Realisation of investment in Gro-Group

RNS Number : 1241B

Income & Growth VCT (The) PLC

05 January 2018

 

The Income & Growth VCT plc ("I&G VCT" or the "Company")

Realisation of investment in Gro-Group Holdings Limited

05 January 2018

The Company is pleased to announce the sale of Gro-Group Holdings Limited, in which the Company held an 18.1% equity interest, to a trade purchaser for consideration of £22 million, on a debt free and cash free basis.  £4.19 million has been received in cash by the Company following completion, while up to £0.14 million in deferred consideration is potentially payable over approximately the next 12 months.

The realisation of this investment has resulted in an increase in the Company's Net Asset Value ('NAV') of an estimated 1.68 pence per share over the latest announced NAV per share of 81.24 pence at 30 September 2017.  

Upon completion and excluding deferred consideration, this transaction delivered the Company a realised gain over cost of £1.80 million, being 1.90 pence per share.

For further information, please contact:

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

 

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