Realisation of investment in Westway

RNS Number : 7996I

Income & Growth VCT (the) PLC

11 December 2015

 

The Income & Growth VCT plc

Realisation of investment in Westway Services Holdings (2014) Limited

11 December 2015

The Board of The Income & Growth VCT plc is pleased to announce the sale of Westway Services Holdings (2014) Limited ("Westway").  Total proceeds received by the three Mobeus advised VCTs over the life of their investment in Westway are £9.66 million to date, against an original investment of £1.54 million. These figures include £3.52 million received by The Income & Growth VCT over the life of the investment against the original cost to the VCT of £0.56 million.   Both sets of figures represent a return of 6.3 times original cost on this investment.

The Company received cash proceeds of £2.57 million from the sale and has realised a gain, over current cost, of £2.51 million, being 3.56 pence per share. The cash proceeds to date represent an uplift of approximately 1.79 pence per share to the NAV per share of 103.54 pence already announced as at 30 June 2015. This is a further uplift over the uplift of 1.90 pence per share in respect of the sale of Tessella Holdings Limited, already announced on Monday 7 December 2015.

Further deferred proceeds of up £0.24 million are potentially payable at a future date, which are excluded from the above figures.

For further information, please contact:

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

 

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