3 Nov 2009 11:54
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 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 30 September 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 30 September 2009 | At 30 June 2009 | |
| Net assets attributable to Ordinary shareholders | £10,104,000 | £9,648,000 |
| Ordinary Shares in issue | 12,400,991 | 12,400,991 |
| Net asset value per Ordinary share | 81.48 pence | 77.80 pence |
| Cumulative dividends paid | 8.0 pence | 8.0 pence |
An interim dividend of 1 penny per Ordinary Share was paid on 19 October 2009 to shareholders on the register on 25 September 2009, taking the cumulative dividends paid to date to 9 pence.
PERFORMANCE
The UK economy contracted by a further 0.4% over the quarter, making the current recession the longest since modern records began in 1955. However, in spite of the challenging economic environment, the net asset value per Ordinary Share increased by 4.73% over the period. This was due largely to rises in AIM-listed Portland Gas plc and Pressure Technologies plc, as well as the Neptune Quarterly Income Fund and the Neptune Income Fund. In contrast, shares in Relax Group plc fell back after the group experienced working capital pressures.
INVESTMENT ACTIVITY
In early October £410,000 was invested in Terrain Energy Limited, a company established to develop a portfolio of oil and gas producing assets in the UK. The board comprises individuals with significant financial, operational and legal experience in the oil and gas sector. On 14th October, Terrain signed an agreement to acquire its first interests, which comprises a balanced portfolio of exploration, development and production interests from Egdon Resources plc, although these acquisitions remain subject to a number of approvals from the Department of Energy and Climate Change (DECC) and licence partners.
There were no disposals or realisations during the period.
SHARE BUY-BACKS
During the quarter ended 30 September 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 30 September 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 of Neptune Calculus Income and Growth VCT plc: 020 7493 4940