Income & Growth VCT (The) PLC Admission to AIM of Virgin Wines UK plc (7761Q)
02 March 2021 - 8:00PM
UK Regulatory
TIDMIGV
RNS Number : 7761Q
Income & Growth VCT (The) PLC
02 March 2021
THE INCOME & GROWTH VCT PLC
(the "Company")
LEI: 213800FPC15FNM74YD92
2 March 2021
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulations (EU Regulation
596/2014).
Admission to AIM of Virgin Wines UK plc
The Board is pleased to announce that, this morning, Virgin
Wines UK plc ("Virgin Wines"), an existing portfolio company, was
admitted to trading on the Alternative Investment Market ("AIM") of
the London Stock Exchange, alongside a placing of new and existing
shares. The Placing Price of these shares was GBP1.97 per share,
valuing Virgin Wines at a market capitalisation of GBP110m. The
Board and Mobeus Equity Partners LLP have been proud to partner the
management of Virgin Wines in growing this business. We continue to
support Virgin Wines and its future development and are pleased to
be retaining the Company's entire equity holding.
The Company holds 6,579,930 shares in Virgin Wines. Based upon
the Placing Price of GBP1.97 per share, the Company's investment in
Virgin Wines is valued at GBP12.96 million and represents a
significant uplift in valuation of GBP6.60 million, compared to
that included in the Company's Net Asset Value ("NAV") per share at
31 December 2020. In isolation, the impact of this uplift in
valuation upon the Company's NAV per share as at 31 December 2020
of 79.17 pence is an increase of 5.58 pence per share. The Company
emphasises that this increase in NAV per share is in isolation from
other changes in the Company's balance sheet, including valuation
and other transaction movements in the Company's investment
portfolio, that may also have affected the NAV per share since 31
December 2020.
As part of this transaction, the Company will receive payment of
its remaining loan stock of GBP2.07 million, leaving Virgin Wines
ungeared at that point.
For further information, please contact:
Mobeus Equity Partners LLP, Company Secretary
020 7024 7600
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END
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