13th Aug 2019 16:19
(Alliance News) - Income & Growth VCT PLC said Tuesday its net asset value increased in the third quarter.
At June 30, Income & Growth's NAV per share, before dividend payments, stood at 81.11 pence, 3.9% higher than the 78.03p seen at March 31.
The trust declared a 1.50p interim dividend for the year ending September. Minus the dividend, Income & Growth ended the quarter with a NAV per share of 79.61p.
The trust's net assets attributable to shareholders ended the quarter 3.4% higher than three months previously, rising to GBP84.2 million from GBP81.4 million.
During the period, the trust bought back 536,485 shares for cancellation. Going forward, however, Income & Growth has amended its buyback policy.
The trust has reduced its objective of maintaining its share discount to NAV from about 10% to about 5%.
"In pursuing this policy, the board's priority will remain to ensure that it is acting prudently and in the interests of the remaining shareholders of the company. Share buybacks will continue to be entirely at the board's discretion and will be subject to the company having sufficient funds available for such a purpose. They will also continue to be subject to prevailing market conditions," the trust explained.
During the period, the trust invested GBP1.5 million in new investee company Arkk Consulting, which provides services and software to enable companies to remain compliant with regulatory reporting requirements. Income & Growth also invested GBP930,000 in new investee Parsley Box, a UK direct to consumer supplier of meals for the elderly.
In the quarter, Income & Growth realised GBP1.2 million from selling its remaining investment in Plastic Surgeon. The trust also realised GBP4.8 million from selling its investment in ASL Technology.
Shares in Income & Growth were down 1.4% in London on Tuesday at 71.50 pence each.
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