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8 Aug 2011 16:35
The Income & Growth VCT plc ("the Company") INTERIM MANAGEMENT STATEMENT For the quarter ended 30 June 2011
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 30 June 2011. 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 2011 At 31 March 2011 Net assets attributable to shareholders £42,089,235 £39,518,614 Shares in issue 40,959,238 39,479,195 Net asset value (NAV) per share * 102.8 p 100.1 p Cumulative dividends paid to date per share 4.5 p 4.5 p Total return per share since inception (NAV 107.3 p 104.6 pbasis)* -------------------------------------- * NAV per share includes current year income of 1.8 p 0.6 p
NEW INVESTMENTS AND DIVESTMENTS
The VCT received final loan stock repayments of £166,667 from Camwood Enterprises Limited and £204,654 plus a premium of £51,164 from MachineWorks Software Limited in April 2011.
No new investments or further divestments were made during the quarter. The following investment activity has however taken place after the period-end in July 2011:-
A further loan stock investment of £106k into Monsal Holdings Limited has been committed by the Company, alongside other Matrix VCTs and other shareholders, to provide £1.75 million to fund a working capital need resulting from completion delays in an existing contract and in obtaining new contracts. The first tranche of this new investment, £28,297, was drawn down in July and a further tranche of £14,149 is due to be drawn down shortly.
The VCT completed an investment of £1,718,189 to support the MBO of Motorclean Group, the UK's leading provider of vehicle cleaning and valet services to the car dealership market, partly using the Company's existing investment of £1 million in the acquisition vehicle Fullfield Limited.
The Company has fully realised its investment in Amaldis (2008) Limited, the holding company for the Original Additions Group. The VCT's investment was sold to LDC, for net proceeds of £2.3 million, comprising capital proceeds of £1.9 million (including £538k of loan stock issued by the acquirer) and interest of £427k, on 18 July 2011. This realisation contributed to total proceeds of £4.2 million to the Company over the life of the investment, representing a 4.2 times return on the Company's original investment of £1 million.
A final loan stock repayment of £166,667 was received from AppDNA Limited.
SHARE BUY-BACKS
During the quarter the VCT bought back a total of 323,875 of the Company's own shares at an average price of 89.0 pence per share. No further shares have been bought back by the Company since the period-end.
MATRIX VCTs' JOINT OFFER FOR SUBSCRIPTION
During the quarter, the Company issued and allotted a total of 1,803,918 ordinary shares at a price of £1.058 per share, raising net proceeds of £1.8 million.
Since the quarter end the Company has allotted a further 153,791 ordinary shares at a price of £1.06 per share, raising further net proceeds of £154k.
The Offer closed on 30 June 2011 having raised a total of 5.2 million (net) for the Company.
For further information, please contact:
Sarah Penfold, for Matrix Private Equity Partners LLP, Company Secretary: 020 3206 7000
XLON
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