Acuity VCT 3 PLC : Sale of Investment
February 02 2012 - 6:59AM
UK Regulatory
TIDMAQT3
ACUITY VCT 3 VCT PLC: SALE OF INVESTMENT
2 February 2012
Disposal of investment in Factory Media Limited
The Board of Acuity VCT 3 plc are pleased to announce that the Company has sold
its investment in Factory Media Limited to Forward Internet Group Limited
("FIG"). FIG is a privately owned European business, which operates a portfolio
of brands and digital media assets.
FIG has acquired equity in Factory Media and repaid existing loans from
shareholders including Acuity VCT 3 plc and Foresight 5 VCT plc. Subject to
working capital adjustments, Acuity VCT 3 plc will receive c. GBP4.0m from the
transaction (including loan repayments), compared to a last reported carrying
value on 30 September 2011 of c. GBP3.7m and original cost of c. GBP1.9m. All other
things being equal, this equates to a NAV uplift of approximately 0.7p and a
return of over two times the original cost of investment. In addition, further
consideration is held in escrow and, subject to various other conditions, a
further c. GBP0.5m may be released to Acuity VCT 3 plc over the next 2 years.
Factory Media is one of Europe's largest action sports media owners, publishing
19 traditional print and 23 new media brands. The business is currently focused
on two market segments, board sports and cycling. Acuity 3 VCT plc made the
investment into Factory Media in 2006.
For further information, please contact:
Gary Fraser, Foresight Fund Managers Limited: 01732 471 800
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Acuity VCT 3 PLC via Thomson Reuters ONE
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