Admission to AIM of Parsley Box Group plc

RNS Number : 0349U

Income & Growth VCT (The) PLC

31 March 2021

 

THE INCOME & GROWTH VCT PLC

(the "Company")

LEI: 213800FPC15FNM74YD92

31 March 2021

Admission to AIM of Parsley Box Group plc

The Board is pleased to announce that, this morning, Parsley Box Group plc ("Parsley Box"), an existing portfolio company, was admitted to trading on AIM, a market operated by the London Stock Exchange, alongside a placing of new and existing shares. The Placing Price of these shares was £2.00 per share, valuing Parsley Box at a market capitalisation of £83.8 million. 

The Company now holds 1,807,279 shares in Parsley Box after acquiring 7,715 new ordinary shares at the Placing Price of £2.00 and a top-slicing sale of 899,780 shares to new investors. The sale realised net proceeds of £1.73 million for the Company (net of transaction costs), representing 0.64 pence of the NAV per share uplift below. This partial sale generated a 4.0x return on the shares sold, as well as securing an overall return of 1.3x on the Company's entire investment to date.

Based upon the Placing Price of £2.00 per share, the Company's investment in Parsley Box is valued at £3.61 million which, with the net sale proceeds of £1.73 million above, represents a total uplift in value of £2.28 million, compared to that included in the Company's Net Asset Value ("NAV") per share at 31 December 2020. 

In isolation, the impact of this uplift in valuation upon the Company's NAV per share as at 31 December 2020 of 79.17 pence is a further increase of 1.93 pence per share. The Company emphasises that this increase in NAV per share is in isolation from other changes in the Company's balance sheet, including the uplift of 5.58 pence per share already announced on 2 March 2021 in respect of the admission to trading of the Company's shares in Virgin Wines UK plc and other valuation and transaction movements in the Company's investment portfolio, that may also have affected the NAV per share since 31 December 2020.

The Board and Mobeus Equity Partners LLP are proud to have partnered the management of Parsley Box in growing this business since the Company's original investment in 2019. We continue to support Parsley Box and its future growth and development and are pleased to retain an equity holding of 4.31%.

For further information, please contact:

Mobeus Equity Partners LLP, Company Secretary

020 7024 7600

 

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