Foresight 3 VCT plc
Interim Management Statement for the Quarter Ended 31 December 2011
Foresight 3 VCT plc presents its interim management statement for the quarter ended 31 December 2011. This constitutes the company's second interim management statement for the financial year ending 31 March 2012, as required by the UK Listing Authority's Disclosure and Transparency Rule 4.3.
The unaudited net asset value (NAV) per ordinary share as at 31 December 2011 was 85.1p (30 September 2011: 89.3p). A 2.5p per share dividend payment was made on 24 February 2011.
At 31 December 2011, there were 51,083,921 ordinary shares in issue. During the three months ended 31 December 2011 there were no shares issued or repurchased.
In January 2012, the partial sale of Autologic Diagnostics Limited generated proceeds of £2,789,576, and the refinancing of Datapath Holdings Limited generated cash of £713,423. The Board is not aware of any other significant events or transactions between the date of the NAV and the date of publication of this Interim Management Statement.
The net assets at 31 December 2011 comprised the following:
| £'000 | % of Net Assets | ||
| Unquoted Investments at fair value as determined by the Directors | 35,534 | 81.8 | |
| Quoted investments at bid price | 1,426 | 3.3 | |
| Total venture capital investments | 36,960 | 85.1 | |
| Cash & liquid investments | 4,591 | 10.5 | |
| Other net current assets | 1,909 | 4.4 | |
| Net Assets | 43,460 | 100.0 |
Quoted investments are stated at bid price as at 31 December 2011. Unquoted investments are stated at fair value as at 31 December as determined by the Directors.
During the three months ended 31 December 2011 the following significant investment transactions took place (all companies unquoted except where otherwise indicated):
Follow-on investments:
| Name of Company | Business Activity | Amount Invested £'000 |
| Vertal | Recycling food waste to fertilizer | 1,246 |
| O-Gen Acme Trek | Biomass to energy plant operation | 990 |
| 2K Manufacturing | Manufactures plastic boards from low grade mixed waste plastics | 600 |
| Closed Loop | Recycles waste plastic bottles into food grade products | 330 |
| i-plas Group | Manufactures building products from waste plastic | 75 |
| Crumb Rubber | Manufacture of fine rubber powder from recycled tyres | 75 |
| Convivial London Pubs | Owns and manages eight predominantly freehold, non-branded London pubs | 50 |
Investment disposals:
| Name of Company | Business Activity | Original Cost £'000 | Proceeds £'000 |
| Vertal | Recycling food waste to fertilizer | 1017 | 1017 |
| Heritage House | Provides publishing services to the heritage market, primarily stately homes and castles. | 1910 | 11 |
For further information please contact:
Gary Fraser, Foresight Group: 01732 471 800