Mobeus Income & Growth VCT PLC Realisation of investment in Gro-Group (1238B)
January 05 2018 - 7:37AM
UK Regulatory
TIDMMIX
RNS Number : 1238B
Mobeus Income & Growth VCT PLC
05 January 2018
Mobeus Income & Growth VCT plc ("MIG VCT" or the
"Company")
Realisation of investment in Gro-Group Holdings Limited
05 January 2018
The Company is pleased to announce the sale of the entire issued
share capital of Gro-Group Holdings Limited to a trade purchaser
for consideration of GBP22 million, on a debt free and cash free
basis. GBP3.45 million has been received in cash by the Company
following completion, while up to GBP0.11 million in deferred
consideration is potentially payable over approximately the next 12
months.
The realisation of this investment has resulted in an increase
in the Company's Net Asset Value ('NAV') of an estimated 1.34 pence
per share over the latest announced NAV per share of 74.08 pence at
30 September 2017.
Upon completion and excluding deferred consideration, this
transaction delivered the Company a realised gain over cost of
GBP1.47 million, being 1.52 pence per share.
All four Mobeus advised VCTs realised their investment in
Gro-Group Holdings Limited. Excluding deferred consideration, total
cash proceeds received by the four Mobeus advised VCTs over the
life of their investment in Gro-Group Holdings Limited are GBP15.6
million, against an original investment of GBP7.1 million. This
represents a return of 2.2 times the original cost and an IRR of
over 20% for each VCT in the 4 years and 9 months that this
investment was held.
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
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January 05, 2018 07:37 ET (12:37 GMT)
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