Interim Management Statement

RNS Number : 4858M

Mobeus Income & Growth VCT PLC

07 May 2015

 

Mobeus Income & Growth VCT plc ("the Company")

INTERIM MANAGEMENT STATEMENT

For the quarter ended 31 March 2015

Mobeus Income & Growth VCT plcpresents an Interim Management Statement for the quarter ended 31 March 2015.  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 2015	At 31 December 2014
Net assets attributable to shareholders	£74,998,809	£60,410,077
Shares in issue	76,004,674	60,750,032
Net asset value (NAV) per share	98.68p	99.44 p
Cumulative dividends paid	64.30p	64.30 p
Total return (net asset value basis) per share since inception	162.98p	163.74 p
% return on initial net asset value per share of 94.5 pence	72.5%	73.3%

The net asset value per share has fallen by 0.76 pence over the quarter.

DIVIDENDS

A second interim dividend of 7.00 pence per share comprising 5.80 pence from capital and 1.20 pence from income in respect of the year ended 31 December 2014 was paid to shareholders on 30 April 2015.  This was in addition to the interim dividend of 17.00 pence per share (comprising 15.00 pence from capital and 2.00 pence from income) paid to shareholders on 17 September 2014.  This second interim dividend brought total dividends paid in respect of 2014 to 24.00 pence per share and cumulative dividends paid since inception to 71.30 pence per share.  The 7.00 pence per share dividend payment reduced the NAV per share above to 91.68 pence.

NEW INVESTMENT

In February 2015, the Company invested a further £1.38 million into the acquisition vehicle, South West Services Investment Limited ("SWSIL") adding to its earlier investment of £1.14 million. This enabled SWSIL to support the MBO of Media Business Insight Limited ("MBIL") a publishing and events business focused on the creative production industries, specifically advertising, TV production and film.   The Company also advanced a non-qualifying loan of £0.76 million to MBIL.

The Company made a further loan stock investment of £1.00 million in February 2015 into Entanet Holdings Limited, one of the UK's leading independent wholesale voice and data communications providers.   This was as negotiated at the time of the original investment in February 2014.   

The Company also invested a further £2.93 million into two new acquisition vehicles just before the period-end.

Following the period-end, the VCT invested £12.11 million into eight new acquisition vehicles.   These investments were made to preserve the Company's existing successful investment strategy, by providing sufficient funds to meet the Company's estimated requirements for investment for approximately the next two years. These steps were taken in response to uncertainties surrounding the timing and full implications of forthcoming changes to be implemented to the VCT Scheme in the proposed 2015 Finance Act.

Following the period-end in April 2015, the VCT made a further investment of £1.51 million to support the MBO of Synbra UK, one of the UK's largest domestic manufacturers of expanded polystyrene products, using the acquisition vehicle Duncary 16 Limited.

DIVESTMENTS

No divestments were completed during the quarter to 31 March 2015.

LOAN STOCK REPAYMENTS 

The VCT received repayments from Tessella Holdings Limited, Fullfield Limited (trading as Motorclean) and Tharstern Group Limited, together totalling £313,000, during the quarter to 31 March 2015 and £61,000 since the period-end from Fullfield Limited (trading as Motorclean).

SHARE BUYBACKS

The Company did not make any purchases of its own shares during the quarter ended 31 March 2015.

OFFER FOR SUBSCRIPTION

During the quarter ended 31 March 2015, the Company issued and allotted a total of 15,254,642 ordinary shares in the Company under the offer for subscription launched on 10 December 2014.  The shares were issued at average effective offer prices ranging from 96.9 to 99.4 pence per share, raising net proceeds of £14.55 million (after deducting initial costs).  The offer closed on 10 March 2015 having raised the full amount of £15 million offered for subscription.

For further information, please contact:

Sarah Penfold, for Mobeus Equity Partners LLP, Company Secretary: 020 7024 7616.

 

END

 

 

IMSSSUSUWFISEDI