Mobeus Income & Growth VCT PLC Interim Management Statement (7767E)

TIDMMIX

RNS Number : 7767E

Mobeus Income & Growth VCT PLC

10 May 2017

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

Legal Entity Identifier (LEI): 213800HKOSEVWS7YPH79

INTERIM MANAGEMENT STATEMENT

For the quarter ended 31 March 2017

Mobeus Income & Growth VCT plc reports an Interim Management Statement for the quarter ended 31 March 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 31 March   At 31 December 
                                        2017             2016 
 Net assets attributable       GBP59,842,203    GBP63,149,553 
  to shareholders 
 Shares in issue                  75,597,471       75,597,471 
 Net asset value (NAV) 
  per share                           79.16p           83.53p 
 Cumulative dividends 
  paid                                95.80p           89.80p 
 Cumulative Total return 
  (net asset value basis) 
  per share since inception          174.96p          173.33p 
 % return on initial 
  NAV per share of 94.5 
  pence at inception 
  in July 2004                         85.1%            83.4% 
 

The NAV per share fell by 4.37 pence over the quarter, principally due to the payment of an interim dividend of 6.00 pence per share in the quarter, referred to below. The underlying increase in NAV per share was due to an increase in the value of the portfolio and income returns.

DIVIDENDS

A second interim capital dividend of 6.00 pence per share in respect of the year ended 31 December 2016 was paid to shareholders on 31 March 2017. This is in addition to the interim dividend of 8.50 pence per share paid to shareholders on 20 September 2016. Total dividends paid in respect of 2016 were therefore 14.50 pence per share, bringing cumulative dividends paid since inception to 95.80 pence per share.

NEW INVESTMENT

The Company made two new investments in the quarter. The first of these was a GBP0.69 million investment in January 2017 into Ibericos Etc (trading as Tapas Revolution), a leading Spanish restaurant chain in the casual dining sector. The second was a GBP0.67 million investment in March 2017 into Buster & Punch, a premium brand business which designs a range of high quality lighting and electrical fittings for the home.

In addition, a loan was advanced for GBP0.08 million by the Company to BookingTek Limited as part of a loan facility. This facility was agreed at the time of the initial investment made in October 2016.

DIVESTMENTS

GBP0.37 million was received from the sale of Omega Diagnostics plc, realising a gain of GBP0.12 million over cost. Sundry receipts of GBP0.31 million was also received, of which GBP0.14 million was received in respect of earlier disposals of two investments being Focus Pharma and MachineWorks, in prior periods.

LOAN STOCK REPAYMENTS

The VCT received GBP5.83 million in partial loan repayments in the quarter.

SHARE BUYBACKS

The Company did not conduct any share buybacks during the period.

ANNUAL GENERAL MEETING

The Company is pleased to announce that all the resolutions proposed at the Annual General Meeting of the Company held today, 10 May 2017, were approved by shareholders.

For further information, please contact:

Jonathan McGuire, for Mobeus Equity Partners LLP, Company Secretary: 020 7024 7616.

This information is provided by RNS

The company news service from the London Stock Exchange

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May 10, 2017 11:23 ET (15:23 GMT)