Track Record
The Companies have previously launched six separate fundraisings with Matrix as the sole investment manager of the funds raised. Tax Efficient Review, an independent commentator, has assessed four of these fundraisings to be “sufficiently mature as to have meaningful performance”. The subsequent performance for each of these four offers has delivered a total NAV shareholder return to subscribers greater than the initial subscription price.
These four offers have also provided positive annual returns for investors from inception in excess of 8.8% per annum, taking into account the initial tax relief. This is set out in the table below.
Track Record Performance by Fundraising Date
| Tax Year of Fundraising Launch |
VCT1 |
Effective Net Issue Price2 (p) |
Latest NAV3 (p) |
Dividends Paid (p) |
Total Return4 (p) |
Increase over Effective Net Issue Price
|
Tax free annual return5
|
| 2004/05 |
MIG6 |
60.0 |
87.9 |
26.8 |
114.7 |
+92% |
10.8% |
| 2005/06 |
MIG 37 |
60.0 |
93.6 |
15.4 |
109.0 |
+82% |
10.8% |
| 2006/07 |
MIG 46 |
84.7 |
112.0 |
11.0 |
123.0 |
+45% |
8.9% |
| 2007/08 |
I&G6,8 |
70.0 |
120.8 |
4.59 |
125.3 |
+79% |
16.9% |
1 Matrix has been sole manager of MIG and MIG 3 (until MIG 3 merged with MIG) from inception. For MIG 4 and I&G the data shown is for those funds raised solely for Matrix to manage.
2 Subscription price less income tax relief where applicable.
3 Latest NAVs are as at 30 September 2011 for MIG (unaudited) and I&G (audited) and 31 October 2011 for MIG 4 (unaudited).
4 Latest NAV plus dividends paid, ignoring tax relief.
5 This column has been extracted from Tax Efficient Review (www.taxefficientreview.com) as at 19 January 2012, which has been accurately reproduced and, as far as the Companies are aware and are able to ascertain from information sourced from Tax Efficient Review, no facts have been omitted which would render the reproduced information inaccurate or misleading. The methodology by which the annual return of the companies has been calculated is to list firstly the initial cash outflow (being the Effective Net Issue Price above) assumed to be at the date of launch of each fundraising. To this is added the date of subsequent inflows for each dividend received plus the latest NAV (as above), treated as a cash inflow for this purpose. A spreadsheet function then calculates the annual return earned on that initial cash outflow, (being the rate that equates time value of that cash outflow and the cash inflows to be zero, up to the date of the latest NAV as above).
6 The funds raised pursuant to the 2010/2011 linked offer and the £1.6 million raised by MIG 4 pursuant to a top up offer that closed in April 2010, are considered by Tax Efficient Review to be too recent for performance to be meaningful and are not, therefore, included.
7 Shown for an original MIG 3 shareholder. MIG 3 merged into MIG in May 2010.
8 Shown for an original I&G S ordinary shareholder. I&G S ordinary shares merged with I&G ordinary shares to form a single share class in March 2010.
9 Since 30 September 2011, I&G has declared a final dividend of 4p per share in respect of its financial year to 30 September 2011 (subject to the approval of I&G shareholders at the forthcoming I&G annual general meeting) and has declared a special interim dividend of 20p per share in respect of the current financial year to 30 September 2012, payable on 27 January 2012 to shareholders on the I&G register on 30 December 2011. The figure of 4.5p per share above excludes these dividends, but does not change total return.
