16 May 2012 18:04
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 2012
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 2012. 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 2012 | At 31 December 2011 | |
Net assets attributable to Ordinary shareholders | £6,799,000 | £6,852,000 |
Ordinary Shares in issue | 11,635,043 | 11,635,043 |
Net asset value per Ordinary share | 58.4 pence | 58.9 pence |
Cumulative dividends paid | 16.5 pence | 16.5 pence |
PERFORMANCE
Net assets per Ordinary Share decreased by 0.75 per cent over the period to 31 March 2011. The investment portfolio benefited from gains in Epistem Holdings plc and in both the Neptune Funds but these increases were offset by a write down of loan stock in Heritage.
INVESTMENT ACTIVITY
During the quarter to 31 March 2012 the Company realised £200,000 when RMS group Holdings redeemed the final tranche of its loan stock held by the Company. Shortly after the quarter end the Company reinvested this cash plus an additional £200,000 in Participate Sport Limited, a mass participation sports events company as part of a larger fund raising to support the acquisition of Human Race. The merger creates the UK's largest and most diverse mass participation sports events company. The combined group owns and delivers over 55 events in triathlon, cycling, running, duathlon, aquathlon and open water swimming for over 100,000 participants of all abilities and ages. Also following the quarter end the Company realised £121,207 from a part redemption of its holding of preference shares in Triage Holdings Limited.
The Company continues to meet the requirements for approved VCT status.
SHARE BUY-BACKS
During the quarter ended 31 March 2012, the Company repurchased 283,163 Ordinary Shares for cancellation at a price of 52.5 pence per Ordinary share. After cancellation of these shares there will 11,351,880 Ordinary shares in issue.
FINAL DIVIDEND
A final dividend of 2 pence per Ordinary Share was proposed on 15 March 2012 which, subject to shareholder approval will be payable on 15 June to shareholders who were on the register on 11 May 2012.
MATERIAL EVENTS
Other than as disclosed herein, the Board is not aware of any significant event or transaction which has occurred between 31 March 2012 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 at Neptune Calculus Income and Growth VCT plc: 020 7493 4940