IONA Environmental VCT PLC Interim Management Statement (9850X)

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RNS Number : 9850X

IONA Environmental VCT PLC

15 February 2013

Iona Environmental VCT Plc ("the Company")

Interim Management Statement

15 February 2013

This is an Interim Management Statement issued by the Company in accordance with the FSA's disclosure and transparency rule 4.3. This statement relates to the period from 1 October 2012 to 14 February 2013.

Unaudited Net Asset Value Per Share

As at 31 December 2012, the unaudited net asset value was 83.2p per Ordinary Share, 1.7p per A Share and 88.5p per B Share compared with 83.2p per Ordinary Share, 1.7p per A Share and 89.6p as at 30th September 2012.

David Eades, Iona Environmental VCT Plc's Chairman, said:

The fund remains well positioned to take advantage of a growing market opportunity in waste to energy infrastructure investments. This market is being driven by the Government's target to generate 15% of the UK's energy requirement from renewable sources by 2020 and landfill diversion targets supported by the landfill escalator tax.

Investments

During the period under review the Company invested a total of GBP2.3m in three new companies, Gradena Limited, Stanley Renewable Energy Ltd and JFS Howla Hay Biogas Limited. These investments increase the total of funds invested to over 70% of the ordinary issued share capital, which is the target requirement under VCT legislation. We are awaiting confirmation from HMRC that our final two investments satisfy VCT criteria and we have no reason to believe that this will not be forth coming.

In the period, Rosewood Energy Limited completed the final drawdown of the Company's investment of GBP221,944 and has started to pay the income expected from it. The other investments are at early stages of construction and the Company does not expect to receive any income from them until later in 2013.

Share Buybacks

No shares have been bought back during the period. As at 14 February 2013, the number of Ordinary Shares in issue was 5,345,499, the number of A Shares in issue was 8,018,246 and the number of B Shares in issue was 835,360.

Ends

For information please contact:

   Iona Capital 0207 629 9166   [e-mail] 

This statement aims to give an indication of material events and transactions that have taken place during the period from 1 October 2012 to the date of publication of this statement and their impact on the financial position of Iona Environmental VCT Plc. These indications reflect the Board's current view. They are subject to a number of risks and uncertainties and could change. Factors which could cause or contribute to such differences include, but are not limited to, general economic and market conditions and specific factors affecting the financial prospects or performance of individual investments within the Company's portfolio.

This information is provided by RNS

The company news service from the London Stock Exchange

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