efforts.
Inflation across the western world is at levels that have not
been seen for many years. The majority of Foresight Group’s
portfolio CEOs and finance directors have worked in a high
inflation environment and the Manager is encouraging a prudent
approach to cost inflation and supply chain management and
requesting scenario analyses to model the impact of medium-term
inflation on margins.
The Russian invasion of Ukraine, in recent weeks, has brought
further pressure on inflation and energy prices, as well as the
potential for further market turmoil and increased cyber risks. The
Company’s portfolio has some direct exposure to Russia and Ukraine,
but this remains manageable. We are working closely with management
teams to ensure scenario planning for a wider economic impact has
been undertaken.
The Manager is pleased with the overall performance of the
portfolio over the past 12 months, especially in these challenging
times, and looks forward to a further improvement as conditions
return to normal.
During the pandemic, in addition to taking advantage of the
Coronavirus Job Retention (or “furlough”) Scheme, many small
businesses turned to Government-supported debt facilities including
“Bounce Back Loans”, the Future Fund and the Coronavirus Business
Interruption Loan Scheme. As companies come to the end of their
repayment holidays, the drain on operating cash flow of interest
and capital repayments is making companies look to alternative
sources of funding for support or growth which should support VCT
deal flow.
Global equity markets are currently highly volatile with a
number of lockdown “winners” such as Amazon, Peloton and Netflix
beginning to lose their shine, whilst mining stocks and traditional
sectors including banking and utilities are showing record profits.
The threat of war in Europe is looming over capital markets;
however, M&A activity remains relatively buoyant and both
international buyers and domestic investors have high levels of
deployable capital which should provide support for a continued
steady flow of realisations.
Notwithstanding the continued uncertainty, the Manager expects
to see a sustained high level of activity from UK companies seeking
growth capital, given VCTs remain an attractive source of capital
for entrepreneurs.
Russell Healeyon behalf of Foresight Group
LLPHead of Private Equity
13 April 2022
Income statementfor the year ended 31
December 2021
|
Year ended 31 December 2021 |
Year ended 31 December 2020 |
|
Revenue |
Capital |
Total |
Revenue |
Capital |
Total |
|
£’000 |
£’000 |
£’000 |
£’000 |
£’000 |
£’000 |
Realised gains/(losses) on investments |
— |
13,070 |
13,070 |
— |
(1,415) |
(1,415) |
Investment holding gains |
— |
30,424 |
30,424 |
— |
6,250 |
6,250 |
Income |
858 |
— |
858 |
1,844 |
— |
1,844 |
Investment management fees |
(772) |
(2,612) |
(3,384) |
(680) |
(2,039) |
(2,719) |
Other expenses |
(587) |
— |
(587) |
(580) |
— |
(580) |
(Loss)/return on ordinary activities before
taxation |
(501) |
40,882 |
40,381 |
584 |
2,796 |
3,380 |
Taxation |
— |
— |
— |
— |
— |
— |
(Loss)/return on ordinary activities after
taxation |
(501) |
40,882 |
40,381 |
584 |
2,796 |
3,380 |
(Loss)/return per share |
(0.2)p |
19.9p |
19.7p |
0.3p |
1.4p |
1.7p |
The total columns of this statement are 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 comprehensive
income has been presented.
The Company has only one class of business and one reportable
segment, the results of which are set out in the Income Statement
and Balance Sheet.
There are no potentially dilutive capital instruments in issue
and, therefore, no diluted earnings per share figures are relevant.
The basic and diluted earnings per share are, therefore,
identical.
The notes on pages 74 to 88 of the Annual Report and Accounts
form part of these financial statements.
Reconciliation of movements in shareholders’
funds
|
|
Share |
Capital |
|
|
|
|
Year ended |
Called-up |
premium |
redemption |
Distributable |
Capital |
Revaluation |
|
31 December |
share capital |
account |
reserve |
reserve1 |
reserve1 |
reserve |
Total |
2021 |
£’000 |
£’000 |
£’000 |
£’000 |
£’000 |
£’000 |
£’000 |
As at 1 January 2021 |
2,060 |
67,634 |
994 |
50,546 |
(4,513) |
35,097 |
151,818 |
Share issues in the year2 |
83 |
6,714 |
— |
— |
— |
— |
6,797 |
Expenses in relation to share issues3 |
— |
(198) |
— |
— |
— |
— |
(198) |
Repurchase of shares |
(87) |
— |
87 |
(6,142) |
— |
— |
(6,142) |
Cancellation of share premium |
— |
(39,196) |
— |
39,196 |
— |
— |
— |
Realised gains on disposal of investments |
— |
— |
— |
— |
13,070 |
— |
13,070 |
Investment holding gains |
— |
— |
— |
— |
— |
30,424 |
30,424 |
Dividends paid |
— |
— |
— |
(7,508) |
— |
— |
(7,508) |
Management fees charged to capital |
— |
— |
— |
— |
(2,612) |
— |
(2,612) |
Revenue loss for the year |
— |
— |
— |
(501) |
— |
— |
(501) |
As at 31 December 2021 |
2,056 |
34,954 |
1,081 |
75,591 |
5,945 |
65,521 |
185,148 |
|
|
Share |
Capital |
|
|
|
|
Year ended |
Called-up |
premium |
redemption |
Distributable |
Capital |
Revaluation |
|
31 December |
share capital |
account |
reserve |
reserve1 |
reserve1 |
reserve |
Total |
2020 |
£’000 |
£’000 |
£’000 |
£’000 |
£’000 |
£’000 |
£’000 |
As at 1 January 2020 |
1,740 |
78,841 |
951 |
23,799 |
(1,059) |
28,847 |
133,119 |
Share issues in the year2 |
363 |
25,655 |
— |
— |
— |
— |
26,018 |
Expenses in relation to share issues3 |
— |
(1,221) |
— |
— |
— |
— |
(1,221) |
Repurchase of shares |
(43) |
— |
43 |
(2,674) |
— |
— |
(2,674) |
Cancellation of share premium |
— |
(35,641) |
— |
35,641 |
— |
— |
— |
Realised losses on disposal of investments |
— |
— |
— |
— |
(1,415) |
— |
(1,415) |
Investment holding gains |
— |
— |
— |
— |
— |
6,250 |
6,250 |
Dividends paid |
— |
— |
— |
(6,804) |
— |
— |
(6,804) |
Management fees charged to capital |
— |
— |
— |
— |
(2,039) |
— |
(2,039) |
Revenue return for the year |
— |
— |
— |
584 |
— |
— |
584 |
As at 31 December 2020 |
2,060 |
67,634 |
994 |
50,546 |
(4,513) |
35,097 |
151,818 |
- Reserve is available for distribution; total distributable
reserves at 31 December 2021 total £81,536,000
(2020: £46,033,000).
- Includes the dividend reinvestment scheme.
- Expenses in relation to share issues includes trail commission
for prior years’ fundraising.
The notes on pages 74 to 88 of the Annual Report and Accounts
form part of these financial statements.
Balance sheetAt 31 December
2021
Registered number: 03421340
|
As at |
As at |
|
31 December 2021 |
31 December 2020 |
|
£’000 |
£’000 |
Fixed assets |
|
|
Investments held at fair value through profit or loss |
167,006 |
132,739 |
Current assets |
|
|
Debtors |
1,669 |
239 |
Cash and cash equivalents |
17,521 |
18,939 |
|
19,190 |
19,178 |
Creditors |
|
|
Amounts falling due within one year |
(751) |
(99) |
Net current assets |
18,439 |
19,079 |
Amounts falling due greater than one year |
(297) |
— |
Net assets |
185,148 |
151,818 |
Capital and reserves |
|
|
Called-up share capital |
2,056 |
2,060 |
Share premium account |
34,954 |
67,634 |
Capital redemption reserve |
1,081 |
994 |
Distributable reserve |
75,591 |
50,546 |
Capital reserve |
5,945 |
(4,513) |
Revaluation reserve |
65,521 |
35,097 |
Equity shareholders’ funds |
185,148 |
151,818 |
Net Asset Value per share |
90.1p |
73.7p |
The financial statements were approved by the Board of Directors
and authorised for issue on 13 April 2022 and were signed on its
behalf by:
Margaret LittlejohnsChair
The notes on pages 74 to 88 of the Annual Report and Accounts
form part of these financial statements.
Cash flow statementfor the year ended
31 December 2021
|
Year ended |
Year ended |
|
31 December |
31 December |
|
2021 |
2020 |
|
£’000 |
£’000 |
Cash flow from operating activities |
|
|
Loan interest received from investments |
582 |
478 |
Dividends received from investments |
384 |
1,437 |
Deposit and similar interest received |
1 |
34 |
Investment management fees paid |
(3,095) |
(2,719) |
Secretarial fees paid |
(122) |
(120) |
Other cash payments |
(462) |
(449) |
Net cash outflow from operating activities |
(2,712) |
(1,339) |
|
|
|
Cash flow from investing activities |
|
|
Purchase of investments |
(15,111) |
(7,680) |
Net proceeds on sale of investments |
22,810 |
296 |
Net proceeds on deferred consideration |
— |
13 |
Net cash inflow/(outflow) from investing
activities |
7,699 |
(7,371) |
|
|
|
Cash flow from financing activities |
|
|
Proceeds of fundraising |
5,407 |
24,203 |
Expenses of fundraising |
(164) |
(637) |
Repurchase of own shares |
(5,496) |
(2,668) |
Equity dividends paid |
(6,152) |
(5,573) |
Net cash (outflow)/inflow from financing
activities |
(6,405) |
15,325 |
Net (outflow)/inflow of cash in the year |
(1,418) |
6,615 |
|
|
|
Reconciliation of net cash flow to movement in net
funds |
|
|
(Decrease)/increase in cash and cash equivalents for the year |
(1,418) |
6,615 |
Net cash and cash equivalents at start of year |
18,939 |
12,324 |
Net cash and cash equivalents at end of year |
17,521 |
18,939 |
Analysis of changes in net debt
|
At |
|
At |
|
1 January |
|
31 December |
|
2021 |
Cash flow |
2021 |
|
£’000 |
£’000 |
£’000 |
Cash and cash equivalents |
18,939 |
(1,418) |
17,521 |
The notes on pages 74 to 88 of the Annual Report and Accounts
form part of these financial statements.
Notes
- These are not statutory accounts in accordance with S436 of the
Companies Act 2006. The full audited accounts for the year ended 31
December 2021, which were unqualified and did not contain
statements under S498(2) of the Companies Act 2006 or S498(3) of
the Companies Act 2006, will be lodged with the Registrar of
Companies. Statutory accounts for the year ended 31 December 2021
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.
- 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 31 December 2021. All
investments held by the Company are classified as ‘fair value
through the profit and loss’. Unquoted investments have been valued
in accordance with IPEV guidelines. Quoted investments are stated
at bid prices in accordance with the IPEV guidelines and Generally
Accepted Accounting Practice.
- Copies of the Annual Report will be sent to
shareholders and can be accessed on the following website:
www.foresightvct.com.
- Net Asset Value per share
The Net Asset Value per share is based on net assets at the end
of the year and on the number of shares in issue at that
date.
|
31 December |
31 December |
|
2021 |
2020 |
Net assets |
£185,148,000 |
£151,818,000 |
No. of shares at year end |
205,591,087 |
205,954,017 |
Net Asset Value per share |
90.1p |
73.7p |
- Return per share
|
Year ended |
Year ended |
|
31 December |
31 December |
|
2021 |
2020 |
|
£’000 |
£’000 |
Total return after taxation |
40,381 |
3,380 |
Total return per share (note a) |
19.7p |
1.7p |
Revenue (loss)/return from ordinary activities after taxation |
(501) |
584 |
Revenue (loss)/return per share (note b) |
(0.2)p |
0.3p |
Capital return from ordinary activities after taxation |
40,882 |
2,796 |
Capital return per share (note c) |
19.9p |
1.4p |
Weighted average number of shares in issue in the year |
204,937,084 |
199,164,754 |
Notes:
- Total return per share is total return after taxation divided
by the weighted average number of shares in issue during the
year.
- Revenue (loss)/return per share is revenue return after
taxation divided by the weighted average number of shares in issue
during the year.
- Capital return per share is capital return after taxation
divided by the weighted average number of shares in issue during
the year.
- Annual General Meeting
The Annual General Meeting of the Company will be held at the
offices of Foresight Group LLP, The Shard, 32 London Bridge Street,
SE1 9SG on 31 May 2022 at 1.00pm. Details will be published on both
the Company’s and the Manager’s website at
www.foresightvct.com.
- Income
|
Year ended |
Year ended |
|
31 December |
31 December |
|
2021 |
2020 |
|
£’000 |
£’000 |
Loan stock interest |
473 |
370 |
Dividends receivable |
384 |
1,437 |
Deposit and similar interest received |
1 |
34 |
Other income |
— |
3 |
|
858 |
1,844 |
- Investments held at fair value through profit
or loss
|
2021 |
2020 |
|
£’000 |
£’000 |
Unquoted investments |
167,006 |
132,739 |
|
|
|
|
|
£’000 |
Book cost as at 1 January 2021 |
|
97,316 |
Investment holding gains |
|
35,423 |
Valuation at 1 January 2021 |
|
132,739 |
Movements in the year: |
|
|
Purchases at cost |
|
15,111 |
Disposal proceeds1 |
|
(22,810) |
Realised gains |
|
13,070 |
Investment holding gains2 |
|
28,896 |
Valuation at 31 December 2021 |
|
167,006 |
Book cost at 31 December 2021 |
|
102,687 |
Investment holding gains |
|
64,319 |
Valuation at 31 December 2021 |
|
167,006 |
- The Company received £22,810,000 (2020: £296,000) from the
disposal of investments during the year. The book cost of these
investments when they were purchased was £9,740,000 (2020:
£1,724,000). These investments have been revalued over time and
until they were sold any unrealised gains or losses were included
in the fair value of the investments.
- Investment holding gains in the Income Statement include the
deferred consideration debtor of £1,528,000 with £141,000 relating
to FFX Group Limited, £1,202,000 relating to Mologic Ltd., £114,000
relating to Ixaris Systems Ltd and £71,000 relating to Accrosoft
Limited.
- Related party transactions
No Director has an interest in any contract to which the Company
is a party other than their appointment and payment as
Directors.
- Transactions with the Manager
Foresight Group CI Limited, which acted as Manager to the
Company until 27 January 2020, earned fees of
£nil (2020: £192,000). Foresight Group LLP was appointed
as Manager on 27 January 2020 and earned fees of £3,087,000 up
to 31 December 2021 (2020: £2,527,000).
Foresight Group LLP is the Company Secretary (appointed in
November 2017) and received accounting and company secretarial
services fees of £122,000 (2020: £120,000) during the year. At
31 December 2021, the amount due to Foresight Group LLP was
£nil (2020: £nil).
No amounts have been written off in the year in respect of debts
due to or from the Manager.
END
For further information please contact:Gary Fraser, Foresight
Group: 020 3667 8181
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