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16 Aug 2012 09:44
The Income & Growth VCT plc ("the Company") INTERIM MANAGEMENT STATEMENT For the quarter ended 30 June 2012
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 30 June 2012. 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 30 June 2012 At 31 March 2012 Net assets attributable to shareholders £49,424,736 £45,702,253 Shares in issue 46,143,253 43,354,355 Net asset value (NAV) per share * 107.1 p 105.4 p Cumulative dividends paid to date per share 28.5 p 28.5 p Total return per share since inception (NAV 135.6 p 133.9 pbasis)* -------------------------------------- * NAV per share includes current year income of 1.6 p 0.6 p
INVESTMENTS
The Company made a follow-on investment into PXP Holdings Limited of £45,195 in June 2012.
An investment of £1 million was made into the acquisition vehicle Sawrey Limited in April 2012 and this was used following the period-end, in July 2012, as part of an investment totalling £1,745,351 to support the MBO of Tessella Limited, an international provider of science-powered technology and consulting services.
DIVESTMENTS
In April 2012, the VCT sold its investment in Camwood Enterprises Limited to this company's management team for a cash consideration of £942,947 compared to a year-end valuation of £499,182. Total proceeds to the VCT over the life of the investment amounted to £1,458,302 representing a 2.8x return on the VCT's investment cost of £514,090.
In April 2012, the VCT sold a further 10,000 shares in Tikit Group plc, representing 8.7% of its holding at the 31 March 2012, for proceeds of £32,800 representing a 2.9 x return on the Company's original investment.
In May 2012, the VCT realised its entire investment in Iglu.com Holidays Limited, the specialist online ski-holiday and fast growing cruise-holiday travel agent, for a cash consideration of £1,455,265 through a sale to Growth Capital Partners. This realisation contributed to total cash proceeds of £2,530,415 to the Company over the two and a half year life of the investment, representing a 2.5 times return on the Company's original investment of £1,000,001.
Also in May 2012, the VCT received a payment of £212,534 from Blaze Signs Holdings Limited comprising a repayment of loan stock, the associated premium and outstanding interest.
In June 2012, the VCT received a payment of £776,647 from Aquasium Technology Limited, comprising a part repayment of loan stock, the associated premium and outstanding interest.
During the quarter to 30 June 2012, the Company sold a total of 2,750,000 shares in IDOX plc representing 34% of its holding at 31 March 2012 for £1,019,829 representing a 3.5x return on the Company's original investment.
SHARE BUY-BACKS
During the quarter the VCT bought back a total of 176,816 of the Company's own shares at an average price of 90.6 pence per share. A further 200,000 of the Company's own shares were bought back following the period-end in August 2012 at a price of 94.7 pence.
MOBEUS VCTs' JOINT OFFER FOR SUBSCRIPTION
The Company participated with Mobeus Income & Growth 4 VCT plc (formerly Matrix Income & Growth 4 VCT plc) and Mobeus Income & Growth VCT plc (formerly Matrix Income & Growth VCT plc) in a linked fundraising that closed on 30 June 2012.
During the quarter, the Company issued and allotted a total of 2,965,714 ordinary shares at a price of 106.4 pence per share, raising net proceeds of £ 2.986 million.
A further 341,380 ordinary shares were issued and allotted following the period-end in July 2012 at a price of 111.6 pence per share, raising further net proceeds of £0.361 million.
A total of £15.505 million across the three VCTs was subscribed for under the Offer, of which £5.168 million was raised by the Company.
CHANGE OF CONTROL AT THE MANAGER
With effect from 30 June 2012, the Manager, together with all its staff, became a fully independent firm owned by its partners and renamed itself Mobeus Equity Partners LLP ("Mobeus").
The Company's investment strategy and its arrangements with Mobeus, in particular the Manager's investment approach and services, remain unchanged. TheManager continues to be wholly dedicated to the management and administration of VCTs.
For further information, please contact:
Sarah Penfold, for Mobeus Equity Partners LLP, Company Secretary: 020 7024 7616
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