On 12 September 2016, the board of the Foresight 3 VCT Plc and Foresight 4 VCT plc (together the boards and each a board) announced that they had entered into discussions regarding the merger of the companies (Merger). Both Companies are managed by Foresight Group CI Limited (Foresight). In light of comments received by the F4 Board from certain of its shareholders, it was decided to first seek views from shareholders of both Companies through an on-line advisory vote. The results of the advisory vote in each Company were materially in favor of proceeding with the Merger (97% to 98% of those who responded in each Company). Each Board has continued to consider a number of options and, in particular taking into account the advisory vote, remain of the view that a Merger remains the preferred option. The Boards are, therefore, pleased to announce that they have reached agreement on recommended proposals for the Merger to create a single enlarged VCT. The Merger is conditional upon certain conditions (including the approval of each Company's shareholders) being satisfied as further set out in the circulars being posted to the Companies' respective shareholders on 19 May 2017 ("Circulars") alongside a prospectus published by F4 in connection with, amongst other things, the Merger (the "Prospectus"). The Merger will be effected on a relative net asset basis and is expected to become effective on 22 June 2017. The board has considered the size and composition of the Enlarged Company board and it has been agreed that, subject to completion of the Merger, Peter Dicks will step down as a director of F4 and Raymond Abbott will be appointed as a director to the Enlarged Company board. Raymond Abbott will also, on Merger, take over as chairman of the Enlarged Company. The Enlarged Company board will then comprise Raymond Abbott, Simon Jamieson and Michael Gray.