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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Arc Growth | LSE:AGCV | London | Ordinary Share | GB00B067NY94 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 35.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:0852M Arc Growth Company VCT plc 18 January 2008 FOR IMMEDIATE RELEASE 18 January 2007 Arc Growth Company VCT plc Arc Growth Company VCT plc ('the Company') is pleased to present the interim management statement for the period from 1st September 2007 to 16th January 2008 as required by the UK Listing Authority's Disclosure and Transparency Rule 4.3. Following the closing of the Initial Offer in June 2005 at £1.134m, the Company had an NAV of 94.5p per share after payment of the initial expenses. At 28 February 2006, this increased to 94.63 per share. In the first full year of operations ended on 28 February 2007, the number of investments had increased from two to seven, with one fully realised and the partial sale of another. During that year, a further £634,000 had been raised in two offers, increasing the issued share capital and share premium of the Company to £1.669m. During the same year, NAV rose to 123.51p per share, a full 29p above its initial position in June 2005. This performance was achieved via realised gains of £119,000 and unrealised appreciation in investment values of £387,000. Shareholders' funds stood at £2.183m against net funds raised of £1.669m. This performance resulted in the Company being ranked first out of 21 qualifying generalist VCT's raised in 2004/05 (Source : Alllenbridge). A maiden dividend of 7p per share has been declared, the capital element of which will be paid once court sanction for the cancellation of the Share Premium Account has been received. During the first half of the current year ended on 31 August 2007, NAV rose further to 137.5p per share. The number of investments rose to eleven, with a partial realisation of one, Vicorp, and the sale of the remainder of the holding in Traction. The latter was a significant achievement with almost £500,000 profit being obtained from the holding. Shareholders' funds for the Company rose to £2.43m. During the period under review, efforts have been concentrated upon finding further suitable VCT-qualifying investments and completing a Prospectus for the raising of further monies to invest. On 22 November 2007, the Company issued a Prospectus to raise up to an additional £7.5m by the issue of up to 7,500,000 C Shares of 50 pence each at a price of £1 per share. Applications are being received and a first allotment is expected in the near future. During the quarter ended 30th November 2007, only one further investment was made, a follow-on investment in M2FX plc of £57,000. Since that date, a further three investments have been made of £150,000 each in Dateline Holdings plc, an on-line and off-line dating agency, Snacktime plc, a vending machine operator which has just listed on AIM and Laser Broadcasting Limited, a media group incorporating local radio stations and publishing. Full details of each investment will be given in the Annual Report and Accounts for the year ending 29th February 2008 which will be published later in the year. These investments have increased the level of VCT-qualifying investments of the Company to 63%. The directors are confident that the Company will exceed the 70% target for such investments by the end of the current financial year to ensure that it meets VCT Regulations as at that date and in the future. . The Company publishes its NAV at the end of each financial quarter. It has also adopted the prudent policy of taking a 25% provision against the value of AIM -listed stocks where there is illiquidity in its shares. The decline in world stock markets and in particular AIM has had an impact on the values of listed companies. As a consequence, there has been a slight decline in the Company's NAV as at 30 November 2007 to 131.5p per share. In accordance with the VCT Regulations, the operating costs of the Company are fixed at a maximum of 3.6% of NAV. In all three periods this resulted in a clawback being paid by the Investment Manager. However, the improvement of NAV is now such that a small payment is expected to be made to the Investment Manager for the current year. For further information and to view this regulatory announcement, please view the Investment Manageer's website, www.arcfundmanagement.com, or contact : Graham Urquhart, Director and Company Secretary - 0203 216 2000 or Roland Cornish/Felicity Geidt, Beaumont Cornish Limited - 0207 628 3396 This information is provided by RNS The company news service from the London Stock Exchange END IMSBBGDBGUBGGII
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