Foresight 3 VCT PLC Foresight 3 Vct Plc : Trading Statement
October 01 2014 - 6:04AM
UK Regulatory
TIDMFTD
Foresight VCT plc, Foresight 3 VCT plc & Foresight 4 VCT plc
Trading Statement
Foresight announces the successful refinancing of its GBP3.5 million
investment in Dundee-based precision engineering firm Aerospace Tooling
Corporation Limited.
Foresight Group (Foresight) is delighted to announce on behalf of the
boards of Foresight VCT plc, Foresight 3 VCT plc and Foresight 4 VCT plc
that it completed on 25 September 2014 the successful refinancing of its
GBP3.5 million investment in Aerospace Tooling Corporation Limited
("ATCL") made in June 2013.
The refinancing has seen the aggregate investment of GBP3.5 million made
by the three Foresight VCTs repaid in full through the recapitalisation
of Shareholder Loan Notes held by the VCTs in ATCL and the payment of a
special dividend, funded from the company's cash reserves and a senior
term loan from the Company's incumbent banking partner HSBC.
Company GBP
Foresight VCT plc 1,500,000
Foresight 3 VCT plc 500,000
Foresight 4 VCT plc "O" 600,000
Foresight 4 VCT plc "C" 900,000
Foresight's VCTs majority shareholding in ATCL remains unchanged.
Since Foresight's investment fifteen months ago, the company has
performed strongly with sales up 66.6% year on year, and an increase in
EBITDA of 114%. Forecasts for the current financial year ending June
2015 are to see that growth continue.
ATCL is a precision engineering company, with a niche specialism in the
remanufacturing of high value aerospace and industrial gas turbine
components. In 2012 the company was awarded the coveted Best Repair
Supplier in the World from a leading aero engine manufacturer.
Darrel Connell, Director of Foresight and of ATCL commented "We are
delighted that John Seaton and the new management team have been able to
deliver such a strong performance in a relatively short period of time
since our investment. We are confident that the company will continue
on its growth trajectory and we look forward to supporting the
management team in achieving their goals."
ENDS
For further information, please contact:
Ben Thompson: bthompson@foresightgroup.eu / 0203 667 8155
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 3 VCT PLC via Globenewswire
HUG#1859990
http://www.foresightgroup.eu/
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