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25 Feb 2022 15:00
The Income & Growth VCT plc
("the Company")
LEI: 213800FPC15FNM74YD92
INTERIM MANAGEMENT STATEMENT
For the quarter ended 31 December 2021
The Income & Growth VCT plc presents an Interim Management Statement for the quarter ended 31 December 2021. 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 31 December 2021 (unaudited) | At 30 September 2021 (audited) |
Net assets attributable to shareholders | £126.87 million | £119.09 million |
Shares in issue | 118,124,706 | 118,554,881 |
Net asset value (NAV) per share | 107.41 pence | 100.45 pence |
Cumulative dividends paid | 136.50 pence | 136.50 pence |
Cumulative Total return (net asset value basis) per share since inception | 243.91 pence | 236.95 pence |
The NAV per share has increased by 6.96 pence in the quarter (an increase of 6.9% upon the opening NAV per share). This positive performance is principally due to a continued rise in unrealised portfolio valuations.
SHARE BUY-BACKS
On 31 December 2021, the Company purchased 430,175 of its own ordinary shares at a price of 91.63 pence per share.
All shares bought back by the Company were subsequently cancelled.
INVESTMENT ACTIVITY DURING THE PERIOD
Follow-on investments during the period
On 8 October 2021 and 30 November 2021, follow-on investments of £0.16 million and £1.56 million, respectively, were made into Preservica Limited, a seller of proprietary digital archiving software.
On 23 December 2021, a follow-on investment of £0.43 million, was made into Data Discovery Solutions Limited (trading as Active Navigation), a provider of a global market leading file analysis software for information governance, security and compliance.
Realisation during the period
On 26 November 2021, the Company sold its investment in Vian Marketing (trading as Red Paddle) for £4.98 million. Total proceeds received to date over the six-year life of the investment were £5.97 million compared to an original investment cost of £1.21 million, which is a multiple on cost of 4.9x and an IRR of 31.5%. Further proceeds of £0.54 million were received after the period-end increasing the returns received to 5.4x multiple on cost and 33.2% IRR.
Loan repayments during the period
On 30 November 2021, a loan repayment of £0.58 million was received by the Company from Media Business Insight.
OFFER FOR SUBSCRIPTION AFTER THE PERIOD END
On 20 January 2022, the Company, Mobeus Income & Growth VCT plc (MIG), Mobeus Income & Growth 2 VCT plc (MIG 2) and Mobeus Income & Growth 4 VCT plc (MIG 4) (together the Mobeus VCTs), which are advised by Gresham House Asset Management Limited (Gresham House), jointly announced the opening of offers for subscription to raise, in aggregate, £35 million. The Company sought to raise £10 million through its offer for subscription and became fully subscribed on 21 January 2022. On 23 February 2022, at the Company's Annual General Meeting, Shareholders of the Company resolved to allot shares and disapply pre-emption rights in respect of the offer and, subsequently, the allotment in respect of applications received by the Company is scheduled to take place on or around 9 March 2022.
INVESTMENT ACTIVITY AFTER THE PERIOD END
New investments after the period end
On 10 February 2022, a new investment of £0.81 million was made into Proximity Insight, a retail software provider.
Follow-on investments after the period end
On 24 January 2022 and 22 February 2022, follow-on investments totaling £0.30 million were made into Caledonian Leisure, a UK Leisure and experience breaks provider.
Loan repayments after the period end
On 1 February 2022, a loan repayment of £0.12 million was received by the Company from Media Business Insight.
DIVIDEND PAID AFTER THE PERIOD END
On 7 January 2022, an interim dividend of 4.00 pence per ordinary share in respect of the year ended 30 September 2021 was paid to all Shareholders whose names were on the Register on 10 December 2021. The Company subsequently allotted 901,031 new Ordinary Shares of 1.00 pence each under the Company's Dividend Investment Scheme ("the Scheme") at a price of 95.45 pence per share. Following this allotment, the issued share capital of the Company is 119,025,737 Ordinary Shares and the total number of shares with voting rights in the Company is 119,025,737. The Company does not hold any shares in Treasury.
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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