Interim Management Statement - 3rd Quarter Results

RNS Number : 8990U

Mobeus Income & Growth 4 VCT PLC

27 November 2019

 

Mobeus Income & Growth 4 VCT plc

("the Company")

INTERIM MANAGEMENT STATEMENT

For the quarter ended 30 September 2019

Mobeus Income & Growth 4 VCT plc presents an Interim Management Statement for the third quarter ended 30 September 2019.  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 2019		At 30 June 2019
Net assets attributable to shareholders	£50.18 million	£59.50 million
Shares in issue	67,077,799	67,604,732
Net asset value (NAV) per share	74.81 pence	88.02 pence
Cumulative dividends paid	122.20 pence	109.20 pence
Cumulative total return per share (NAV basis) since inception	197.01 pence	197.22 pence

The NAV per share decreased by 13.21 pence over the quarter, principally due to the payment of an interim dividend of 13.00 pence per share in the quarter, referred to below.

DIVIDENDS

The Company paid an interim dividend of 13.00 pence per share for the year ending 31 December 2019 on 20 September 2019.

As previously announced, the Company has declared a second interim dividend of 2.00 pence per share for the year ending 31 December 2019, to be paid to Shareholders on 30 December 2019.

The payment of this dividend will bring cumulative dividends paid since the launch of the Company to 124.20 pence per share.

FUNDRAISING

On 25 October 2019, the Company launched a joint fundraising Offer alongside the other three Mobeus-advised VCTs.  The Company is seeking to raise up to £8 million (£38 million in aggregate across the Mobeus-advised VCTs), with an optional over-allotment facility for an additional £5 million (an additional £20 million in aggregate across the Mobeus-advised VCTs). On 19 November 2019 the Board announced that in light of continuing strong demand from investors, it confirmed that the optional over-allotment facility of £5 million would be used in relation to the Offer.  This increased the maximum amount which can be raised under the Offer in respect of the Company to a total of £13 million. The Board of Directors is pleased to report that, since the Offer was launched, the Company has received applications for subscriptions totalling in excess of £6.18 million as of 25 November 2019.

Further details of the Offer are set out in the Prospectus, which was made available on 25 October 2019, and can be viewed on the Mobeus website at www.mobeus.co.uk/vct-investors/fundraising.

INVESTMENT ACTIVITY

Investments during the period

On 10 July 2019, £0.45 million was invested into existing portfolio company, MPB Group, Europe's leading online marketplace for used camera and video equipment.

Investments following the period end

On 1 November 2019, £1.10 million was invested into Data Discovery Solutions Limited trading as Active Navigation, a file analysis software solution which  makes it easier for companies to clean up network drives, respond to new data protection laws and dispose of redundant and outdated documents.

DEFERRED PROCEEDS

On 2 August 2019, the Company received £0.25 million as the final tranche of deferred proceeds from the sale of Entanet Holdings Limited, which occurred on 1 August 2017.

SHARE BUYBACKS

As previously announced, effective since 1 August 2019, the Board's objective is to maintain the discount to NAV at which the Company's shares may trade in the market at approximately 5%.  Prior to this, the Company had operated its buyback policy with the objective of maintaining the discount to NAV at which the Company's shares may trade at approximately 10%.

On 26 September 2019, the Company purchased 526,933 of the its own ordinary shares at a price of 70.11 pence per share for cancellation.

Following this purchase, the Company has 67,077,799 ordinary shares of 1 penny each in issue.

BOARD CHANGES

On 26 November 2019 the Board were please to announce the appointment of Chris Burke as a Non-Executive Director on the Board

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:

Mobeus Equity Partners LLP

Company Secretary

020 7024 7600.

 

END

 

 

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