Foresight Enterprise VCT Plc (FTF) has announced the launch of a new offer for subscription targeting up to £20 million through the issue of new shares, with applications opening at 9.00 a.m. on 18 November 2026. The offer closes at noon on 31 March 2027, unless fully subscribed or terminated earlier at the board's discretion. The venture capital trust structure means qualifying investors may access VCT tax reliefs, making the fundraise potentially attractive to a broad range of retail and professional investors. The board states the offer is not expected to have any material dilutive effect on existing shareholders' net asset value per share.

Key Points

  • Foresight Enterprise VCT Plc (FTF), a UK-listed venture capital trust managed by Foresight Group LLP
  • New subscription offer launched to raise up to £20 million via new share issuance
  • Offer opens 18 November 2026 and closes 31 March 2027; maximum promoter fee disclosed at £900,000
  • Investors should watch whether the offer reaches full subscription ahead of its March 2027 deadline

Foresight Enterprise VCT Seeks Up to £20 Million Through New Share Issuance

Foresight Enterprise VCT Plc, a UK venture capital trust listed under the ticker FTF, is seeking to raise up to £20 million by issuing new ordinary shares to both existing shareholders and new investors. The board states in its announcement that proceeds will be used to maintain liquidity, support the company's dividend policy, fund market purchases of its own shares, and cover running costs. The offer shares will rank pari passu with existing shares from the point of issue, and the board has confirmed that no material dilutive impact on existing shareholders' net asset value per share is anticipated as a result of this fundraise.

VCT Tax Reliefs Available to Qualifying Investors Under the 2026 Offer Terms

A central feature of the offer is access to VCT tax reliefs for qualifying investors, which the company highlights as a key incentive. The offer is structured to cover the current 2026/2027 tax year only; the board has stated that, unless the timetable is extended at its discretion, the offer will not remain open into the 2027/2028 tax year. This tax-year boundary is likely to be a significant consideration for investors evaluating the timing of any subscription, particularly those seeking to maximise relief within the current fiscal period.

Foresight Group LLP Promoter Fee and Related Party Transaction Disclosure

Foresight Group LLP, acting as promoter to the offer, will receive a fee of 2.5% of amounts subscribed by retail, professional, and execution-only investors, and 4.5% from direct investors. The maximum total promoter fee, assuming all subscriptions came from direct investors, would be £900,000. Because Foresight Group LLP is also the company's manager, the promoter fee constitutes a related party transaction under UK Listing Rules. SPARK Advisory Partners Limited, the company's sponsor, has provided the written confirmation required under UKLR 8.2.1R(3), and the board considers the fee to be in line with market practice.