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16 Feb 2011 13:32
The Income & Growth VCT plc ("the Company") INTERIM MANAGEMENT STATEMENT For the quarter ended 31 December 2010
In accordance with Rule 4.3 of the Disclosure and Transparency Rules of the UK Listing Authority, The Income & Growth VCT plc presents an Interim Management Statement for the quarter ended 31 December 2010. The statement also includes relevant financial information between the end of the period and the date of this statement.
NET ASSET VALUE AND TOTAL RETURN PER SHARE
At 31 December 2010 At 30 September 2010 Net assets attributable to £38,121,121 £36,604,696shareholders Shares in issue 36,673,762 36,970,891 Net asset value (NAV) per share 103.95 pence 99.01 pence Cumulative dividends paid to date per 0.50 pence 0.50 penceshare Total return per share since 104.45 pence 99.51 penceinception (NAV basis) NEW INVESTMENTS
The VCT made four new investments in the quarter.
In October 2010, the Company's acquisition vehicle Aust Construction Investors Limited changed its name to Aust Recruitment Group Limited, and invested £1 million, alongside £441,667 from the Company itself, to support the MBO of RDL Recruitment Corporation, a European recruitment provider within the pharmaceutical, business intelligence and IT sectors based in London and Woking.
Secondly, the VCT invested £487,744 in December to support the MBO of Faversham House Group Limited, an established, family owned media company providing magazines, exhibitions and online resources in the environment and sustainability, visual communications and building services sectors.
Again in December, the VCT invested £280,000 into the AiM listed company Omega Diagnostics Group Plc, a company providing high quality in vitro diagnostics products for use in hospitals, blood banks, clinics and laboratories in over 100 countries and specialising in the areas of food intolerance, autoimmune disease and infectious disease.
Finally, also in December 2010, the VCT used its existing acquisition vehicle, Apricot Trading, to support the MBO of Automated Systems Group plc, a printer and copier services business with a broad customer base of schools and SMEs. The VCT's total investment in this company, now stands at £1.3 million.
DIVESTMENTS
In November 2010, 100,000 shares of Tikit Group plc costing £115,000 were sold for proceeds of £1.97 per share compared to an investment price of £1.15 per share, realising total net proceeds of £195,713.
In November 2010, Camwood Limited completed a de-merger of its AppDNA business. The VCT now holds two identical investments of £333,333 loan stock and a 31.5% equity stake in both Camwood Limited and AppDNA Limited.
Following the quarter-end In January 2011, the VCT realised its entire investment in Campden Media for a cash consideration of £287,239, compared to the previous quarter's valuation of £125,921. This represented 85.8% of the total investment cost of £334,880. Together with interest paid over the life of the investment the total cash return was £349,013, representing 104.2% of cost.
Also in February 2011, the Company realised its remaining investment in HWA Group Limited for a cash consideration. The total cash return over the life of this investment was £5,070,682, compared to amounts originally invested of £ 1,422,320.
In February 2011 the VCT sold a further 120,000 shares in Tikit Group plc at £ 2.45 per share, compared to an investment price of £1.15 per share, realising total net proceeds of £292,823.
The VCT has received total proceeds of £443,141 in cash arising from loan stock repayments during the quarter. In October 2010, ATG Media Holdings Limited made a partial loan stock repayment of £111,111. In November 2010, DCG Group Limited repaid its outstanding loan of £173,802 in full plus a loan premium and overdue interest totalling £232,349 and Westway Services Holdings (2010) Limited repaid part of their loan stock realising £99,681 proceeds, of which £31,148 was premium.
In February, following the quarter end, Iglu.com Holidays Limited repaid all of its loan stock of £847,675 plus a loan premium if £150,000 totalling £997,675.
SHARE BUY-BACKS
During the quarter the Company bought back a total of 297,129 of the Company's own shares at a price of 87.34 pence per share. Following the end of the quarter the Fund bought back a further 230,038 shares at a price of 88.5 pence per share.
MATRIX VCTS JOINT OFFER FOR SUBSCRIPTION
On 21 January 2011, the Company allotted 1,847,154 shares at 104.8 pence per share, raising net proceeds of £1,833,065, pursuant to the Joint Offer for shares launched on 12 November 2010 with Matrix Income & Growth VCT plc and Matrix Income & Growth 4 VCT plc.
The Company is planning a further allotment on 28 February 2011. Based on the net asset value per share of 103.95 pence, less the interim dividend of 2 pence per share payable on 22 February 2011, the Offer price for this allotment will be 107.9 pence per share.
DIVIDENDS IN RESPECT OF THE YEAR ENDED 30 SEPTEMBER 2010
An interim capital dividend of 2 pence per share paid will be paid to shareholders on the Register on 28 January 2011, on 22 February 2011.
A final capital dividend of 2 pence per share was approved at the Annual General Meeting of the Company held on 16 February 2011 for payment to shareholders on the register on 4 March 2011, on 28 March 2011.
For further information, please contact:
Sarah Penfold, for Matrix Private Equity Partners LLP, Company Secretary: 020 3206 7000
THE INCOME & GROWTH VCT PLC
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