KIV Keydata 1

 
TIDMKIV 
 
 

  Keydata Income VCT 1 plc and Keydata Income VCT 2 plc appoint Foresight Group as Investment Manager 

  The Boards of Keydata Income VCT 1 plc and Keydata Income VCT 2 plc ('the Companies') are pleased to announce, with immediate effect, the appointment of Foresight Group, a leading UK venture and growth capital investor, as investment manager and also to administer the Companies' business. 

  The appointment of Foresight Group follows the announcement by the FSA on 9 June 2009 that it had taken action to place Keydata Investment Services into administration. 

  The Boards of the Companies have selected Foresight Group as investment manager because of its directly relevant experience in environmental infrastructure, where it already manages several funds, and more specifically has several investments involved in generating heat and power from biomass plants, the key area where the Companies are predominantly invested. Foresight Group is a leading VCT investment managers both in terms of funds under management and fund performance and in recent years has been awarded three new VCT mandates, all of which have been successfully integrated within their existing VCTs and are showing a strong track record of performance and dividend payments. Keydata Income VCT 1 plc and Keydata Income VCT 2 plc are the fourth and fifth new VCT new mandates to be awarded to Foresight in less than five years. 

  Discussions will commence shortly regarding a possible merger of the Companies with an existing VCT within the stable of four Foresight VCTs. Such a merger would be subject to the approval of the shareholders of Keydata Income VCT 1 plc and Keydata Income VCT 2 plc. Any such merger would be likely to be effected by way of a scheme of arrangement under section 110 of the Insolvency Act 1986, which would be outside the remit of the Takeover Code. 

  The Boards are aware of the need for a period of stability following recent events and believe that the expertise and support provided by Foresight Group's investment management team are in the best interests of both the Companies and shareholders. 

  Further updates on the Companies will be provided as and when further information becomes available. 

  For enquiries or further information please contact: 

  Foresight Group 

  Bernard Fairman 

  01732 471 800 

  Keydata Income VCT 1 / 2 plc 

  Stephen Oxenbridge 

  07946 429930 

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