Foresight VCT PLC Foresight Vct Plc : Sale Of Trilogy Communications Holdings Limited
August 05 2016 - 4:15AM
UK Regulatory
TIDMFTV
FORESIGHT VCT PLC and FORESIGHT 4 VCT PLC: SALE OF TRILOGY
COMMUNICATIONS HOLDINGS LIMITED
Foresight Group ("Foresight") is pleased to announce, on behalf of the
Boards of Foresight VCT plc and Foresight 4 VCT plc, that it has
completed the successful sale of Andover headquartered Trilogy
Communications Holdings Limited ("Trilogy") to California based
Clear-Com LLC ("Clear-Com"), realising investments held by Foresight VCT
plc (Ordinary Share Class), Foresight VCT plc (Planned Exit Share Class)
and Foresight 4 VCT plc (together the "Foresight Funds").
Trilogy designs and sells market leading, real time video and audio
solutions for the broadcast and defence markets, globally.
Clear-Com have a synergistic offering and expect the acquisition to
strengthen their presence in the broadcast market and accelerate their
penetration in the defence and industrial sectors.
Under the terms of the transaction, the Foresight Funds are expected to
receive the following consideration:
Foresight Funds Carrying value (GBP) Total consideration (GBP)
Foresight VCT plc (Ordinary
Share Class) 337,264 797,545
Foresight VCT plc (Planned
Exit Share Class) 799,029 1,904,843
Foresight 4 VCT plc 81,107 191,719
Total 1,217,400 2,894,107
Of the total consideration above, up to GBP305,197 is payable after 12
months subject to any warranty claims and the achievement of certain
performance objectives, and a further GBP504,332 by February 2019
subject to any tax claims.
Matt Smith, Foresight Director, commented, "We are delighted to have
supported Trilogy and its management team. From its headquarters in
Andover, the Company has built a global customer base spanning defence,
industrial and broadcast markets. Foresight worked closely with the
Company to find the right strategic fit and we are confident Clear-Com
will support Trilogy and its customers in the next phase of the
Company's development."
Trilogy's Executive Chairman, Martin Peck, said, "Trilogy has long
demonstrated product excellence in the specialized communication domain
and is well-known for its respected customer service. Clear-Com is
recognized for its product breadth, technical innovation, and impressive
support and service network worldwide. There is obvious synergy between
the two companies which the two companies will together exploit to find
innovative ways to help our mutual customers. We are excited to be part
of this world-class organization."
Mitzi Dominguez, CEO of Clear-Com, said "Both companies have been
serving the professional intercom business for decades and bring a
wealth of industry knowledge to the marketplace. The efforts of our
combined teams will deliver tremendous added value to customers all over
the world and will create new business opportunities for both companies.
We extend a warm welcome to all Trilogy employees and customers."
Foresight VCT plc (Planned Exit Share Class) is currently in its
realisation and distribution phase.
For further information, please contact:
Gary Fraser: gfraser@foresightgroup.eu / 0203 667 8100
Ben Thompson: bthompson@foresightgroup.eu / 020 3667 8155
ENDS
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 VCT PLC via Globenewswire
HUG#2033478
http://www.foresightgroup.eu/
(END) Dow Jones Newswires
August 05, 2016 04:15 ET (08:15 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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