Foresight 4 VCT plc

VCT4

Important Information: The Company currently conducts its affairs so that the shares issued by Foresight 4 VCT plc can be recommended by IFAs to ordinary retail investors in accordance with the FCA’s rules in relation to non-mainstream investment products and intends to continue to do so for the foreseeable future. The shares are excluded from the FCA’s restrictions which apply to non-mainstream investment products because they are shares in a VCT.

Foresight 4 VCT plc is a generalist fund aiming to provide investors with attractive returns from a portfolio of investments in fast growing, unquoted UK companies.

On 6 February 2012 Foresight 4 VCT plc merged with Foresight 5 VCT plc, Foresight Clearwater VCT plc and Acuity VCT 3 plc creating an enlarged company with net assets of over £60 million. Foresight 5 and Acuity VCT 3 were merged into a new "C” share class within Foresight 4 and Foresight Clearwater was merged into the existing ordinary share class. The merger offers economic and administration efficiencies, as well as improved portfolio diversification.

In August 2004, Foresight was appointed to manage Advent 2 VCT plc, which was subsequently renamed Foresight 4 VCT plc. Foresight successfully turned around this underperforming fund and has since generated significant returns from realisations and new investments. As a result of this performance, £14 million has been raised and £16.2 million generated through realisations which enabled dividends to recommence in December 2005 after five years of no dividend payments. Since August 2004, Foresight increased the total return of this VCT by 59% and has paid dividends of 40.5p per share.

Offer for Subscription

The Board has decided to take the opportunity to raise further funds through an offer for subscription. This will provide Shareholders and new investors with the opportunity to invest in the company and benefit from the tax reliefs available to qualifying investors.

Increased Scale
The recent merger with Foresight 3 VCT plc, which was effected in June 2017, has increased the scale of the company to c. £75 million with a portfolio of 22 companies.

Investment Objective
The Company will target UK unquoted companies with the objective of providing investors with attractive returns from a portfolio of investments in fast-growing unquoted companies in the UK. It is the intention to maximise tax-free income available to investors from a combination of dividends and interest received on investments and the distribution of capital gains from trade sales or flotations.

Details of the Offer

Offer size £50,000,000
Offer opened 19 May 2017
Closing Date Tax Year 2017/2018 5 April 2018 (12 noon)
Closing Date Tax Year 2018/2019 30 April 2018 (12 noon)
Sectors Generalist Private Equity
Minimum Subscription £3,000
Maximum Subscription £200,000 (in each tax year for VCT tax relief)
Early Bird Incentive 1.0% discount for applications received by noon 30 November 2017
Shareholder Loyalty Bonus 0.5% discount for existing shareholders of Foresight VCTs

VCT Tax Reliefs

  • 30% income tax relief applies for investors subscribing up to a maximum of £200,000 in any tax year (subject to holding the investment for a minimum of 5 years)
  • Dividend income paid by the Company is not liable to income tax.
  • Any capital growth on disposal of shares is free of Capital Gains Tax.

Regulatory Documents

Please click here to download the Supplementary Prospectus

Please click here to download the Tender Offer Form

Please click here to download the Circular

Please click here to download the F4 Circular

Please click here to download the valuation report following the merger with Foresight 3 VCT plc

To read the results of the F4 general meeting vote approving the merger with F3, click here.

Restricted Disclaimer

Terms and Conditions

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These Terms and Conditions were last revised in July 2017.

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About Us

The information contained on these website pages (this "Site”) is communicated and issued by Foresight Group LLP and Foresight Group CI Limited (details below) in accordance with the following terms and conditions. By accessing any part of this Site, you will be deemed to have accepted these Terms and Conditions in full. If you do not accept these Terms and Conditions please do not continue to access this Site.


Foresight Group LLP

Foresight Group LLP is authorised and regulated by the Financial Conduct Authority ("FCA”). FCA firm reference number 198020. The website of the FCA can be accessed at www.fca.org.uk.

Foresight Group LLP is a limited liability partnership incorporated in England and Wales (registered number 0C300878). Its registered office is at The Shard, 32 London Bridge Street, London, SE1 9SG.


Foresight Group CI Limited

Foresight Group CI Limited is licensed by the Guernsey Financial Services Commission (reference number 2006518) to undertake controlled investment business as defined in The Protection of Investors (Bailiwick of Guernsey) Law 1987.

Foresight Group CI Limited is a private company registered in Guernsey (registered number 51471). Its registered office is Ground Floor, Dorey Court, Admiral Park, St Peter Port, Guernsey, GY1 2HT.

Save as mentioned below, references to "Foresight”, "Foresight Group”, "The Manager”, "we” and "our” are to Foresight Group LLP and/or Foresight Group CI Limited as the context dictates.


Intended Audience and Purpose of Information

The information contained within this Site does not constitute an offer to invest or an invitation to apply for securities:

The information has been issued and approved by Foresight Group LLP and Foresight Group CI Limited and does not in any way constitute investment, tax, legal or other advice. Investors should not rely on any information or opinions contained in this Site in making an investment or other decision but should obtain appropriate and specific professional advice.

Nothing contained on this Site constitutes or should be construed to constitute investment, legal, tax or other advice. The information contained on this Site shall in no way be construed to constitute a recommendation with respect to the purchase or sale of any investment.

The website is provided for the main purpose of providing generic information on Foresight Group LLP and Foresight Group CI Limited and on the products and funds we currently manage. Persons accessing specific information about the funds and investment products referred to on this website are strongly advised to refer to the relevant terms and conditions of access, including any relevant risk warnings and disclaimers, and in the event that they do not accept them, should not proceed to access the material to which they are applicable.

Certain products or investment services managed by Foresight are not generally considered suitable for private investors. Therefore, certain areas of the website are password protected or require additional confirmation that you are an appropriately experienced or qualified investor. This website also contains links that lead to other websites. These links are provided solely for your convenience and do not constitute any endorsement, sponsorship or approval of the materials appearing in such sites.

You should note that investment in any of the Foresight Funds or Foresight Products should ONLY be made on the basis of reading any applicable Documentation (including any Brochure, Fund Prospectus, Offer Documents and Disclosure Documentation) or Terms and Conditions of Investment as appropriate.


Risk Factors

The following list of risk factors is provided as an indication of the variety of risks which exist with investment in the funds and products featured on this website ("Foresight Funds”, "Foresight Products”). Not all risks as stated will necessarily apply to each of the Foresight Funds or Foresight Products. Investors' attention is nevertheless drawn to these risks as investments in the Foresight Funds or Foresight Products may not be suitable for all investors.

Risks Applicable to All Foresight Funds and Products


Risks Applicable to Venture Capital Funds (VCTs)

Existing and prospective investors should consider carefully the following VCT-specific risk factors. If any of the risks described below were to occur, it could have a material effect on a VCT's business, financial condition or results of operations. The risks and uncertainties described below are not the only ones that VCT and investors may face. Additional risks not currently known to the Foresight, or that the Foresight currently believes are not material, may also adversely affect its business, financial condition and results of operations and those of the VCTs it manages or operates. The value of shares in Foresight Funds could decline due to any of these risk factors, and investors could lose part or all of their investment.

Prospective investors should be aware that the value of shares and the income from them can fluctuate and that they may not get back the amount they invested. In addition, there is no certainty that the market price of a VCT's shares will fully reflect the underlying net asset value of the VCT in question, that shareholders will be able to realise their shareholding, or that dividends will be paid. Investment in a VCT should be seen as a long term investment. Investors who are in doubt should consult their independent financial adviser. The attention of prospective investors is drawn to the following risks:


Disclaimers and Exclusion of Liability

Foresight Group LLP and Foresight Group CI Limited act for the funds and clients they manage or advise and not for anyone else. They will not act for, advise or be responsible for providing the protections afforded to their customers to anyone other than such funds and clients. Entrepreneurs and others working for Foresight should be aware of this and should not expect that they will be treated as customers of Foresight.

Please do not send us any confidential or proprietary material using this website and without first contacting us as we do not agree to obligations of nondisclosure or non-use of material which is sent to us. We receive numerous business plans and other proposals, and reserve the right to review only those which appear to us to fit our investment criteria from time to time and to reject proposals without giving a reason or returning material sent to us. We are not restricted in any way from pursuing opportunities with others. Foresight and funds and clients under its management or advice invest in many companies, some of which may compete with one another.

Whilst we aim to update the Site regularly, its content is provided in good faith "as is” for information purposes only with no representation or warranty, express or implied by Foresight or by any of its members or employees as to its accuracy or completeness or that it is up to date, and it should not be relied on as such.

To the fullest extent allowed by law, Foresight and its members and employees shall not be liable, whether in tort (including negligence) or otherwise howsoever, for any losses, damages, costs or expenses of whatever nature (including (without limitation) any consequential, indirect or unforeseeable loss or loss of bargain, opportunity or profit) incurred or suffered by you or any third party arising out of or in connection with the access to or use of, or linking to other Sites from, this Site or reliance on any information contained on this Site. Nothing in this legal notice shall limit our liability for death or personal injury resulting from any negligence of Foresight.

Nothing in this legal notice excludes or restricts any duty or liability that Foresight may have under the regulatory system (as defined in the glossary to FCA's Handbook of Rules and Guidance) and which may not be excluded or restricted thereunder.


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If you wish to make use of material on the Site other than that set out above, please address your request to Marketing department, Foresight Group LLP, The Shard, 32 London Bridge Street, London, SE1 9SG.


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Variations

Some of these Terms and Conditions may be superseded by specific provisions published elsewhere on the Site. We reserve the right to vary these terms from time to time by amending this page and you should check it from time to time to note any changes made.


Contact Details for Further Information and Queries

If you have any queries regarding this website, or would like further information about Foresight Group, you may send an email to info@foresightgroup.eu or telephone 020 3667 8100. Full contact details for Foresight Group are available on the "Contact Us" page of this website.