30th Jul 2019 19:05
(Alliance News) - Foresight Solar & Infrastructure VCT PLC on Tuesday said its net asset value rose in the nine months to March 31 after changing its year end and is looking to launch a new share class.
As at March 31, the solar and infrastructure investor's NAV per share stood at 96.4 pence, up from 93.0p on June 30 following dividend payments totalling 3.0p per share.
Post period end, in April, Foresight Solar paid out a further 3.0p per share dividend. This aligns with is dividend timetable before the year moves, with payments in April and November. The venture capital trust intends to maintain this schedule.
The company's prospectus stated an objective to pay dividends of 5.0p per share throughout the company's life, following its first year, although this was not guaranteed.
Looking ahead, the company will intends to seek shareholder approval to launch a new share class as VCT rules prohibit new investment in energy generation.
"The board have recently been discussing the possibility of a new VCT share class which will invest in a number of exciting engineering and technology based companies. I am pleased to confirm that we are progressing well with this possibility, and I hope to write to shareholders in the near future seeking approval for the launch of such a share class," said Chair David Hurst-Brown.
In advance of this, the company appointed former MTI Partners Ltd chief Ernie Richardson as non-executive director and intends to make him Chair when Hurst-Bown retires at the firm's upcoming annual general meeting.
In terms of outlook, Hurst-Brown said: "The company's solar portfolio continues to generate a steady flow of dividends with limited scope for further development. Accordingly, once all ordinary shareholders have reached their minimum 5-year qualifying holding period, the board and the manager will, if appropriate, begin a managed process of returning the value of the ordinary shares fund to its shareholders.
"In the meantime, I will be writing to shareholders later this year with respect to the opportunity to participate in the next tender offer for shares.
"Also as mentioned above, I hope to provide further communications regarding the launch of a new share class within the VCT soon."
Shares in Foresight Solar closed untraded at 89.00 pence on Tuesday.