The Income & Growth VCT plc

Welcome to the webpage of The Income & Growth VCT plc.  The Company was launched in the 2000/2001 tax year and raised £39.5 million, net of issue costs.

 

The VCT has been solely managed by Mobeus Equity Partners since 1 April 2008.

The former 'O' and 'S' classes of the Company were merged on 29 March 2010.  Former 'O' Fund Shareholders should refer to the most recent Half-yearly or Annual Reports on this website, to obtain performance data for their particular investment.

 

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Fund's Board of Directors and advisers, including the Investment Adviser and the Registrar

Key Shareholder Information

Company's Annual and Half-Year Reports, AGM Notices, Key Information documents

Corporate Governance

Corporate Governance, Compliance with AIC Code, Terms of reference and Policies

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Key facts

Date Launched

October 2000

Company Number

4069483

Investment Adviser

Mobeus Equity Partners LLP

Auditor

BDO LLP

Registered Office

30 Haymarket, London SW1Y 4EX

Directors

Maurice Helfgott

Helen Sinclair

Justin Ward

Registrar

Link Group

LSE Code

IGV

Fund Performance

Latest published
valuation		 Net assets
(£m)		 Net asset value
(pence per share)		 Total dividends paid
(pence per share)		 NAV cumulative total return
(pence per share)
31 Mar 2021 107.1 89.7 136.5 226.2

DIVIDEND DECLARED - On 16 June 2021, an interim dividend of 5.00 pence per share was declared in respect of the year ending 30 September 2021, payable on 23 July 2021 to Shareholders on the Register on 25 June 2021. 

Reviewing the performance of your investment

Use the attached table to see how your investment has performed (including the dividends you have received) from the date on which your shares were allotted.

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Cumulative dividends paid
since launch
136.5
(p)
Dividends paid in respect
of current financial year
5.0
(p)
In respect of financial year
Paid in financial year

Dividends paid per share in respect of financial year

Dividend paid per share

Dividends paid per share in financial year

Dividend paid per share
Show Detailed Payment History
Payment Date In respect of y/e Type Dividends paid per
share (p)
23 Jul 2021 30/09/2021 Interim 5.0
28 Sep 2020 30/09/2020 Interim 11.0
10 Jul 2020 30/09/2020 Interim 3.0
18 Oct 2019 30/09/2019 Interim 4.5
12 Jul 2019 30/09/2019 Interim 1.5
15 Feb 2019 30/09/2018 Final 3.5
21 Jun 2018 30/09/2018 Interim 2.5
15 Feb 2018 30/09/2017 Final 3.0
31 Aug 2017 30/09/2017 Special 15.0
20 Jun 2017 30/09/2017 Interim 3.0
15 Feb 2017 30/09/2016 Final 4.0
07 Jul 2016 30/09/2016 Interim 6.0
15 Feb 2016 30/09/2015 Final 6.0
30 Jun 2015 30/09/2015 Interim 6.0
20 Mar 2015 30/09/2014 Final 4.0
30 Oct 2014 30/09/2014 Interim 8.0
03 Jul 2014 30/09/2014 Interim 6.0
12 Mar 2014 30/09/2013 Final 4.0
27 Jun 2013 30/09/2013 Interim 6.0
08 Feb 2013 30/09/2012 Interim 6.0
15 Feb 2012 30/09/2011 Final 4.0
27 Jan 2012 30/09/2012 Interim 20.0
28 Mar 2011 30/09/2010 Final 2.0
22 Feb 2011 30/09/2010 Interim 2.0
17 Mar 2010 30/09/2009 Final 0.5
Total dividends paid since launch 136.5

Unclaimed dividends

Shareholders are encouraged to ensure that the Registrars maintain up-to-date details for them and to check whether they have received all the dividends payable to them. This is particularly important for those who have recently moved house or changed their bank. We are aware that a number of dividends remain unclaimed by shareholders and whilst we will endeavour to contact the shareholders concerned, if this is the case, we cannot guarantee that we will be able to do so if the Registrars do not have an up-to-date telephone number and/or email address.

Dividend Investment Scheme

The Scheme provides shareholders with the opportunity to reinvest their cash dividends into new shares in the VCT at the latest published NAV price. New VCT shares attract the same tax reliefs as shares purchased through an Offer for Subscription.

Key information:

  • The Company recommenced the Scheme on 12 February 2020. 
  • All previously registered participants of the Scheme were automatically re-enrolled, and their future dividends will be re-invested unless they decide to opt-out.
  • The Scheme re-invests dividends at the latest published NAV price.
  • Shareholders can opt-in by completing a mandate form and posting it to Link Group, 10th Floor, Central Square, 29 Wellington Street, Leeds LS1 4DL
  • Shareholders can opt-out by emailing vcts@linkgroup.co.uk from their registered email address, or by contacting Link Group using the details provided below.

Shareholder Queries:

The Scheme Administrator is Link Group, and they handle all queries relating to the Scheme, including amendments to participation.  Their details are as follows:

Email: vcts@linkgroup.co.uk

Post: Link Group, 10th Floor, Central Square, 29 Wellington Street, Leeds LS1 4DL

Telephone: 0371 664 0324. (Calls are charged at the standard geographic rate and will vary by provider. Calls from outside the United Kingdom are charged at the applicable international rate.

Lines are open 9.00 am – 5.30 pm Mon – Fri, excluding public holidays in England and Wales.)

 

Rules and Documents:

The Scheme Rules for the Scheme and a mandate form can be downloaded via the links below: 

New Scheme Rules

Changes to Terms & Conditions

Mandate Form

 

Net asset value per share
as at 31 Mar 2021*
89.7
(p)
Net asset value cumulative total return
per share since launch*
226.2
(p)

* adjusted for dividends paid since this date

Latest

Period End Net asset
(£m)		 Net asset
value per share
(pence per share)		 Cumulative dividends
paid per share
(pence per share)		 Net asset value
cumulative total return
(pence per share)
31 Mar 2021 107.1 89.7 136.5 226.2

Note: All figures are adjusted from when a dividend has become ex-div in the period after which a NAV has been announced.

Show current and historical data
Period End Net asset
(£m)		 Net asset
value per share
(pence per share)		 Cumulative dividends
paid per share
(pence per share)		 Net asset value
cumulative total return
(pence per share)
30 Sep 2020 83.1 70.1 131.5 201.6
30 Sep 2019 81.7 79.1 113.0 192.1
30 Sep 2018 82.6 78.3 108.0 186.3
30 Sep 2017 64.4 81.2 102.5 183.7
30 Sep 2016 70.8 98.5 80.5 179.0
30 Sep 2015 75.2 106.4 68.5 174.9
30 Sep 2014 69.3 114.6 50.5 165.1
30 Sep 2013 60.5 113.9 40.5 154.4
30 Sep 2012 50.6 109.6 28.5 138.1
30 Sep 2011 49.2 120.8 4.5 125.3
30 Sep 2010 36.6 99.0 0.5 99.5
30 Sep 2009 11.0 93.2 0.0 93.2
30 Sep 2008 11.2 94.6 0.0 94.6

NAV Cumulative Total Return

The following chart shows the net asset value cumulative total return at the end of the financial year (net asset value plus cumulative dividends paid since inception) expressed as pence per share.

Net asset value plus cumulative dividends paid per share (p)
NAV Cumulative total return over five years to 30 Sep 2020 %
25.1
(%)
NAV Cumulative Total Return since launch* to 30 Sep 2020 %
113.3
(%)

* - Since launch of the current share class which was created in 2008/09 at an issue price of 94.5 pence (being 100 pence less 4.5 pence issue costs).

Year End Annual NAV cumulative total return%
30 September 2020 11.9%
30 September 2019 7.4%
30 September 2018 3.2%
30 September 2017 4.8%
30 September 2016 3.9%

Objective

The Objective of the Company is to provide investors with an attractive return by maximising the stream of the tax-free dividend distributions from the income and capital gains generated by a diverse and carefully selected portfolio of investments, while continuing at all times to qualify as a VCT.

Investment Policy

The Company’s policy is to invest primarily in a diverse portfolio of UK unquoted companies. Investments are generally structured as part loan and part equity in order to receive regular income and to generate capital gains upon sale.

Investments are made selectively across a number of sectors, principally in established companies.

The Company’s cash and liquid resources are held in a range of instruments of varying maturities, subject to the overriding criterion that the risk of loss of capital be minimised.

VCT Regulation

The Investment Policy is designed to ensure that the Company continues to qualify and is approved as a VCT by HMRC. 

Principal conditions to be a VCT:-

1. A VCT must have at least 80% by VCT tax value of its total investments throughout the period in shares or securities comprised in VCT qualifying holdings (see below).

2. For funds raised after 6 April 2011 and all investments made after 5 April 2018, a minimum overall of 70% by VCT tax value must be in ‘eligible shares’ which carry no preferential rights (save as may be permitted under VCT rules).

3. In addition, although a VCT can invest less than 70% of an investment in a specific company in eligible shares it must have at least 10% by VCT tax value of its total investment in each VCT qualifying company’s eligible shares.

4. A VCT may not invest more than 15% of its total investments (shares, securities and liquidity)  in a single company or group (measured by VCT tax value at the time of investment)

5. VCTs are required to invest 30% of any funds raised in an accounting period in qualifying holdings within 12 months of the end of that accounting period and the period for reinvestment of the proceeds on disposal of qualifying investments is 12 months.

 

To be a VCT qualifying holding, the principal requirements for the companies in which investments are made are to:

1. carry on a qualifying trade;

2. have no more than £15 million of gross assets at the time of investment and £16 million immediately following the investment;

3. have a maximum age which is generally up to seven years (ten years for knowledge intensive businesses);

4. receive no more than an annual limit of £5 million and a lifetime limit of £12 million (for knowledge intensive businesses the annual limit is £10 million and the lifetime limit is £20 million) from VCTs and similar sources of State Aid funding;

5. use the funds received from VCTs for growth and development purposes.

 

Asset Mix

The Company initially holds its funds in a portfolio of interest bearing investments and deposits. The investment portfolio of qualifying investments is built up over a three year period with the aim of investing and maintaining at least 80% of net funds raised in qualifying investments.

Risk diversification and maximum exposures

Risk is spread by investing in a number of different businesses across different industry sectors. To reduce the risk of high exposure to equities, each qualifying investment is structured to achieve the optimum balance between loan stock and equity to provide protection against downside risk alongside the best potential overall returns.

Co-investment

The Company is entitled to invest alongside other VCTs advised by Mobeus that have a similar investment policy, normally on a pro rata to net assets basis.

Borrowing

The Company’s Articles of Association permit borrowing of up to 10% of the adjusted capital and reserves (as defined therein). However, it has never borrowed and the Board has currently no plans to undertake any borrowing.

Marketing of shares to retail investors

We confirm that the shares of The Income & Growth VCT plc are currently ‘excluded securities’ in accordance with guidance issued by the Financial Conduct Authority and can therefore be recommended to retail investors by financial advisers.

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