REG-Foresight VCT PLC : Sale of Simulity Labs Limited <Origin Href="QuoteRef">FTV.L</Origin>

Foresight VCTAnnouncement

03/07/2017 17:45

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Foresight announces sale of IoT technology business 
 Simulity Labs Limited
* Foresight exits just eight months after investment from Foresight VCT
* £11.7m return on original £4m investment at IRR of c.400%
* Boost to Foresight VCT NAV up 3.8%
London: 3 July 2017 - Foresight Group ("Foresight") announces, on behalf of
the Board of Foresight VCT plc ("F1"), that it has completed the successful
sale of Simulity Labs Limited ("Simulity" or "the Company") to ARM, the
world's leading semiconductor IP company.

F1 received c.£11.4m at completion and will receive up to £0.3m of deferred
consideration after 12 months subject to certain conditions, implying a cash
on cash return of c.3x on the £4m invested in October 2016, or an IRR of
c.400%. NAV per ordinary share for F1 has consequentially increased 3.2p from
March 2017, all other things being equal.

Simulity provides embedded operating system software and related server
systems for SIM cards and embedded SIMs ('eSIMs'), allowing Internet of Things
(IoT) devices to securely connect to networks.

F1 invested in Simulity in October last year to support the Company's
strategic aims and management team led by Stéphane Fund. The Company has
successfully transitioned its business model towards software licensing,
launched into the IoT market with its eSIM technology and, operationally,
increased staff numbers by 25%, with new international offices in South Africa
and India to supplement existing offices in Northern Ireland and Wales.

James Livingston, Partner at Foresight and Director of Simulity (until
completion) commented:

"We are delighted to have supported the management team at Simulity in the
rapid growth and transition of their business, and successful sale. The vision
of the management team and their deep market knowledge enabled them to develop
pioneering technology which will be a key enabler of the IoT market"

Stéphane Fund, Founder and CEO of Simulity added:

"The institutional backing of Foresight allowed us to scale the business and
continue to build our world leading team and technology, whilst also providing
huge credibility in discussions with large global corporates. Foresight has
worked closely with us, particularly during the exit process."

ENDS

For further information, please contact:

Ben Thompson, Foresight Group, bthompson@foresightgroup.eu +44 (0)20 3667 8155

NOTES FOR EDITORS

About Foresight Group LLP ("Foresight"):

Foresight is a leading independent infrastructure and private equity
investment manager which has been managing investment funds on behalf of
institutions and retail clients for more than 30 years.

Foresight has £2.6 billion of Assets Under Management across a number of
funds, including Listed Vehicles, Limited Partnerships, Enterprise Investment
Schemes (EISs) and Venture Capital Trusts (VCTs).

Foresight's Private Equity team, comprising eighteen investment professionals,
invests typically between £1m and £5m in management buy-outs, management
buy-ins and growth capital investments in UK SMEs.

Foresight was voted "VCT House of the Year" at the 2016 Unquote British
Private Equity awards.

www.foresightgroup.eu

About Simulity

Established in 2009, Simulity is an established technology company that
specialises in embedded communications and related server-based applications,
connecting millions of devices, globally.
This announcement is distributed by Nasdaq Corporate Solutions on behalf of
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The issuer of this announcement warrants that they are solely responsible for
the content, accuracy and originality of the information contained therein.
Source: Foresight VCT PLC via Globenewswire