Preliminary Results-Part 2

Foresight Technology VCT PLC 21 December 2000 PART 2 NOTES 1. Return per share The revenue return per Ordinary Share is based on the net revenue from Ordinary Shares fund activities after taxation of £128,386 (1999: £129,369) and on 11,943,827 (1999: 10,987,541) Ordinary Shares, being the weighted average number of Ordinary Shares in issue during the year. The revenue return per 'C' Share is based on the net revenue from 'C' Shares fund activities after taxation of £702,706 (1999: £Nil) and on 25,695,627 (1999: Nil) 'C' Shares, being the weighted average number of 'C' Shares in issue during the period from the time of the first allotment on 2 November 1999. The capital return per Ordinary Share is based on net realised capital gains of £9,441,499 (1999: losses of £20,240), on net unrealised capital gains of £18,765,843 (1999: £459,348) on the Ordinary Shares fund and on 11,943,827 (1999: 10,987,541) Ordinary Shares. The capital return per 'C' Share is based on net realised capital losses of £320,617 (1999: £Nil), on net unrealised capital losses of £471,946 (1999: £Nil) on the 'C' Shares fund and on 25,695,627 (1999: Nil) 'C' Shares. 2. An interim dividend of 100p was paid to Ordinary Shareholders on 8 May 2000 from the capital reserves of the Ordinary Shares fund. When this was declared the Company became obliged to issue to the carried interest rights holders 1,960,324 Ordinary Shares at par carrying the entitlement to participate in this dividend to the extent of 39.8 pence per Ordinary Share. In order that the Company could make this capital distribution, it revoked its status as an investment company, so that under the Articles of Association, it could regard capital reserves as profits of the company available for distribution. No final dividend is proposed by the Directors for the year ended 30 September 2000. 3. The net asset value per share for both the Ordinary Shares and the 'C' Shares has been calculated on the appropriate allocation of the Company's assets and liabilities. Other than expenses specifically attributable to one fund or the other, 25% of costs incurred since 1 October 1999 has been allocated to the Ordinary Shares fund and 75% to the 'C' Shares fund. 4. Capital and reserves Called up Share share premium COMPANY capital account £ £ At 1 October 1999 111,085 10,342,173 Issued share capital 345,268 32,240,831 Expenses of share issue - (2,034,787) Tax relief on share issue expenses - 61,514 Own shares purchased during the year (700) (76,949) Realisation of previously unrealised appreciation - - Profits on disposal less write offs of investments - - Net increase in unrealised appreciation - - Capitalised management fees less tax charge - - Dividends - - Retained net revenue for the year - - --------- --------- At 30 September 2000 455,653 40,532,782 --------- --------- Distributable reserves of the Company - - --------- --------- Capital Capital reserve reserve Revenue COMPANY (realised) (unrealised) reserve Total £ £ £ £ At 1 October 1999 (80,741) 607,348 20,789 11,000,654 Issued share - - - 32,586,099 capital Expenses of - - - (2,034,787) share issue Tax relief on share issue expenses - - - 61,514 Own shares purchased during the year - - - (77,649) Realisation of previously unrealised 196,761 (196,761) - - appreciation Profits on disposal less write offs of 9,521,057 - - 9,521,057 investments Net increase in unrealised appreciation - 18,490,658 - 18,490,658 Capitalised management fees less tax charge (596,936) - - (596,936) Dividends (11,889,553) - - (11,889,553) Retained net revenue for the year - - 831,092 831,092 --------- --------- --------- --------- At 30 September (2,849,412) 18,901,245 851,881 57,892,149 2000 --------- --------- --------- --------- Distributable reserves of the Company (2,849,412) - 851,881 (1,997,531) --------- --------- --------- --------- ORDINARY SHARES At 1 October 1999 111,085 10,342,173 (80,741) Issued share capital 19,603 - - Tax relief on share issue expenses - 61,514 - Own shares purchased during the year (250) (43,437) - Realisation of previously unrealised appreciation - - 196,761 Profits on disposal less write offs of investments - - 9,512,891 Increase in unrealised appreciation - - - Capitalised management fees less tax charge - - (268,153) Dividends - - (11,889,553) Retained net revenue for the year - - - --------- --------- --------- At 30 September 2000 130,438 10,360,250 (2,528,795) --------- --------- --------- At 1 October 1999 607,348 20,789 11,000,654 Issued share capital - - 19,603 Tax relief on share issue expenses - - 61,514 Own shares purchased during the year - - (43,687) Realisation of previously unrealised appreciation (196,761) - - Profits on disposal less write offs of investments - - 9,512,891 Increase in unrealised appreciation 18,962,604 - 18,962,604 Capitalised management fees less tax charge - - (268,153) Dividends - - (11,889,553) Retained net revenue for the year - 128,386 128,386 --------- --------- --------- At 30 September 2000 19,373,191 149,175 27,484,259 --------- --------- --------- 'C' SHARES Issued share capital 325,665 32,240,831 - - Expenses of share issue - (2,034,787) - - Own shares purchased during the period (450) (33,512) - - Profit on disposal of investments - - 8,166 - Increase in unrealised depreciation - - - (471,946) Capitalised management fees less tax charge - - (328,783) - Retained net revenue for the period - - - - --------- --------- --------- --------- At 30 September 2000 325,215 30,172,532 (320,617) (471,946) --------- --------- --------- --------- Issued share capital - 32,566,496 Expenses of share issue - (2,034,787) Own shares purchased during the period - (33,962) Profit on disposal of investments - 8,166 Increase in unrealised depreciation - (471,946) Capitalised management fees less tax charge - (328,783) Retained net revenue for the period 702,706 702,706 --------- --------- At 30 September 2000 702,706 30,407,890 --------- --------- 5. Summary of investments during the year. Traded Unlisted or Listed on traded on Qualifying investments AIM OFEX loans Total COMPANY Cost or 3,077,000 573,460 5,636,345 750,000 10,036,805 valuation at 30 September 1999 Reclassification 652,008 500,000 (902,008) (250,000) - Purchases at 25,368,955 1,002,938 6,141,509 570,000 33,083,402 cost Disposals at (9,097,015) (732,141) (2,432,418) (50,000) (12,311,574) cost or 1999 valuation Change in 1,763,122 18,218,109 (1,490,573) - 18,490,658 unrealised gains/(losses) --------- --------- --------- --------- --------- Cost/valuation 21,764,070 19,562,366 6,952,855 1,020,000 49,299,291 at 30 September 2000 --------- --------- --------- --------- --------- Book cost at 19,824,698 1,344,257 8,209,091 1,020,000 30,398,046 30 September 2000 Unrealised gains/(losses) at 30 September 1,939,372 18,218,109 (1,256,236) - 18,901,245 2000 --------- --------- --------- --------- --------- 21,764,070 19,562,366 6,952,855 1,020,000 49,299,291 --------- --------- --------- --------- --------- ORDINARY SHARES Cost or 3,077,000 573,460 5,636,345 750,000 10,036,805 valuation at 30 September 1999 Reclassification 652,008 500,000 (902,008) (250,000) - Purchases at 1,539,284 500,000 2,135,396 570,000 4,744,680 cost Disposals at (4,051,880) (732,141) (2,432,418) (50,000) (7,266,439) cost or 1999 valuation Change in 1,791,983 17,658,583 (487,962) - 18,962,604 unrealised gains/(losses) --------- --------- --------- --------- --------- Cost/valuation 3,008,395 18,499,902 3,949,353 1,020,000 26,477,650 at 30 September 2000 --------- --------- --------- --------- --------- Book cost at 1,040,162 841,319 4,202,978 1,020,000 7,104,459 30 September 2000 Unrealised gains/(losses) at 30 September 1,968,233 17,658,583 (253,625) - 19,373,191 2000 --------- --------- --------- --------- --------- 3,008,395 18,499,902 3,949,353 1,020,000 26,477,650 --------- --------- --------- --------- --------- 'C' SHARES Purchases at 23,829,671 502,938 4,006,113 - 28,338,722 cost Disposals at (5,045,135) - - - (5,045,135) cost Change in (28,861) 559,526 (1,002,611) - (471,946) unrealised gains/(losses) --------- --------- --------- --------- --------- Cost/valuation 18,755,675 1,062,464 3,003,502 - 22,821,641 at 30 September 2000 --------- --------- --------- --------- --------- Book cost at 18,784,536 502,938 4,006,113 - 23,293,587 30 September 2000 Unrealised gains/(losses) at 30 September (28,861) 559,526 (1,002,611) - (471,946) 2000 --------- --------- --------- --------- --------- 18,755,675 1,062,464 3,003,502 - 22,821,641 --------- --------- --------- --------- --------- Listed investments in the Ordinary Shares fund include one investment listed on the London Stock Exchange which cost £475,758 and was valued at £2,456,250 at 30 September 2000. At the end of last year, this investment was quoted on OFEX, and had a carrying value of £652,008. All other listed investments relate to fixed interest securities. 6. The financial information set out in these statements does not constitute the Company's statutory accounts for the years ended 30 September 2000 or 1999 but is derived from those accounts. Statutory accounts for the year ended 30 September 1999 have been delivered to the Registrar of Companies and those for 2000 will be delivered following the Company's Annual General Meeting. The auditors have reported on those accounts: their reports were unqualified and did not contain statements under Section 237 (2) or (3) of the Companies Act 1985. The Annual Report will be circulated by post to all shareholders shortly and copies will be available thereafter to members of the public from the Company's registered office at St Philips House, St Philips Place, Birmingham B3 2PP. The Annual General Meeting will be held at 11.00am on 30 January 2000 at the Company's registered office. R W Blears Company Secretary Contacts: Peter Dicks, Chairman Tel: 0207 224 5354

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