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12 Sep 2024 17:31
The Income & Growth VCT plc
("the Company")
LEI: 213800FPC15FNM74YD92
INTERIM MANAGEMENT STATEMENT
For the quarter ended 30 June 2024
The Income & Growth VCT plc presents an Interim Management Statement for the quarter ended 30 June 2024. The statement also includes relevant financial information between the end of the period and the date of this statement.
Investors should note that a more recent NAV per share (as at 26 July 2024) has also been announced (see "Acquisition of Mobeus Income & Growth 4 VCT plc" at the end of this Statement).
NET ASSET VALUE AND TOTAL RETURN PER SHARE
| At 30 June 2024 (unaudited) | At 31 March 2024 (unaudited) |
Net assets attributable to shareholders | £113,468,967 | £115,292,676 |
Shares in issue | 156,392,897 | 155,187,008 |
Net asset value (NAV) per share | 72.55p | 74.29p |
Cumulative dividends paid | 162.50p | 159.50p |
Cumulative Total return (net asset value basis) per share since inception | 235.05 p | 233.79 p |
The NAV per share has decreased by 1.74 pence in the quarter (a decrease of 2.3% upon the opening NAV per share). This decrease was principally due to a dividend payment of 3.00 pence per share paid on 7 June 2024 partially offset by an increase in the unrealised valuation of the portfolio.
INVESTMENT ACTIVITY DURING THE PERIOD
New Investments during the period
In June 2024, a new equity and loan investment of £0.99 million was made into OnSecurity, a B2B cybersecurity business providing independent third-party penetration testing.
Further Investments during the period
In June 2024, a follow-on equity and loan investment of £1.95 million was made into ActiveNav, a provider of global market leading file analysis software for information governance, security and compliance and £0.09 million loan investment into Dayrize, a provider of a rapid sustainability impact assessment tool.
DIVIDEND PAID DURING THE PERIOD
On 7 June 2024, an interim dividend of 3.00 pence per share in respect of the year ended 30 September 2024 was paid to all Shareholders whose names were on the register on 17 May 2024.
DIVIDEND INVESTMENT SCHEME ("DIS")
Following the dividend paid in June as detailed above, the Company subsequently allotted 1,205,889 new Ordinary Shares of 1.00 pence each under the Company's DIS at a price of 71.29 pence per share.
INVESTMENT ACTIVITY AFTER THE PERIOD END
Follow-on investment after the period end
In July 2024, a follow on equity investment of £0.55 million was made into Orri, which are specialists in eating disorder support. In August 2024, a follow-on equity investment of £0.94 million was made into Vivacity, a provider of artificial intelligence and urban traffic control systems.
Share Buyback after the period end
On 2 July and 30 August 2024, the Company purchased 643,122 and 802,473 of its own ordinary shares at a price of 67.73 and 68.73 pence per share respectively.
All shares bought back by the Company were subsequently cancelled.
ACQUISITION OF MOBEUS INCOME & GROWTH 4 VCT PLC
The merger of the Company with Mobeus Income & Growth 4 VCT plc ("MIG4") as set out in the RNS announcement on 18 June 2024, was approved by shareholders and completed on 18 July 2024. The unaudited NAV per share issued on 26 July 2024 was 72.35 pence, which is the current NAV per share of the Company.
DIVIDEND DECLARED AFTER PERIOD END
On 11 September 2024, an interim dividend of 3.00 pence per ordinary share, in respect of the year ending 30 September 2024 was declared. The dividend will be paid on 18 October 2024 to Shareholders on the Register on 20 September 2024. The ex-div date is 19 September 2024.
Please note that all of the above information is unaudited.
Other than as described above, there were no material events during the period and to the date of this announcement.
For further information, please contact:
Gresham House Asset Management Limited
Company Secretary
020 7382 0999
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