Mobeus Income & Growth VCT PLC Interim Management Statement 30 September 2017 (9657V)

TIDMMIX

RNS Number : 9657V

Mobeus Income & Growth VCT PLC

08 November 2017

Mobeus Income & Growth VCT plc

("the Company")

INTERIM MANAGEMENT STATEMENT

For the quarter ended 30 September 2017

Mobeus Income & Growth VCT plc presents an Interim Management Statement for the quarter ended 30 September 2017. The statement also includes relevant financial information between the end of the period and the date of this statement.

NET ASSET VALUE (NAV) AND TOTAL RETURN PER SHARE

 
                             At 30 September 2017     At 30 June 
                                                            2017 
 Net assets attributable to              GBP58.76       GBP62.43 
  shareholders                            million        million 
 Shares in issue                       79,310,888     75,597,471 
 Net asset value (NAV) per                  74.08    82.58 pence 
  share                                     pence 
 Cumulative dividends paid                 104.80    95.80 pence 
                                            pence 
 Cumulative total return per               178.88 
  share (NAV basis) since inception         pence   178.38 pence 
 % return on initial NAV per 
  share of 94.5 pence at inception 
  in July 2004                              89.3%          88.8% 
 

The NAV per share fell by 8.50 pence over the quarter, principally due to the payment of an interim dividend of 9.00 pence per share in the quarter, referred to below.

DIVIDENDS

The Company paid an interim capital dividend of 9.00 pence per share for the year ending 31 December 2017 on 13 September 2017.

The Board has today declared a second interim dividend of 4.00 pence per share for the year ending 31 December 2017. The dividend will be paid on 8 December 2017 to Shareholders on the Register on 24 November 2017. Once paid, this will bring cumulative dividends paid per share to date to 108.8 pence and reduce the NAV per share reported above to 70.08 pence per share.

FUNDRAISING

On 6 September 2017, the Company launched a joint fundraising Offer alongside the other three Mobeus advised VCTs. Due to strong demand, the Company has utilised its over-allotment facility which has increased the maximum offer size to GBP25 million in respect of the Company (GBP80 million in aggregate across the Mobeus advised VCTs).

Including the allotments already made, the total cumulative value of applications received on behalf of the Company to date is GBP15.1 million.

Further details of the Offer are set out in the Prospectus, which was made available on 6 September 2017 and can be viewed on the Mobeus website at www.mobeusequity.co.uk/vct-investors/fundraising .

INVESTMENT ACTIVITY

New Investments

There were two new investments during the period.

On 5 July 2017, GBP2.10 million held in Manufacturing Services Investment Limited, a company preparing to trade, and GBP0.65 million from the Company's cash resources, was invested into B2C (Holdings) Limited (trading as Wetsuit Outlet), a leading online retailer in the water sports market (www.wetsuitoutlet.co.uk).

A follow on loan of GBP0.14 million was advanced to MPB Group Limited, a leading online marketplace for used camera and video equipment (www.mpb.com).

Realisations

The Company realised one investment in the period for cash proceeds of GBP6.12 million. This was the very successful sale of the Company's investment in 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 Internal Rate of Return of 39% in the three and a half years that this investment was held. Deferred consideration of up to GBP0.63 million may be payable in due course.

Including the loan stock repayments of GBP0.30 million referred to below, net cash proceeds for the period amounted to GBP6.42 million.

LOAN STOCK REPAYMENTS

A total of GBP0.30 million was received in loan stock repayments during the quarter to 30 September 2017, from TPSFF Holdings Limited (formerly the Plastic Surgeon Holdings Limited).

Two further loan stock repayments of GBP0.16 million were received from TPSFF Holdings Limited after the quarter-end.

SHARE BUY-BACKS

As announced previously, on 7 July 2017 the Company purchased 85,754 of the Company's own ordinary shares at a price of 71.25 pence per share, for cancellation.

Please note that all of the above information 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:

Robert King, 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

MSCUWUNRBWAARAA

(END) Dow Jones Newswires

November 08, 2017 11:30 ET (16:30 GMT)