Mobeus Income & Growth 2 VCT PLC Interim Management Statement (8053Q)
September 15 2017 - 2:05AM
UK Regulatory
TIDMMIG
RNS Number : 8053Q
Mobeus Income & Growth 2 VCT PLC
15 September 2017
Mobeus Income & Growth 2 VCT plc
(the "Company")
INTERIM MANAGEMENT STATEMENT
For the quarter ended 30 June 2017
Mobeus Income & Growth 2 VCT plc presents an Interim
Management Statement for the quarter ended 30 June 2017. The
statement also includes relevant financial information between the
end of the period and the date of this statement.
NET ASSET VALUE AND TOTAL RETURN PER SHARE
At 30 June At 31 March
2017 2017
Net assets attributable to GBP39,301,344 GBP38,060,985
shareholders
Shares in issue 35,672,387 35,672,387
Net asset value (NAV) per
share 110.17p(1) 106.70p
Cumulative dividends paid 62.00p
to date per share 4 62.00p
Total return per share since
inception (NAV basis) 172.17p 168.70p
(1) This figure is before adjusting for an interim dividend of
7.00 pence per share for the year ending 31 March 2018 described
below. Payment of this dividend reduces the NAV per share to 103.17
pence per share.
DIVIDENDS
During the period, on 29 June 2017, the Company declared an
interim dividend of 7.00 pence per share in respect of the
financial year ending 31 March 2018. This dividend, paid on 27 July
2017 to shareholders on the Register on 7 July 2017, brings
cumulative dividends paid per share since the launch of the current
share class to 69.00 pence.
FUNDRAISING
On 6 September 2017, the Company launched a joint fundraising
Offer alongside the other three Mobeus advised VCTs. The Offer is
seeking to raise GBP10 million (GBP50 million across the Mobeus
Advised VCTs) with an over-allotment facility of GBP5 million.
In the event that the Board utilises the over-allotment
facility, Mobeus, as Investment Adviser, has agreed to make a
contribution by way of a fee waiver of 1% of any funds that each
VCT may raise under the allotment facility, for the period of one
year.
The Board is seeing strong demand for the Offer. To encourage
early investment, Mobeus is offering an early investment incentive
discount of 1% of the amounts subscribed for by investors on
applications which are accepted up to the earlier of the first
GBP50 million, in aggregate being raised across the Mobeus advised
VCTs, or Friday 3 November 2017.
Further details of all of the above arrangements are set out in
the Prospectus, which was made available on 6 September 2017.
SHARE BUY-BACKS
There were no share buybacks during the period. On 7 July 2017,
19,956 Ordinary Shares of 1p each were repurchased for cancellation
at 89.75 pence per share.
GENERAL MEETING
At a General Meeting held on 3 August 2017, shareholders gave
their approval to a Special Resolution granting the Company
authority to issue shares and to dis-apply pre-emption rights.
INVESTMENT ACTIVITY
New Investments
On 6 July 2017, GBP1.72 million was invested into B2C (Holdings)
Limited (trading as Wetsuit Outlet), a leading online retailer in
the water sports market (www.wetsuitoutlet.co.uk).
Realisations
After the period end, on 1 August 2017 GBP3.26 million was
received from the sale of Entanet Holdings Limited to CityFibre
Infrastructure Holdings plc. These proceeds were fully reflected in
the NAV of the Company at 30 June 2017. This realisation
contributed to a return of 2.5 times the original investment cost,
and an IRR of 39% in the three and a half years that this
investment was held.
Loan Stock Repayments
On 3 May 2017, a GBP0.04 million loan stock repayment was
received from TPSFF Holdings Limited (formerly The Plastic Surgeon)
("TPSFF"). TPSFF also made two further loan repayments after the
quarter end, totalling GBP0.16 million.
ANNUAL GENERAL MEETING
The Company's Annual General Meeting ("AGM") was held today at
The Clubhouse, 8 St James's Square, London SW1Y 4JU. All
resolutions were passed at the meeting.
Please note that all of the information above is unaudited.
Other than as described above, there were no material events
during the period and to the date of this announcement.
For further information, please contact:
Jonathan McGuire, for Mobeus Equity Partners LLP, Company
Secretary: 020 7024 7600
This information is provided by RNS
The company news service from the London Stock Exchange
END
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