FORESIGHT 4 VCT PLC - Foresight Group
FORESIGHT 4 VCT PLC - Foresight Group
FORESIGHT 4 VCT PLC - Foresight Group
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PRO FORMA FINANCIAL INFORMATION<br />
The following pro forma financial information of the Company has been prepared for illustrative purposes<br />
only, to show the impact of the Schemes on the Company’s unaudited net assets as at 30 September<br />
2011 on the basis that the Schemes and the acquisition of the investment portfolio and all of the other<br />
assets and liabilities of the Target <strong>VCT</strong>s by the Company had been completed on that date. This pro<br />
forma financial information has been prepared in a manner consistent with the accounting policies of the<br />
Company and the Target <strong>VCT</strong>s as adopted in their last published accounts (save for <strong>Foresight</strong><br />
Clearwater which has not published any accounts since incorporation).<br />
The pro forma financial information has been prepared for illustrative purposes only and, because of its<br />
nature, addresses a hypothetical situation and, therefore, does not represent the Company’s actual<br />
financial position or results:<br />
Company<br />
(£’000)<br />
(Note 1)<br />
Acquisition<br />
of the assets<br />
and<br />
liabilities<br />
<strong>Foresight</strong> 5<br />
(£’000)<br />
(Note 2)<br />
Acquisition<br />
of the assets<br />
and<br />
liabilities<br />
Acuity 3<br />
(£’000)<br />
Adjustments<br />
(Note 3)<br />
Acquisition<br />
of the assets<br />
and<br />
liabilities<br />
<strong>Foresight</strong><br />
Clearwater<br />
(£’000)<br />
(Note 4)<br />
Expenses of<br />
the<br />
Schemes<br />
(£’000)<br />
(Note 5)<br />
Enlarged<br />
Company<br />
pro forma<br />
(£’000)<br />
Investments (at fair value) 33,077 10,234 6,101 – – 49,412<br />
Debtors 2,720 530 8 13 – 3,271<br />
Other current assets 3,379 – –- – – 3,379<br />
Cash at bank and in hand 1,642 717 459 1,113 – 3,931<br />
Creditors: amounts falling<br />
due within one year (812) (211) (80) (78) (462) (1,643)<br />
Net current assets 6,929 1,036 387 1,048 (462) 8,938<br />
Creditors: amounts falling<br />
due in more than one year – (95) (118) – – (213)<br />
Net assets 40,006 11,175 6,370 1,048 (462) 58,137<br />
Notes:<br />
1. The financial information on the Company has been extracted without material adjustment from the Company’s unaudited Half-Yearly Report for<br />
the six month period ended 30 September 2011 as incorporated into this Prospectus in Part V of this document.<br />
2. The acquired assets and liabilities of <strong>Foresight</strong> 5 are the assets and liabilities of <strong>Foresight</strong> 5 as extracted without material adjustment from<br />
<strong>Foresight</strong> 5’s unaudited half-yearly report for the six month period ended 31 March 2011 as incorporated into this Prospectus in Part V of this<br />
document.<br />
3. The acquired assets and liabilities of Acuity 3 are the assets and liabilities of Acuity 3 as extracted without material adjustment from Acuity 3’s<br />
unaudited half-yearly report for the six month period ended 31 March 2011 as incorporated into this Prospectus in Part V of this document.<br />
4. The acquired assets and liabilities of <strong>Foresight</strong> Clearwater are the assets and liabilities of <strong>Foresight</strong> Clearwater as extracted without material<br />
adjustment from <strong>Foresight</strong> Clearwater’s unaudited half-yearly report for the period from incorporation to 30 September 2011 as incorporated into<br />
this Prospectus in Part V of this document.<br />
5. Total costs of approximately £462,000 (inclusive of VAT) are expected to be incurred in relation to the Schemes and will be borne by each of the<br />
Company and the Target <strong>VCT</strong>s.<br />
6. The pro forma statement of net assets of the Company does not take account of any transactions of the Company or the Target <strong>VCT</strong>s or other<br />
changes in the value of the assets and liabilities of the Company and Target <strong>VCT</strong>s since 30 September 2011 in respect of the Company,<br />
31 March 2011 in respect of the Target <strong>VCT</strong>s and 30 September 2011 in respect of <strong>Foresight</strong> Clearwater.<br />
7. The Schemes are expected to have an earning enhancing impact on the earnings of the Company had the acquisitions occurred on 1 April 2011.<br />
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