18 Nov 2011 16:54
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 30 September 2011
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 30 September 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 September 2011 | At 30 June 2011 | |
Net assets attributable to Ordinary shareholders | £6,835,000 | £7,199,000 |
Ordinary Shares in issue | 11,635,043 | 11,635,043 |
Net asset value per Ordinary share | 58.74 pence | 61.87 pence |
Cumulative dividends paid | 15.5 pence | 15.5 pence |
An interim dividend of 1 penny per Ordinary Share was paid on 17 October 2011 to shareholders on the register on 23 September 2011, taking the cumulative dividends paid to date to 16.5 pence.
PERFORMANCE
Net assets per Ordinary share fell by 5% during the quarter. During this period the FTSE-All share fell by 14.9%. The qualifying portfolio which comprises loanstocks and preference shares as well as quoted and unquoted equities was affected less severely by the market decline than the Neptune Funds which are biased towards larger cap stocks.
INVESTMENT ACTIVITY
As noted in the Interim accounts, in August 2011, the Company completed a £328,000 investment into Abingdon based Lime Technology Limited (Lime). £128,000 of this was provided as ordinary equity with the remaining £200,000 in the form of long-term loan stock with a coupon of 8 per cent. Lime was founded in 2002 and is a leader in renewable lime and hemp based building products for the mainstream construction industry. The Company also realised £200,000 from the sale of £100,000 of Neptune Quarterly Income Fund Income units and £100,000 of the Neptune Income Fund Income A Class Units. Since the period end Waterfall Services Limited has redeemed at par the 116, 667 preference shares of £1 each held by the Company and a further £85,000 has been invested in ordinary equity in Lime.
SHARE BUY-BACKS
During the quarter ended 30 September 2011 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 30 September 2011 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 of Neptune Calculus Income and Growth VCT plc: 020 7493 4940