FTN Foresight 2

 
TIDMFTN 
 
   Foresight 2 VCT plc 
 
   Interim Management Statement for the Quarter Ended 30 June 2014 & 
Infrastructure Share Dividend Announcement 
 
   Foresight 2 VCT plc presents its interim management statement for the 
quarter ended 30 June 2014.  This constitutes the Company's second 
interim management statement for the financial year ending 30 September 
2014, as required by the UK Listing Authority's Disclosure and 
Transparency Rule 4.3. 
 
   The unaudited net asset value (NAV) per Ordinary share as at 30 June 
2014 was 67.3p (31 March 2014: 69.4p). The NAV per Planned Exit share at 
30 June 2014 was 81.0p (31 March 2014: 86.8p). The NAV per 
Infrastructure share at 30 June 2014 was 90.8p (31 March 2014: 90.8p). 
 
   The Board is not aware of any significant events or transactions between 
the date of the NAV and the date of publication of this interim 
management statement. 
 
   At 30 June 2014, there were 46,457,032 Ordinary shares, 6,104,028 
Planned Exit shares and 16,590,558 Infrastructure shares in issue. 
During the three months ended 30 June 2014 18,848 Planned Exit Shares 
and 57,300 Infrastructure shares were repurchased at prices of 86.0p and 
90.0p respectively. 
 
   Infrastructure Share Dividend Announcement 
 
   The board has declared an interim dividend of 2.5p per Infrastructure 
share which will be paid on 3 October 2014. The shares will be quoted 
ex-dividend on 24 September 2014 and the record date for payment will be 
26 September 2014. 
 
   The overall yield on the Infrastructure portfolio is lower than had 
originally been projected. This is due to increased market competition 
within the PFI sector which has meant that it has taken considerably 
longer than hoped to invest the funds in suitable projects and when 
these have been secured the yields have been lower than planned. Part of 
the reason for this has been the reduced deposit rates that have been 
available during the period. The 2.5p dividend per Infrastructure share 
(making 5p per Infrastructure share for over the last 12 months as 
originally targeted) is  being paid out of both revenue and capital 
reserves. 
 
   The reduced yield being obtained by the Infrastructure share portfolio 
will impact the ability to pay annual dividends of 5.0p per 
Infrastructure share in future years. The reduced yields on 
infrastructure investments that currently apply may also result in a 
small increase in the capital value and total return of the portfolio 
but this would only be realised when an investment was sold which it is 
not the manger's current intention to do. 
 
   There remains a significant amount of cash in the Infrastructure share 
fund awaiting investment and the Manager has confirmed that it is 
confident the fund will be fully invested by the end of 2014. 
 
   The net assets of the Ordinary shares fund at 30 June 2014 comprised the 
following: 
 
 
 
 
                                                      GBP'000  % of Net Assets 
Unquoted Investments at fair value as determined by 
 the Directors                                         29,070             93.0 
Quoted investments at bid price                            46              0.1 
Total venture capital investments                      29,116             93.1 
Net Current Assets                                      2,150              6.9 
Net Assets                                             31,266            100.0 
 
 
   The net assets of the Planned Exit shares fund at 30 June 2014 comprised 
the following: 
 
 
 
 
                                                      GBP'000  % of Net Assets 
Unquoted Investments at fair value as determined by 
 the Directors                                         4,842          97.9 
Quoted investments at bid price                             0              0.0 
Total venture capital investments                       4,842             97.9 
Net Current Assets                                        104              2.1 
Net Assets                                              4,946            100.0 
 
 
   The net assets of the Infrastructure shares fund at 30 June 2014 
comprised the following: 
 
 
 
 
                                                      GBP'000  % of Net Assets 
Unquoted Investments at fair value as determined by 
 the Directors                                        10,626           70.5 
Quoted investments at bid price                             0              0.0 
Total venture capital investments                      10,626             70.5 
Net Current Assets                                      4,438             29.5 
Net Assets                                             15,064            100.0 
 
 
   Quoted investments are stated at bid price as at 30 June 2014. Unquoted 
investments are stated at fair value as at 30 June 2014 as determined by 
the Directors. 
 
   During the three months ended 30 June 2014 the following significant 
investment transactions took place: 
 
   Ordinary Shares Portfolio 
 
   There were no investment additions in the quarter. 
 
   Investment disposals: 
 
 
 
 
                                        Type of disposal     Proceeds Received 
Name of Company     Business Activity   transaction               GBP'000 
                    UK based 
                     manufacturer of 
Evance Wind          small wind 
 Turbines Limited    turbines           Loan repayment                     155 
 
 
   Planned Exit Shares Portfolio 
 
   There were no investment additions or disposals in the quarter. 
 
   Infrastructure Shares Portfolio 
 
   Investment additions: 
 
 
 
 
                                                                        Type of       Amount Invested 
Name of Company  Business Activity                                      addition          GBP'000 
Salisbury 
 Infrastructure                                                         Capitalised 
 1 Limited       Special purpose vehicle preparing to trade              deal costs                26 
York 
 Infrastructure  Concession to design, build, finance and maintain      Capitalised 
 3 Limited        a secondary school in Northern Ireland.                deal costs                48 
Norwich 
 Infrastructure  Investor in a secondary PFI project involving a four   Capitalised 
 4 Limited        school project in the West Midlands.                   deal costs                63 
Durham 
 Infrastructure  Investor in a secondary PFI project involving a four   Capitalised 
 5 Limited        school project in the West Midlands.                   deal costs               222 
 
 
   Investment disposals: 
 
 
 
 
                                        Type of disposal     Proceeds Received 
Name of Company     Business Activity   transaction               GBP'000 
Chichester          Limited company 
 Infrastructure 12   preparing to 
 Limited             trade              Repayment of loan                   75 
Winchester          Limited company 
 Infrastructure 12   preparing to 
 Limited             trade              Repayment of loan                  175 
Hereford            Limited company 
 Infrastructure 8    preparing to 
 Limited             trade              Repayment of loan                  698 
Lichfield           Limited company 
 Infrastructure 9    preparing to 
 Limited             trade              Repayment of loan                  990 
Salisbury           Limited company 
 Infrastructure 1    preparing to 
 Limited             trade              Repayment of loan                  999 
 
   For further information please contact: 
 
   Gary Fraser, Foresight Group:                            020 3667 8143 
 
   This announcement is distributed by NASDAQ OMX Corporate Solutions on 
behalf of NASDAQ OMX Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: Foresight 2 VCT PLC via Globenewswire 
 
   HUG#1855746 
 
 
  http://www.foresightgroup.eu/ 
 

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