Net Asset Value(s)

RNS Number : 7894H

Mobeus Income & Growth VCT PLC

26 March 2020

 

26 March 2020

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

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulations (EU Regulation 596/2014)

Net Asset Value (NAV)

The Board of Mobeus Income & Growth VCT plc together with the Investment Adviser, Mobeus Equity Partners LLP ("Mobeus"), have been monitoring the disruption caused by COVID-19 and, in particular, its impact on the Company's portfolio of companies.  

Following a review of the portfolio, the Board announces an unaudited NAV of the Company of  58.95 pence per share as at 24 March 2020 (unaudited NAV per share at 31 December 2019 -  64.78 pence per share after deducting a dividend of 4.0 pence per share paid on 8 January 2020 in respect of the year ended 31 December 2019). This fall in NAV reflects reductions generally across the portfolio which is carried at fair value as determined by the Board and advised by the Investment Adviser, Mobeus, as a result of the market conditions arising from the Coronavirus (Covid-19) pandemic, partially offset by the gain in the quarter from the sale of Turner Topco Limited which was announced on 14 February 2020.

In relation to the offer for new shares pursuant to the prospectus dated 25 October 2019 (the "Offer"), the Company intends to allot these shares on or around 1 April 2020 based upon the unaudited NAV of 58.95 pence per share.  The Company also intends, subject to FCA approval, to publish a supplementary prospectus reflecting the fact that the publication of the updated unaudited NAV as at 24 March 2020 reflects a significant new factor for consideration by prospective investors.

For further information, please contact:

Robert Brittain, for Mobeus Equity Partners LLP, Company Secretary 020 7024 7616

 

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