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16 Feb 2010 14:03
The Income & Growth VCT plc ("the Company") INTERIM MANAGEMENT STATEMENT For the quarter ended 31 December 2009
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 31 December 2009. 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
`O' Share Fund `S' Share Fund At 31-Dec-09 At 30-Sep- At 31-Dec-09 At 30-Sep-09 09 Net assets attributable to £24,995,094 £24,881,881 £10,995,037 £11,001,216shareholders Shares in issue 34,620,627 34,824,397 11,806,467 11,806,467 Net asset value (NAV) per share * 72.20p 71.45p 93.13p 93.18p
Cumulative dividends paid to date per 20.45p 20.45p 00.00p 00.00p share
Total return per share since inception 92.65p 91.90p 93.13p 93.18p (NAV basis)*
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* NAV per share includes current year (0.15)p 0.52p (0.26)p 0.09p income of
As announced on 16 December 2009, the Board is recommending a final income dividend of 0.5 pence and a final capital dividend of 1.5 pence payable to `O' Fund Shareholders in respect of the year ended 30 September 2009 at the Annual General Meeting to be held on 3 March 2010. Including these dividends, cumulative dividends paid to `O' Fund Shareholders to date amount to 22.45 pence per `O' Share.
Your Board will be recommending a final income dividend of 0.5 pence per `S' Share in respect of the year ended 30 September 2009 at the Annual General Meeting to be held on 3 March 2010.
The dividends will be paid on 17 March 2010 to both `O' and `S' Shareholders on the Register on 19 February 2010.
PROPOSALS TO MERGE THE SHARE CLASSES OF THE COMPANY, APPROVE REVISED MANAGEMENT AND ADMINISTATION AGREEMENTS AND AMEND THE COMPANY'S INVESTMENT POLICY
The Company will shortly be circulating to Shareholders a Circular setting out the Board's proposals to merge the Share Classes of the Company, approve revised management and administration arrangements and amend the Company's investment policy.
SHARE BUY-BACKS and ISSUES
During the quarter the `O' Share Fund bought back a total of 203,770 `O' Shares at an average price of 47.52 pence per share. Following the end of the quarter the Fund bought back a further 132,508 `O' Shares at an average price of 46.78 pence per share.
NEW INVESTMENTS
The `O' Share Fund made a further investment of £90,909 into British International Holdings Limited in November.
In December, one of the `O' Share Fund's acquisition vehicles, Calisamo Management Limited changed its name to CB Imports Group Limited on completing the management buy-out of Country Baskets, an established importer and distributor of floral sundries. The Company invested a total of £1 million comprising £696,911 from the `O' Share Fund and £303,089 from the `S' Share Fund.
Also in December, the Company invested £1 million (`O' Share Fund: £696,909; `S' Share Fund: £303,091) to finance the management buy-out of Iglu.com, the UK's largest specialist ski holiday travel agent and fastest growing cruise holiday travel agent.
After the quarter end, in January, the `O' Share Fund made a further investment of £423,486 into HWA Group Limited (Holloway White Allom) to provide additional working capital to this specialist contractor in the high end residential and heritage property refurbishment market.
DIVESTMENTS
In November, the `O' Share Fund fully realised its investment in PastaKing Holdings Limited, the Newton Abbot based award winning supplier of fresh pasta meals to the education sector and industry.
This investment was sold to NBGI Private Equity for net proceeds of some £ 787,483, contributing to total proceeds of some £949,065 to the `O' Share Fund over the life of the investment and representing a 3.25 fold return on the Fund's original investment of £292, 405.
The Company also received loan stock repayments during the quarter from DiGiCo Europe Limited of £142,805 plus a premium of £10,634 (`O' Share Fund only) and MC 440 Limited (Westway Cooling) repaid £68,532 (`O' Share Fund: £47,761; `S' Share Fund: £20,771) plus a premium of £3,427 (`O' Share Fund; £2,388; `S' Share Fund: £1,039).
For further information, please contact:
Sarah Penfold, for Matrix-Securities Limited, Company Secretary: 020 3206 7000
THE INCOME & GROWTH VCT PLC
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