Our Mergers & Acquisitions team acted as sponsor and financial adviser to Foresight VCT plc on its merger with Foresight 2 VCT plc by way of a scheme of reconstruction. Foresight VCT plc was launched in 1997 and now following the merger comprises over £112m of net assets with investments in over 40 UK unquoted companies in its three separate share funds. This places it amongst the largest of the 85 or so VCTs in the market.
The merger is expected to reduce the combined annual running costs of the enlarged entity by some £250,000 and provide material savings.
BDO has acted as sponsor and financial adviser to Foresight VCT plc and a number of other VCT's also managed by the Foresight Group.
"BDO showed a real understanding of what we were trying to achieve with the merger which enabled us to maximise efficiencies to reach a successful conclusion. I would have no hesitation in widely recommending BDO's corporate finance team following this experience".
Gary Fraser, Foresight Group LLP Andrew Ferguson, Partner at Maven Capital