Mobeus Income & Growth 2 VCT PLC Interim Management Statement (9750J)

TIDMMIG

RNS Number : 9750J

Mobeus Income & Growth 2 VCT PLC

15 September 2016

Mobeus Income & Growth 2 VCT plc

(the "Company")

INTERIM MANAGEMENT STATEMENT

For the quarter ended 30 June 2016

Mobeus Income & Growth 2 VCT plc presents an Interim Management Statement for the quarter ended 30 June 2016. 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 30 June    At 31 March 
                                          2016        2016 
 Net assets attributable to      GBP42,687,889   GBP43,141,012 
  shareholders 
 Shares in issue                    35,986,544      36,068,463 
 Net asset value (NAV) per 
  share                                118.62p         119.61p 
 Cumulative dividends paid 
  to date per share                     47.00p          47.00p 
 Total return per share since 
  inception (NAV basis)                165.62p         166.61p 
 

DIVIDENDS

No dividends were paid during the quarter. However, following the quarter under review, on 8 August 2016, the Company paid a special interim dividend of 5.00 pence per share in respect of the financial year ending 31 March 2017, bringing the cumulative dividends paid per share since the launch of the current share class to 52.00 pence.

SHARE BUY-BACKS

On 29 June 2016, 81,919 Ordinary Shares of 1p each were repurchased at 106.00 pence per share.

INVESTMENT ACTIVITY

New Investments

On 15 June 2016, GBP0.37 million was invested into MPB Group Limited, Europe's leading online marketplace (www.mpb.com) for used photo and video equipment.

Realisations

There were no realisations during the period. After the period end, GBP0.02 million was received from Newquay Helicopters (2013) as a third interim distribution resulting from the members' voluntary liquidation of the Company.

Loan Stock Repayments

On 29 April 2016, a loan repayment of GBP0.04 million including premium was received from Jablite Holdings Limited.

ANNUAL GENERAL MEETING

The Company's Annual General Meeting ("AGM") was held today at 33 St James's Square, London SW1Y 4JS. All resolutions were passed at the meeting.

UPDATE ON VCT LEGISLATION ("new VCT Rules")

As noted in the Company's recent Annual Report, the new VCT Rules included measures that will change significantly the size and type of investments the Company can make. The Company is no longer permitted to fund MBO investments, but has changed focus to provide growth and development capital to younger, earlier stage companies. Further HMRC guidance on the detailed application of the new VCT Rules has been published recently, which the Investment Adviser is currently reviewing.

NEW INVESTMENT POLICY

One of the resolutions shareholders approved at the AGM was to amend the Company's Investment Policy. The new Policy was prepared in response to the new VCT Rules and enables the Company to continue making investments that comply with them.

Please note that all of the information above 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:

Jonathan McGuire, for Mobeus Equity Partners LLP, Company Secretary: 020 7024 7600

This information is provided by RNS

The company news service from the London Stock Exchange

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September 15, 2016 09:35 ET (13:35 GMT)