Neptune-Calculus Income &Growth VCT Disposal (4988A)
23 December 2014 - 2:15AM
UK Regulatory
TIDMNEP TIDMTTM
RNS Number : 4988A
Neptune-Calculus Income &Growth VCT
22 December 2014
Realisation of investment in Waterfall Services Limited
The Board of Neptune-Calculus Income and Growth VCT plc (the
"Company") is pleased to announce the sale on 22 December 2014 of
the Company's investment in Waterfall Services Limited
("Waterfall") to a company owned by the existing management team
and backed by LDC.
The Company is receiving cash proceeds for its equity holding of
approximately GBP1.9m resulting in a gain of approximately GBP1.3
million, equivalent to approximately 12p per share, compared with
the carrying value of GBP568,387 disclosed in the Company's half
yearly report for the six months to 30 June 2014.
The Company originally paid GBP50,129 for the equity in
Waterfall and GBP450,000 for preference shares and loan stock which
were redeemed in 2011 and 2013 respectively.
This realisation results in total cash being received for
equity, preference shares and loan stock (including dividends and
interest) of approximately GBP2.6m by the Company over the life of
the investment, representing 5.3 times the Company's original
investment of GBP0.5m.
The directors are considering options for the use of the
proceeds and more details will be given in the New Year.
Waterfall is one of the UK's leading independent contract
catering companies, with particularly strong positions in the
education and care and welfare markets. Neptune-Calculus Income and
Growth VCT plc made the investment in Waterfall in 2007.
For further information, please contact:
Lesley Watkins, Calculus Capital Limited: 020 7493 4940
This information is provided by RNS
The company news service from the London Stock Exchange
END
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