Interim Management Statement

 

TIDMCIG 
 
RNS Number : 0998N 
Close Income & Growth VCT PLC 
10 February 2009 
 

Close Income & Growth VCT PLC 
Interim Management Statement 
 
 
Introduction 
I am pleased to present the Company's interim management statement for the 
period from 1 October 2008 to 10 February 2009 as required by the UK Listing 
Authority's Disclosure and Transparency Rule 4.3. 
 
 
Financial Position and Performance 
The Company's approximate unaudited net asset value (NAV) as at 31 December 2008 
was 74.31 pence per share. This is after accounting for the first dividend for 
the year to 30 September 2009 of 1.75 pence per share which was paid on 
2 February 2009 to shareholders on the register at 5 January 2009.The fall in 
the NAV is also reflecting the continuing caution taken by the Investment 
Manager in its unquoted valuations for the period to 31 December 2008. 
 
 
Portfolio 
In the period from 1 October 2008 to 10 February 2009 Close Income & Growth VCT 
PLC made investments totalling GBP1.93 million, of which GBP1.79 million was in 
eight existing investments and GBP0.14 million in two new investments. 
 
 
The following investments were made for GBP0.1 million or more: 
 
+-----------------------+----------+----------------------------------------+ 
| Name                  | GBP000's |                                        | 
+-----------------------+----------+----------------------------------------+ 
| Forth Photonics (new  | 105      | A medical device company that designs, | 
| investment)           |          | develops, manufactures and markets     | 
|                       |          | imaging systems for the non-invasive,  | 
|                       |          | in-vivo detection of cancerous and     | 
|                       |          | pre-cancerous lesions                  | 
+-----------------------+----------+----------------------------------------+ 
| Helveta Limited       | 154      | Provider of software solutions,        | 
| (follow-on            |          | traceability and inventory analysis to | 
| investment)           |          | the timber industry.                   | 
+-----------------------+----------+----------------------------------------+ 
| Mi-Pay Limited        | 191      | Provider of mobile payment services    | 
| (follow-on            |          |                                        | 
| investment)           |          |                                        | 
+-----------------------+----------+----------------------------------------+ 
| Xceleron Limited      | 289      | Provider of a range of drug            | 
| (follow-on            |          | development services to the            | 
| investment)           |          | life-sciences industries.              | 
+-----------------------+----------+----------------------------------------+ 
| Kensington Health     | 1,000    | Operator of health and fitness club in | 
| Clubs Limited         |          | central London                         | 
| (follow-on            |          |                                        | 
| investment)           |          |                                        | 
+-----------------------+----------+----------------------------------------+ 
| Other investments     | 193      |                                        | 
| made for less than    |          |                                        | 
| GBP100,000 each       |          |                                        | 
+-----------------------+----------+----------------------------------------+ 
| Total investments in  | 1,932    |                                        | 
| period                |          |                                        | 
+-----------------------+----------+----------------------------------------+ 
 
 
 
 
 
 
Top ten holdings (as at 31 December 2008) 
 
 
+-------------------------------------+-------------------------------------+ 
| Investee Company                    |        Carrying/fair value          | 
|                                     |              GBP000's               | 
+-------------------------------------+-------------------------------------+ 
| Rabobank Floating Rate Note         |                4,974                | 
| 29/07/2010                          |                                     | 
+-------------------------------------+-------------------------------------+ 
| The Weybridge Club Limited          |                2,901                | 
+-------------------------------------+-------------------------------------+ 
| Evolutions Television Limited       |                2,078                | 
+-------------------------------------+-------------------------------------+ 
| Chichester Holdings Limited         |                1,900                | 
+-------------------------------------+-------------------------------------+ 
| Blackbay Limited                    |                1,795                | 
+-------------------------------------+-------------------------------------+ 
| Kensington Health Clubs Limited     |                1,719                | 
+-------------------------------------+-------------------------------------+ 
| Clear Pub Company VCT Limited       |                1,435                | 
+-------------------------------------+-------------------------------------+ 
| Tower Bridge Health Clubs Limited   |                1,401                | 
+-------------------------------------+-------------------------------------+ 
| Xceleron Limited                    |                1,367                | 
+-------------------------------------+-------------------------------------+ 
| Bravo Inns II Limited               |                997                  | 
+-------------------------------------+-------------------------------------+ 
 
 
 
 
Dividends 
As mentioned above, a dividend of 1.75 pence per Ordinary share was paid on 2 
February 2009 to shareholders on the register as at 5 January 2009. 
 
 
Share buybacks and discount 
As disclosed by the Board on 22 December 2008, the Company will limit the cash 
available for share buy-backs to up to GBP500,000 for the six months to 31 March 
2009. In the period from 1 October 2008 to 10 February 2009, your Company 
re-purchased 537,725 Ordinary shares at an average price of 56 pence per share. 
The Ordinary shares purchased represent 1.27% of the total number of voting 
rights in the Company as at 10 February 2009.  Following the buybacks mentioned 
above, the Company now has just under GBP200,000 allocated for buybacks until 31 
March 2008, at which time the Board will review the policy on buy backs again. 
 
 
All the shares bought back in the period are held in treasury.Buy-backs of 
treasury shares during the period were transacted through Winterflood Securities 
Limited, a subsidiary of Close Brothers Group plc, who, at the time of the 
transaction, was the ultimate parent company of the Manager. 
 
 
 
 
Dividend Reinvestment Scheme 
Further to the Dividend Reinvestment Scheme introduced by the Company (details 
of which were set out in the Circular issued to shareholders on 22 December 
2008), the Company allotted 50,569 Ordinary shares of 50p each (the "New 
Ordinary Shares") in the capital of the Company on 2 February 2009, which 
represents 5.57% of the dividends paid on 2 February 2009.  In accordance with 
the Circular, the New Ordinary Shares were issued at a price of 77.98p. 
 
 
The Manager 
The business of Close Ventures Limited, the manager of the VCT, has been 
acquired by Albion Ventures LLP ("Albion Ventures") from Close Brothers Group 
("Close"). Albion Ventures has been formed by the executive directors of Close 
Ventures Limited; meanwhile Close will continue to have an investment in the 
business. 
 
 
The VCT's management contract has been novated from Close Ventures to Albion 
Ventures under exactly the same terms as the current agreement. The investment 
approach of Albion Ventures and the investment policy of the VCT are also 
unchanged, with a continued emphasis on building up a broad portfolio of 
investee companies normally with no bank borrowings and the maintenance of a 
regular dividend yield. 
 
 
As a result of this change, the VCT's Company Secretary has changed to Albion 
Ventures LLP. 
 
 
A Notice of a General Meeting on 25 March 2009 at 9.45 a.m has been posted to 
shareholders seeking approval to change the VCT's name from Close Income & 
Growth VCT PLC to Albion Income & Growth Trust VCT PLC. 
 
 
There have been no further significant events or transactions that the Board are 
aware of which would have a material impact on the financial position of the 
Company between 1 October 2008 and 10 February 2009. 
 
 
Information regarding historic and current financial performance and other 
useful shareholder information can be found on the Fund's website under 
www.albion-ventures.co.uk /Our Funds/Close Income & Growth VCT PLC. 
 
 
Friedrich Ternofsky, Chairman 
10 February 2009 
 
 
For further information please contact: 
 
 
Patrick Reeve, Albion Ventures LLP - tel: [phone] 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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