A new offer from Foresight VCT PLC has been announced. The objective is to raise an extra £20m, with an over-allotment option of a further £20 million.
The fundraising is, said manager Foresight Group, in line with its core growth objectives of developing the net assets of the Ordinary Shares fund to more than £100 million. The VCT aims to provide investors with attractive returns from a portfolio of investments in fast growing, unquoted UK companies.
The Company’s Ordinary Shares fund has been refocused and significantly expanded over the past five years. It currently comprises in excess of £97 million of assets, with investments in 27 UK based businesses across a wide range of sectors.
It recently completed a £1.7 million investment into Midlands-based Online Poundshop as part of a larger growth capital investment of more than £2 million.
Partner at Foresight Group Mike Currie said: “Introduced in 1995, VCTs are now coming of age and are moving into the mainstream as a major option for income tax and retirement planning, providing diversification and a supplement to pension income for a much wider investor base than ever before, and especially attractive to high earners who risk reaching the £1m lifetime allowance or are limited by the annual allowance.
“VCT investment has become a foundation-stone for UK PLC. Over 20,000 new jobs have been created across the UK by SMEs, with an average of 60 jobs created per company from VCT investment and an average initial VCT investment of £2 million per SME.”
