Interim Management Statement
The Income & Growth VCT plc ("the Company")
INTERIM MANAGEMENT STATEMENT
For the quarter ended 30 June 2013
In accordance with Rule 4.3 of the Disclosure and Transparency Rules of the UK
Listing Authority, The Income & Growth VCT plc presents an Interim Management
Statement for the quarter ended 30 June 2013. 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 2013 At 31 March 2013
Net assets attributable to shareholders £58,475,235 £56,682,008
Shares in issue 52,921,145 50,149,478
Net asset value (NAV) per share 110.50p 113.03p
Cumulative dividends paid to date per share 40.50p 34.50p
Total return per share since inception (NAV basis) 151.00p 147.50p
INVESTMENTS
The Company made a further investment into ATG Media Holding Limited (ATG
Media) of £1 million in April 2013 to support the acquisition of the US company
Bidspotter Inc. by ATG Media. The funds for this investment were provided by
the acquisition vehicle Peddars Management Limited.
Following the period-end, in July 2013, the Company completed a further new
investment of £2.29 million (including £1 million provided by the Acquisition
vehicle Madacombe Trading Limited) to support the MBO of Veritek Global
Limited, a Europe-wide provider of installation, maintenance and support
services for blue-chip owners of printing equipment.
DIVESTMENTS
The Company received partial repayments during the quarter ended 30 June 2013
totalling £826,193 as follows:
Date Investee company Partial loan stock
repayment received
(including premiums
paid)
April 2013 DiGiCo Global Limited £ 55,237
May 2013 Westway Services Holdings (2010) Limited £ 99,680
May 2013 Newquay Helicopters (2013) Limited £646,218
(formerly British International Holdings Limited)
June 2013 Tessella Holdings Limited £ 25,058
Following the period-end in July 2013, the Company received partial loan stock
repayments totalling £262,715 comprising £14,149 from Monsal Holdings Limited
and £248,566 from DiGiCo Global Limited.
SHARE BUY-BACKS
During the quarter the VCT bought back a total of 199,464 of the Company's own
shares at an average price of 97.2 pence per share.
MOBEUS VCTs' LINKED OFFER FOR SUBSCRIPTION
During the quarter ended 30 June 2013, the Company issued and allotted a total
of 3,224,887 ordinary shares in the Company at an average price of 112.68 pence
per share, raising net proceeds of £3.5 million (after deducting initial
costs).
Applications totalling £24.85 million were received under the Linked Offer
which closed on 30 April 2013 of which £8.28 million was received for The
Income & Growth VCT plc.
DIVIDEND INVESTMENT SCHEME
Following the period-end in July 2013, the Company issued and allotted a
further 392,188 ordinary shares in the Company at a price of 96.0 pence per
share in respect of the dividend of 6 pence per share paid on 27 June 2013.
ENHANCED BUYBACK (EBF)
On 4 April 2013, the Company purchased 4,694,852 of its own ordinary shares at
a price of 108.8 pence per share and allotted 4,548,282 new ordinary shares in
the Company at 112.3 pence per share pursuant to the EBF in respect of
applications for the 2012/2013 tax year.
On 8 April 2013, the Company purchased 3,434,836 of its own ordinary shares at
a price of 108.8 pence per share and allotted 3,327,650 new ordinary shares in
the Company at 112.3 pence per share pursuant to the EBF in respect of
applications for the 2013/2014 tax year.
INTERIM DIVIDEND
An interim dividend of 6 pence per share was paid to shareholders on 27 June
2013 bringing cumulative dividends paid per share to 40.50 pence for those
shareholders who invested in 2007/08 (52.77 pence per share, for those
shareholders who invested in 2000/01).
For further information, please contact:
Sarah Penfold, for Mobeus Equity Partners LLP, Company Secretary: 020 7024 7616