Income & Growth VCT (the) PLC Interim Management Statement (2657Z)
September 16 2015 - 8:27AM
UK Regulatory
TIDMIGV
RNS Number : 2657Z
Income & Growth VCT (the) PLC
16 September 2015
The Income & Growth VCT plc
(the "Company")
INTERIM MANAGEMENT STATEMENT
For the quarter ended 30 June 2015
The Income & Growth VCT plc presents an Interim Management
Statement for the quarter ended 30 June 2015. 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 June 2015 At 31 March
2015
Net assets attributable to shareholders GBP73,296,475 GBP74,663,780
Shares in issue 70,793,007 70,442,856
Net asset value (NAV) per share 103.54p 105.99p
Cumulative dividends paid to date per
share 68.50p 62.50p
Cumulative total return per share (NAV
basis) since launch 172.04p 168.49p
CUMULATIVE DIVIDENDS
On 30 June 2015, the Company paid an interim dividend of 6.00
pence per share (comprising 5.00 pence from capital and 1.00 penny
from income) in respect of the current year, bringing total
cumulative dividends paid per share since the inception of the
current share class to 68.50 pence.
SHARE BUY-BACKS
On 28 May 2015, the Company bought back 330,000 of its own
ordinary shares at a price of 95.25 pence per share.
ISSUE OF EQUITY
On 30 June 2015, the Company allotted 680,151 ordinary shares at
price of 90.50 pence per share. The shares were allotted further to
the Company's Dividend Investment Scheme in respect of the dividend
of 6.00 pence per share paid on 30 June 2015 referred to above.
INVESTMENT ACTIVITY
A new investment was made into Jablite Holdings Limited of
GBP0.52 million and a follow-on investment was made into CGi
Creative Graphics International Limited of GBP1.49 million.
In July, following the period end, the Company also invested
GBP1.21 million into Tushingham Sails Limited, a leading supplier
of stand up paddleboards.
There were no realisations during the period.
Following the period end, in August 2015, GBP0.07 million was
received from Newquay Helicopters (2013) Limited as an interim
distribution resulting from the members' voluntary liquidation of
that company. Also in August 2015, the Company realised part of its
loan stock and its entire equity investment in BG Training Limited
for cash proceeds of GBP0.41 million. The Company holds a remaining
loan stock investment in BG Training at a cost and value of GBP0.07
million. This realisation has contributed to total receipts to date
of GBP0.86 million by the Company over the life of this investment
compared to original cost of GBP1.00 million. The valuation of the
Company's investment in BG Training at 30 June 2015 was GBP0.46
million.
Loan Stock Repayments
A total of GBP0.92 million was received in loan stock repayments
and premiums during the quarter to 30 June 2015, from Jablite,
Tessella, Fullfield (Motorclean), Aussie Man, and Leap NewCo (Ward
Thomas).
After the period end, a further total of GBP0.67 million in loan
stock repayments and premiums has also been received.
REGULATORY DEVELOPMENTS
The Budget in March 2015 announced further amendments to VCT
legislation, specifically aimed at enabling the scheme to gain
continued approval under the European Commission's State Aid
guidelines.
The Summer Budget 2015 has proposed additional new rules
preventing VCTs acquiring existing shares or the principal trade
assets of businesses. It is expected that business acquisitions
using VCT finance will no longer be possible. The other key aspects
of the proposed new rules are as follows:
-- Introducing an 'age of company' restriction of a maximum of
seven years at the time of first State Aid investment;
-- Introducing a State Aid lifetime investment limit of GBP12 million; and
The proposals remain subject to approval by the European
Commission so the date when these proposals become legislation is
uncertain, but currently the new rules are expected to apply to
investments using VCT finance from October 2015. The precise
details and implications for the VCT's future investment programme
will only be fully clear once the legislation is enacted. However,
in the longer term, the Investment Adviser anticipates a reduction
in the range of companies that the VCT could consider as potential
investments, together with changes in the Company's investment
strategy. In the meantime, the Investment Adviser, along with
others in the industry, is in discussions with HM Treasury about
the restrictive nature of the proposed new rules.
Please note that all of the information above is unaudited.
Other than as described above, there were no material events
during the period and to the date of this announcement.
For further information, please contact:
Sarah Penfold, for Mobeus Equity Partners LLP, Company
Secretary: 020 7024 7600
This information is provided by RNS
The company news service from the London Stock Exchange
END
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