Foresight 3 VCT plc
Portfolio Update
Foresight 3 VCT PLC ("Foresight 3") announces the sale of its investment in Alaric Systems Limited ("Alaric"), which provides payment processing and fraud prevention software, to a subsidiary of NCR Corporation.
Foresight 3 has sold its investment of ordinary shares and loan stock in Alaric for GBP3.75 million, of which GBP589k is held in escrow and in the absence of any claims against Alaric should become payable in tranches over the next four years. The carrying value of the investment in Alaric in Foresight 3's unaudited half-yearly financial statements for the six months ended 30 September 2013, published on 29 November 2013, was GBP3.36 million.
This represents a return of over five times original cost and over 9% of the net asset value of Foresight 3 as at 30 September 2013.
Having regard to the improvement in the Company's liquidity, it is the Board's intension to resume the payment of dividends in the New Year.
For further information please contact:
Gary Fraser, Foresight Group: 01732 471800