Income & Growth VCT (The) PLC Interim Management Statement to 30 June 2018 (7120A)

TIDMIGV

RNS Number : 7120A

Income & Growth VCT (The) PLC

13 September 2018

The Income & Growth VCT plc

(the "Company")

INTERIM MANAGEMENT STATEMENT

For the third quarter ended 30 June 2018

The Income & Growth VCT plc presents an Interim Management Statement for the third quarter ended 30 June 2018. The statement also includes relevant financial information between the end of the period and the date of this statement.

NET ASSET VALUE AND TOTAL RETURN PER SHARE

 
                                               At 30 June    At 31 March 
                                                     2018        2018 
 Net assets attributable to shareholders    GBP82,222,002   GBP83,584,905 
 Shares in issue                              105,858,177     105,435,973 
 Net asset value (NAV) per share                   77.67p          79.28p 
 Cumulative dividends paid to date 
  per share                                       108.00p         105.50p 
 Total return per share since inception 
  (NAV basis)                                     185.67p         184.78p 
 

DIVIDENDS

The Board declared an interim dividend of 2.50 pence per share in respect of the financial year ending 30 September 2018, comprising 0.80 pence from income and 1.70 pence from capital. This dividend was paid to shareholders on 21 June 2018 and brings the cumulative dividends paid per share since the launch of the current share class to 108.00 pence.

SHARE BUYBACKS

On 8 June 2018, the Company bought back and cancelled 353,863 of its own ordinary shares at a price of 68.57 pence per share.

Following the period end, on 20 July 2018, the Company bought back and cancelled 212,000 of its own ordinary shares at a price of 68.56 pence per share.

ISSUE OF EQUITY

On 21 June 2018, the Company allotted 776,067 ordinary shares at price of 68.50 pence per share. The shares were allotted further to the Company's Dividend Investment Scheme in respect of the dividend of 2.50 pence per share paid on 21 June 2018 referred to above.

INVESTMENT ACTIVITY

Investments during the period

On 31 May 2018, the Company made a further growth capital investment of GBP1.15 million into MyTutor, a digital marketplace connecting school pupils seeking private one-to-one tutoring with university students.

On 15 June 2018, GBP0.09 million was invested into Proactive Investors, an existing portfolio company, and provider of media services and investor conferences. This further investment was previously agreed as part of the original investment in January 2018.

Investments following the period end

On 13 August 2018, the Company made a new investment of GBP0.63 million into Rotageek, a provider of workforce management software using data-driven technologies to schedule staff effectively and fairly.

Realisations following the period end

On 28 August 2018, the Company realised its investment in Fullfield, receiving cash proceeds of GBP0.86 million. This realisation contributed to a return of 1.2 times the original investment cost and an IRR of 5.0% in the seven years that this investment was held.

On 7 September 2018, GBP0.30 million cash proceeds was received from the sale of Hemmels Limited, a restorer of classic cars. The sale represented a realised loss of GBP0.37 million on the original investment cost over the six months this investment was held.

The impact of both the above realisations is immaterial to the Net Asset Value per share reported above as at 30 June 2018. Accordingly, both will be reflected in the Company's results for the financial year ending 30 September 2018.

LOAN STOCK AND PREFERENCE SHARE REPAYMENTS

On 30 April 2018, The Plastic Surgeon Holdings Limited (formerly TPSFF Holdings Limited) repaid its remaining loan stock of GBP0.08 million.

On 25 May 2018, MPB Group Limited repaid its C loan stock of GBP0.15 million.

Following the period end, on 31 July 2018, The Plastic Surgeon Holdings Limited bought back GBP0.05 million of A preference shares owned by the Company.

Please note that all of the information above is unaudited.

Other than as described above, there were no other material events during the period and to the date of this announcement.

For further information, please contact:

Robert King, for Mobeus Equity Partners LLP, Company Secretary: 020 7024 7600

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

END

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September 13, 2018 06:59 ET (10:59 GMT)