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7 Feb 2018 13:36
The Income & Growth VCT plc
(the "Company")
INTERIM MANAGEMENT STATEMENT
For the quarter ended 31 December 2017
The Income & Growth VCT plc presents an Interim Management Statement for the quarter ended 31 December 2017. The statement also includes relevant financial information between the end of the quarter and the date of this statement.
NET ASSET VALUE AND TOTAL RETURN PER SHARE
At 31 December 2017 | At 30 September 2017 | |
Net assets attributable to shareholders | £77,386,512 | £64,348,751 |
Shares in issue | 94,040,850 | 79,204,702 |
Net asset value (NAV) pence per share | 82.29 | 81.24 |
Cumulative dividends paid to date pence per share since inception | 102.50 | 102.50 |
Total return pence per share since inception (NAV basis) | 184.79 | 183.74 |
1 This figure is before deducting the final dividend of 3.00 pence per share for the year ended 30 September 2017 described below. The payment of this dividend on 15 February 2018 will reduce the net asset value per share to 79.29 pence and increase cumulative dividends paid per share since inception of the current share class to 105.50 pence.
DIVIDENDS
No dividends were paid during the quarter.
A final dividend of 3.00 pence per share for the year ended 30 September 2017 was approved by shareholders at the Annual General Meeting of the Company held on 7 February 2018 ("the AGM"). This dividend will be paid on 15 February 2018 to shareholders on the share register on 12 January 2018.
SHARE BUY-BACKS
On 20 December 2017, the Company bought back 608,299 of its ordinary shares at a price of 72.77 pence per share.
ISSUES OF EQUITY
In connection with the Company's current fundraising activity, a total of 15,444,447 ordinary shares were issued during the quarter at prices ranging between 81.21 and 87.36 pence per share.
INVESTMENT ACTIVITY
New Investments
On 21 November 2017, a further £0.09 million was invested in BookingTek Limited
On 5 December 2017, a further £0.15 million was invested in Mpb Group Limited.
On 18 January 2018, £0.45 million was invested into Proactive Investors.
Realisations
On 5 December 2017, a further £0.12 million was received from Alaric Systems Limited, an investment realised in a previous year.
On 19 December 2017, the Company realised its investment in Gro-Group Holdings Limited. £4.19 million has been received in cash by the Company while up to a further £0.14 million in deferred consideration is potentially payable over the next 12 months, of which £0.02 million was paid on 1 February 2018. Excluding deferred consideration, this transaction delivered the Company a realised gain over cost of £1.80 million, being 1.90 pence per share.
Loan Stock Repayments
On 1 and 2 November 2017 and 1 February 2018, TPSFF Holdings Limited made loan stock repayments of £0.04 million, £0.05 million and £0.08 million respectively.
Please note that all of the information above is unaudited.
Other than as described above, there were no material events during the quarter and to the date of this announcement.
For further information, please contact:
Robert King, for Mobeus Equity Partners LLP, Company Secretary: 020 7024 7600.
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