The Inc & Grwth VCT - Interim Management Statement
14/09/2022 17:25
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220914:nRSN5036Za&default-theme=true
RNS Number : 5036Z Income & Growth VCT (The) PLC 14 September 2022
The Income & Growth VCT plc
("the Company")
LEI: 213800FPC15FNM74YD92
INTERIM MANAGEMENT STATEMENT
For the quarter ended 30 June 2022
The Income & Growth VCT plc presents an Interim Management Statement for
the quarter ended 30 June 2022. 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 2022 At 31 March 2022
(unaudited) (unaudited)
Net assets attributable to shareholders £116.94 million £127.65 million
Shares in issue 128,826,156 129,217,701
Net asset value (NAV) per share 90.78 pence 98.79 pence
Cumulative dividends paid 140.50 pence 140.50 pence
Cumulative Total return (net asset value basis) per share since inception 231.28 pence 239.29 pence
The NAV per share has decreased by 8.01 pence in the quarter (a decrease of
8.1% upon the opening NAV per share). This decrease arises principally from a
fall in unrealised valuations.
INVESTMENT ACTIVITY DURING THE PERIOD
New investments during the period
On 5 May 2022, a new investment of £0.64 million was made into Lads Store
Limited (trading as Bidnamic), a marketing technology business.
Follow-on investments during the period
On 6 April 2022, a follow-on investment of £0.19 million was made into
Northern Bloc Ice Cream Limited, a dairy and allergen-free ice cream producer.
On 23 May 2022 a follow-on investment of £0.40 million, was made into Muller
EV Limited (trading as Andersen EV), a provider of premium electric vehicle
chargers.
On 14 June 2022 a follow-on investment of £0.31 million, was made into Rota
Geek Limited, a provider of workforce management software.
Realisation during the period
On 9 June 2022, the Company sold its investment in Media Business Insight
Holdings Limited for £5.27 million. Total proceeds received to date over the
seven and a half year life of the investment were £8.18 million compared to
an original investment cost of £3.67 million, which is a multiple on cost of
2.2x and an IRR of 13.7%.
INTENTION TO FUNDRAISE 2022/2023
The Board announced on 15 August 2022 its intention to launch joint offers for
subscription for the current tax year with the other Mobeus VCTs. A
prospectus containing the full details and terms of the offers will be
published in due course and announced to the London Stock Exchange.
SHARE BUY-BACKS
On 10 June 2022, the Company purchased 391,545 of its own ordinary shares at a
price of 90.05 pence per share.
All shares bought back by the Company were subsequently cancelled.
INVESTMENT ACTIVITY AFTER THE PERIOD END
New investments after the period end
On 9 September 2022, a new investment of £0.66 million was made into
FocalPoint Positioning Limited , a navigation and positioning technology
company].
On 12 September 2022, a new investment of £0.58 million was made into Orri
Limited, a provider of specialist eating disorder treatments.
Follow-on investments after the period end
On 5 July 2022, a follow on investment of £0.84 million was made into
Vivacity Labs Limited, an AI and urban traffic control business.
On 23 August 2022, a follow on investment of £0.46 million was made into
Bleach London Holdings Limited, hair colourants brand.
DIVIDENDS PAID/PAYABLE AFTER THE PERIOD END
On 8 July 2022, an interim dividend of 4.00 pence per ordinary share in
respect of the year ending 30 September 2022 was paid to all Shareholders
whose names were on the Register on 6 June 2022. Payment of this dividend has
reduced NAV per share and increased cumulative dividends paid by a
corresponding amount.
The Board has today declared a second interim dividend of 4.00 pence per share
in respect of the year ending 30 September 2022 to be paid on 7 November 2022
to those shareholders on the Register of Members on 23 September 2022.
Payment of these dividends will reduce NAV per share and increase cumulative
dividends paid (shown above) by a corresponding amount.
Please note that all of the above information 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:
Gresham House Asset Management Limited
Company Secretary
020 7382 0999
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END MSCZZGMLVDMGZZM