it has been partly Foresight’s poor investment strategies which have caused the losses and lack
of cash liquidity
Partly?
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it has been partly Foresight’s poor investment strategies which have caused the losses and lack
of cash liquidity
Bliss.UncleEbenezer wrote:an orderly winding up and return of assets to shareholders.
Kidman wrote:A wind-up or any other run-off would be very welcome
The appointment of Michael will enable the independent Non-Executive Directors to consider the views of Shareholders following the recent advisory vote on a potential merger with Foresight 3 VCT plc and expect to communicate any conclusions arising therefrom to Shareholders in the near future.
Michael is very experienced in financial services and was formerly Chairman, Funds for RBS Corporate Bank and Regional Managing Director, Corporate Banking, RBS International.
The Board of Foresight 3 VCT plc is pleased to announce that the Net Asset Value as at 31 December 2016 was 63.9p per Ordinary Share.
It is intended the Merger will be effected pursuant to a scheme of reconstruction under s.110 of the Insolvency Act 1986 by transferring the assets and liabilities of F3 to F4 in consideration for new F4 shares to be issued to F3 shareholders on a relative net asset value basis.
In addition, it is expected that the enlarged VCT will have enough critical mass to generate sufficient income and realisations to meet an attractive dividend target, as well as maintaining a regular program of share buybacks aimed at maintaining a discount to NAV in the region of 10%.
Philip Stephens, the Chairman of Foresight 4 VCT plc, has retired from the Board with effect from today, 31 March 2017.
The Board of Foresight 4 VCT plc today also announces the appointment of Simon Jamieson as Chairman with immediate effect.
As a result, the Offer is not expected to have any material dilution effect on existing Shareholders.
-- A reduction in Foresight's annual investment management fee from 2.25% of
net assets to 2% of net assets.
-- A reduction in the annual expenses cap from 3.5% of net assets to 2.95%
of net assets.
I shall accept the tender offer I think.
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