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6 Feb 2008 12:30
The Income & Growth VCT plc (the Company)
INTERIM MANAGEMENT STATEMENT For the quarter ended 31 December 2007 NET ASSET VALUE PER SHARE At 31 December At 30 September 2007 2007
Net assets attributable to shareholders ‚£37,179,980 ‚£36,778,493
Shares in issue 36,303,436 36,589,479
Net asset value per Ordinary Share *102.41pence **100.52 pence
*including current year income of 0.14p
** including current year income of 0.65p
SHARE BUY-BACKS and ISSUES
During the quarter the Company bought back a total of 322,068 Ordinary Shares at a price of 90.468 pence per share. 36,025 Ordinary Shares were allotted at a price of ‚£1.0495 pence per share, under the Company's dividend investment scheme.
NEW INVESTMENTS
The Company made three further investments in the quarter. ‚£516,900 was invested in Focus Pharma Holdings Limited, a distributor of generic drugs, and ‚£424,447 in Monsal Holdings Limited, which provides engineering services to the water and waste sectors. In addition, a further ‚£387,764 was invested in Oxonica plc.
DIVESTMENTS
There were several disposals, most notably being Ministry of Cake Holdings Limited, which was sold for net proceeds of ‚£1,802,824, realising a profit of ‚£ 1,081,544. In addition, a further receipt of ‚£397,489 was received in respect of the Company's former investment in Secure Mail Services, where further deferred consideration became payable to the Company, all of which is an additional realised gain.
In December, one of the Company's investments, BBI Holdings PLC, received an agreed takeover offer. The Company has sold its entire investment in the market in January 2008, at a higher price than the offer price, realising a further profit of ‚£1,397,079, although all but ‚£195,375 of this gain was already included within the net asset value per share disclosed above.
S SHARE OFFER
The Company expects to commence allotting shares shortly, in accordance with the offer for subscription of up to 15 million S shares, to be issued at ‚£1 per share, launched on 14 December 2007.
For further information, please contact:
Robert Brittain, for Matrix-Securities Limited, Company Secretary: 020 7925 3300
THE INCOME & GROWTH VCT PLC
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