Sign In
20 Dec 2011 13:21
The Income & Growth VCT plc (the "Company")
20 December 2011
Interim capital dividend
The Board of The Income & Growth VCT plc is pleased to announce that it has declared a special interim capital dividend of 20 pence per share in respect of the year ending 30 September 2012. The dividend will be paid on 27 January 2012 to Shareholders on the Register on 30 December 2011.
This special dividend is being paid subsequent to the sale of the Company's investment in App-DNA Group Ltd to Citrix Systems Inc in November 2011. This realisation, for an initial consideration of £14.6 million, achieved a gain of £14.4 million on the cost of the investment at 30 September 2011 of £0.2 million.
In addition, approximately £1.8 million of further deferred consideration could be receivable over the next four years, subject to various warranties. The total consideration could therefore equate to a return of approximately 32 times the original investment of £0.5 million. £0.3 million of the original investment was loan stock, which had been repaid earlier this year.
Following this payment, cumulative dividends paid to Shareholders (who originally invested in the `S' Share Fund) will rise to 24.5 pence per share.
Including this dividend, former `O' Fund Shareholders will have received cumulative dividends of 40.65 pence per share in respect of their original investment.
The Directors intend that the Company's Dividend Investment Scheme will apply to this dividend in which case, elections under the Scheme should be received by the Scheme Administrator, Capita Registrars, no later than 10 January 2012. The Company is offering shareholders the opportunity to join the Scheme in respect of this dividend only because of the exceptional size of this dividend. The Chairman will be writing to shareholders shortly with details of this offer.
The dividends are tax free for qualifying shareholders.
The Company expects to be announcing an audited NAV per share as at 30 September 2011 by early January 2012 as part of the Company's annual results.
For further information please contact:
Sarah Penfold at Matrix Private Equity Partners LLP, the Company Secretary on
020 3206 7000
XLON
Follow the stocks
