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18 May 2010 09:54
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Neptune Calculus Income and Growth VCT plc - Interim Management Statement
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Neptune Calculus Income and Growth VCT plc (the Company)
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INTERIM MANAGEMENT STATEMENT
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For the quarter ended 31 March 2010
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In accordance with rule 4.3 of the Disclosure and Transparency Rules of the UK Listing Authority, Neptune Calculus Income and Growth VCT plc presents an Interim Management Statement for the quarter ended 31 March 2010. The statement also includes relevant financial information between the end of the period and the date of this statement.
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NET ASSET VALUE AND TOTAL RETURN PER SHARE
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At 31 March 2010 |
At 31 December 2009 |
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Net assets attributable to Ordinary shareholders |
Β£9,650,000 |
Β£9,690,000 |
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Ordinary Shares in issue |
12,400,991 |
12,400,991 |
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Net asset value per Ordinary share |
77.82 pence |
78.10 pence |
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Cumulative dividends paid |
9.0 pence |
9.0 pence |
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PERFORMANCE
The UK economy remains in a fragile state, and grew by only 0.2 per cent during the first quarter of 2010, hindered by the VAT rise and the disruption caused by snow in January. Over the same period, the net asset value per Ordinary Share fell marginally by 0.35 per cent. Overall, there was little movement in the investment portfolio, with rises in Expansys and Mount Engineering offset by falls in Brulines, Infrastrata and Pressure Technologies.
INVESTMENT ACTIVITY
As noted in the Annual Report and Accounts, in February 2010 the Company invested a further Β£126,000 in Heritage House Media as part of a Β£600,000 fundraising to provide additional working capital. There were no other investments made during the quarter.
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In March the Company sold its holding in Sport Media Group plc, and there were no other disposals or realisations during the quarter.
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The Company was 77.2 per cent invested in Qualifying Investments as of 31 March 2010. After taking into account the investments in the Neptune Income Fund and the Quarterly Neptune Income Fund, the Company is approaching effective full investment.
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MATERIAL EVENTS
The Board is not aware of any significant event or transaction which has occurred between 31 March 2010 and the date of publication of this Interim Management Statement which would have a material impact on the financial position of the Company.
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FINAL DIVIDEND
A final dividend of 2 pence per Ordinary Share was proposed on 19 March 2010 for shareholders on the register at 7 May 2010. This will be paid on 4 June 2010 assuming it is approved at the upcoming AGM. VCT dividends have the benefit that they are tax free.
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For further information please contact:
John Glencross of Neptune Calculus Income and Growth VCT plc: 020 7493 4940
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