The Foresight Williams Technology VCT Shares class will invest alongside Foresight Williams Technology EIS Fund, into early-stage, unquoted companies that are developing disruptive technology and pioneering innovation.
The VCT Share class represents an exciting investment opportunity made possible by the collaboration between Foresight Group and the Williams Advanced Engineering.
Investing between £0.25 million and £3 million into each investee company, the VCT will build a diverse portfolio of dynamic companies.
Foresight believes that there are a number of elements that lead to a successful investment, and will focus on the following criteria when evaluating potential investment opportunities:
The Foresight Williams investment team will seek businesses that have developed market leading and/or innovative technology that has clear commercial advantages to the end customer.
A roadmap to commercialisation:
Investee Companies will have a clear path to commercialisation in less than 36 months from the point of initial investment.
Market opportunity greater than £100 million:
The opportunity should have a minimum global addressable market size of £100 million with the potential to deliver 10x multiples at exit.
A strong and ambitious management team:
The Foresight Williams team will work with and build experienced management teams with a track record of success in the sectors and markets in which their companies operate.
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These Terms and Conditions were last revised in December 2015.
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The information contained on these website pages (this “Site”) is communicated and issued by Foresight Group LLP and Foresight Group CI Limited (details below) in accordance with the following terms and conditions. By accessing any part of this Site, you will be deemed to have accepted these Terms and Conditions in full. If you do not accept these Terms and Conditions please do not continue to access this Site.
Foresight Group LLP
Foresight Group LLP is authorised and regulated by the Financial Conduct Authority (“FCA”). FCA firm reference number 198020. The website of the FCA can be accessed at www.fca.org.uk.
Foresight Group LLP is a limited liability partnership incorporated in England and Wales (registered number 0C300878). Its registered office is at The Shard, 32 London Bridge Street, London, SE1 9SG.
Foresight Group CI Limited
Foresight Group CI Limited is licensed by the Guernsey Financial Services Commission (reference number 2006518) to undertake controlled investment business as defined in The Protection of Investors (Bailiwick of Guernsey) Law 1987.
Foresight Group CI Limited is a private company registered in Guernsey (registered number 51471). Its registered office is Ground Floor, Dorey Court, Admiral Park, St Peter Port, Guernsey, GY1 2HT.
Save as mentioned below, references to “Foresight”, “Foresight Group”, “The Manager”, “we” and “our” are to Foresight Group LLP and/or Foresight Group CI Limited as the context dictates.
Intended Audience and Purpose of Information
The information contained within this Site does not constitute an offer to invest or an invitation to apply for securities:
In any jurisdiction where such offer or invitation is unlawful; or
In which the person making such offer or invitation is not qualified to do so; or
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The information has been issued and approved by Foresight Group LLP and Foresight Group CI Limited and does not in any way constitute investment, tax, legal or other advice. Investors should not rely on any information or opinions contained in this Site in making an investment or other decision but should obtain appropriate and specific professional advice.
Nothing contained on this Site constitutes or should be construed to constitute investment, legal, tax or other advice. The information contained on this Site shall in no way be construed to constitute a recommendation with respect to the purchase or sale of any investment.
The website is provided for the main purpose of providing generic information on Foresight Group LLP and Foresight Group CI Limited and on the products and funds we currently manage. Persons accessing specific information about the funds and investment products referred to on this website are strongly advised to refer to the relevant terms and conditions of access, including any relevant risk warnings and disclaimers, and in the event that they do not accept them, should not proceed to access the material to which they are applicable.
Certain products or investment services managed by Foresight are not generally considered suitable for private investors. Therefore, certain areas of the website are password protected or require additional confirmation that you are an appropriately experienced or qualified investor. This website also contains links that lead to other websites. These links are provided solely for your convenience and do not constitute any endorsement, sponsorship or approval of the materials appearing in such sites.
You should note that investment in any of the Foresight Funds or Foresight Products should ONLY be made on the basis of reading any applicable Documentation (including any Brochure, Fund Prospectus, Offer Documents and Disclosure Documentation) or Terms and Conditions of Investment as appropriate.
Risks Applicable to the Enterprise Investment Scheme (EIS)
Existing and prospective investors should consider carefully the following risk factors. If any of the risks described below were to occur, it could have a material effect on a the business, financial condition or results of operations of an EIS qualifying company of the type in which Foresight EIS funds will invest. The risks and uncertainties described below are not the only ones EIS companies and investors will face. Additional risks not currently known to Foresight, or that Foresight currently believes are not material, may also adversely affect the business, financial condition and results of operations of investee companies. The value of its shares could decline due to any of these risk factors, and investors could lose part or all of their investment.
Prospective investors should be aware that the value of shares in EIS companies and the income from them can fluctuate and that they may not get back the amount they invested. In addition, there is no market, nor is there intended to be a market for the sale of investors shares in EIS companies and as such, an investment will not be readily realisable. There is no guarantee that dividends will be paid and where they are these will be subject to income tax. Investment in EIS companies should be seen as a long term investment. Investors who are in doubt should consult their independent financial adviser. The attention of prospective investors is drawn to the following risks:
The past performance of funds managed by Foresight is not necessarily an indication of the future performance.
There will not be a liquid market for shares in EIS companies as they will not be listed on any stock exchange and investors may find it difficult to realise their investment.
Whilst it is Foresight’s intention that the companies in which its EIS funds invest will be managed so as to continue to qualify for the EIS, there can be no guarantee that such status will be maintained. A failure to meet the qualifying requirements could result in an investee company losing its EIS qualifying status, resulting in adverse tax consequences for Investors, including a requirement to repay the income tax relief obtained on subscription.
The information, including tax rules, contained in this publication is based on existing legislation. The tax rules or their interpretation in relation to an investment in an EIS fund and/or the rates of tax, or other statutory provisions to which EIS funds and their investee companies are subject, may change during the life of a fund and such changes could be retrospective.
If an Investor who subscribes for shares in an EIS company disposes of those shares within three years from subscription, the Investor will be subject to clawback by HM Revenue & Customs of any income tax relief obtained on subscription.
Realisation of investments in unquoted companies can be difficult and may take considerable time. There may also be constraints imposed on the realisation of investments in order to maintain the EIS qualifying status of an investee company which may restrict Foresight’s ability to obtain maximum value from its investments.
Investment in unquoted companies, AIM-traded and PLUS Markets companies, by its nature involves a higher degree of risk than investment in companies traded on the main market of the London Stock Exchange. In particular, markets for such companies and smaller companies generally may not be regulated and are often less liquid and there may be difficulties in valuing and disposing of investments in such companies. Disposing of such companies and smaller companies generally through trade sales may be difficult and may not produce hoped for returns and investors could get back less than they invested.
In addition, such companies and smaller companies generally may have limited product lines, markets or financial resources and may be more dependent on their management or key individuals than larger companies.
Where more than one of the funds managed or advised by Foresight wishes to participate in an investment opportunity, allocations will generally be made in proportion to the net cash raised for each fund, other than where investments are proposed to be made in a company where a fund has a pre-existing investment where the incumbent investor will have priority. Implementation of this policy will be subject to the availability of monies to make the investment and other portfolio considerations such as sector exposure and the requirement to achieve comply with the EIS rules, for instance the maximum investment by EIS investors, VCTs and corporate venturing schemes in any single company. This may mean that a company may receive a greater or lesser allocation than would otherwise be the case under the normal co-investment policy.
There can be no guarantee that sufficient suitable investment opportunities will be identified in order to meet the investment objectives of a particular EIS fund or the requirements of the EIS rules.
In general, investment in technology companies can carry a greater degree of risk than investing in non-technology companies. In particular: the technology may not be able to be developed within the timescale required by the market, at an acceptable cost, or at all and alternative or competing technologies may emerge before full commercial exploitation of the products or services of such companies has taken place.
Disclaimers and Exclusion of Liability
Foresight Group LLP and Foresight Group CI Limited act for the funds and clients they manage or advise and not for anyone else. They will not act for, advise or be responsible for providing the protections afforded to their customers to anyone other than such funds and clients. Entrepreneurs and others working for Foresight should be aware of this and should not expect that they will be treated as customers of Foresight.
Please do not send us any confidential or proprietary material using this website and without first contacting us as we do not agree to obligations of nondisclosure or non-use of material which is sent to us. We receive numerous business plans and other proposals, and reserve the right to review only those which appear to us to fit our investment criteria from time to time and to reject proposals without giving a reason or returning material sent to us. We are not restricted in any way from pursuing opportunities with others. Foresight and funds and clients under its management or advice invest in many companies, some of which may compete with one another.
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To the fullest extent allowed by law, Foresight and its members and employees shall not be liable, whether in tort (including negligence) or otherwise howsoever, for any losses, damages, costs or expenses of whatever nature (including (without limitation) any consequential, indirect or unforeseeable loss or loss of bargain, opportunity or profit) incurred or suffered by you or any third party arising out of or in connection with the access to or use of, or linking to other Sites from, this Site or reliance on any information contained on this Site. Nothing in this legal notice shall limit our liability for death or personal injury resulting from any negligence of Foresight.
Nothing in this legal notice excludes or restricts any duty or liability that Foresight may have under the regulatory system (as defined in the glossary to FCA’s Handbook of Rules and Guidance) and which may not be excluded or restricted thereunder.
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This Site including these Terms and Conditions and all matters arising from or connected with them shall be governed by and construed in accordance with English law and shall be subject to the exclusive jurisdiction of the English courts.
Some of these Terms and Conditions may be superseded by specific provisions published elsewhere on the Site. We reserve the right to vary these terms from time to time by amending this page and you should check it from time to time to note any changes made.
Contact Details for Further Information and Queries
If you have any queries regarding this website, or would like further information about Foresight Group, you may send an email to firstname.lastname@example.org or telephone 020 3667 8100. Full contact details for Foresight Group are available on the “Contact Us” page of this website. Neither Williams Grand Prix Engineering Limited nor any of its affiliates assumes any responsibility for the contents of this communication.
The contents of this website have been prepared by and approved as a financial promotion for the purpose of Section 21 of the Financial Services and Markets Act 2000 by Foresight Group LLP, which is authorised and regulated by the Financial Conduct Authority (FRN: 198020). Neither Williams Technology Ventures Limited nor any member of the group of companies of which Williams Grand Prix Holdings PLC is the ultimate parent company, assumes any responsibility for the contents of this website.