TIDMMIG
RNS Number : 6732E
Mobeus Income & Growth 2 VCT PLC
02 March 2020
Mobeus Income & Growth 2 VCT plc
(the "Company")
INTERIM MANAGEMENT STATEMENT
For the quarter ended 31 December 2019
Mobeus Income & Growth 2 VCT plc presents an Interim
Management Statement for the quarter ended 31 December 2019. The
statement also includes relevant financial information between the
end of the quarter and the date of this statement.
NET ASSET VALUE AND TOTAL RETURN PER SHARE
At 31 December At 30 September
2019 2019
Net assets attributable to shareholders GBP44.47m GBP43.41m
Shares in issue 48,143,782 48,312,254
Net asset value (NAV) per share 92.37p 89.85p
Cumulative dividends paid to date
per share since inception 98.00p 98.00p
Total return per share since inception
(NAV basis) 190.37p 187.85p
FUNDRAISING
On 25 October 2019, the Company launched an Offer for
Subscription ("Offer") to raise, up to GBP15 million, with an
over-allotment facility to raise up to a further GBP5 million.
Following robust demand from investors, the Directors approved the
use of the over-allotment facility on 20 December 2019. On 8
January 2020, based on applications received up to 20 December
2019, 11,892,778 new Ordinary shares were allotted, generating net
funds of GBP10.69 million for the Company. The Offer became fully
subscribed on 13 January 2020. Due to this strong investor demand,
on 6 February 2020 the Company announced that the Offer size would
be further increased to raise up to a further GBP2.1 million. This
increase was satisfied from applications already received in
respect of the Offers, as announced on 28 February 2020.
In accordance with the Prospectus, these applications totalling
approximately GBP11 million will be allotted shares in the Company
between 1-3 April 2020.
DIVIDENDS
On 26 February 2020, the Company declared the payment of a
second interim dividend of 11.00 pence per share in respect of the
year ending 31 March 2020, to Shareholders on the register on 6
March 2020. This will be paid on 27 March 2020 and will bring the
total paid in respect of this year to 26.00 pence per share.
SHARE BUY-BACKS
On 10 December 2019, the Company bought back 168,472 of its
Ordinary shares at a price of 85.16
pence per share.
All shares bought back by the Company were subsequently
cancelled.
INVESTMENT ACTIVITY
New investments
On 1 November 2019, the Company made a new investment of GBP0.94
million into Data Discovery Solutions Limited (trading as Active
Navigation), a provider of enterprise-level file analysis
software.
On 29 November 2019, the Company made a new investment of
GBP0.54 million into IPV Limited, a developer of media asset
management software.
On 13 December 2019, the Company made a new investment of
GBP0.45 million into Bleach London Holdings Limited, an established
and trusted brand in the hair colourants market.
Divestments
On 12 December 2019, the Company sold its investment in Redline
Worldwide Limited, generating cash proceeds of GBP0.87 million. The
realisation contributed, to date, to a return over the life of the
investment of 1.6 times original cost. Deferred consideration of up
to GBP0.16 million may be received over the next 30 months.
Divestments after the quarter end
On 7 February 2020, the Company's investment in Pattern
Analytics Limited (trading as Biosite) was sold for proceeds of
GBP1.53 million. Over the three years that this investment was
held, these proceeds contributed to a multiple on cost of 1.5 times
the original cost of investment. This realisation has had no
material impact on the NAV per share as reported above.
On 13 February 2020, the Company sold its investment in Turner
Topco Limited (trading as Auction Technology Group), generating
cash proceeds of GBP4.55 million which, combined with returns
received prior to a secondary buyout in June 2014, contributed to a
multiple on original cost of 4.5 times over the 11 and a half years
the investment was held. In isolation, the impact of this sale on
the Company's NAV per share referred to above, would be an increase
of 3.22p.
The Company emphasises that this figure is in isolation from any
other changes in the Company's balance sheet, including other
valuation movements in the Company's investment portfolio, that may
affect the NAV per share during the current quarter.
Investments after the quarter end
On 28 February 2020, the Company made a new investment of
GBP1.45 million into Bella & Duke Limited, a provider of
premium frozen raw dog food to pet owners in the UK.
Other than as described above, there were no material events
during the quarter and to the date of this announcement.
Please note that all of the information above is unaudited.
For further information, please contact:
Mobeus Equity Partners LLP, Company Secretary: 020 7024
7600.
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END
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