FORESIGHT VCT PLC and FORESIGHT 4 VCT PLC: SALE OF TRILOGY COMMUNICATIONS HOLDINGS LIMITED
Foresight Group ("Foresight") is pleased to announce, on behalf of the Boards of Foresight VCT plc and Foresight 4 VCT plc, that it has completed the successful sale of Andover headquartered Trilogy Communications Holdings Limited ("Trilogy") to California based Clear-Com LLC ("Clear-Com"), realising investments held by Foresight VCT plc (Ordinary Share Class), Foresight VCT plc (Planned Exit Share Class) and Foresight 4 VCT plc (together the "Foresight Funds").
Trilogy designs and sells market leading, real time video and audio solutions for the broadcast and defence markets, globally.
Clear-Com have a synergistic offering and expect the acquisition to strengthen their presence in the broadcast market and accelerate their penetration in the defence and industrial sectors.
Under the terms of the transaction, the Foresight Funds are expected to receive the following consideration:
|Foresight Funds||Carrying value (£)||Total consideration (£)|
|Foresight VCT plc (Ordinary Share Class)||337,264||797,545|
|Foresight VCT plc (Planned Exit Share Class)||799,029||1,904,843|
|Foresight 4 VCT plc||81,107||191,719|
Of the total consideration above, up to £305,197 is payable after 12 months subject to any warranty claims and the achievement of certain performance objectives, and a further £504,332 by February 2019 subject to any tax claims.
Matt Smith, Foresight Director, commented, "We are delighted to have supported Trilogy and its management team. From its headquarters in Andover, the Company has built a global customer base spanning defence, industrial and broadcast markets. Foresight worked closely with the Company to find the right strategic fit and we are confident Clear-Com will support Trilogy and its customers in the next phase of the Company's development."
Trilogy's Executive Chairman, Martin Peck, said, "Trilogy has long demonstrated product excellence in the specialized communication domain and is well-known for its respected customer service. Clear-Com is recognized for its product breadth, technical innovation, and impressive support and service network worldwide. There is obvious synergy between the two companies which the two companies will together exploit to find innovative ways to help our mutual customers. We are excited to be part of this world-class organization."
Mitzi Dominguez, CEO of Clear-Com, said "Both companies have been serving the professional intercom business for decades and bring a wealth of industry knowledge to the marketplace. The efforts of our combined teams will deliver tremendous added value to customers all over the world and will create new business opportunities for both companies. We extend a warm welcome to all Trilogy employees and customers."
Foresight VCT plc (Planned Exit Share Class) is currently in its realisation and distribution phase.