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Foresight 4

Sophisticated and complex high-risk tax-sensitive investments in small companies: handle with care
Blagdon
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Foresight 4

#234987

Postby Blagdon » July 8th, 2019, 7:08 pm

Foresight 4 annual results are out. Is it me or have they surreptitiously changed the discount policy.

Last year's annual report = 'As previously disclosed, the Board's long term target is to reduce the discount to NAV for buybacks to 5%'

This year's annual report = 'the enlarged VCT to achieve its target discount to NAV'

There is no mention of any 5% target this year that I spotted.

UncleEbenezer
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Re: Foresight 4

#235056

Postby UncleEbenezer » July 9th, 2019, 1:17 am

A lot of VCTs seem to run discounts rather bigger than those claimed as targets. I don't recollect the history of F4's claims, but the reality has at least moved in a positive direction since the days of Grim and Grimmer.

I think I like the report itself. Decent amount said about the actual investees. Well, enough for a glance to whet the appetite to DYOR if an investee appears to be of particular interest.

timbo003
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Re: Foresight 4

#235140

Postby timbo003 » July 9th, 2019, 11:55 am

There is no mention of any 5% target this year that I spotted.


Ctrl f is just so useful :)

https://www.foresightgroup.eu/media/163 ... t-2019.pdf

Page 22

The Director’s note that regular share buy-backs at a competitive discount to NAV is an essential KPI and also accretive for existing sharholders. Share buy-backs were completed at discounts ranging from 7.5% to 10.3%. It is the intention of the Board to move to a discount of 5.0% over the next few months.

Blagdon
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Re: Foresight 4

#236086

Postby Blagdon » July 12th, 2019, 7:45 am

Thanks Timbo - that will teach me to skim read too fast. In fact I probably never got as far as page 22.

Good news - though I thought the current discount was about 13% - but I was probably looking at what I could sell for, rather then the price they were buying back at.


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