Foresight 3 VCT plc
Interim Management Statement for the Quarter Ended 31 December 2013
Foresight 3 VCT plc presents its Interim Management Statement for the quarter ended 31 December 2013. This constitutes the company's second Interim Management Statement for the financial year ending 31 March 2014, 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 2013 was 78.1p (30 September 2013: 77.0p).
At 31 December 2013 there were 51,776,401 Ordinary Shares in issue. During the three months ended 31 December 2013 there were 125,000 shares repurchased at a price of 52.20p per share.
The Company also purchased for cancellation 250,000 Ordinary Shares of 1p at a gross price of 67.81p per share on 17 January 2014. Following these purchases and as at the date of this announcement there are 51,526,401 Ordinary Shares of 1p in issue.
There were no shares issued.
The net assets at 31 December 2013 comprised the following:
| £'000 | % of Net Assets | ||
| Unquoted Investments at fair value as determined by the Directors | 33,965 | 84.0 | |
| Quoted investments at bid price | 437 | 1.1 | |
| Total venture capital investments | 34,402 | 85.1 | |
| Cash & liquid investments | 4,420 | 10.9 | |
| Other net current assets | 1,623 | 4.0 | |
| Net Assets | 40,445 | 100.0 |
Quoted investments are stated at bid price as at 31 December 2013. Unquoted investments are stated at fair value as at 31 December 2013 as determined by the Directors.
During the three months ended 31 December 2013 the following significant investment disposals took place:
Unquoted investment disposals:
| Name of Company | Business Activity | Type of disposal transaction | Original Cost £'000 | Proceeds £'000 |
| Alaric Systems | Software for payments systems | Trade sale | 646 | 3,171 |
| Meridian Technique | Creating pre-operative plans from digital x-ray images for orthopaedic surgeons | Loan repayment | 151 | 151 |
| Flowrite Refrigeration Holdings | Refrigeration and air conditioning service, maintenance and installation. | Loan repayment | 128 | 128 |
| Global Immersion | Provided planetariums and immersive theatres with projection equipment, design, installation and maintenance services. | Payment from administrator | 2 | 2 |
Quoted investment disposal:
| Name of Company | Business Activity | Type of disposal transaction | Original Cost £'000 | Proceeds £'000 |
| Zoo Digital | Supplies software and software led services for authored content (e.g. DVD, Blu-ray, iTunes media), to media businesses and post-production firms. | Sale of loan stock | 233 | 178 |
| Probability | Operates a gambling service for mobile phone users | AIM market sale | 254 | 157 |
No new or follow on unquoted or quoted investments were made in the quarter.
For further information please contact:
Gary Fraser, Foresight Group: 01732 471 800