Foresight to run Keydata Income VCTs

The boards of Keydata Income VCT 1 and 2 have hired Foresight Group as investment manager and administrator.

Foresight's appointment follows the announcement by the FSA on 9 June that Keydata had been placed into administration, although the VCTs were not subject to this ruling as they are considered separate entities. Discussions will commence shortly regarding a possible merger of the VCTs with an existing Foresight vehicle, subject to shareholder approval. It is likely any such merger would be effected through a scheme of arrangement under section 110 of the Insolvency Act 1986, which would be outside the remit of the Takeover Code. Foresight was selected as investment manager of the K...