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Sophisticated and complex high-risk tax-sensitive investments in small companies: handle with care
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Postby 127tolmers » August 30th, 2019, 8:42 pm ... 0507H0089/

Foresight VCT plc announces that, following a formal tender process led by the Audit Committee, the Board has approved the appointment of Deloitte LLP as auditor. KPMG LLP have resigned and Foresight Group will send a copy of their section 519 statement to shareholders alongside the Half-Yearly Financial Report.

So farewell KPMG who signed off a 30x materiality error in F4 a few years ago. ... 0254H0194/

Overall, the value of unquoted investments held rose to £112.8 million, driven by £9.0 million of deployment and an increase in the value of existing investments by £4.8 million. Material changes in valuation, defined as increasing or decreasing by £1.0 million or more since 31 December 2018, are detailed below. Updates on these companies are included below;
Company Valuation (£) Valuation Change (£)
FFX Group Limited 7,408,267 2,320,670
Specac International Limited 6,315,005 1,267,684
Ixaris Systems Limited 5,580,716 1,017,326
Datapath Group Limited 7,782,267 (1,027,677)
Online Poundshop Limited 933,187 (1,041,399)
Powerlinks Media Limited 411,358 (1,129,666)

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Re: Foresight


Postby 127tolmers » September 30th, 2019, 9:34 am ... 00270448O/

The Board of Woodford Patient Capital Trust plc (the "Company" or "WPCT") announces the appointment of Raymond Abbott as an independent non-executive director from 1 October 2019.

Raymond joins the Board with strong experience in the investment trust sector and also brings expertise in early stage technology investments. Raymond is the Chairman of Foresight 4 VCT plc, Scottish Building Society and Integrated Environmental Solutions Ltd and he has recently been appointed as Chair of the advisory panel for the North East Fund.

Raymond is an accountant by background, beginning his career at KPMG before pursuing a career in venture capital and private equity, latterly as Managing Director, Alliance Trust Equity Partners. He has experience as a board director and a fund manager with an emphasis on private equity.

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Re: Foresight


Postby timbo003 » October 7th, 2019, 9:54 pm

Nigel Somerville at Shareprophets have picked up on the appointment of Ray Abbott (Foresight 4 Chairman) as Director at Woodford Patient Capital Trust (WPCT). Needless to say, Nigel has been digging around in the history of Foresight 4 during RA's tenure (which will be familiar to many here at Lemon Fool) and his articles must make uncomfortable reading for Ray Abbott, Susan Searle (Chairman of WPCT) and the KPMG auditor, see links below which will take you to the abstracts, you can access three full Shareprophet articles every month for free when you register, but to access more than three you will need to subscribe.

I would certainly recommend reading the last one which Nigel signs off with the teaser ..... watch this space

Sept 30th: ... areholders

Sept 30th: ... ent-needed

Oct 1st: ... -mr-abbott

Oct 2nd: ... e-the-cash

Oct 3rd: ... nsequences

Oct 6th: ... terfingers

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Re: Foresight


Postby 127tolmers » December 1st, 2019, 12:38 pm ... 5449H6404/ ... 1747H6470/

Net asset value per share decreased by 3.7% in the period from 67.8p at 31 March 2019 to 65.3p. Including the payment of a 4.0p dividend made on 16 August 2019, NAV per share at 30 September 2019 was 69.3p, representing a positive total return 2.2%.

A total of £51 million was raised under the offer for subscription dated 14 June 2018, which closed on 7 June 2019.

Share buybacks took place on 11 July 2019 (650,000 shares at 61.0p), 24 July 2019 (500,000 shares at 61.0p) and 30 September 2019 (736,153 shares at 57.75p), all of which have enabled the enlarged VCT to achieve its target discount to NAV. In line with the Prospectus dated 14 June 2018 the Board has changed the buy back policy to buy back shares at a 7.5% discount to NAV, with a future aim of achieving a 5% discount to NAV.

The Board regularly reviews the Company’s ongoing costs and launched a tender for it’s audit contract following the signing of the 2019 Annual Report and Accounts. The previous auditor, KPMG LLP, was invited to tender alongside several other firms. Following this competitive tender process, I am pleased to confirm that Deloitte LLP has been appointed as company auditor for the year ending 31 March 2020. The Board would like to thank KPMG for their service over the last eight years. As announced earlier today, KPMG’s section 519 statement will be enclosed with this report.

Company Valuation (£) Valuation Change (£)
Ixaris Group Holdings Limited 13,818,721 3,261,738
Aerospace Tooling Holdings Limited 3,297,692 878,114
FFX Group Limited 3,948,863 580,509
Clubspark Limited 1,383,465 523,464
Biofortuna Limited 293,652 (1,596,425)

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