Mobeus Income & Growth 4 VCT PLC Interim Management Statement (8805G)
May 12 2014 - 10:03AM
UK Regulatory
TIDMMIG4
RNS Number : 8805G
Mobeus Income & Growth 4 VCT PLC
12 May 2014
Mobeus Income & Growth 4 VCT plc ("the Company")
INTERIM MANAGEMENT STATEMENT
For the quarter ended 31 March 2014
In accordance with Rule 4.3 of the Disclosure and Transparency
Rules of the UK Listing Authority, Mobeus Income & Growth 4 VCT
plc presents an Interim Management Statement for the quarter ended
31 March 2014. 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 31 March 2014 At 31 December
2013
Net assets attributable GBP49,176,468 GBP42,123,723
to shareholders
Shares in issue 39,517,378 35,127,218
Net asset value (NAV) per
share 124.44 p 119.92 p
Cumulative dividends paid 34.20 p 34.20 p
Total return (net asset
value basis) per share
since inception 158.64 p 154.10 p
DIVIDENDS
A final dividend of 4.00 pence per share comprising 2.75 pence
from capital and 1.25 pence from income in respect of the year
ended 31 December 2013 was approved by shareholders at the Annual
General Meeting of the Company held on 9 May 2014. The dividend
will be payable on 16 May 2014 to Shareholders who were on the
Register on 22 April 2014. This dividend, once paid, will increase
cumulative dividends paid since inception to 38.20 pence per
share.
NEW INVESTMENT
In February 2014, the Company invested GBP1.37 million to
support the MBO of Entanet International Limited, one of the UK's
leading independent wholesale voice and data communications
providers, using GBP1 million from the VCT's existing investment in
the acquisition vehicle Ackling Management Limited. The Company
also invested a further GBP1.82 million into two new acquisition
investments in the period.
DIVESTMENTS
Following the period-end in April 2014, the VCT sold the
remainder of its investment in MachineWorks Software Limited for
net proceeds of GBP327k. The total proceeds received by the VCT
over the life of this investment of GBP554k represents a return on
investment of 4.1 times original cost of GBP135k.
LOAN STOCK REPAYMENTS
The VCT has received repayments from Westway Services Holdings
(2010) Limited and Tessella Holdings Limited totalling GBP85k
during the quarter to 31 March 2014 and GBP42k since the period end
from Newquay Helicopters (2013) Limited.
SHARE BUYBACKS
During the quarter ended 31 March 2014, shareholders holding
200,000 ordinary shares in the Company expressed their desire to
sell their investments. The Company instructed its brokers, Panmure
Gordon, to purchase these shares at prices representing discounts
of approximately 10% to the then prevailing announced NAV per
share. The Company subsequently purchased these shares at a price
of 104.5 pence per share and cancelled them.
MOBEUS VCTs' LINKED OFFER FOR SUBSCRIPTION
During the quarter ended 31 March 2014, the Company issued and
allotted a total of 4,590,160 ordinary shares in the Company at
effective offer prices ranging from 120.28 to 130.10 pence per
share, raising net proceeds of GBP5.41 million (after deducting
initial costs).
Since the quarter-end, the Company has allotted a further
1,662,430 ordinary shares in the Company at effective offer prices
ranging from 123.95 to 130.10 pence per share raising further net
proceeds of GBP1.99 million (after deducting initial costs).
Applications totalling GBP33.2 million have been received to date
under the Linked Offer which is currently due to close 31 May 2014
of which GBP8.3 million has been received for Mobeus Income &
Growth 4 VCT plc.
As explained in the RNS announcement of 29 April 2014,
allotments planned to occur after 5 April 2014 have been delayed.
The Company will update investors in due course upon this
matter.
For further information, please contact:
Rob Brittain, 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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