TIDMNEP
RNS Number : 5175S
Neptune-Calculus Income &Growth VCT
19 May 2009
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Neptune Calculus Income and Growth VCT plc - Interim Management Statement
Neptune Calculus Income and Growth VCT plc (the company)
INTERIM MANAGEMENT STATEMENT
For the quarter ended 31 March 2009
In accordance with rule 4.3 of the Disclosure and Transparency Rules of the UK
Listing Authority, Neptune Calculus Income and Growth VCT plc presents an
Interim Management Statement for the quarter ended 31 March 2009. 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 31 March 2009 | At 31 December 2008 |
+------------------------+-----------------------------+------------------------------+
| | Ordinary | C Ordinary | Ordinary | C Ordinary |
| | Shares | Shares | Shares | Shares |
+------------------------+--------------+--------------+---------------+--------------+
| |GBP3,147,000 | | GBP3,196,000 |GBP6,472,000 |
| | |GBP6,411,800 | | |
| Net assets | | | | |
| attributable to | | | | |
| shareholders | | | | |
+------------------------+--------------+--------------+---------------+--------------+
| Shares in issue | 4,100,806 | 8,776,764 | 4,100,806 | 8,776,764 |
+------------------------+--------------+--------------+---------------+--------------+
| Net asset value per | 76.73 pence | 73.05 | 77.94 pence | 73.74 |
| share | | pence | | pence |
+------------------------+--------------+--------------+---------------+--------------+
| Cumulative dividends | 8.0 pence | 3.9 pence | 8.0 pence | 3.9 pence |
| paid and proposed | | | | |
+------------------------+--------------+--------------+---------------+--------------+
At as 30 April 2009 the net Asset value per Ordinary share was 82.42p and the
net asset value per C Ordinary share was 76.50p prior to conversion of the C
Ordinary shares to Ordinary shares.
C SHARE CONVERSION
On 30 April 2009 the 8,776,764 C Ordinary shares were converted into 8,300,185
Ordinary shares taking the total number of Ordinary shares in issue to
12,400,991. The net asset value per Ordinary Share on 30 April 2009 following
conversion of the C Ordinary shares to Ordinary shares was 81.4p
PERFORMANCE
In a quarter of continuing difficult economic conditions during which the UK
economy contracted by approximately 1.9%, the net asset value per Ordinary Share
fell by 1.55% and the net asset value per C Ordinary share fell by 0.94%. Stock
markets were volatile with company valuations remaining depressed. However
there was some good news. In early March, EpiStem Holdings plc in which the
company holds 202,063 shares with a book cost of GBP250,901 signed a major
research and development deal with the Swiss drug marker Novartis which will
transform Epistem Holdings plc from a Contract Research Services company into a
drug development company with secure funding and a much higher revenue
potential. The Epistem share price had increased to GBP2.55 by 31 March 2009
valuing the investment at GBP515,260 and by 30 April 2009 the share price had
risen to GBP3.50 valuing the investment at GBP707,221
INVESTMENT ACTIVITY
During the quarter the Company invested a further GBP120,000 in Managed Support
Services PLC as part of a GBP6million fundraising to provide funds for the
management to exploit acquisition opportunities at the depressed stage of the
business cycle. There were no disposals or realisations during the period.
SHARE BUY-BACKS
During the quarter ended 31 March 2009 the company did not buy back any shares.
MATERIAL EVENTS
Other than described above, the Board is not aware of any significant event or
transaction which has occurred between 31 March 2009 and the date of publication
of this Interim Management Statement which would have a material impact on the
financial position of the Company.
For further information please contact:
John Glencross for Neptune Calculus Income and Growth VCT plc: 020 7493 4940
This information is provided by RNS
The company news service from the London Stock Exchange
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