LONDON: Foresight Enterprise VCT Plc has successfully divested its stake in Specac International Limited, a leading manufacturer of mass spectroscopy accessories.

The sale culminated in a substantial £11.2 million in proceeds, marking a tenfold return on the initial investment, with an impressive internal rate of return (IRR) of 34%.

Prior to the transaction, the company’s net asset value (NAV) per ordinary share was recorded at 60.6p. The successful exit from Specac is set to contribute an additional 0.5p to this figure, elevating the pro forma NAV to 61.1p.

Under the strategic guidance of Foresight Group LLP, Specac has flourished, expanding its product range and customer base significantly.

The company now stands as a top-tier supplier to the largest original equipment manufacturers (OEMs) and distributors in the mass spectrometry sector.

Foresight’s involvement has been transformative, bolstering the management team, corporate governance, and workforce by 70%.

Michael Gray, Chairperson of Foresight Enterprise VCT Plc, expressed his satisfaction with the deal, stating, “Specac’s journey represents a triumph for both the company and our investors. The growth fostered by Foresight Group’s contributions has been substantial, and we are confident in Specac’s continued prosperity.”

This strategic sale underscores Foresight Enterprise VCT Plc’s commitment to nurturing its investments and delivering robust returns to its shareholders.