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8 Aug 2014 08:58
The Income & Growth VCT plc ("the Company")
INTERIM MANAGEMENT STATEMENT
For the quarter ended 30 June 2014
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 2014. 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 2014 | At 31 March 2014 | |
Net assets attributable to shareholders | £71,949,439 | £67,785,947 |
Shares in issue | 60,071,803 | 57,928,126 |
Net asset value (NAV) per share | 119.77 p | 117.02 p |
Cumulative dividends paid to date per share | 44.50 p | 44.50 p |
Total return per share since inception (NAV basis) | 164.27 p | 161.52 p |
INTERIM DIVIDEND
An interim dividend of 6 pence per share was paid to shareholders on 3 July 2014 bringing cumulative dividends paid per share to 50.50 pence for those shareholders who invested in 2007/08 (60.34 pence, for those shareholders who invested in 2000/01). This dividend payment has reduced the NAV per share shown above to 113.77 pence, but total return per share since inception (NAV basis) remains at 164.27 pence.
INVESTMENT ACTIVITY
New Investments
In June 2014, the Company invested £1.42 million in Creative Graphics International Limited, a leading specialist provider of self-adhesive branding solutions to the automotive, recreational vehicle and airline markets.
After the period end, the Company invested £1.54 million in Tharstern Limited, the UK's leading supplier of software-based management information systems to the print sector.
Realisations
On 3 April 2014, the investment in Machineworks Software Limited was realised. Net cash proceeds were £0.73 million, which realised a net gain in the period of £0.15 million and a total net gain over cost of £0.71 million. Total cash proceeds received over the life of the investment are £1.22 million, being 4.1 times original cost of £0.30 million.
On 27 June 2014, the investment in ATG Media Holdings Limited was partially realised. Net cash proceeds received upon completion were £3.10 million, which realised a net gain in the period of £0.94 million and a total net gain over cost of £2.84 million. Total cash proceeds received to date are £3.67 million, being 1.8 times original cost of £2.00 million. In addition, the Company has retained a loan stock and equity investment in the business valued at £1.56 million.
On 30 June 2014, the investment in Monsal Holdings Limited was realised. Net cash proceeds were £0.67 million which realised a net gain in the period of £0.66 million and a total net gain over cost of £0.23 million. Total cash proceeds received over the life of the investment are £0.96 million, being 1.9 times original cost of £0.52 million.
After the period end, the remaining investment in DiGiCo Global Limited was realised for net cash proceeds of £1.14 million, which value is reflected in the net asset value per share at 30 June 2014. This has realised a net gain of £0.39 million for the year-to-date and a total net gain over cost of £1.14 million. Total cash proceeds received, since the original investment in the business was made in July 2007, are £3.61 million, being 5.5 times original cost of £0.66 million.
The Company also received loan stock repayments during the quarter ended 30 June 2014 totalling £1.07 million as follows:
Date | Investee company | Loan stock repayment received |
May 2014 | Newquay Helicopters (2013) Limited (formerly British International Holdings Limited) | £0.08 million |
May 2014 | Monsal Holdings Limited | £0.02 million |
June 2014 | C B Imports Imports Group Limited (trading as Country Baskets) | £0.63 million |
June 2014 | Tessella Holdings Limited | £0.06 million |
June 2014 | Fullfield Limited (trading as Motorclean) | £0.28 million |
The net cash proceeds for the four realisations and loan repayments above total £6.69 million.
SHARE BUY-BACKS
During the quarter the VCT bought back a total of 330,000 of the Company's own shares at an average price of 98.7 pence per share (including costs).
MOBEUS VCTs' LINKED OFFER FOR SUBSCRIPTION
During the quarter ended 30 June 2014, the Company issued and allotted a total of 673,661 ordinary shares in the Company at an average price of 121.55 pence per share, raising net proceeds of £0.79 million (after deducting initial costs).
Applications totalling £33.73 million werereceived under the Linked Offer which closed on 30 May 2014, of which £8.43 million was received for The Income & Growth VCT plc.
DIVIDEND INVESTMENT SCHEME
Following the period-end on 3 July 2014, the Company issued and allotted a further 450,137 ordinary shares in the Company at a price of 100 pence per share in respect of the dividend of 6 pence per share paid on 3 July 2014.
For further information, please contact:
Sarah Penfold, for Mobeus Equity Partners LLP, Company Secretary: 020 7024 7616
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