Income & Growth VCT (The) PLC Interim Management Statement (3881W)

TIDMIGV

RNS Number : 3881W

Income & Growth VCT (The) PLC

08 February 2017

The Income & Growth VCT plc

(the "Company")

INTERIM MANAGEMENT STATEMENT

For the quarter ended 31 December 2016

The Income & Growth VCT plc presents an Interim Management Statement for the quarter ended 31 December 2016. The statement also includes relevant financial information between the end of the quarter and the date of this statement.

NET ASSET VALUE AND TOTAL RETURN PER SHARE

 
                            At 31 December   At 30 September 
                                      2016              2016 
 Net assets attributable     GBP70,509,130     GBP70,840,638 
  to shareholders 
 Shares in issue                71,881,233        71,914,023 
 Net asset value (NAV) 
  per share                     98.09p (1)            98.51p 
 Cumulative dividends 
  paid to date per share 
  since inception                   80.50p            80.50p 
 Total return per share 
  since inception (NAV 
  basis)                           178.59p           179.01p 
 

(1) This figure is before deducting the final dividend of 4.00 pence per share for the year ended 30 September 2016 described below. The payment of this dividend on 15 February 2017 will reduce the net asset value per share to 94.09 pence and increase cumulative dividends paid per share since inception of the current share class to 84.50 pence.

DIVIDENDS

No dividends were paid during the quarter.

A final dividend of 4.00 pence per share for the year ended 30 September 2016 was approved by shareholders at the Annual General Meeting of the Company held on 8 February 2017 ("the AGM"). This dividend will be paid on 15 February 2017 to shareholders on the share register on 13 January 2017 and will bring cumulative dividends paid to shareholders in respect of the last five years to 76.00 pence per share.

SHARE BUY-BACKS

On 19 December 2016, the Company bought back 32,790 of its ordinary shares at a price of 88.50 pence per share.

INVESTMENT ACTIVITY

New Investments

In October 2016, GBP0.69 million was invested into BookingTek Limited, a provider of direct-booking software to major hotel groups.

In November 2016, GBP0.86 million was invested into Pattern Analytics Limited (trading as Biosite) a provider of biometric access control and software-based workforce management solutions for the construction sector.

In December 2016, GBP0.94 million was invested into Preservica Limited, a portfolio company providing software for the long-term preservation of digital records.

After the quarter-end GBP0.78 million was invested into Ibericos Etc. Limited (trading as Tapas Revolution), a leading Spanish restaurant chain in the casual dining sector.

There have now been six investments made in accordance with the Company's new Investment Policy, approved by shareholders in May last year. The new policy was introduced in response to new VCT rules that require all VCTs to provide growth capital to younger, earlier stage companies.

Realisations

There were no realisations during the quarter.

Loan Stock Repayments

In December 2016, a GBP0.60 million loan stock repayment was received from Barham Consulting Limited, a company preparing to trade.

After the quarter-end, in January 2017, a further GBP1.20 million loan stock repayment was received from Backhouse Management Limited, as well as GBP0.60 million from McGrigor Management Limited; both are companies preparing to trade.

Please note that all of the information above is unaudited.

Other than as described above, there were no material events during the quarter 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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February 08, 2017 12:32 ET (17:32 GMT)