Foresight 4

[Blagdon]

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]

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]

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]

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.