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15 Feb 2013 07:00
THE INCOME & GROWTH VCT PLC - Interim Management StatementTHE INCOME & GROWTH VCT PLC - Interim Management Statement
PR Newswire
London, February 12
In accordance with Rule 4.3 of the Disclosure and Transparency Rules of the UKListing Authority, The Income & Growth VCT plc presents an Interim ManagementStatement for the quarter ended 31 December 2012. The statement also includesrelevant financial information between the end of the period and the date ofthis statement.
NET ASSET VALUE AND TOTAL RETURN PER SHARE
At 31 December At 30 September 2012 2012Net assets attributable to shareholders £52,849,793 £50,551,985Shares in issue 46,005,656 46,115,656Net asset value (NAV) per share 1 114.88p 109.62pNet cumulative dividends paid per share 2 28.50p 28.50pCumulative total return per share (NAV basis) since launch 1 143.38p 138.12p
---------------------------------------------------------------1 NAV per share includes current year income of 0.65p 2. 26p2 A further dividend of 6 pence per share was paid on 8 February 2013 (seebelow for further details).
The total return per share (NAV basis) for the quarter ended 31 December 2012has increased by 4.80% due mainly to uplifts in the valuations of a number ofinvestments in the portfolio.
INVESTMENTS AND DIVESTMENTS
The Company has not completed any investments during the quarter to 31 December2012, but has made disposals as follows:
The Company fully realised its investment in Brookerpaks Limited in November2012 for proceeds of £600k through a sale to the company's management team.Over the time the VCT held this investment, a return of 3.84 times the cost ofthe investment was returned.
Loan stock repayments were received from Duncary 8 Limited of £125k, BlazeSigns Holdings Limited of £609k and Tessella Holdings Limited of £25k duringthe quarter.
1,250,000 shares in IDOX plc were disposed of during the quarter realisingproceeds of £514k.
12,500 shares in Tikit Group plc were realised for proceeds of £41k.
Tikit Group plc was acquired by British Telecommunications plc in January 2013at a price of 416 pence per share, realising £322k for the VCT's remaininginvestment compared to the valuation at 30 September 2012 of £247k. Thus thetotal gain realised after the quarter end was £116k.
Espial Group Inc, a company listed on the Toronto Stock Exchange, announced arecommended offer for ANT plc at 20.5 pence per share, valuing the VCT'sinvestment at £135k compared to the valuation at 30 September 2012 of £131k.
DIVIDENDS
The Company paid an additional interim dividend of 6 pence per share(comprising 3 pence from capital and 3 pence from income) to shareholders on 8February 2013 in respect of the year ended 30 September 2012.
This dividend brings cumulative dividends paid to 34.50 pence per share (48.20pence per share, for those shareholders who invested in 2000/01). Further, ithas reduced the NAV per share announced above to 108.88 pence per share.
As stated the Annual Report of the Company for the year ended 30 September2012, no final dividend in respect of that year was recommended to shareholdersat the Annual General Meeting of the Company held on 13 February 2013.
SHARE BUY-BACKS
The Company bought back 110,000 of its own shares on 20 December 2012 at 96.00pence per share.
MOBEUS VCTs' JOINT OFFER FOR SUBSCRIPTION
The Company launched a further linked fundraising with Mobeus Income & GrowthVCT plc and Mobeus Income & Growth 4 VCT plc on 29 November 2012 to raise up to£21 million across the three VCTs of which up to £7 million will be allocatedto the VCT ("the Offer").
The Offer will remain open until 12.00 noon on 30 April 2013 (5 April 2013 inrespect of the current tax year) although the Directors of the three VCTsreserve the right to extend the closing date at their discretion.
Applications totalling £2.8 million have been received under the Offer to datein respect of this Company.
ISSUE OF EQUITY
The Company allotted 1,701,451 shares under the Mobeus VCTs' Linked Offer at aprice of 116.00 pence per share on 14 January 2013.
The Company allotted a further 359,828 shares under the Company's DividendInvestment Scheme in relation to the interim dividend in respect of theyear-ended 30 September 2012 paid on 8 February 2013 at a price of 92.75 penceper share on 11 February 2013.
ENHANCED BUYBACK FACILITY (EBF)
The VCT offered an Enhanced Buyback Facility (EBF) to Shareholders in January2013 by way of a tender offer to purchase from Shareholders up to 50% of theissued capital of the Company. A General Meeting to approve the Scheme will beheld at 12.00 noon on 22 February 2013. If approved, the Scheme will remainopen until 12.00 noon on 20 March 2013.
For further information, please contact:
Sarah Penfold, for Mobeus Equity Partners LLP, Company Secretary: 020 7024 7616.