Mobeus Income & Growth VCT PLC Interim Management Statement 30 September 2017 (9657V)
November 08 2017 - 11:30AM
UK Regulatory
TIDMMIX
RNS Number : 9657V
Mobeus Income & Growth VCT PLC
08 November 2017
Mobeus Income & Growth VCT plc
("the Company")
INTERIM MANAGEMENT STATEMENT
For the quarter ended 30 September 2017
Mobeus Income & Growth VCT plc presents an Interim
Management Statement for the quarter ended 30 September 2017. The
statement also includes relevant financial information between the
end of the period and the date of this statement.
NET ASSET VALUE (NAV) AND TOTAL RETURN PER SHARE
At 30 September 2017 At 30 June
2017
Net assets attributable to GBP58.76 GBP62.43
shareholders million million
Shares in issue 79,310,888 75,597,471
Net asset value (NAV) per 74.08 82.58 pence
share pence
Cumulative dividends paid 104.80 95.80 pence
pence
Cumulative total return per 178.88
share (NAV basis) since inception pence 178.38 pence
% return on initial NAV per
share of 94.5 pence at inception
in July 2004 89.3% 88.8%
The NAV per share fell by 8.50 pence over the quarter,
principally due to the payment of an interim dividend of 9.00 pence
per share in the quarter, referred to below.
DIVIDENDS
The Company paid an interim capital dividend of 9.00 pence per
share for the year ending 31 December 2017 on 13 September
2017.
The Board has today declared a second interim dividend of 4.00
pence per share for the year ending 31 December 2017. The dividend
will be paid on 8 December 2017 to Shareholders on the Register on
24 November 2017. Once paid, this will bring cumulative dividends
paid per share to date to 108.8 pence and reduce the NAV per share
reported above to 70.08 pence per share.
FUNDRAISING
On 6 September 2017, the Company launched a joint fundraising
Offer alongside the other three Mobeus advised VCTs. Due to strong
demand, the Company has utilised its over-allotment facility which
has increased the maximum offer size to GBP25 million in respect of
the Company (GBP80 million in aggregate across the Mobeus advised
VCTs).
Including the allotments already made, the total cumulative
value of applications received on behalf of the Company to date is
GBP15.1 million.
Further details of the Offer are set out in the Prospectus,
which was made available on 6 September 2017 and can be viewed on
the Mobeus website at
www.mobeusequity.co.uk/vct-investors/fundraising .
INVESTMENT ACTIVITY
New Investments
There were two new investments during the period.
On 5 July 2017, GBP2.10 million held in Manufacturing Services
Investment Limited, a company preparing to trade, and GBP0.65
million from the Company's cash resources, was invested into B2C
(Holdings) Limited (trading as Wetsuit Outlet), a leading online
retailer in the water sports market (www.wetsuitoutlet.co.uk).
A follow on loan of GBP0.14 million was advanced to MPB Group
Limited, a leading online marketplace for used camera and video
equipment (www.mpb.com).
Realisations
The Company realised one investment in the period for cash
proceeds of GBP6.12 million. This was the very successful sale of
the Company's investment in 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 Internal Rate of Return of 39% in the three and a half years
that this investment was held. Deferred consideration of up to
GBP0.63 million may be payable in due course.
Including the loan stock repayments of GBP0.30 million referred
to below, net cash proceeds for the period amounted to GBP6.42
million.
LOAN STOCK REPAYMENTS
A total of GBP0.30 million was received in loan stock repayments
during the quarter to 30 September 2017, from TPSFF Holdings
Limited (formerly the Plastic Surgeon Holdings Limited).
Two further loan stock repayments of GBP0.16 million were
received from TPSFF Holdings Limited after the quarter-end.
SHARE BUY-BACKS
As announced previously, on 7 July 2017 the Company purchased
85,754 of the Company's own ordinary shares at a price of 71.25
pence per share, for cancellation.
Please note that all of the above information 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:
Robert King, 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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