Investor Event

Foresight 4 VCT

This campaign is now closed

Latest news and a form enabling you to join this campaign can be found at the foot of this page.

This page was created to inform shareholders in Foresight 4 VCT Plc – a Venture Capital Trust with a patchy performance record. Foresight took over the management of Advent 2 VCT in 2004 and renamed it Foresight 4. In 2012 there were mergers with Foresight Clearwater VCT and with Foresight 5 and the Acuity VCT 3 – the latter two forming a separate class of “C” shareholders within Foresight 4.

In 2015, the share classes were amalgamated but the “C” share class holders were not pleased with the terms.  ShareSoc published this blog note at the time on that subject.

Update 1/9/2016

The last published accounts (to March 2016) show a further substantial reduction in the net asset value of the company.

The current directors are Philip Stephens (Chairman), Peter Dicks and Simon Jamieson.

The Annual General Meeting of the company was scheduled for September 30th 2016 . Shareholders were encouraged to attend and vote against all but one of the resolutions (see information to the right). The following letter was sent to as many people as is possible on the share register of the company:

Foresight4-Letter (a pdf document – click on to access).

Tim Grattan

Updates 12/09/2016 and 24/9/2016Note that subsequent to the above, Foresight 4 VCT and Foresight 3 VCT announced that they had entered into discussions on a merger with the intention of achieving cost savings from the establishment of a single, enlarged VCT (with Foresight 4 forming the legal base). That is likely to result in changes to the board of Foresight 4 but it may not resolve all of the issues raised in the aforementioned letter and Foresight 3 has similar problems.

In a letter to shareholders concerning the merger the board also commented on ShareSoc’s letter to shareholders. This note was issued on 24/9/2016 giving our considered response: Update-1

Update 30/9/2016 – the result of the AGM is reported in this blog post. 

In summary the directors only just managed to get re-elected! 

Update 20/10/2016 – Foresight 4 VCT announced major changes. Surely a victory for investors and ShareSoc. See this blog post for more information.

Update 16/12/2016  The directors of the company are consulting shareholders via an online advisory vote on the proposed merger between Foresight 4 and Foresight 3 VCTs. Our comments are in this note: Foresight-4-Merger-Response

Update 26/05/2017 – We recommend (with reservations) that shareholders vote in favour of the resolutions to merge Foresight 3 & 4 and to raise additional funds of £50 million, and possibly up to £100 million, (including a possible over-allotment facility for an additional £50 million). Click here to read the full update.

Update 16/06/2017
  Following the Foresight 4 AGM, ShareSoc member Roger Lawson wrote to the Chairman with his questions about NED, Mr Gray. Mr Gray denied any knowledge of business connections at the meeting, hence the need to send the Chairman the details in writing. Click here to read the letter.

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Update 10/9/17 – ShareSoc isuues new voting recommendations for 2017 AGM. Click here to see the blog.