Foresight Planned Exit VCT Fund
Linked Offer for Subscription to raise in aggregate £20 million by issues of a
new share class ("Planned Exit Shares") by Foresight VCT plc and Foresight 2 VCT
plc ('the Companies')
A copy of the prospectus, comprising the Securities Note, Registration Document
and Summary, relating to the Linked Offer for Subscription of up to £20 million
by means of Planned Exit Share issues in the Companies has been submitted to the
Financial Services Authority and will shortly be available for inspection at the
FSA's document viewing facility, which is situated at:
Financial Services Authority
25 The North Colonnade
Canary Wharf
London E14 5HS
The Companies are also issuing a circular in connection with proposals to seek
their shareholders' approval for the Linked Offer for Subscription; the payment
of a performance incentive fee to Foresight Group LLP, the Companies' investment
manager; and certain proposed amendments to the articles of association of both
Companies in light of the Companies Act 2006. General meetings and class
meetings have been convened for the Companies on 23 February 2010.
The Companies each intend to appoint Foresight Group LLP as their investment
manager for the Planned Exit Shares and the terms of this appointment include,
inter alia, the provision of a performance incentive fee, payable to Foresight
Group LLP which vests after a certain amount of distributions have been paid to
shareholders of the Planned Exit Shares. Foresight Group LLP, as the Companies'
investment manager is regarded as a related party of the Companies under the
Listing Rules of the Financial Services Authority, therefore the terms of this
appointment with regard to the performance incentive constitutes a related party
transaction and is therefore conditional upon the approval of the Companies'
Shareholders.
The circular is expected to be posted to the Companies shareholders, today. The
circular will also be available on the Company's web site: www.foresightgroup.eu
<http://www.foresightgroup.eu/> and has been submitted to the Financial Services
Authority and will shortly be available for inspection at the FSA's document
viewing facility, which is situated at:
Financial Services Authority
25 The North Colonnade
Canary Wharf
London E14 5HS
For further information please contact:
Gary Fraser, Foresight Group:01732 471 800
[HUG#1378436]