FTD Foresight 3

company is progressing in a number of areas, including broadening its 
product range, increasing manufacturing capacity and improving internal 
processes. Following successful FDA trials, Biofortuna has now obtained 
FDA approval for its SSPGo genetic testing product range in the USA, a 
particularly important milestone enabling access to the American market, 
the largest in the World, as well as obtaining FDA registration for its 
manufacturing site. The freeze-dried kit manufacturing service shows 
promise, with paid for feasibility studies and contract discussions 
occurring with a number of parties. 
 
   In February 2013, Closed Loop Recycling concluded a major new supply 
contract and new customer contracts worth GBP17 million per annum as 
well as securing GBP12.8 million of loan finance (of which GBP6 million 
was provided by the Foresight Environmental Fund) to double capacity at 
the Dagenham plant. The new sorting and production equipment has now 
been commissioned and increased production utilising this additional 
capacity commenced in November 2013. Output of rHDPE has continued to 
increase although this ramp up in production has taken several months 
longer to achieve than expected. Higher market prices for feed stock 
have put margins under pressure reducing forecast profitability. 
Additional loan capital of GBP1.0m was agreed with the Foresight 
Environmental Fund in May 2014 to provide the necessary capital to 
achieve the forecast production run rate. Reflecting the above factors, 
a provision of GBP644,459 has been made against the cost of the 
investment. Management is examining a number of avenues to improve 
profitability further. 
 
   Following a formal sales process in H2 2013, the Board of Convivial 
London Pubs successfully completed the sale of the seventh and final pub 
in the estate in December 2013, raising total proceeds ahead of 
expectations. The Company received GBP520,635 in March 2014, a small 
uplift on valuation. 
 
   The investment in AIM listed Corero Network Security was sold during the 
year, realising proceeds of GBP74,298. 
 
   Derby based Datapath Group is a World leading innovator in the field of 
computer graphics and video-wall display technology utilised in a number 
of international markets. The company is increasing its market share in 
control rooms, betting and signage and is entering other new markets. 
Management accounts for the year to 31 March 2014 show record profits 
and sales (for the year ended 31 March 2013, a record operating profit 
of GBP5.1 million was achieved on sales of GBP14.1 million), supporting 
an increase in valuation of GBP2.5 million during the year. The company 
is continuing to enjoy strong demand from its main OEM partners and 
distributors. The company has acquired its US distributor and has opened 
an office in Philadelphia to develop more US sales and distributorships. 
 
   Evance Wind Turbines, which manufactured 5kW tree sized (up to 50 feet) 
wind turbines, enjoyed strong sales growth during 2012, driven primarily 
by the introduction of the UK Feed-in-Tariff regime. Sales and profits 
grew well in the year to 31 March 2013, the company delivering its 
fifteen hundredth machine and achieving an operating profit of 
GBP354,000 on sales of GBP8.6 million. Trading was, however, adversely 
affected by the reductions in the applicable Feed-in-Tariff which 
started in October 2012. Despite substantial cost cuts and efforts to 
diversify the Company's activities, significant monthly losses continued 
to be incurred. As a consequence, administrators were appointed in April 
2014. The reductions in the Feed-in- Tariff were essentially the 
principal factor in the Company going from a position of profitability 
to administration in less than two years. A provision of GBP626,973 has 
been made against the cost of this investment after taking into account 
the expected recovery proceeds. 
 
   In May 2012, GBP200,000 was invested in Flowrite Refrigeration Holdings 
alongside other Foresight VCTs to finance the GBP3.2 million management 
buyout of Kent based Flowrite Services Limited, which provides 
refrigeration and air conditioning maintenance services nationally, 
principally to leisure and commercial businesses such as hotels, clubs, 
pubs and restaurants. Management has accelerated sales efforts, won a 
number of significant new contracts and customers and also reviewed 
several potential acquisitions with the aim of broadening its national 
coverage. In the year to 31 October 2013, reflecting a particularly busy 
summer, the company traded well, achieving an operating profit of 
GBP1.06 million on sales of GBP10.0 million (cf. an operating profit of 
GBP852,000 on sales of GBP7.9 million in 2012) and also repaid loans of 
GBP127,709, representing some 75% of original cost of investment, after 
only 18 months from the MBO. During the year, interest of GBP6,617 
deferred under the terms of the loan agreement was capitalised. 
 
   Ixaris Systems has developed and operates Entropay, a web based global 
prepaid payment service using the VISA network, and offers its new IxSol 
(formerly known as Opn) product on a 'Platform as a Service' basis to 
enable enterprises to develop their own customised global applications 
for payments over various payment networks. IxSol continues to 
demonstrate potential with a number of deployments in progress and a 
growing sales pipeline. IxSol is being used by companies in the 
affiliate marketing and travel sectors and sales efforts are now also 
focussing on the international e-commerce and financial services 
sectors. 
 
   During 2013, the company invested in developing and marketing its Ixaris 
Payment System, the platform that runs IxSol, to financial institutions. 
The platform enables financial institutions to offer payment services 
based on prepaid cards to their customers. The company has made good 
progress on building a sales pipeline. In the year to 31 December 2013, 
an EBITDA loss of GBP617k was incurred on sales of GBP9.5 million, 
reflecting the above mentioned investment in software and systems (cf. 
an EBITDA loss of GBP293,000 on sales of GBP8.4 million in the previous 
year). The management team has been strengthened by the appointments of 
a new Chief Operating Officer, Marketing Director and Sales Director. In 
January 2014, the Company invested a further GBP219,852 as part of a 
GBP2 million equity funding round to finance further investment in the 
Payment System. 
 
   In order to focus on its technology division, Mplsystems (formerly The 
Message Pad) sold its call centre outsourcing division in June 2013. The 
sale proceeds will be used to further develop the technology division, 
which offers contact centre and customer service software on a SaaS 
(Software as a Service) basis to improve the efficiency of its 
customers' call centres and customers' experience. For the year to 30 
June 2013, a small operating profit of GBP85,000 was achieved on sales 
of GBP5.86 million. Following the above disposal, the transition to a 
SaaS business model is going well although the company is incurring 
small losses. The sales pipeline remains strong and, as a result of new 
contracts, the level of contracted recurring SaaS revenues is growing. 
The company has been accredited within the G Cloud framework enabling it 
to provide contact centre services over the Cloud to all government 
departments and the wider public sector. 
 
   In February 2014, O-Gen Acme Trek received planning permission for the 
proposed rebuild of the plant in Stoke as a 7MW waste wood to energy 
power plant. Management is currently working with the selected 
technology provider and a major EPC contractor to develop the project to 
the next stage, with a view to reaching financial close later this year 
and thereafter commence construction. Discussions are being held with 
potential funders to raise the required GBP35 million to finance the 
project. 
 
   O-Gen UK is a leading developer of waste wood gasification facilities in 
the UK and in December 2013 reached financial close on a GBP46 million, 
10.5MW, waste wood to energy power plant project in Birmingham. 
Construction of the plant is progressing on schedule. The company has 
established a number of partnerships which have led to the development 
of a growing pipeline of similar opportunities, including three forecast 
to close during 2014 (including O-Gen Acme Trek's Stoke plant referred 
to above). The company continues to develop relationships with a number 
of technology providers and major EPC contractors. O-Gen UK will not 
finance the construction of these plants but will benefit from project 
management fees, equity shareholdings and fuel and operation and 
maintenance contracts. 
 
   Orthoview Holdings (formerly Meridian Technique), which develops and 
supplies surgery planning software to hospitals and surgeries 
principally in the UK and USA, completed a capital reorganisation in May 
2013, following which GBP283,304 of accrued preference share dividends 
was received along with GBP43,900 by way of Ordinary Share and loan 
stock repayments of capital. Having achieved an EBITDA of GBP0.6 million 
on sales of GBP3.0 million for the year to 31 March 2013, the company is 
continuing to enjoy good trading and is highly cash generative. New 
partnerships have been established in Asia, further enhancing prospects. 
In October 2013, GBP157,255 was received from the company, comprising 
repayment of loan principal (GBP150,794) and interest (GBP6,461). In 
April 2014, after the year end, a further GBP153,954 was received, 
comprising repayment of loan principal (GBP150,794) and interest 
(GBP3,160). 
 
   The investment in AiM listed Probability plc, comprising 535,000 
ordinary shares, was sold during the year, realising proceeds of 
GBP313,529. 
 
   In April 2013, the Company invested GBP250,000 alongside other Foresight 
VCTs in a GBP1.8 million round to finance a management buy-out of Procam 
Television Holdings. Procam is one of the UK's leading broadcast hire 
companies, supplying equipment and crews for UK location TV production 

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