19th May 2008 12:47
Neptune-Calculus Income & Growth VCT plc - Interim Management Statement
Interim Management Statement for the three months to 31 March 2008
In accordance with Rule 4.3 of the Disclosure and Transparency Rules of the UK Listing Authority, Neptune-Calculus Income & Growth VCT plc presents an Interim Management Statement for the three month period ended 31 March 2008.
The statement also includes relevant financial information between the end of the period and the date of this statement.
Dividends paid or declared in the period
No dividends were paid or declared in the period to 31 March 2008.
Performance
|
31 March 2008 |
31 December 2007 |
|
|
Pence |
Pence |
|
|
Ordinary Shares |
||
|
Net Asset Value ('NAV') † |
91.4 |
98.1 |
|
Cumulative Dividends |
6.0 |
6.0 |
|
Accumulated shareholder value* |
97.4 |
104.1 |
|
C Ordinary Shares |
||
|
Net Asset Value ('NAV') † |
85.5 |
92.7 |
|
Cumulative Dividends |
2.0 |
2.0 |
|
Accumulated shareholder value * |
87.5 |
94.7 |
† including current year revenue.
* NAV plus cumulative dividends paid since launch.
As at 30 April 2008, the NAV† of the Ordinary Shares was 93.1 pence and the NAV† of the C Ordinary Shares was 88.1 pence.
Investment portfolio summary at 31 March 2008
|
Ordinary Share Portfolio |
Cost |
Valuation |
Percentage of portfolio at 31 March 2008 |
||
|
£ |
£ |
% |
|||
|
Ten largest investments by value |
|||||
|
Neptune Quarterly Income Fund Income Units |
439,047 |
535,221 |
15.7 |
||
|
The Neptune Income Fund Income A Class |
435,453 |
491,237 |
14.4 |
||
|
Portland Gas plc Ordinary Shares* |
160,052 |
260,940 |
7.7 |
||
|
Heritage House Group Limited |
212,062 |
212,062 |
6.2 |
||
|
Ordinary Shares |
28,070 |
28,070 |
|||
|
Loan Stock |
183,992 |
183,992 |
|||
|
Cater Plus Services Limited |
175,000 |
175,000 |
5.2 |
||
|
A Ordinary Shares |
9,546 |
9,546 |
|||
|
B Ordinary Shares |
7,954 |
7,954 |
|||
|
Preference Shares |
40,833 |
40,833 |
|||
|
Loan stock |
116,667 |
116,667 |
|||
|
RMS Europe Limited |
160,000 |
160,000 |
4.7 |
||
|
Ordinary Shares |
32,000 |
32,000 |
|||
|
Loan stock |
128,000 |
128,000 |
|||
|
Triage Holdings Limited |
160,000 |
160,000 |
4.7 |
||
|
A Ordinary Shares |
16,000 |
16,000 |
|||
|
Preference Shares |
119,240 |
119,240 |
|||
|
Loan stock |
24,760 |
24,760 |
|||
|
Epistem Holdings plc Ordinary Shares* |
125,434 |
159,668 |
4.7 |
||
|
Mount Engineering plc Ordinary Shares* |
150,000 |
158,571 |
4.7 |
||
|
Sport Media Group plc Ordinary Shares* |
280,964 |
151,852 |
4.5 |
||
|
Subtotal |
2,298,012 |
2,464,551 |
72.5 |
||
|
Other investments |
1,496,744 |
932,869 |
27.5 |
||
|
Total |
3,794,756 |
3,397,420 |
100.0 |
||
|
C Ordinary Share Portfolio |
Cost |
Valuation |
Percentage of portfolio at 31 March 2008 |
||
|
£ |
£ |
% |
|||
|
Ten largest investments by value |
|||||
|
Neptune Quarterly Income Fund Income Units |
810,000 |
790,261 |
11.3 |
||
|
The Neptune Income Fund Income A Class |
825,000 |
763,964 |
10.9 |
||
|
Portland Gas plc Ordinary Shares* |
290,475 |
474,180 |
6.8 |
||
|
Heritage House Group Limited |
424,124 |
424,124 |
6.0 |
||
|
Ordinary Shares |
56,141 |
56,141 |
|||
|
Loan Stock |
367,983 |
367,983 |
|||
|
RMS Europe Limited |
340,000 |
340,000 |
4.9 |
||
|
Ordinary Shares |
68,000 |
68,000 |
|||
|
Loan stock |
272,000 |
272,000 |
|||
|
Cater Plus Services Limited |
325,000 |
325,000 |
4.6 |
||
|
A Ordinary Shares |
17,727 |
17,727 |
|||
|
B Ordinary Shares |
14,773 |
14,773 |
|||
|
Preference Shares |
75,834 |
75,834 |
|||
|
Loan stock |
216,666 |
216,666 |
|||
|
Triage Holdings Limited |
320,000 |
320,000 |
4.6 |
||
|
A Ordinary Shares |
32,000 |
32,000 |
|||
|
Preference Shares |
238,480 |
238,480 |
|||
|
Loan stock |
49,520 |
49,520 |
|||
|
Pharmasmart Limited Ordinary Shares |
250,000 |
250,000 |
3.6 |
||
|
Scottish & Newcastle plc Ordinary Shares |
127,637 |
197,500 |
2.8 |
||
|
Sport Media Group plc Ordinary Shares * |
345,000 |
186,630 |
2.7 |
||
|
Subtotal |
4,057,236 |
4,071,659 |
58.2 |
||
|
Other investments |
3,616,589 |
2,824,818 |
40.3 |
||
|
Other fixed income investments |
107,082 |
107,082 |
1.5 |
||
|
Total |
7,780,907 |
7,003,559 |
100.0 |
||
* AIM traded
Investment additions during the three months ended 31 March 2008
|
Cost |
Ordinary Shares |
C Ordinary Shares |
|
|
£ |
£ |
£ |
|
|
Debts.co.uk plc Ordinary Shares |
250,000 |
75,000 |
175,000 |
There have been no additions since the period end and the date of this report.
On 31 January 2008 Heritage House Group Limited repaid loan stock as follows:
|
Total |
Ordinary Share Portfolio |
C Ordinary Share Portfolio |
|
£200,000 |
£75,000 |
£125,000 |
Disposals since the period end and the date of the report
On 29 April 2008, a consortium of Carlsberg and Heineken acquired Scottish and Newcastle plc.
Percentage qualifying holdings
The Company must be invested at least 70 per cent by value of its total investments in VCT qualifying holdings by 31 December 2008. As at 31 March 2008, the percentage invested in qualifying investments was 61.84%.
Changes to share capital
|
Ordinary Shares |
£ |
C Ordinary Shares |
£ |
|
|
As at 1 January 2008 |
3,793,562 |
379,356 |
8,393,209 |
839,321 |
|
Shares issued |
264,797 |
26,480 |
289,961 |
28,996 |
|
As at 31 March 2008 |
4,058,359 |
405,836 |
8,683,170 |
868,317 |
The Company issued 42,477 Ordinary Shares of 10p each and 93,594 C Ordinary Shares at 10p each between 1 April 2008 and 4 April 2008, at a price of 100.1p per Ordinary Share and 93.8p per C Ordinary Share.
The total number of Ordinary Shares now in issue is 4,100,806 and the total number of C Ordinary Shares now in issue is 8,776,764
Material events
Other than described above, there were no material events during the period from 1 January 2008 to 31 March 2008 or in the period from 1 April 2008 to the date of this announcement.
Related Shares:
Neptune-Calculus Income & Growth