19 May 2009 15:40
Neptune Calculus Income and Growth VCT plc - Interim Management Statement
Neptune Calculus Income and Growth VCT plc (the company)
INTERIM MANAGEMENT STATEMENT
For the quarter ended 31 March 2009
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 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
| At 31 March 2009 | At 31 December 2008 | |||
| Ordinary Shares | C Ordinary Shares | Ordinary Shares | C Ordinary Shares | |
|
Net assets attributable to shareholders | £3,147,000 |
£6,411,800 | £3,196,000 | £6,472,000 |
| Shares in issue | 4,100,806 | 8,776,764 | 4,100,806 | 8,776,764 |
| Net asset value per share | 76.73 pence | 73.05 pence | 77.94 pence | 73.74 pence |
| Cumulative dividends paid and proposed | 8.0 pence | 3.9 pence | 8.0 pence | 3.9 pence |
At as 30 April 2009 the net Asset value per Ordinary share was 82.42p and the net asset value per C Ordinary share was 76.50p prior to conversion of the C Ordinary shares to Ordinary shares.
C SHARE CONVERSION
On 30 April 2009 the 8,776,764 C Ordinary shares were converted into 8,300,185 Ordinary shares taking the total number of Ordinary shares in issue to 12,400,991. The net asset value per Ordinary Share on 30 April 2009 following conversion of the C Ordinary shares to Ordinary shares was 81.4p
PERFORMANCE
In a quarter of continuing difficult economic conditions during which the UK economy contracted by approximately 1.9%, the net asset value per Ordinary Share fell by 1.55% and the net asset value per C Ordinary share fell by 0.94%. Stock markets were volatile with company valuations remaining depressed. However there was some good news. In early March, EpiStem Holdings plc in which the company holds 202,063 shares with a book cost of £250,901 signed a major research and development deal with the Swiss drug marker Novartis which will transform Epistem Holdings plc from a Contract Research Services company into a drug development company with secure funding and a much higher revenue potential. The Epistem share price had increased to £2.55 by 31 March 2009 valuing the investment at £515,260 and by 30 April 2009 the share price had risen to £3.50 valuing the investment at £707,221
INVESTMENT ACTIVITY
During the quarter the Company invested a further £120,000 in Managed Support Services PLC as part of a £6million fundraising to provide funds for the management to exploit acquisition opportunities at the depressed stage of the business cycle. There were no disposals or realisations during the period.
SHARE BUY-BACKS
During the quarter ended 31 March 2009 the company did not buy back any shares.
MATERIAL EVENTS
Other than described above, the Board is not aware of any significant event or transaction which has occurred between 31 March 2009 and the date of publication of this Interim Management Statement which would have a material impact on the financial position of the Company.
For further information please contact:
John Glencross for Neptune Calculus Income and Growth VCT plc: 020 7493 4940