Realisation of investment in Tessella Holdings Ltd

RNS Number : 1835I

Income & Growth VCT (the) PLC

07 December 2015

 

The Income & Growth VCT plc

Realisation of investment in Tessella Holdings Limited

7 December 2015

The Board of The Income & Growth VCT plc is pleased to announce the sale of Tessella Holdings Limited. Total proceeds received by the four Mobeus advised VCTs over the life of their investment in Tessella were £15.77 million, against an original investment of £5.60 million. This represents a return of 2.8 times original cost for each VCT in the three and a half years that this investment was held.

The Company received cash proceeds of £4.04 million from the sale and has realised a gain over cost of £2.68 million, being 3.80 pence per share. It represents an uplift of approximately 1.90 pence per share to the NAV per share of 103.54 pence already announced as at 30 June 2015.

As part of the transaction, the Company has retained a small investment in Preservica, a data archiving business previously held within Tessella.

For further information, please contact:

Sarah Penfold, of Mobeus Equity Partners LLP, Company Secretary 020 7024 7616

 

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