INCOME & GROWTH VCT (THE) PLC

Net Asset Value • Feb 9, 2021

National Storage Mechanism | Additional information

RNS Number : 3742O

Income & Growth VCT (The) PLC

09 February 2021

LEI: 213800FPC15FNM74YD92

The Income & Growth VCT PLC

(the "Company")

INTERIM MANAGEMENT STATEMENT

For the quarter ended 31 December 2020

The Income & Growth VCT plc presents an Interim Management Statement for the quarter ended 31 December 2020.  The statement also includes relevant financial information between the end of the quarter and the date of this statement.

NET ASSET VALUE AND TOTAL RETURN PER SHARE

	At 31 December 2020	At 30 September 2020
Net assets attributable to shareholders	£93,681,750	£83,133,430
Shares in issue	118,325,511	118,661,711
Net asset value (NAV) per share	79.17p	70.06p
Cumulative dividends paid to date per share since inception	131.50p	131.50p
Total return per share since inception (NAV basis)	210.67p	201.56p

The NAV per share has increased by 9.11 pence in the quarter (an increase of 13% upon the opening NAV per share). This is principally due to a rise in unrealised portfolio valuations as well as gains on realisations (further details below). 

SHARE BUY-BACKS

On 16 December 2020, the Company bought back 336,200 of its own ordinary shares at a price of 66.56 pence per share.

All shares bought back by the Company were subsequently cancelled.

INVESTMENT ACTIVITY

New investments during the period

On 22 December 2020, the Company made a new investment of £0.47 million into Northern Bloc Ice Cream Limited, a dairy-free ice cream manufacturer.

On 30 December 2020, the Company made a new investment of £1.16 million into Connect Childcare Group Limited, a provider of nursery management software.

Realisations during the period

On 27 November 2020, the Company sold its investment in Vectair Holdings Limited, generating cash proceeds of £1.10 million. Over the fifteen years this investment was held, it generated cash proceeds of £1.79 million compared to an original investment cost of £0.22 million, which is a multiple on cost of 8.3x and an IRR of 22.2%

On 29 December 2020, the Company sold its investment in Bourn Bioscience Limited, generating cash proceeds of £2.14 million. Over the nearly seven years this investment was held, it generated cash proceeds of £2.64 million compared to an original investment cost of £1.61 million, which is a multiple on cost of 1.6x and an IRR of 8.5%.

Loan repayments and further proceeds during the period

On 16 October 2020, the Company received loan repayment proceeds of £0.21 million from Vian Marketing Limited (trading as Red Paddle Co.).

On 14 December 2020, the Company received deferred consideration of £0.09 million from Redline Worldwide Limited, an investment realised in a previous year.                                                                   

Further investments after the period end

On 7 January 2021, the Company made a further investment of £0.36 million into Parsley Box Limited, a supplier of home-delivered ambient meals for the elderly.

On 5 February 2021, the Company made a further investment of £0.15 million into Bleach London Holdings Limited, a hair colourants brand.

Loan repayments and further proceeds after the period end

After the period end, on 26 January 2021, the Company received a loan repayment of £0.06 million in respect of BG Training Limited.

Also after the period end, on 27 January 2021, the Company received further proceeds of £0.14 million in respect of Blaze Signs Holdings Limited, an investment realised in a previous year.

Please note that all of the information above is unaudited.

Other than as described above, there were no material events during the quarter 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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