Unaudited NAV & Admission to AIM of Virgin Wines

RNS Number : 7776Q

Mobeus Income & Growth VCT PLC

02 March 2021

 

MOBEUS INCOME & GROWTH VCT PLC

(the "Company")

LEI: 213800IFNJ65R8AQW943

2 March 2021

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

Unaudited NAV per Share at 31 December 2020

The Board are pleased to report the unaudited NAV per share of the Company as at 31 December 2020 increased by an underlying 6.34 pence (10.4%) over the final quarter of 2020 from 65.69 pence to 67.03 pence per share, after adjusting for payment of the dividend of 5 pence per share in the quarter. This was principally due to an uplift in the unrealised portfolio valuations. Subject to the finalisation of the Company's Annual Report and Financial Statements, the audited NAV per share as at 31 December 2020 will be announced before the end of March.

Admission to AIM of Virgin Wines UK plc

The Board is also pleased to announce that, this morning, Virgin Wines UK plc ("Virgin Wines"), an existing portfolio company, was admitted to trading on the Alternative Investment Market ("AIM") of the London Stock Exchange, alongside a placing of new and existing shares. The Placing Price of these shares was £1.97 per share, valuing Virgin Wines at a market capitalisation of £110m. The Board and Mobeus Equity Partners LLP have been proud to partner the management of Virgin Wines in growing this business. We continue to support Virgin Wines and its future development and are pleased to be retaining the Company's entire equity holding.

The Company holds 5,846,197 shares in Virgin Wines. Based upon the Placing Price of £1.97 per share, the Company's equity investment in Virgin Wines is valued at £11.52 million. This represents an uplift in valuation of £5.86 million, compared to the value included in the Company's unaudited Net Asset Value ("NAV") per share at 31 December 2020 as above. This is an increase of 4.64 pence per share over the unaudited NAV per share at 31 December 2020 of 67.03 pence. The Company emphasises that this increase in unaudited NAV per share is in isolation from other changes in the Company's balance sheet, including valuation and other transaction movements in the Company's investment portfolio, that will also have affected the NAV per share since 31 December 2020.

As part of this transaction, the Company will receive payment of its remaining loan stock of £2.41 million, leaving Virgin Wines ungeared at that point.

For further information, please contact:

Mobeus Equity Partners LLP, Company Secretary

020 7024 7600

 

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