The Lemon Fool

Morning all
If my memory serves me right, weren't we due another tender offer this year from FTF.

Anybody heard anything?

Seems to have been continued albeit modest selling this year with prices as low as 55p. The last tender was 63.75p.

Shavtedagin wrote:Morning all
If my memory serves me right, weren't we due another tender offer this year from FTF.

Here's a quote from last year's tender document:-
The timing of the purchase of Shares under the Tender Offer has been set after the expiry of the five year holding period required to maintain up-front income tax relief in respect of Shares issued pursuant to the 2012 Enhanced Buyback Scheme and Shares issued pursuant to the Merger which are originally derived from the Foresight 3 2012 Enhanced Buyback Scheme. Shareholders who participated in the 2012 Enhanced Buyback Scheme or the Foresight 3 2012 Enhanced Buyback Scheme should, therefore be able to participate without prejudicing the up-front income tax relief obtained. The Board will consider making further tender offers available in which Shares who participated in the 2013 Enhanced Buyback Scheme can participate.

I thought I remembered more of a promise to undertake another tender offer than just to "consider" it.

It will also be dependent on how much distributable cash they have available but I am hopeful of getting rid of my last FTF shares.

They need to complete their year end accounts to establish a NAV. The drop dead date for this is end July. Last year's tender was announced on 21 July

Kidman wrote:I thought I remembered more of a promise to undertake another tender offer than just to "consider" it.

From the half-year report (Nov 30th):

It remains the Board's intention subject to cash availability and underlying performance to provide a potential exit event via an additional Tender Offer in summer 2018 on similar terms as in 2017, namely a target discount of 7.5% for up to £5m of shares.

Let's see what happens. At £5m it could very well be oversubscribed again.

And all this cash going on tender offers isn't going on dividends. Neither is newly-raised cash from last year's offer. A strange situation for a VCT to be in over an extended period, though hopefully an improvement on where F3/4 were in the Grim/Grimmer days.

Well, we have a proposal for another tender offer this year: https://www.investegate.co.uk/article.a ... 61243H2946 . Prospective price (based on current NAV) 64.2p, which seems a pretty lacklustre performance given that last year's offer was after the 4p dividend and at almost the same price.

The last tender was 63.75p.

My spreadsheet begs to differ (very slightly). It says I got £4436.53 for 6933 shares, which makes 64p per share.

UncleEbenezer wrote:My spreadsheet begs to differ (very slightly). It says I got £4436.53 for 6933 shares, which makes 64p per share.

"The latest published NAV per Share is 69.18p. Accordingly, the Tender Price will be 63.9915p per Share" from the announcement of 22 Sep 2017.

"The Tender Price (based on the latest published unaudited NAV per Share as at 31 December 2017 of 69.4p) would be 64.1950p" from the announcement of 16 July 2018.

Surely by September they can use a more up to date NAV? Perhaps the scheme documents will give more information on this and ideally we would have an update before submitting shares for tender.

The Tender Price will be an amount equal to 92.5% of the most recently published NAV per Share as at the date of purchase under the Tender Offer (adjusted for dividends declared and for which the record date for payment has passed at the time of purchase), rounded down to four decimal places (i.e. a 7.5% discount to NAV).

FTF has to publish full year accounts to 31 March 2018 by 31 July so a more up to date NAV will be used on 14 Sept, the record date.

https://www.investegate.co.uk/foresight ... 3032H3145/

Marginal increase in NAV over that in the circular. Main change Ixaris up and Datapath down.

When this happened last year did anyone manage to unload all of the shares that they wanted ?

I have about 12000 , I would probably go in for this if I thought that I could get rid of them all. I didnt want to go in for it only to find that I had quite a lot left to sell.

Karellan wrote:When this happened last year did anyone manage to unload all of the shares that they wanted ?

I have about 12000 , I would probably go in for this if I thought that I could get rid of them all. I didnt want to go in for it only to find that I had quite a lot left to sell.

Last year I was in that ballpark. I tendered my entire holding (then 11553 shares) and got rid of 60% of them. I doubt that anyone did much better than that: indeed, they published a formula for how bids above the guaranteed minimum were scaled.

I haven't made a firm decision, but I shall probably tender 100% again this year. Yes, that leaves me at high risk of being left with an annoying small rump.

It will depend how you hold the shares. If you hold in individual certificated form you will only get the standard corporate scale back. If you hold in nominee form then the whole nominee pool is treated as a single pot for scale back and you will get more to the extent that some of your fellow nominees don't tender their shares.

They are still promising a 5% discount buyback down the road which would mop up any rump.

I could not tender all of mine last year as I took part in the 2013 EBB. I will be tendering 100% this time though.

For those who have shares in FTF after the conclusion of this year's tender, there will be a 4p dividend paid on 19 October 2018.

CoGen written down to nil value (from £550k) in F1 half-year report https://www.investegate.co.uk/article.a ... 32403H7703 That'll also affect F4, though I haven't checked its previous value, which I think was already written down quite a lot.

Some big gains too. Not sure from memory how many may be F4 holdings, but I have an idea Aerospace Tooling is one?

Yes, two other cross-holdings revalued upwards, TFC & FFX. Overall NAV variance still very much determined by the weighty Datapath.

Well, I've tendered all mine (again). Anyone voluntarily staying in for a brighter future?

127tolmers wrote:The Board of Foresight 4 VCT plc announces that the unaudited Net Asset Value as at 31 August 2018 was 69.4p per Ordinary Share.

As normal for FTF, going down. It was 69.6p at year end, 31 March, and that figure was used for the 31 July issue of new shares.

I've tendered all of my last few.

I have done the same. They have not really made any money except for themselves.

I have done the same. Shouldn't they have been called Hindsight not Foresight?