REG - The Inc & Grwth VCT - Interim Management Statement

Income and Growth VCTAnnouncement

12/09/2024 17:45

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RNS Number : 0318E  Income & Growth VCT (The) PLC  12 September 2024

The Income & Growth VCT plc

("the Company")

LEI:  213800FPC15FNM74YD92

 

INTERIM MANAGEMENT STATEMENT

For the quarter ended 30 June 2024

 

The Income & Growth VCT plc presents an Interim Management Statement for
the quarter ended 30 June 2024. The statement also includes relevant financial
information between the end of the period and the date of this statement.

 

Investors should note that a more recent NAV per share (as at 26 July 2024)
has also been announced (see "Acquisition of Mobeus Income & Growth 4 VCT
plc" at the end of this Statement).

 

NET ASSET VALUE AND TOTAL RETURN PER SHARE

                                                                                           At 30 June 2024              At 31 March 2024

                                                                                           (unaudited)                  (unaudited)
 Net assets attributable to shareholders                                                   £113,468,967                 £115,292,676
 Shares in issue                                                                           156,392,897                  155,187,008
 Net asset value (NAV) per share                                                           72.55p                       74.29p
 Cumulative dividends paid                                                                 162.50p                      159.50p
 Cumulative Total return (net asset value basis) per share since inception                 235.05 p                     233.79 p

The NAV per share has decreased by 1.74 pence in the quarter (a decrease of
2.3% upon the opening NAV per share). This decrease was principally due to a
dividend payment of 3.00 pence per share paid on 7 June 2024 partially offset
by an increase in the unrealised valuation of the portfolio.

 

 

INVESTMENT ACTIVITY DURING THE PERIOD

New Investments during the period

In June 2024, a new equity and loan investment of £0.99 million was made into
OnSecurity, a B2B cybersecurity business providing independent third-party
penetration testing.

 

Further Investments during the period

In June 2024, a follow-on equity and loan investment of £1.95 million was
made into ActiveNav, a provider of global market leading file analysis
software for information governance, security and compliance and £0.09
million loan investment into Dayrize, a provider of a rapid sustainability
impact assessment tool.

 

DIVIDEND PAID DURING THE PERIOD

On 7 June 2024, an interim dividend of 3.00 pence per share in respect of the
year ended 30 September 2024 was paid to all Shareholders whose names were on
the register on 17 May 2024.

DIVIDEND INVESTMENT SCHEME ("DIS")

Following the dividend paid in June as detailed above, the Company
subsequently allotted 1,205,889 new Ordinary Shares of 1.00 pence each under
the Company's DIS at a price of 71.29 pence per share.

 

 

INVESTMENT ACTIVITY AFTER THE PERIOD END

Follow-on investment after the period end

In July 2024, a follow on equity investment of £0.55 million was made into
Orri, which are specialists in eating disorder support. In August 2024, a
follow-on equity investment of £0.94 million was made into Vivacity, a
provider of artificial intelligence and urban traffic control systems.

 

Share Buyback after the period end

On 2 July and 30 August 2024, the Company purchased 643,122 and 802,473 of its
own ordinary shares at a price of 67.73 and 68.73 pence per share
respectively.

 

All shares bought back by the Company were subsequently cancelled.

 

 

ACQUISITION OF MOBEUS INCOME & GROWTH 4 VCT PLC

The merger of the Company with Mobeus Income & Growth 4 VCT plc ("MIG4")
as set out in the RNS announcement on 18 June 2024, was approved by
shareholders and completed on 18 July 2024.  The unaudited NAV per share
issued on 26 July 2024 was 72.35 pence, which is the current NAV per share of
the Company.

 

DIVIDEND DECLARED AFTER PERIOD END

On 11 September 2024, an interim dividend of 3.00 pence per ordinary share, in
respect of the year ending 30 September 2024 was declared.  The dividend will
be paid on 18 October 2024 to Shareholders on the Register on 20 September
2024.  The ex-div date is 19 September 2024.

 

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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