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.
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Foresight 4
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Re: Foresight 4
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.
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.
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Re: Foresight 4
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.
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Re: Foresight 4
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.
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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