Foresight 3 & 4 merger

[UncleEbenezer]

I only just realised when sharesoc blogged about it.

Foresight 4 AGM in a couple of weeks. Anyone going?

It's before the tender (I think), so shares tendered count. Time to vote: sharesoc has recommendations. https://www.sharesoc.org/blog/foresight ... eeded-agm/

I shall be contacting H-L today to vote my shares in the nominee account, as they did last year.

[UncleEbenezer]

It's before the tender (I think), so shares tendered count.

OK, I looked up the timetable. It actually overlaps the tender timetable, which begs the question of whether shares in the tender offer count for voting.

I wrote as follows to H-L:

Foresight 4 VCT's AGM will be held on September 28th. I currently hold [n] shares in my Vantage account.

It's not clear to me whether the outcome of the tender offer will be fully known by then: it might be affected by whether H-L nominees are treated as a single shareholder (with tenders aggregated over all shareholders) or as individual shareholders.

Whatever shares I still hold after the tender, I should like to vote as follows for the AGM:

[...]

[CliffW8]

Should shareholders vote against the re-election of Raymond Abbott and Michael Gray and against the re-appointment of KPMG? I think so.

Foresight 4 VCT has a litany of past failures in investment performance and corporate governance.

for more info goto https://www.sharesoc.org/blog/company-n ... eeded-agm/

[UncleEbenezer]

Should shareholders vote against the re-election of Raymond Abbott and Michael Gray and against the re-appointment of KPMG? I think so.

Foresight 4 VCT has a litany of past failures in investment performance and corporate governance.

for more info goto https://www.sharesoc.org/blog/company-n ... eeded-agm/

Did you read the thread? I already posted that on Sept 10th.

Also posted as comment on sharesoc blog:

This AGM overlaps with the tender offer: having tendered all my shares, I don’t know how many I’ll still own at the time of the AGM.

I submitted my voting instructions to H-L with a request to vote whatever shares I still hold. They replied that because final settlement doesn’t happen until the 29th, they can’t vote my shares this time.

I don’t understand that reasoning, but I can’t help thinking that the timing of the tender offer relative to the AGM might affect other shareholders ability and motivation to vote, and perhaps materially affect the outcome.

[127tolmers]

https://www.investegate.co.uk/foresight ... 0021H6092/

Tender results announced this morning.

Only 13% of shares tendered in total; excess tender was scaled back to 48%. So if 1000 shares tendered; 74 accepted as basic and 926 x 0.48 = 448 accepted as excess for a total of 522 shares ie 52% at 64p approx (7.5% discount to latest NAV).

A surprisingly low take up but a good result for those who did. Tendered shares accepted will lose their voting rights at the AGM.

[UncleEbenezer]

https://www.investegate.co.uk/foresight-4-vct-plc--ftf-/gnw/foresight-4-vct-plc---tender-offer-results/20170922080021H6092/

Tender results announced this morning.

Only 13% of shares tendered in total; excess tender was scaled back to 48%. So if 1000 shares tendered; 74 accepted as basic and 926 x 0.48 = 448 accepted as excess for a total of 522 shares ie 52% at 64p approx (7.5% discount to latest NAV).

A surprisingly low take up but a good result for those who did. Tendered shares accepted will lose their voting rights at the AGM.

Sadly it seems (as above) all my shares lose voting rights. I wonder how many others are similarly affected? Depending on rounding, that seems to leave me about 5564 shares disenfranchised. Which, to be fair, is a lot better than my record in UK elections, where in the '80s and '90s and even 2005 I'd usually moved house too recently to get on the electoral roll.

I shall be interested in how the scaleback finally works. If a nominee account gets 48% of its excess, and pools both shareholders who tendered all with others who tendered nothing, that would open the possibility for better results. Which is precisely why I moved mine to the H-L vantage account.

Anyone going to the AGM?

[timbo003]

Anyone going to the AGM?

I shall definitely go along UncleE. In addition to the issues bought up by ShareSoc, I will also be asking why how they managed to time (almost to perfection) their exit from Zoo Digital just as the shares bottomed out earlier this year (and have since tripled in value), I will be attended the Zoo AGM tomorrow, so Zoo's version of events will still be fresh in my mind.

https://www.investegate.co.uk/CompData.aspx?ZOO

[UncleEbenezer]

Anyone going to the AGM?

I shall definitely go along UncleE.

Excellent. I'd ask you to proxy for my votes, but for the fact I expect I'd get the same reaction from H-L as when I asked them to vote my shares (which they did for me a year ago, contributing to that 50/50 split on re-electing directors). I shall look forward eagerly to reading what should be a particularly interesting meeting report.

[Kidman]

AGM voting figures have been published:-
http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/FTF/13379072.html

Directors re-elected with 85% and remuneration report received 90%.

[127tolmers]

Looks like last year's dissident shareholders accepted tender and now diluted by half. Ex F3 shareholders with no past F4 history supported merged board.
Still a high % vote against Abbott & Gray. Looking forward to Timbo's write up.

[parallellines]

Hopping mad.

I've had my tender form returned, claiming it was delivered on 25 September, over two weeks after posting.
If anyone has any bright ideas about how I could challenge this, I'd be delighted to hear from you!

[timbo003]

...... Looking forward to Timbo's write up.

The meeting was nowhere near as eventful as last year as you can all probably imagine. I am in the process of writing some notes, but I await the slide sets to go up on the Foresight web site (as per my request), which should make the job quite a lot easier.

[UncleEbenezer]

I shall be interested in how the scaleback finally works. If a nominee account gets 48% of its excess, and pools both shareholders who tendered all with others who tendered nothing, that would open the possibility for better results.

It seems to have done exactly that!

60% of my total shares were bought in the tender, meaning 57% of my excess. I guess that must mean it's pooled with other H-L clients who didn't tender!

[cprof]

I held my foresight four in certificated form and received my cheque and replacement certificate today in post