REG - The Inc & Grwth VCT - Interim Management Statement

Income and Growth VCTAnnouncement

27/02/2024 09:30

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RNS Number : 6145E  Income & Growth VCT (The) PLC  27 February 2024

The Income & Growth VCT plc

("the Company")

LEI:  213800FPC15FNM74YD92

 

INTERIM MANAGEMENT STATEMENT

For the quarter ended 31 December 2023

 

The Income & Growth VCT plc presents an Interim Management Statement for
the quarter ended

31 December 2023. 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 December 2023  At 30 September 2023

                                                                                           (unaudited)          audited)
 Net assets attributable to shareholders                                                   £115,851,751         £122,777,786
 Shares in issue                                                                           157,531,576          154,766,933
 Net asset value (NAV) per share                                                           73.54p               79.33p
 Cumulative dividends paid                                                                 159.50p              152.50p
 Cumulative Total return (net asset value basis) per share since inception                 233.04p              231.83p

The NAV per share has decreased by 5.79 pence in the quarter (a decrease of
7.3% upon the opening NAV per share).

 

 

INVESTMENT ACTIVITY DURING THE PERIOD

 

New Investments during the period

On 15 December 2023, a new equity investment of £1.50 million was made into
Ozone Financial Technology Limited, an open banking software developer.

 

On 21 December 2023, a new equity investment of £0.77 million was made into
Huddl Mobility Limited (trading as CitySwift), a passenger transport data and
scheduling software provider.

 

On 22 December 2023, a new equity investment of £0.53 million was made into
Azarc.io Inc, a cross-border customs automation software provider.

 

Further Investments during the period

On 20 November 2023, a follow on loan investment of £0.23 million was made
into Rota Geek Limited, a provider of cloud-based staff scheduling solutions.

 

On 11 December 2023, a follow on equity investment of £0.17 million was made
into Focal Point Positioning Limited, a provider of GPS enhancement software.

 

DIVIDEND PAID DURING THE PERIOD

On 8 November 2023, an interim dividend of 7.00 pence per share in respect of
the year ending

30 September 2023 was paid to all Shareholders whose names were on the
register on

13 October 2023.

 

INVESTMENT ACTIVITY AFTER THE PERIOD END

 

Follow-on investment after the period end

On 10 January 2024, a follow on equity investment of £0.64 million was made
into My TutorWeb Limited (trading as MyTutor), a digital marketplace for
online tutoring.

 

Realisation after the period end

The Company is pleased to announce the sale of Masters Removers Group (2019)
Limited ("MRG") to Elanders AB and alongside this, the sale of its shares in
MRG's domestic removals business to management. There is no material
difference in proceeds receivable compared to the value at which the Company
holds its investment in MRG. Further details will be announced via a separate
RNS in due course.

 

Share Buyback after the period end

On 19 January 2024, the Company purchased 1,237,907 of its own ordinary shares
at a price of

68.71 pence per share.

 

All shares bought back by the Company were subsequently cancelled.

 

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

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