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Trading statements

Iona Environmental VCT to take hit on plastics recycling

13 February 2015 13:09

Iona Environmental VCT will take a hit of £374,000 on its plastics recycling business which has been put into administration.

But chairman David Eades says that overall the fund has a good cash position with the prospect of further dividend yields.

He said: "We are pleased to report that three out of four of our anaerobic digestion plants have now received their full electrical generating certificates and are now producing electricity and selling to the national grid. The projects are long term in nature and will provide a regular income stream to the fund.

"On a negative note R3 Products Limited (R3) our plastics recycling business has had a disappointing trading period and the board of R3 has decided to put the company into administration and this will result in an impairment of £374,000."

As at 31 December, the unaudited net asset value was 82.5p per ordinary share, 1.7p per A share and 105.3p per B share compared with unaudited net asset value of 83.6p per ordinary Share, 1.7p per A share and 106.1p per B share as at 30 September. At 1:09pm: (LON:ION1) Iona Environmental Vct Plc share price was 0p at 69p

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Related Company: ION1

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