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21 Sep 2017 07:00
The Income & Growth VCT plc
(the "Company")
INTERIM MANAGEMENT STATEMENT
For the quarter ended 30 June 2017
The Income & Growth VCT plc presents an Interim Management Statement for the quarter ended 30 June 2017. 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 2017 | At 31 March 2017
|
Net assets attributable to shareholders
| £70,172,049 | £69,881,428
|
Shares in issue | 72,937,089 | 72,468,771 |
Net asset value (NAV) per share | 96.21p¹ | 96.43p |
Cumulative dividends paid to date per share | 87.50p¹ | 84.50p |
Total return per share since inception (NAV basis) | 183.71p | 180.93p |
¹ This figure is before adjusting for a special dividend of 15.00 pence per share for the year ended 30 September 2017 described below. The payment of this dividend on 31 August 2017 reduced the NAV per share above to 81.21 pence per share.
DIVIDENDS
Following the quarter-end, on 3 August 2017, the Company declared a special interim dividend of 15.00 pence per share in respect of the financial year ending 30 September 2017. This dividend was paid on 31 August 2017 to shareholders on the Register on 11 August 2017, and brings the cumulative dividends paid per share since the launch of the current share class to 102.50 pence.
FUNDRAISING
On 6 September 2017, the Company launched a joint fundraising alongside three other Mobeus advised VCTs.
Under the Offers for subscription the Company is seeking to raise £15 million (£50 million across the Mobeus Advised VCTs) with an over-allotment facility of £10 million.
The Board is seeing strong demand for the Offer. To encourage early investment, Mobeus is offering an early investment incentive discount of 1% of the amounts subscribed for by investors on applications which are accepted up to the earlier of the first £50 million, in aggregate being raised across the Mobeus Advised VCTs, or Friday 3 November 2017.
Further details of the Offers are set out in the Prospectus, which was made available on 6 September 2017.
SHARE BUY-BACKS
There were no share buybacks during the quarter. On 7 July 2017 the Company purchased 57,463 of its own ordinary shares at a price of 84 pence per share for cancellation.
GENERAL MEETING
At a General Meeting held on 3 August 2017, shareholders approved a composite Special Resolution granting the Company authority to issue shares and to dis-apply pre-emption rights in connection with the joint fundraising.
INVESTMENT ACTIVITY
New Investments
On 6 July 2017, an amount of £2.04 million held in Manufacturing Services Investment Limited, a company preparing to trade, along with a further £1.17 million from the Company, was used to invest in B2C (Holdings) Limited (trading as Wetsuit Outlet), a leading online retailer in the water sports market (www.wetsuitoutlet.co.uk).
Realisations
After the period end, on 1 August 2017, £7.17 million was received from the sale of Entanet Holdings Limited to CityFibre Infrastructure Holdings plc. These proceeds were fully reflected in the net asset value of the Company at 30 June 2017. This realisation contributed to a return of 2.5 times the original investment cost, and an IRR of 39% in the three and a half years that this investment was held.
Loan Stock Repayments
On 3 May 2017, a £0.04 million loan stock repayment was received from TPSFF Holdings Limited (formerly The Plastic Surgeon Holdings - "TPSFF"). TPSFF also made two further loan repayments after the quarter end, totalling £0.16 million.
On 30 June 2017, a £0.08 million loan stock repayment was received from Aquasium Technology Limited.
Please note that all of the information above is unaudited.
Other than as described above, there were no other material events during the period 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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