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Foresight take on Keydata income VCT mandates

Foresight have been appointed to run Keydata’s income VCTs 1 and 2.

The news follows Monday’s announcement from the FSA that Keydata had been placed in administration but these VCTs were unaffected by the move as they were deemed to be separate legal entities.

In a statement on the London Stock Exchange, the boards of the Keydata VCTs say they selected Foresight as investment manager because of its “directly relevant experience in environmental infrastructure, where it already manages several funds, and more specifically has several investments involved in generating heat and power from biomass plants, the key area where the companies are predominantly invested.”

In recent years Foresight has been awarded three new VCT mandates, all of which have been integrated within their existing VCTs.

The latest additions are the fourth and fifth new VCT new mandates to be awarded to Foresight in less than five years.

Discussions will commence shortly regarding a possible merger of the companies with an existing VCT within the stable of four Foresight VCTs.

This would be subject to the approval of the shareholders of both vehicles and would be likely to be effected by way of a scheme of arrangement under section 110 of the Insolvency Act 1986, which would be outside the remit of the Takeover Code.

According to Hargreaves Lansdown investment manager Ben Yearsley say a merger would ultimately be a good move for investors as it would offer them greater diversification.

He says: “Foresight are a good team and are in the ‘green space’ so it’s a natural fit for them to take over the mandates.”


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