Half-yearly Report
Mobeus Income & Growth VCT plc ("the Company")
Half-Yearly results for the six months ended 30 June 2012
INVESTMENT OBJECTIVE
Mobeus Income & Growth VCT plc, formerly Matrix Income & Growth VCT
plc ("the Company" or "MIG VCT"), is a Venture Capital Trust ("VCT") listed on
the London Stock Exchange. Its investment portfolio, which invests primarily
in established and profitable unquoted companies, is managed by Mobeus Equity
Partners LLP ("Mobeus" or "the Manager").
The Company's objective is to provide investors with a regular
income stream, by way of tax free dividends, and to generate capital growth
through portfolio realisations, which can be distributed by way of additional
tax free dividends.
FINANCIAL HIGHLIGHTS
- The Directors have declared an interim dividend of 5.00 pence per share
(comprising 4.50 pence from capital and 0.50 pence from income) which will be
paid on 20 September 2012 to Shareholders on the Register on 31 August 2012.
This will bring cumulative dividends paid per share to 38.05 pence.
- Strong liquidity has been further enhanced by a successful fundraising, in which
the Company has raised a further £5.168 million.
- The Company realised its investment in Iglu.com Holidays in May for an overall
return of 2.53 times the original investment cost in two and a half years.
PERFORMANCE SUMMARY
The net asset value (NAV) per share at 30 June 2012 was 91.08 pence
The table below shows the recent past performance
of the original funds raised in 2004/05. Performance data for all fundraising
rounds and for former Matrix Income & Growth 3 VCT Shareholders is shown in a
table at the end of this announcement.
Net NAV Share price Net Total return per share to
assets per (mid- cumulative shareholders
Share market dividends since launch
price)1 paid
per Share
(NAV (Share price
basis) basis)
basis)
(£m) (p) (p) (p) (p) (p)
As at 30 June 2012 42.08 91.08 80.50 33.05 124.13 113.55 2
As at 31 December 2011 40.73 95.59 78.75 26.80 122.39 105.55
As at 30 June 2011 39.49 90.84 82.50 26.30 117.14 108.80
1 Source: London Stock Exchange
2 Shareholders in the first fundraising of the Company, invested
100p per Share, which, after applicable income tax relief of 40%, equates to a
net cost of 60p per Share.
Total return per share comprises either the NAV per share (NAV
basis) or the mid-market share price (Share price basis) plus cumulative
dividends paid per share.
CHAIRMAN'S STATEMENT
This Half-Yearly Report covers the six month period ended 30 June
2012.
Net asset value (NAV) and total return to Shareholders
The net asset value per share as at 30 June 2012 was 91.08 pence
compared with the previously reported NAV per share of 95.59 pence at the
beginning of the period.
However, in order to measure the NAV return over the period on a
like for like basis, the final dividend of 6.25 pence paid to shareholders on
22 May 2012, in respect of the year ended 31 December 2011, should be
excluded. This reduces the NAV per share at the beginning of the period from
95.59 pence to 89.34 pence. Thus the Company's underlying NAV per share rose
by 1.74 pence per share or 1.95% over the period.
The cumulative NAV total return per share (being the closing net
asset value plus total dividends paid to date) rose by 1.42% during the six
month period from 122.39 pence to 124.13 pence. This slight rise in total
return largely reflected a small increase in the value of the investment
portfolio.
To assist Shareholders who originally invested in any of the
individual fundraisings (including Matrix Income & Growth 3 VCT plc ("MIG 3
VCT")) to monitor the performance of their investment (including dividend
payments) on a consistent basis, a table showing the returns to Shareholders
from each allotment has been included at the end of this announcement.
Investment portfolio
Overall the portfolio recorded a gain of £0.425 million (1.55% of
the opening value) during the first half of the year. Apart from one major
realisation (Iglu.com) and a new investment following the period-end into
Tessella, the Company's portfolio activity was relatively quiet. The Manager's
ability to bring transactions to completion was affected by the continued
weakness in the economy and more recently by the uncertainty regarding the
future direction of VCT tax regulation. These factors combined to make both
buyers and sellers cautious when considering potential deals.
However, the sale of Iglu.com in May for an overall return of 2.53
times the original investment cost in two and a half years was a pleasing
result.
We continued to utilise the Operating Partner programme and seven
new investments in acquisition vehicles were made during the six-month period
totalling £7 million. One of these, Sawrey Limited, was used to support the
MBO of Tessella in July and we anticipate that the Operating Partner programme
will lead to further new investments during the second half of 2012.
Details of investment activity during the six months to 30 June
2012 and a summary of performance highlights in the portfolio can be found in
the Manager's Review below.
Revenue account and dividends
The net revenue return for the period remained at a healthy level
of £499k, albeit reduced by £51k from last year. Income itself rose slightly,
despite a fall in dividend income from £353k last year to £110k. The main
reason for the rise in income was that loan stock interest increased markedly,
from £480k to £714k, reflecting initial income from the new investments made
last year, notably Motorclean, EMAC and EOTH, and the payment by Blaze of some
interest arrears. The fall in dividend income is largely explained by the fact
that the dividend of £263k received from DiGiCo last year was not repeated
this year as this investment has since been partially realised.
Running costs rose slightly as fund management fees increased with
rising net assets. Other costs reflect a rise in directors' fees countered by
a reduction in trail commission costs. The latter should in the future see a
fall from previous years' levels as the ceiling for trail commission has been
reached for investments made in the original fundraising.
The Directors have declared an interim dividend of 5.00 pence per
share (comprising 4.50 pence from capital and 0.50 pence from income) which
will be paid on 20 September 2012 to Shareholders on the Register on 31 August
2012. This will bring cumulative dividends paid per share to 38.05 pence per
share.
Change of company name and change of control at the Manager
With effect from 30 June 2012, the Manager, together with all its
staff, became a fully independent firm owned by its partners and renamed
itself Mobeus Equity Partners LLP ("Mobeus"). The Company has changed its name
from Matrix Income & Growth VCT plc to Mobeus Income & Growth VCT plc to be
consistent with the Manager's change of name.
The Company's investment strategy and its arrangements with Mobeus,
in particular the Manager's investment approach and services, remain
unchanged. The team continues to be wholly dedicated to the management and
administration of VCTs. The Board looks forward to this new phase of working
with its fully independent Manager.
Linked VCT fundraising
The Company participated with Mobeus Income & Growth 4 VCT plc
(formerly Matrix Income & Growth 4 VCT plc) and The Income & Growth VCT plc in
a linked fundraising that closed on 30 June 2012. A total of £15.505 million
across the three VCTs was subscribed for under the Offer, of which £5.168
million was raised by the Company. These new funds will mean that the
Company's fixed running costs are spread over a larger asset base and will
improve the Company's cash position so that it is better placed to make new
investments as attractive opportunities arise. The additional funds will also
support the Company's share buy-back policy that helps to provide liquidity in
the Company's shares in what is normally an extremely illiquid market.
The Board is investigating options for a fundraising in 2012/13.
Liquidity
The Company held £10.048 million in cash and money market fund
balances at 30 June 2012. In addition, the £7 million invested in the
Operating Partner acquisition vehicles was also held in liquid assets (reduced
to £6 million following the use of Sawrey to support the MBO of Tessella after
the period-end). The Company is therefore well-positioned both to take
advantage of favourable investment opportunities as they arise and, if
required, to make investments to support the existing portfolio.
Investment in qualifying holdings
The Company is required to meet the target set by HM Revenue &
Customs ("HMRC") of investing 70% of the funds raised in qualifying unquoted
and AiM quoted companies. The Company exceeded this limit (based on VCT cost
as defined in tax legislation which differs from the actual cost given in the
Investment Portfolio Summary below) throughout the period. The balance of the
portfolio is invested in cash and a selection of readily realisable, money
market funds with AAA credit ratings.
There has been some uncertainty about the effect of changes to VCT
legislation introduced in the Finance Act 2012 on the Company's future
operations and policies and we are pleased that the legislation has now been
enacted. The principal changes that affect the VCT are that (1) each
individual investee company can now receive up to £5 million in VCT funding
(and other State Aid sources) in any twelve month rolling period; (2) the
gross assets of an investee company must not exceed £15 million at the time of
investment and £16 million after investment; and (3) it is no longer possible
for the Manager to carry out certain types of MBO transactions using funds
raised after 5 April 2012. However, the Company has sufficient funds raised
prior to this date to enable it to continue to pursue its current strategy for
the foreseeable future. The Manager is investigating options for other types
of MBO transactions. Further details on the impact of these changes are
included in the footnote to the Company's Investment Policy below.
Share buy-backs
During the six months ended 30 June 2012, the Company bought back
1,288k of its own shares, representing 3.02% of the issued share capital at
the beginning of the period, at an average price, excluding costs, of 83.07
pence per share. These shares were purchased at an average discount of 10.34%
to NAV per share.
All of the shares bought back in the period were subsequently
cancelled by the Company. Continuing Shareholders benefit from the difference
between the NAV per share and the price per share at which the shares are
bought back and cancelled.
Selling your shares
The Company's shares are listed on the London Stock Exchange and as
such they can be sold in the same way as any other quoted company through a
stockbroker. However, to ensure that you obtain the best price, if you wish to
sell your shares you are strongly advised to contact the Company's
stockbroker, Matrix Corporate Capital, by telephoning 020 3206 7176/7 before
agreeing a price with your stockbroker. Shareholders are also advised to
discuss their individual tax position with their financial advisor before
deciding to sell their shares.
Communicating with shareholders
The Company maintains a programme of regular communication with
Shareholders through newsletters and a dedicated website in addition to the
Company's Half-Yearly and Annual Reports. The Manager has established a new
Mobeus website:
www.mobeusequity.co.uk
which will be regularly updated with information on your
investments including case studies of portfolio companies and profiles of the
investment team. The Company has its own dedicated section on the website
which includes performance tables, details of dividends paid and copies of
past reports to Shareholders.
The Company has adopted electronic communications which enables
Shareholders to choose between electing to receive communications by email or
as hard copies through the post. Many Shareholders who have not specifically
chosen either of these options receive a letter notifying them where to access
the reports on the website. We believe that this provides a more efficient way
of communicating with Shareholders as well as making savings to the Company on
postage and printing costs.
If you have not already done so, you are encouraged to register
with Computershare's Investor Centre:
www.investorcentre.co.uk,
which provides the most efficient way of checking information on
your accounts and making changes to your instructions. Once you have
registered you can use the Centre to check your shareholding and dividend
payments and amend your address or bank details. You can also use the site to
manage your options for receiving communications from the Company including
submitting proxy votes for general meetings.
The Board welcomes the opportunity to meet Shareholders at the
Company's General Meetings during which representatives of the Manager are
present to discuss the progress of the portfolio. The next AGM of the Company
will be held in May 2013.
The Manager holds an annual VCT workshop for
Shareholders in central London. Each workshop includes a presentation on the
Mobeus VCTs' investment activity and performance. We have received positive
feedback from those attending in previous years. All Shareholders will receive
an invitation to the next event nearer to the date.
Outlook
The UK economy is in the midst of a double-dip recession having
contracted in three out of the four last quarters. Although some rebound in
activity is now expected, any recovery over the next twelve months is likely
to be modest. Meanwhile, uncertainty over the future of the euro and the
eurozone, coupled with deteriorating prospects for growth in the US and the
rest of the world, are likely to continue to weigh heavily on investor,
consumer and corporate confidence. As a result quoted stock markets are likely
to remain volatile.
Such an environment will present both challenges and opportunities
for the Company. Only well-managed and well-financed companies with robust
business models will thrive or, indeed, survive. The Company has a strong cash
position with which to support portfolio companies where merited and will use
the cash-rich acquisition companies to take advantage of attractive new
investment opportunities that present themselves.
Finally, I would like to thank all of our Shareholders for their
continuing support.
Keith Niven
Chairman
RESPONSIBILITY STATEMENT
In accordance with Disclosure and Transparency Rule (DTR) 4.2.10
the Directors confirm that to the best of their knowledge:
(a) the condensed set of financial statements, which has been prepared in
accordance with the statement, "Half-Yearly Reports", issued by the Accounting
Standards Board, gives a true and fair view of the assets, liabilities,
financial position and profit of the Company, as required by DTR 4.2.4;
(b) the interim management report, included within the Chairman's Statement,
Investment Policy, Manager's Review and Investment Portfolio Summary includes a
fair review of the information required by DTR 4.2.7 being an indication of the
important events that have occurred during the first six months of the
financial year and their impact on the condensed set of financial statements;
(c) a description of the principal risks and uncertainties facing the Company for
the remaining six months is set out below, in accordance with DTR 4.2.7; and
(d) there are no related party transactions that are required to be disclosed in
accordance with DTR 4.2.8.
On behalf of the Board
Keith Niven
Chairman
PRINCIPAL RISKS AND UNCERTAINTIES
In accordance with DTR 4.2.7, the Board confirms that the principal
risks and uncertainties facing the Company have not changed materially since
the publication of the Annual Report and Accounts for the year ended 31
December 2011. The Board acknowledges that there is regulatory risk and
continues to manage the Company's affairs in such a manner as to comply with
section 274 of the Income Tax Act 2007. The principal risks faced by the
Company are:
- economic risk;
- investment and strategic risk;
- regulatory risk (including loss of approval as a Venture Capital Trust);
- financial and operating risk;
- market risk;
- asset liquidity risk;
- market liquidity risk;
- credit/counterparty risk.
A more detailed explanation of these can be found in the Directors'
Report on pages 17 - 18 and in Note 19 on pages 47 - 53 of the Annual Report
and Accounts for the year ended 31 December 2011 copies of which are available
on the Manager's website, www.mobeusequity.co.uk or by going direct to:
www.migvct.co.uk.
GOING CONCERN
The Board has assessed the Company's operation as a going concern.
The Company's business activities, together with the factors likely to affect
its future development, performance and position are set out in the interim
management report which is included within the Chairman's Statement,
Investment Policy, Manager's Review and Investment Portfolio Summary. The
Directors have satisfied themselves that the Company continues to maintain a
significant cash position. The majority of companies in the portfolio continue
to trade profitably and the portfolio taken as a whole remains resilient and
well-diversified. The major cash outflows of the Company (namely investments,
buy-backs and dividends) are within the Company's control. The Board's
assessment of liquidity risk and details of the Company's policies for
managing its capital and financial risks are shown in Note 19 on pages 47 - 53
of the Annual Report and Accounts for the year ended 31 December 2011.
Accordingly, the Directors continue to adopt the going concern basis of
accounting in preparing the half-yearly report and annual financial
statements.
CAUTIONARY STATEMENT
This report may contain forward looking statements with regards to
the financial condition and results of the Company, which are made in the
light of current economic and business circumstances. Nothing in this report
should be construed as a profit forecast.
INVESTMENT POLICY
The Company's policy is to invest primarily in a diversified
portfolio of UK unquoted companies. Investments are usually structured as part
loan and part equity in order to generate regular income and capital gains
from realisations.
Investments are made selectively across a number of sectors,
primarily in management buyout transactions ("MBOs") i.e. to support incumbent
management teams in acquiring the business they manage but do not own.
Investments are primarily made in companies that are established and
profitable.
Uninvested funds are held in cash and low risk money market funds.
UK companies
The funds raised by the Company after 6 April 2006 are subject to
the £7 million gross assets test for an investment to be VCT qualifying. Pre 6
April 2006, the companies in which investments were made must have had no more
than £15 million of gross assets at the time of investment to be classed as a
VCT qualifying holding.
VCT regulation
The investment policy is designed to ensure that the Company
continues to qualify and is approved as a VCT by HMRC. Amongst other
conditions, the Company may not invest more than 15% of its investments in a
single company and must have at least 70% by value of its investments
throughout the period in shares or securities comprised in VCT qualifying
holdings, of which a minimum overall of 30% by value must be in ordinary
shares which carry no preferential rights (save as may be permitted under VCT
rules). In addition, although the Company can invest less than 30% of an
investment in a specific company in ordinary shares it must have at least 10%
by value of its total investments in each VCT qualifying company in ordinary
shares which carry no preferential rights (save as may be permitted under VCT
rules).
The VCT regulations in respect of funds raised after 6 April 2011
changed, such that 70% of qualifying investments must be invested in equity.
Asset mix
The Company holds its liquid funds in a portfolio of readily
realisable interest-bearing investments and deposits. The investment portfolio
of qualifying investments has been built up over time with the aim of
investing and maintaining around 80% of net funds raised in qualifying
investments.
Risk diversification and maximum exposures
Risk is spread by investing in a number of different businesses
across different industry sectors. To reduce the risk of high exposure to
equities, each qualifying investment is structured to maximise the amount
which may be invested in loan stock. Initial investments in VCT qualifying
companies are, subject to formal approval from the Board, generally made in
amounts ranging from £200,000 to £2 million at cost. No holding in any one
company will represent more than 10% of the value of the Company's investments
at the time of investment. Ongoing monitoring of each investment is carried
out by the Manager generally through taking a seat on the board of each VCT
qualifying company.
Co-investment
The Company aims to invest in larger, more mature unquoted
companies through investing alongside three other VCTs advised by Mobeus with
a similar investment policy. This enables the Company to participate in
combined investments by the Manager of up to £5 million.
Borrowing
The Company has never borrowed and has no current plans to
undertake any borrowing.
Management
The Board has overall responsibility for the Company's affairs
including the determination of its investment policy. Investment and
divestment proposals are originated, negotiated and recommended by the Manager
and are then subject to formal approval by the Directors.
Impact of recent changes to the VCT tax rules on the Company's investment policy
Changes to VCT tax legislation, introduced with effect from 6 April
2012 as part of the Finance Act 2012, will impact on the Company's Investment
Policy as follows:
(1) The size of companies in which investment can be made has been increased back
to pre 6 April 2006 levels of £15 million immediately before and £16 million
immediately after the investment.
(2) The maximum number of permitted employees for an investee company at the time
of investment has been increased from 50 to 250 (this limit does not apply to
VCT funds raised before 6 April 2007).
(3) The £1 million limit on the amount of investment a VCT may make into a
particular company within a tax year has been abolished. A new rule requires
that an investee company should not receive more than £5 million from State Aid
sources, including VCTs, within any twelve month rolling period ending on the
date of the VCT's investment.
(4) It is no longer possible for the Manager to carry out certain types of MBO
transactions using funds raised after 5 April 2012. However, the Company still
intends to use other types of MBO transactions and the Board does not
anticipate that this change will have a significant impact on the Company's
investment policy.
MANAGER'S REVIEW
Investment portfolio
The venture capital portfolio at 30 June 2012 comprised 31
investments valued at £32.073 million. Overall, the portfolio has achieved
gains of £0.425 million (1.55% of the opening value) since the beginning of
the year.
The UK economy has exhibited little or no growth in real terms over
the last twelve to eighteen months. Against this background the performance of
the majority of the companies in the portfolio has been encouraging. The
portfolio has continued to perform solidly with a number of companies,
including ATG Media, DiGiCo and CB Imports, showing good growth in
profitability. In the case of ATG this performance, has been reflected in an
uplift to this company's valuation. Inevitably, however, some companies, such
as those exposed to the consumer and construction sectors, are finding trading
more volatile.
PXP was the only investee company to require a small follow-on
investment, of £114k, which was completed in June 2012.
The Company has continued to benefit from the profitability and
strong cash position of a number of investee companies and has received
partial loan stock repayments in the six months covered by this report
totalling £816k from Blaze Signs, Focus and Fullfield.
In May 2012, the Company realised its entire investment in Iglu.com
Holidays, the specialist online ski-holiday and fast growing cruise-holiday
travel agent, for a cash consideration of £2.069 million through a sale to
Capital Growth Partners. This realisation contributed to total cash proceeds
of £3.598 million to the Company over the two and a half year life of the
investment, representing a 2.53 times return on the Company's original
investment of £1.422 million.
Our strategy is to retain and develop a portfolio of successful
companies until they have reached the point judged optimal for a profitable
realisation. In the meantime, the portfolio normally benefits from returns of
loan stock interest, dividends and loan repayments, during the period an
investment is held.
Following the period-end, in July 2012, the Company made an
investment of £1.679 million to support the MBO of Tessella, an international
provider of science-powered technology and consulting services using the
Company's existing investment of £1 million in the acquisition vehicle Sawrey
and an additional £679k from its cash reserves. Founded in 1980, the company
delivers innovative and cost-effective solutions to complex real-world
commercial and technical challenges including developing smarter drug trials;
preserving the digital heritage of nations across the globe; minimising risk
in oil and gas exploration; controlling the orbit and attitude of satellites;
and researching fusion energy.
We are confident that the Operating Partner programme will continue
to generate successful investments for the Company and accordingly seven new
investments in acquisition vehicles have been made in the six-month period
totalling £7 million. One of these, Sawrey Limited, has already been used
following the period-end to support the MBO of Tessella as set out above. Each
of these acquisition vehicles is headed by an experienced chairman, well-known
to us, who is working closely with us in seeking to identify and complete
investments in specific sectors relevant to their industry knowledge and
experience. We anticipate that the Operating Partner programme will lead to
further new investments during the second half of 2012.
Mobeus Equity Partners LLP
INVESTMENT PORTFOLIO SUMMARY
as at 30 June 2012
Market sector Date of Total Valuation % value
initial book of net
investment cost* assets
£'000 £'000
Qualifying investments
AiM quoted investments
Omega Diagnostics Group plc Health care, Dec-10 305 343 0.8%
In-vitro diagnostics for food equipment and
intolerance, services
autoimmune diseases and
infectious
diseases
------ ------ ------
305 343 0.8%
Unquoted investments
ATG Media Holdings Limited Media Oct-08 1,486 3,511 8.3%
Publisher and on-line auction
platform
operator
CB Imports Group Limited General Dec-07 2,000 2,210 5.3%
(Country Baskets) retailers
Importer and distributor of
artificial
flowers and floral sundries
Ingleby (1879) Limited (EMaC) Support Nov-11 1,762 1,762 4.2%
Service plans for the motor services
trade
Blaze Signs Holdings Limited Support Apr-06 1,485 1,759 4.2%
Manufacturer and installer of services
signs
Fullfield Limited (Motorclean) Support Dec-08 1,718 1,721 4.1%
Provider of vehicle cleaning and services
valet services
British International Holdings Support May-06 1,683 1,390 3.3%
Limited
Supplier of helicopter services services
RDL Recruitment Limited Support Oct-07 1,558 1,387 3.3%
Recruitment consultants for the services
pharmaceutical, business
intelligence and IT industries
ASL Technology Holdings Limited Support Mar-08 1,913 1,232 2.9%
Supplier of printer and services
photocopier services
Focus Pharma Holdings Limited Pharmaceuticals Oct-07 1,043 1,137 2.7%
Licensor and distributor of
generic pharmaceuticals
Ackling Management Limited Acquisition Apr-12 1,000 1,000 2.4%
Company preparing to trade in vehicle
the food manufacturing,
distribution and brand
management sectors
Almsworthy Trading Limited Acquisition Jan-12 1,000 1,000 2.4%
Company preparing to trade in vehicle
the specialist construction,
building support services,
building products and related
sectors.
Culbone Trading Limited Acquisition Jan-12 1,000 1,000 2.4%
Company preparing to trade in vehicle
the outsourced sector
EOTH Limited (Rab and Lowe General Oct-11 1,000 1,000 2.4%
Alpine)
Branded outdoor equipment and retailers
outdoor clothing
Fosse Management Limited Acquisition Apr-12 1,000 1,000 2.4%
Company preparing to trade in vehicle
the brand management, consumer
products and retail sectors
Machineworks Software Limited Software and Apr-06 223 1,000 2.4%
Software for CAM and machine computer
tool vendors services
Madacombe Trading Limited Acquisition Jan-12 1,000 1,000 2.4%
Company preparing to trade in vehicle
the engineering sector
Peddars Management Limited Acquisition Apr-12 1,000 1,000 2.4%
Company preparing to trade in vehicle
the database management and data
mapping sectors and in management
services to the legal and building
industries
Sawrey Limited Acquisition Mar-12 1,000 1,000 2.4%
Company preparing to trade in vehicle
the marketing services and media
sectors
Youngman Group Limited Support Oct-05 1,000 701 1.7%
Manufacturer of ladders and services
access towers
Westway Services Holdings (2010) Support Jun-09 603 687 1.6%
Limited services
Installation, maintenance and
servicing of air-conditioning
systems
Racoon International Holdings Personal goods Dec-06 1,213 369 0.9%
Limited
Supplier of hair extensions,
hair care products and training
Plastic Surgeon Holdings Support Apr-08 478 365 0.9%
Limited, The services
Supplier of snagging and
finishing services to the
domestic and commercial property
markets
Vectair Holdings Limited Support Jan-06 139 349 0.8%
Designer and distributor of services
washroom products
Lightworks Software Limited Software and Apr-06 223 203 0.5%
Software for CAD vendors computer
services
Faversham House Holdings Limited Media Dec-10 527 189 0.4%
Publisher, exhibition organiser
and operator of websites
Monsal Holdings Limited Support Dec-07 1,299 117 0.3%
Supplier of engineering services services
to the water and waste sectors
PXP Holdings Limited (Pinewood Construction Dec-06 1,278 114 0.3%
Structures) Designer, and building
manufacturer, supplier and materials
installer of timber-frames for
buildings
Legion Group plc - in Support Aug-05 150 - 0.0%
administration services
Provider of manned guarding,
mobile patrolling, and alarm
response services
Watchgate Limited Holding company Nov-11 1 - 0.0%
Holding company ------ ------ ------
29,782 28,203 67.3%
------ ------ ------
Total qualifying investments 30,087 28,546 68.1%
------ ------ ------
Non-qualifying investments
DiGiCo Global Limited Technology, Jul-07 2,593 2,593 6.2%
Designer and manufacturer of hardware and
audio mixing desks equipment
British International Holdings Support May-06 343 636 1.5%
Limited services
EOTH Limited (Rab and Lowe General Oct-11 298 298 0.7%
Alpine) retailers
Cash at Natwest Bank plc 4,904 4,904 11.6%
Liquidity funds:
SWIP Global Liquidity Fund plc (Scottish Widows) 1,473 1,473 3.5%
Institutional Cash Series plc (BlackRock) 1,353 1,353 3.2%
Fidelity Institutional Cash Fund plc 1,212 1,212 2.9%
GS Funds plc (Goldman Sachs) plc 434 434 1.0%
Global Treasury Funds plc (Royal Bank of Scotland) 386 386 0.8%
Insight Liquidity Funds plc (HBOS) 276 276 0.7%
------ ------ ------
Total non-qualifying investments 13,272 13,565 32.1%
------ ------ ------
Other assets 237 237 0.5 %
Current liabilities (271) (271) (0.7)%
------ ------ ------
Net assets 43,325 42,077 100.0 %
------ ------ ------
* Book cost includes the fair value of the qualifying investments acquired from
Matrix Income & Growth 3 VCT plc on 20 May 2010, still held at 30 June 2012, of
£4.976 million.
UNAUDITED INCOME STATEMENT
for the six months ended 30 June 2012
Six months ended 30 June 2012 Six months ended 30 June 2011
(unaudited) (unaudited)
Notes Revenue Capital Total Revenue Capital Total
£ £ £ £ £ £
Unrealised gains/(losses) on
investments held at fair
value 9 - 130,229 130,229 - (709,124) (709,124)
Net realised gains on
investments held at fair
value 9 - 294,571 294,571 - 2,953 2,953
Income 3 867,906 - 867,906 864,903 - 864,903
Investment management
expense 4 (121,744) (365,233) (486,977) (116,410) (349,229) (465,639)
Other expenses (160,731) - (160,731) (145,841) - (145,841)
------ ------ ------ ------ ------ ------
Profit/(loss) on ordinary
activities before taxation 585,431 59,567 644,998 602,652 (1,055,400) (452,748)
Tax on profit/(loss) on
ordinary activities 5 (86,084) 86,084 - (52,464) 52,464 -
------ ------ ------ ------ ------ ------
Profit/(loss) attributable to
equity shareholders 499,347 145,651 644,998 550,188 (1,002,936) (452,748)
------ ------ ------ ------ ------ ------
Basic and diluted earnings
per share 6 1.12p 0.33p 1.45p 1.30p (2.37)p (1.07)p
Year ended 31 December 2011
(audited)
Notes Revenue Capital Total
£ £ £
Unrealised gains/(losses) on
investments held at fair
value 9 - 688,724 688,724
Net realised gains on
investments held at fair
value 9 - 520,219 520,219
Income 3 1,681,991 - 1,681,991
Investment management
expense 4 (230,025) (690,074) (920,099)
Other expenses (307,214) - (307,214)
------ ------ ------
Profit/(loss) on ordinary
activities before taxation 1,144,752 518,869 1,663,621
Tax on profit/(loss) on
ordinary activities 5 (181,181) 181,181 -
------ ------ ------
Profit/(loss) attributable to
equity shareholders 963,571 700,050 1,663,621
------ ------ ------
Basic and diluted earnings
per share 6 2.25p 1.64p 3.89p
The total column of this statement is the Profit and Loss account of the Company.
All revenue and capital items in the above statement derive from continuing operations.
There were no other recognised gains or losses in the period.
Other than revaluation movements arising on investments held at fair value through
profit and loss, there were no differences between the profit/(loss) as stated above
and at historical cost.
UNAUDITED BALANCE SHEET
as at 30 June 2012
As at As at As at
30 June 2012 30 June 2011 31 December 2011
(unaudited) (unaudited) (audited)
Notes £ £ £
Fixed assets
Investments at fair value 1c, 9 32,073,317 27,639,424 27,418,790
Current assets
Debtors and prepayments 227,075 1,237,639 329,659
Current Investments 10 5,134,243 8,847,873 11,123,681
Cash at bank 4,913,694 2,088,907 2,085,082
------ ------ ------
10,275,012 12,174,419 13,538,422
Creditors: amounts falling due
within one year (271,087) (319,446) (231,037)
------ ------ ------
Net current assets 10,003,925 11,854,973 13,307,385
------ ------ ------
Net assets 42,077,242 39,494,397 40,726,175
------ ------ ------
Capital and reserves 11
Called up share capital 461,992 434,762 426,061
Capital redemption reserve 69,067 45,769 56,182
Share Premium account 26,661,822 21,881,504 22,034,106
Revaluation reserve 1,876,753 3,329,024 3,455,913
Special distributable reserve 9,761,751 12,620,545 11,161,745
Profit and loss account 3,245,857 1,182,793 3,592,168
------ ------ ------
Equity shareholders' funds 42,077,242 39,494,397 40,726,175
------ ------ ------
Net asset value per Ordinary Share 8 91.08p 90.84p 95.59p
UNAUDITED RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
for the six months ended 30 June 2012
Six months ended Six months ended Year ended
30 June 2012 30 June 2011 31 December 2011
(unaudited) (unaudited) (audited)
Notes £ £ £
Opening Shareholders' funds 40,726,175 38,450,907 38,450,907
Purchase of own shares (1,075,757) (1,400,202) (2,222,097)
Shares issued arising from
Linked Offer for Subscription 4,676,532 5,082,027 5,236,341
Profit/(loss) for the period 644,998 (452,748) 1,663,621
Dividends paid in period 7 (2,894,706) (2,185,587) (2,402,597)
------ ------ ------
Closing Shareholders' funds 42,077,242 39,494,397 40,726,175
UNAUDITED SUMMARISED CASH FLOW STATEMENT
for the six months ended 30 June 2012
Six months ended Six months ended Year ended
30 June 2012 30 June 2011 31 December 2011
(unaudited) (unaudited) (audited)
£ £ £
Operating activities
Investment income received 969,894 772,342 1,577,644
Other income - 3,873 3,873
Investment management fees paid (486,977) (449,579) (920,099)
Other cash payments (127,265) (118,729) (322,439)
Payments of merger costs of the Company - (2,400) (9,555)
------ ------ ------
Net cash inflow from operating activities 355,652 205,507 329,424
Investing activities
Acquisitions of investments (7,114,286) (1,541,001) (3,645,194)
Disposals of investments 2,884,559 3,319,873 8,478,349
------ ------ ------
Net cash (outflow)/inflow from investing activities (4,229,727) 1,778,872 4,833,155
Dividends
Equity dividends paid (2,894,706) (2,185,587) (2,402,597)
------ ------ ------
Cash (outflow)/inflow before financing and liquid
resource management (6,768,781) (201,208) 2,759,982
Management of liquid resources
Decrease/(Increase) in current investments 5,989,438 (1,381,736) (3,657,544)
Financing
Shares issued as part of Joint fundraising offer
for subscription 4,676,532 5,082,027 5,236,341
Share capital bought back (1,068,577) (1,524,848) (2,368,369)
------ ------ ------
Net inflow from financing activities 3,607,955 3,557,179 2,867,972
------ ------ ------
Increase in cash for the period 2,828,612 1,974,235 1,970,410
------ ------ ------
Reconciliation of profit/(loss) on ordinary activities before taxation to net
cash inflow from operating activities for the six months ended 30 June 2012
Six months ended Six months ended Year ended
30 June 2012 30 June 2011 31 December 2011
(unaudited) (unaudited) (audited)
£ £ £
Profit/(loss) on ordinary activities before taxation 644,998 (452,748) 1,663,621
Net unrealised (gains)/losses on investments (130,229) 709,124 (520,219)
Net gains on realised investments (294,571) (2,953) (688,724)
Decrease/(increase) in debtors 102,584 (87,882) (98,437)
Increase/(Decrease) in creditors 32,870 39,966 (26,817)
------ ------ ------
Net cash inflow from operating activities 355,652 205,507 329,424
The notes below form part of these half-yearly financial statements.
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
1. Principal accounting policies
The following accounting policies have been applied consistently throughout
the period. Full details of principal accounting policies will be disclosed in
the Annual Report.
a) Basis of accounting
The unaudited results cover the six months to 30 June 2012 and have been
prepared under UK Generally Accepted Accounting Practice (UK GAAP), consistent
with the accounting policies set out in the statutory accounts for the year
ended 31 December 2011 and the 2009 Statement of Recommended Practice,
`Financial Statements of Investment Trust Companies and Venture Capital
Trusts' (`the SORP') issued by the Association of Investment Companies in
January 2009.
The Half-Yearly Report has not been audited, nor has it been reviewed by the
auditor pursuant to the Auditing Practices Board (APB)'s guidance on Review of
Interim Financial Information.
b) Presentation of the Income Statement
In order to better reflect the activities of a VCT and in accordance with the
SORP, supplementary information which analyses the Income Statement between
items of a revenue and capital nature has been presented alongside the Income
Statement. The revenue column of profit attributable to equity shareholders is
the measure the Directors believe appropriate in assessing the Company's
compliance with certain requirements set out in Section 274 Income Tax Act
2007.
c) Investments
All investments held by the Company are classified as "fair value through
profit and loss", in accordance with the International Private Equity and
Venture Capital Valuation ("IPEVCV") guidelines, as updated in September 2009.
This classification is followed as the Company's business is to invest in
financial assets with a view to profiting from their total return in the form
of capital growth and income.
For investments actively traded in nrealize financial markets, fair value is
generally determined by reference to Stock Exchange market quoted bid prices
at the close of business on the balance sheet date. Purchases and sales of
quoted investments are nrealized on the trade date where a contract of sale
exists whose terms require delivery within a time frame determined by the
relevant market. Purchases and sales of unlisted investments are nrealized
when the contract for acquisition or sale becomes unconditional.
Unquoted investments are stated at fair value by the Directors in accordance
with the following rules, which are consistent with the IPEVCV guidelines:
All investments are held at the price of a recent investment for an
appropriate period where there is considered to have been no change in fair
value. Where such a basis is no longer considered appropriate, the following
factors will be considered:
(i) Where a value is indicated by a material arms-length transaction by an
independent third party in the shares of a company, this value will be used.
(ii) In the absence of i), and depending upon both the subsequent trading
performance and investment structure of an investee company, the valuation
basis will usually move to either:-
a) an earnings multiple basis. The shares may be valued by applying a
suitable price-earnings ratio to that company's historic, current or
forecast post-tax earnings before interest and nrealizedn (the ratio
used being based on a comparable sector but the resulting value being
adjusted to reflect points of difference identified by the Manager
compared to the sector including, inter alia, a lack of
marketability).
Or:-
b) where a company's underperformance against plan indicates a diminution
in the value of the investment, provision against cost is made, as
appropriate. Where the value of an investment has fallen permanently
below cost, the loss is treated as a permanent impairment and as a
nrealiz loss, even though the investment is still held. The Board
assesses the portfolio for such investments and, after agreement with
the Manager, will agree the values that represent the extent to which
an investment loss has become nrealiz. This is based upon an
assessment of objective evidence of that investment's future
prospects, to determine whether there is potential for the investment
to recover in value.
(iii) Premiums on loan stock investments are accrued at fair value when the
Company receives the right to the premium and when considered recoverable.
(iv) Where an earnings multiple or cost less impairment basis is not appropriate
and overriding factors apply, discounted cash flow or net asset valuation
bases may be applied.
2. Capital gains and losses on investments, whether nrealiz or nrealized, are dealt
with in the profit and loss and revaluation reserves and movements in the period
are shown in the Income Statement.
3. Income
Six months ended Six months ended Year ended
30 June 2012 30 June 2011 31 December 2011
(unaudited) (unaudited) (audited)
£ £ £
Dividends 110,061 352,826 425,919
Money-market funds 24,841 31,896 59,178
Loan stock interest 714,478 479,770 1,184,015
Bank deposits 18,526 411 12,879
------ ------ ------
Total Income 867,906 864,903 1,681,991
4. Investment management expense
In accordance with the policy statement published under "Management and
Administration" in the Company's prospectus dated 9 July 2004, the Directors
have charged 75% of the investment management expense to the capital reserve.
5. Taxation
There is no tax charge for the period as the Company has tilized tax losses
brought forward to reduce taxable profit for the period to nil.
6. Basic and diluted earnings and return per share
The basic and diluted earnings, revenue return and capital return per share
shown below for each period are respectively based on numerators i)-iii), each
divided by the weighted average number of shares in issue in the period - see
iv) below.
Six months ended Six months ended Year ended
30 June 2012 30 June 2011 31 December 2011
(unaudited) (unaudited) (audited)
£ £ £
i) Total earnings after taxation 644,998 (452,748) 1,663,621
Basic and diluted earnings per ordinary share
(pence) 1.45p (1.07)p 3.89p
ii) Net revenue from ordinary activities after
taxation 499,347 550,188 963,571
Basic and diluted revenue earnings per
ordinary share (pence) 1.12p 1.30p 2.25p
iii) Net nrealized gains/(losses) 130,229 (709,124) 688,724
Net nrealiz capital gains 294,571 2,953 520,219
Capital expenses (net of taxation) (279,149) (296,765) (508,893)
------ ------ ------
Total capital return 145,651 (1,002,936) 700,050
Basic and diluted capital earnings per ordinary
share (pence) 0.33p (2.37)p 1.64p
iv) Weighted average number of shares in
issue in the period 44,470,760 42,451,988 42,820,660
7. Dividends paid
Six months ended Six months ended Year ended
30 June 2012 30 June 2011 31 December 2011
(unaudited) (unaudited) (audited)
£ £ £
Final income dividend paid for year ended
31 December 2011 of 1.25p per share 578,942 - -
Final capital dividend paid for year ended
31 December 2011 of 5p per share 2,315,764 - -
Final income dividend paid for year ended
31 December 2010 of 0.5p per share - 218,559 218,436
Final capital dividend paid for year ended
31 December 2010 of 4.5p per share - 1,967,028 1,965,925
Interim income dividend paid for year ended
31 December 2011 of 0.5p per share - - 218,236
------ ------ ------
2,894,706 2,185,587 2,402,597
8. Basic and diluted net asset value per ordinary share
As at As at As at
30 June 2012 30 June 2011 31 December 2011
(unaudited) (unaudited) (audited)
£ £ £
Net assets 42,077,242 39,494,397 40,726,175
Number of shares in issue 46,199,153 43,476,236 42,606,052
Basic and diluted net asset value per share(pence) 91.08p 90.84p 95.59p
9. Summary of non-current investments at fair value during the period
Traded Unquoted Unquoted Loan Total
on AiM Equity preference stock
shares shares
£ £ £ £
Valuation at 1 January 2012 260,519 7,164,635 35,061 19,958,575 27,418,790
Purchases at cost - 2,914,286 - 4,200,000 7,114,286
Sales - net proceeds - (2,065,710) (3,306) (815,543) (2,884,559)
- net realised gains - 274,213 - 20,358 294,571
Unrealised gains/(losses) 82,604 351,895 1,558 (305,828) 130,229
------ ------ ------ ------ -----
Valuation at 30 June 2012 343,123 8,639,319 33,313 23,057,562 32,073,317
------ ------ ------ ------ -----
Book cost at 30 June 2012 305,000 9.965,867 45,303 23,004,813 33,320,983
Unrealised gains/(losses) at 30 June
2012 38,123 (1,326,548) (11,990) 52,749 (1,247,666)
------ ------ ------ ------ -----
Valuation at 30 June 2012 343,123 8,639,319 33,313 23,057,562 32,073,317
------ ------ ------ ------ -----
Gains on investments
Net realised gains based on historical
cost - 1,852,447 - 151,513 2,003,960
Less amounts recognised as as unrealised
gains in previous years - 1,578,234 - 131,155 1,709,389
Net realised gains based on carrying
value at 31 December 2011 - 274,213 - 20,358 294,571
Net movement in unrealised
gains/(losses) in the period 82,604 351,895 1,558 (305,828) 130,229
------ ------ ------ ------ -----
Gains/(losses) on investments for the
period ended 30 June 2012 82,604 626,108 1,558 (285,470) 424,800
10. Current Investments at fair value
These comprise investments in six Dublin based OEIC money market funds managed
by Royal Bank of Scotland, Blackrock Investment Management, Goldman Sachs,
Insight Investment Management, Scottish Widows Investment Management and
Fidelity Investment Management. All of these sums are subject to same day
access.
11. Capital and reserves
Called up Capital Share Revaluation Special Profit Total
share redemption premium reserve distributable and loss
capital reserve reserve reserve account
£ £ £ £ £ £ £
At 1 January
2012 426,061 56,182 22,034,106 3,455,913 11,161,745 3,592,168 40,726,175
Shares issued
under Linked
Offer for
Subscription 48,816 - 4,627,716 - - - 4,676,532
Shares bought
back (12,885) 12,885 - - (1,075,757) - (1,075,757)
Written off to
special
reserve - - - - (324,237) 324,237 -
Realisation of
previously
unrealised
appreciation - - - (1,709,389) - 1,709,389 -
Dividend -
final for year
ended 31 December
2011 - - - - - (2,894,706) (2,894,706)
Profit for the
period - - - 130,229 - 514,769 644,998
------ ------ ------ ------ ------ ------ -----
At 30 June 2012 461,992 69,067 26,661,822 1,876,753 9,761,751 3,245,857 42,077,242
------ ------ ------ ------ ------ ------ -----
12. Post balance sheet events
On 10 July 2012 and 2 August 2012, the Company allotted a further 398,958
ordinary shares under the Mobeus (formerly Matrix) VCTs Linked Offer launched
on 20 January 2012, raising net funds of £361k. This Offer closed on 30 June
2012.
On 20 July 2012, the Company made an investment of £1.679 million to support
the Management buyout of Tessella, an international provider of science-
powered technology and consulting services, using the Company's existing
investment of £1 million in the acquisition vehicle Sawrey and an additional
£679k from its cash resources.
13. Financial statements for the year ended 31 December 2011
The information for the period ended 30 June 2012 does not comprise full
financial statements within the meaning of Section 435 of the Companies Act
2006. The financial statements for the year ended 31 December 2011 have been
filed with the Registrar of Companies. The auditor has reported on these
financial statements and that report was unqualified and did not contain a
statement under section 498(2) of the Companies Act 2006.
14. Half-Yearly Report
This Half-Yearly Report will shortly be made available on our website:
www.migvct.co.uk and will be circulated by post to those shareholders who have
requested copies of the Report. Further copies are available free of charge
from the Company's registered office, 30 Haymarket, London, SW1Y 4EX or can be
downloaded via the website.
SHAREHOLDER INFORMATION
The Manager completed its buy-out from Matrix Group on 30 June 2012
to become a fully independent firm owned by its partners and changed its name
to Mobeus Equity Partners. The name of the Company changed from Matrix Income
& Growth VCT plc to be consistent with this change. The team at your Manager
remains unchanged and the Company's current investment strategy will continue.
Shareholders wishing to follow the Company's progress can visit the
Mobeus website at www.migvct.co.uk. The website includes dedicated pages on
the Company providing up-to-date details on fund performance and dividends as
well as publicly available information on the Company's portfolio of
investments and copies of company reports. There is also a link to the London
Stock Exchange's website where shareholders can obtain up to the minute
details of the share price and latest NAV announcements, etc. A number of
commentators such as Allenbridge at www.taxshelterreport.co.uk provide
comparative performance figures for the VCT sector as a whole. The share price
is also quoted in the Financial Times.
Shareholder enquiries
Shareholders are encouraged to take advantage of the online
investor services offered by Computershare, the registrars to the Company, by
going to their Investor Centre at:
www.investorcentre.co.uk/.
This provides the most efficient way of checking information on
your account and making changes to your instructions. Once you have registered
you can use the website to check your shareholding and dividend payments and
amend your address or bank details. You can also use the site to manage your
options for receiving communications from the Company, including submitting
proxy votes for general meetings.
Alternatively, you may prefer to contact the registrars by phone or
post:
Computershare Investor Services PLC, The Pavilions, Bridgwater
Road, Bristol BS99 6ZZ, tel: 0870 702 0010.
Dividends
Shareholders, who wish to have future dividends paid directly into
their bank account rather than sent by cheque to their registered address, can
complete a mandate for this purpose. Mandates can be obtained from
Computershare.
Shareholder communications
Shareholders receive a regular newsletter published by the Manager
for all its VCT Shareholders. The newsletter includes information on the
latest investments made by the Company and portfolio news as well as
performance data.
The Manager holds an annual shareholder workshop which will
includes a presentation on the Mobeus VCTs' investment activity and
performance.
The next AGM of the Company will be held in May 2013. The AGM will
include a presentation by the Manager and there will be the opportunity for
shareholders to discuss the progress of the portfolio with the Board and the
Manager.
Annual Report
The Board intends to announce the Company's Annual Financial
Results in respect of the year ended 31 December 2012 in March 2013 and the
Annual Report will be circulated to Shareholders in April 2013.
Net asset value per share
The Company's NAV per share as at 30 June 2012 was 91.08 pence per
share. The Company announces its unaudited NAV on a quarterly basis.
Selling your shares
The Company's shares are listed on the London Stock Exchange and as
such they can be sold in the same way as any other quoted company through a
stockbroker. However, to ensure that you obtain the best price, Shareholders
wishing to sell their shares are advised to contact the Company's stockbroker,
Matrix Corporate Capital, by telephoning 020 3206 7176/7 before agreeing a
price with their stockbroker. Shareholders are also advised to discuss their
individual tax position with their financial advisor before deciding to sell
their shares
PERFORMANCE DATA AT 30 JUNE 2012
The following tables show, for all investors in Mobeus Income &
Growth VCT plc and the former Matrix Income & Growth 3 VCT plc, how their
investments have performed since they were originally allotted shares in each
fundraising.
Total return data, which includes cumulative dividends paid to
date, is shown on both a share price and NAV basis as at 30 June 2012. The NAV
basis enables Shareholders to evaluate more clearly the performance of the
Manager, as it reflects the underlying value of the portfolio at the reporting
date. This is the most widely used measure of performance in the VCT sector.
MIG VCT fundraisings
Share price as at 30 June 2012 80.50 pence 1
NAV per share as at 30 June 2012 91.08 pence
Allotment date(s) Allotment Net Cumulative Total return Total return
price allotment dividends per per share to
price 2 paid share to shareholders
per share 3 shareholders since
since allotment
allotment
(Share price
basis) (NAV basis)
(p) (p) (p) (p)
Funds raised 2004/05
Between 5 October 2004
and 29 June 2005 100.00 60.00 33.05 113.55 124.13
Funds raised 2010/11
21 January 2011 98.00 68.60 11.75 92.25 102.83
28 February 2011 102.30 71.61 11.75 92.25 102.83
22 March 2011 102.30 71.61 11.75 92.25 102.83
1 April 2011 102.30 71.61 11.75 92.25 102.83
5 April 2011 102.30 71.61 11.75 92.25 102.83
10 May 2011 100.60 70.42 11.75 92.25 102.83
6 July 2011 95.30 66.71 6.75 87.25 97.83
Funds raised 2012
8 March 2012 101.20 70.84 6.25 86.75 97.33
4 April 2012 101.20 70.84 6.25 86.75 97.33
5 April 2012 101.20 70.84 6.25 86.75 97.33
10 May 2012 101.20 70.84 6.25 86.75 97.33
10 July 2012 95.50 66.85 - 80.50 91.08
MIG 3 VCT fundraising
Share price as at 30 June 2012 85.77 pence
NAV per share as at 30 June 2012 97.05 pence
Shareholders in the former Matrix Income & Growth 3 VCT plc received approximately 1.0655 shares
in the Company for each MIG 3 VCT share that they held on 20 May 2010, when the two VCTs merged.
Both the share price and the NAV per share have been adjusted using this merger ratio.
Allotment date(s) Allotment Net Cumulative Total return per Total return
price allotment dividends share to per share to
price 2 paid per shareholders since shareholders
share 3 allotment since
allotment
(Share price basis) (NAV basis)
(p) (p) (p) (p) (p)
Funds raised 2005/06
Between 24 January 2006
and 5 April 2006 100.00 60.00 22.07 107.84 119.11
1 - Source: London Stock Exchange.
2 - Net allotment price is the allotment price less applicable
income tax relief. Income tax relief was 40% from 6 April 2004 to 5 April
2006, and 30% thereafter.
3 -For derivation, see table below.
CUMULATIVE DIVIDENDS PAID
Funds raised Funds raised Funds raised Funds raised
2004/05 2005/06 2010/11 2012
(p) (p) (p) (p)
27/09/2005 0.30
16/05/2006 0.70
14/09/2006 0.80
18/05/2007 1.40 1.25
20/09/2007 1.00 1.00
21/05/2008 7.80 1.50
11/09/2008 3.30 1.00
15/05/2009 1.00 0.80
21/04/2010 5.00 4.00
20 May 2010 merger of MIG VCT and MIG 3 VCT
27/05/2011 5.00 5.331 5.00
15/09/2011 0.50 0.531 0.50
22/05/2012 6.25 6.661 6.25 6.25
------ ------ ------ ------
33.05 22.07 11.75 6.25
1 - The dividends paid to former MIG 3 VCT Shareholders after the
merger on 20 May 200 have been restated to reflect the merger conversion ratio
of approximately 1.0655.
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