Mobeus Income & Growth 2 VCT PLC Interim Management Statement (8053Q)

TIDMMIG

RNS Number : 8053Q

Mobeus Income & Growth 2 VCT PLC

15 September 2017

Mobeus Income & Growth 2 VCT plc

(the "Company")

INTERIM MANAGEMENT STATEMENT

For the quarter ended 30 June 2017

Mobeus Income & Growth 2 VCT plc presents an Interim Management Statement for the quarter ended 30 June 2017. 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 
                                          2017        2017 
 Net assets attributable to      GBP39,301,344   GBP38,060,985 
  shareholders 
 Shares in issue                    35,672,387      35,672,387 
 Net asset value (NAV) per 
  share                             110.17p(1)         106.70p 
 Cumulative dividends paid              62.00p 
  to date per share                          4          62.00p 
 Total return per share since 
  inception (NAV basis)                172.17p         168.70p 
 

(1) This figure is before adjusting for an interim dividend of 7.00 pence per share for the year ending 31 March 2018 described below. Payment of this dividend reduces the NAV per share to 103.17 pence per share.

DIVIDENDS

During the period, on 29 June 2017, the Company declared an interim dividend of 7.00 pence per share in respect of the financial year ending 31 March 2018. This dividend, paid on 27 July 2017 to shareholders on the Register on 7 July 2017, brings cumulative dividends paid per share since the launch of the current share class to 69.00 pence.

FUNDRAISING

On 6 September 2017, the Company launched a joint fundraising Offer alongside the other three Mobeus advised VCTs. The Offer is seeking to raise GBP10 million (GBP50 million across the Mobeus Advised VCTs) with an over-allotment facility of GBP5 million.

In the event that the Board utilises the over-allotment facility, Mobeus, as Investment Adviser, has agreed to make a contribution by way of a fee waiver of 1% of any funds that each VCT may raise under the allotment facility, for the period of one year.

The Board is seeing strong demand for the Offer. To encourage early investment, Mobeus is offering an early investment incentive discount of 1% of the amounts subscribed for by investors on applications which are accepted up to the earlier of the first GBP50 million, in aggregate being raised across the Mobeus advised VCTs, or Friday 3 November 2017.

Further details of all of the above arrangements are set out in the Prospectus, which was made available on 6 September 2017.

SHARE BUY-BACKS

There were no share buybacks during the period. On 7 July 2017, 19,956 Ordinary Shares of 1p each were repurchased for cancellation at 89.75 pence per share.

GENERAL MEETING

At a General Meeting held on 3 August 2017, shareholders gave their approval to a Special Resolution granting the Company authority to issue shares and to dis-apply pre-emption rights.

INVESTMENT ACTIVITY

New Investments

On 6 July 2017, GBP1.72 million was invested into B2C (Holdings) Limited (trading as Wetsuit Outlet), a leading online retailer in the water sports market (www.wetsuitoutlet.co.uk).

Realisations

After the period end, on 1 August 2017 GBP3.26 million was received from the sale of Entanet Holdings Limited to CityFibre Infrastructure Holdings plc. These proceeds were fully reflected in the NAV of the Company at 30 June 2017. This realisation contributed to a return of 2.5 times the original investment cost, and an IRR of 39% in the three and a half years that this investment was held.

Loan Stock Repayments

On 3 May 2017, a GBP0.04 million loan stock repayment was received from TPSFF Holdings Limited (formerly The Plastic Surgeon) ("TPSFF"). TPSFF also made two further loan repayments after the quarter end, totalling GBP0.16 million.

ANNUAL GENERAL MEETING

The Company's Annual General Meeting ("AGM") was held today at The Clubhouse, 8 St James's Square, London SW1Y 4JU. All resolutions were passed at the meeting.

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

END

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September 15, 2017 02:05 ET (06:05 GMT)