Foresight VCT PLC Portfolio Update
03 Avril 2023 - 9:00AM
UK Regulatory
TIDMFTV
Foresight VCT PLC
LEI: 213800GNTY699WHACF46
Sale of portfolio company Innovation Consulting Group Limited
("GovGrant") delivering a 4.4x cash-on-cash return and an IRR of
24% and exit of portfolio company Datapath Group Limited
("Datapath") delivering an 11.7x cash-on-cash return and an IRR of
38% for Foresight VCT
The Board of Foresight VCT Plc ("FVCT" or the "Company") is
pleased to announce the sale of two portfolio companies since close
of trading on 31 March 2023.
The sale of GovGrant to Source Advisors, a US corporate buyer
backed by BV Investment Partners, took place on 31 March 2023.
GovGrant is one of the UK's leading providers of R&D tax
relief, patent box relief and other innovation services. The
transaction generated proceeds of GBP6.8 million to FVCT at
completion. When added to GBP0.5 million of cash returned to date,
this implies a total cash-on-cash return of 4.4 times the capital
of GBP1.65 million invested in October 2015, equivalent to an IRR
of 24%.
Since FVCT made its original investment in 2015, Foresight Group
has supported GovGrant through a period of material growth during
which it has supported the R&D activities of a growing number
of customers. GovGrant's high levels of service and innovative
products, such as the growing patent box offering, have contributed
to driving innovation in the UK economy. Foresight Group has taken
a proactive approach to supporting the exceptional senior
management team, all of whom were introduced to the business during
the investment period.
The Board of the Company is also pleased to announce the exit on
31 March 2023 of portfolio company Datapath Group Limited
("Datapath"), a global leader in the provision of visual solutions.
The transaction generated proceeds of GBP5.1 million at completion
with an additional GBP1.2 million payable over the next 24 months.
When added to GBP5.4 million of cash returned to date, this implies
a total cash-on-cash return of 11.7 times the original investment,
equivalent to an IRR of 38% since the initial investment in
2007.
Since the original investment, Foresight Group has supported
Datapath through a period of material growth with revenues growing
from approximately GBP7m to GBP25m. Datapath has developed a market
leading hardware and software product suite for the delivery of
multi screen displays and video walls which are sold globally to a
diverse customer base across a range of sectors.
Including payment of a 4.0p dividend per share paid in October
2022, the Company's NAV per Ordinary Share was 85.7p as at 30
September 2022, to which these exits will add 1.5p, giving a pro
forma NAV per Ordinary Share of 87.2p.
The sales represent FVCT's fourth and fifth exits in the last
twelve months, following the exits of TFC Europe, Codeplay Software
and Mowgli Street Food.
Margaret Littlejohns, Chair of Foresight VCT said: "We are
delighted to announce two more positive exits for the Company,
following the sale of Mowgli in January. Both GovGrant and Datapath
have demonstrated excellent growth and value creation since
investment. Each one is a success story for the Company and our
shareholders."
For more information contact:
Gary Fraser, Foresight Group: 0203 667 8181
(END) Dow Jones Newswires
April 03, 2023 03:00 ET (07:00 GMT)
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