The Foresight Saga begins.... and will be regularly updated here [last update 12 March 2025]
For those who have been following the grubby Albion crimes and scams perpetrated by Patrick Reeve, Will Fraser-Allen and the gang in Benjamin Street, it will probably come as no surprise to find that "Foresight" is at the "Forefront" as one of most of the other VCT investment managers who don't know one end of the Companies Act compliance requirements from the other, and therefore I have become a shareholder in Foresight Group Holdings Ltd, a Guernsey company with its shares traded on LSE and with its 2 UK llps authorised by the FCA.
It will come as no surprise to find that Albion's internal auditors, AZETS, are the "Independent Valuers" whose mandatory s593 report is missing from the documents when Foresight eventually late filed the Companies House return.
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[Update 3 March] Companies House confirms documents never supplied and asks for my help!
[Update 5 March] See graphic and comments below
[Update 12 March] "Interesting" to compare the contents of the s593 Report filed by Alliance Witan plc in October 2024 with those few that have been filed by Foresight and other VCTs. The only plausible conclusion is that rock solid evidence now proves beyond all reasonable doubt that in the matter of the endless "revolving door mergers" all VCT managers, their lawyers and accountants have not only been scamming all VCT investors since 1 October 2011, but have been charging for work they have never done.
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The dire state of Foresight's endless compliance failures is clear for all to see at https://find-and-update.company-information.service.gov.uk/company/03150868/filing-history
And that is just the tip of what turns out to be hundreds of missing and late filings in relation to the primary LLP https://find-and-update.company-information.service.gov.uk/company/OC300878/filing-history
Foresight seems to need to change its name to "Hindsight" given it doesn't even know when it admitted or removed members - and just how many Chartered Accountants are involved? Will the "Institutionally Corrupt And Even WOrse" regulator investigate, let alone the FCA or the LSE that just washes its hands of breaches of the Admission Regulations by VCT managers.
I wonder if the analysis of the various VCTs will show the same Albion Ponzi schemes at work (invest no more than 30% of share issues and send the rest back as pretend dividends) - that doesn't apply to the JV with the Williams F1 venture.
We shall see.
Preliminary 10 year review (1/1/14 to 31.12.23) for Foresight VCT plc alone
Share price fell 16% from £0.93 to £0.785
New Share issues: 248,954,000
P&L 7,037,000
TOTAL CASH IN £255,091,000
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Shares repurchased (30,050,000)
Dividends (142,672,000)
Cost of share issues (8,729,000)
TOTAL CASH OUT £(181,451,000)
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NET CASH INFLOW: £73,640,000
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PAID TO FORESIGHT: £23,781,000 plus share issue costs £8,729,000
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Distributable reserves
b/f 1.1.14 52,927,000
c/f 1.1.24 52,046,000
Increase in unrealised valuations reserve: £80,507,000
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COST TO HMRC? £75,000,000 plus any deferred CGT
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March 5 update - just a little graphic to whet everyones appetitites (and encourage others to dig around) whilst we wait so see how Foresight respond to Companies House and other "requests" and before the full financial and legal analysis is posted:
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