TIDMIGV
RNS Number : 9195L
Income & Growth VCT (The) PLC
16 September 2021
The Income & Growth VCT plc
("the Company")
LEI: 213800FPC15FNM74YD92
INTERIM MANAGEMENT STATEMENT
For the quarter ended 30 June 2021
The Income & Growth VCT plc presents an Interim Management
Statement for the quarter ended 30 June 2021. 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 2021 At 31 March 2021
(unaudited) (unaudited)
Net assets attributable GBP120.31 million GBP111.95 million
toshareholders
Shares in issue 117,734,097 118,200,511
Net asset value (NAV) per 102.19 pence 94.71 pence
share
Cumulative dividends paid 131.50 pence 131.50 pence
Cumulative Total return 233.69 pence 226.21 pence
(net asset value basis)
per share since inception
The NAV per share has increased by 7.48 pence in the quarter (an
increase of 7.9% upon the opening NAV per share). This positive
performance is principally due to a continued rise in unrealised
portfolio valuations.
Proposed change in management arrangements
As announced by the Company via RNS on 10 September 2021, Mobeus
Equity Partners LLP (Mobeus), the investment adviser to the Company
has announced the sale of its VCT fund and investment management
business to a subsidiary of Gresham House plc (Gresham House). As
part of the sale, the Board has agreed to the novation of the
investment advisory arrangements from Mobeus to Gresham House
subject to completion of the sale. Gresham House is a fast growing,
specialist fund group, with a long-term commitment to the VCT
industry and is the existing investment manager of the Baronsmead
Venture Trust plc and Baronsmead Second Venture Trust plc (the
Baronsmead VCTs). The entire core management, investment and
operational teams involved with the Mobeus VCTs will all transfer
to Gresham House in connection with this transaction to form a
significantly enlarged team that will manage both the Mobeus VCTs
and the Baronsmead VCTs. The Board can confirm that no material
changes are being made to the terms of the investment advisory
arrangements. Shareholders can also be assured that the Board's
track record of governance and independence will be maintained.
INTERIM DIVIDEND
The Board declared an interim dividend of 5.00 pence per share
for the year ending 30 September 2021. This dividend was paid to
Shareholders on 23 July 2021 who were on the Register on 25 June
2021 and brings cumulative dividends paid per share to 136.50 pence
per share, and also reduces the Company's Net Asset Value by a
corresponding amount.
SHARE BUY-BACKS
On 25 June 2021, the Company purchased 466,414 of its own
ordinary shares at a price of 85.22 pence per share for
cancellation.
DIVIDEND INVESTMENT SCHEME
After the period end, on 23 July 2021, the Company allotted
1,178,669 shares to participants of the Dividend Investment Scheme
at a price of 89.71 pence per share, being the latest published NAV
at 31 March 2021 of 94.71 pence per share adjusted for the 5.00
pence per share interim dividend. Following this allotment, the
Company has 118,912,766 ordinary shares of 1 penny each in
issue.
INVESTMENT ACTIVITY DURING THE PERIOD
New investments during the period
On 22 June 2021, a new investment of GBP0.91 million was made
into Legatics, a SaaS LegalTech software business.
On 25 June 2021, a new investment of GBP0.84 million was made
into Pets' Kitchen (trading as Vet's Klinic), a veterinary clinics
business and pet food provider.
Follow-on investments during the period
On 16 April 2021 and 18 May 2021, follow-on investments
totalling GBP0.25 million were made into Caledonian Leisure, a
provider of UK leisure and experience breaks.
On 26 May 2021, a follow-on investment of GBP0.39 million was
made into Bella & Duke, a premium frozen raw dog food
provider.
On 27 June 2021, a follow-on investment of GBP0.08 million was
made into Spanish Restaurant Group Limited (trading as Tapas
Revolution), a Spanish restaurant chain.
Loan repayments during the period
On 1 April 2021, a loan repayment of GBP0.32 million was
received by the Company from Vian Marketing Limited (trading as Red
Paddle).
On 28 May 2021, a loan repayment of GBP0.46 million was received
by the Company from MPB Group Limited.
Other proceeds received during the period.
On 12 April 2021, the Company received further proceeds of
GBP0.04 million in respect of Vectair Holdings Limited, an
investment realised in a previous year.
INVESTMENT ACTIVITY AFTER THE PERIOD END
Follow-on investments after the period end
On 5 August 2021, a follow-on investment of GBP0.95 million was
made into MyTutor, a digital tutoring marketplace.
Partial realisation after the period end
On 6 August 2021, the Company sold part of its original equity
holding in MyTutor to a large strategic investor generating
proceeds of GBP0.95 million and a GBP0.70 million realised gain for
the Company over the original cost of the equity shares sold. In
isolation, the impact of this partial sale is a 0.10 pence uplift
in NAV per share compared to the 30 June 2021 NAV per share of
102.19 pence, referred to above.
Please note that all of the above information is unaudited.
Other than as described above, there were no material events
during the period and to the date of this announcement.
For further information, please contact :
Mobeus Equity Partners LLP, Company Secretary: 020 7024
7600.
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END
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