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8 Feb 2017 17:32
The Income & Growth VCT plc
(the "Company")
INTERIM MANAGEMENT STATEMENT
For the quarter ended 31 December 2016
The Income & Growth VCT plc presents an Interim Management Statement for the quarter ended 31 December 2016. The statement also includes relevant financial information between the end of the quarter and the date of this statement.
NET ASSET VALUE AND TOTAL RETURN PER SHARE
| At 31 December 2016 | At 30 September 2016
|
Net assets attributable to shareholders
| £70,509,130 | £70,840,638 |
Shares in issue | 71,881,233
| 71,914,023
|
Net asset value (NAV) per share
| 98.09p 1 | 98.51p |
Cumulative dividends paid to date per share since inception |
80.50p |
80.50p |
Total return per share since inception (NAV basis) | 178.59p | 179.01p |
1 This figure is before deducting the final dividend of 4.00 pence per share for the year ended 30 September 2016 described below. The payment of this dividend on 15 February 2017 will reduce the net asset value per share to 94.09 pence and increase cumulative dividends paid per share since inception of the current share class to 84.50 pence.
DIVIDENDS
No dividends were paid during the quarter.
A final dividend of 4.00 pence per share for the year ended 30 September 2016 was approved by shareholders at the Annual General Meeting of the Company held on 8 February 2017 ("the AGM"). This dividend will be paid on 15 February 2017 to shareholders on the share register on 13 January 2017 and will bring cumulative dividends paid to shareholders in respect of the last five years to 76.00 pence per share.
SHARE BUY-BACKS
On 19 December 2016, the Company bought back 32,790 of its ordinary shares at a price of 88.50 pence per share.
INVESTMENT ACTIVITY
New Investments
In October 2016, £0.69 million was invested into BookingTek Limited, a provider of direct-booking software to major hotel groups.
In November 2016, £0.86 million was invested into Pattern Analytics Limited (trading as Biosite) a provider of biometric access control and software-based workforce management solutions for the construction sector.
In December 2016, £0.94 million was invested into Preservica Limited, a portfolio company providing software for the long-term preservation of digital records.
After the quarter-end £0.78 million was invested into Ibericos Etc. Limited (trading as Tapas Revolution), a leading Spanish restaurant chain in the casual dining sector.
There have now been six investments made in accordance with the Company's new Investment Policy, approved by shareholders in May last year. The new policy was introduced in response to new VCT rules that require all VCTs to provide growth capital to younger, earlier stage companies.
Realisations
There were no realisations during the quarter.
Loan Stock Repayments
In December 2016, a £0.60 million loan stock repayment was received from Barham Consulting Limited, a company preparing to trade.
After the quarter-end, in January 2017, a further £1.20 million loan stock repayment was received from Backhouse Management Limited, as well as £0.60 million from McGrigor Management Limited; both are companies preparing to trade.
Please note that all of the information above is unaudited.
Other than as described above, there were no material events during the quarter and to the date of this announcement.
For further information, please contact:
Sarah Penfold, for Mobeus Equity Partners LLP, Company Secretary: 020 7024 7600.
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