Income & Growth VCT (The) PLC Admission to AIM of Parsley Box Group plc (0349U)
March 31 2021 - 03:00AM
UK Regulatory
TIDMIGV
RNS Number : 0349U
Income & Growth VCT (The) PLC
31 March 2021
THE INCOME & GROWTH VCT PLC
(the "Company")
LEI: 213800FPC15FNM74YD92
31 March 2021
Admission to AIM of Parsley Box Group plc
The Board is pleased to announce that, this morning, Parsley Box
Group plc ("Parsley Box"), an existing portfolio company, was
admitted to trading on AIM, a market operated by the London Stock
Exchange, alongside a placing of new and existing shares. The
Placing Price of these shares was GBP2.00 per share, valuing
Parsley Box at a market capitalisation of GBP83.8 million.
The Company now holds 1,807,279 shares in Parsley Box after
acquiring 7,715 new ordinary shares at the Placing Price of GBP2.00
and a top-slicing sale of 899,780 shares to new investors. The sale
realised net proceeds of GBP1.73 million for the Company (net of
transaction costs), representing 0.64 pence of the NAV per share
uplift below. This partial sale generated a 4.0x return on the
shares sold, as well as securing an overall return of 1.3x on the
Company's entire investment to date.
Based upon the Placing Price of GBP2.00 per share, the Company's
investment in Parsley Box is valued at GBP3.61 million which, with
the net sale proceeds of GBP1.73 million above, represents a total
uplift in value of GBP2.28 million, compared to that included in
the Company's Net Asset Value ("NAV") per share at 31 December
2020.
In isolation, the impact of this uplift in valuation upon the
Company's NAV per share as at 31 December 2020 of 79.17 pence is a
further increase of 1.93 pence per share. The Company emphasises
that this increase in NAV per share is in isolation from other
changes in the Company's balance sheet, including the uplift of
5.58 pence per share already announced on 2 March 2021 in respect
of the admission to trading of the Company's shares in Virgin Wines
UK plc and other valuation and transaction movements in the
Company's investment portfolio, that may also have affected the NAV
per share since 31 December 2020.
The Board and Mobeus Equity Partners LLP are proud to have
partnered the management of Parsley Box in growing this business
since the Company's original investment in 2019. We continue to
support Parsley Box and its future growth and development and are
pleased to retain an equity holding of 4.31%.
For further information, please contact:
Mobeus Equity Partners LLP, Company Secretary
020 7024 7600
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