Mobeus Income & Growth 2 VCT PLC Interim Management Statement to 30 June 2018 (4566A)

TIDMMIG

RNS Number : 4566A

Mobeus Income & Growth 2 VCT PLC

11 September 2018

Mobeus Income & Growth 2 VCT plc

(the "Company")

INTERIM MANAGEMENT STATEMENT

For the quarter ended 30 June 2018

Mobeus Income & Growth 2 VCT plc presents an Interim Management Statement for the quarter ended 30 June 2018. 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 
                                                     2018        2018 
 Net assets attributable to shareholders    GBP48,198,958   GBP47,598,197 
 Shares in issue                               49,304,159      49,304,159 
 Net asset value (NAV) per share                   97.76p          96.54p 
 Cumulative dividends paid to date 
  per share                                        78.00p          78.00p 
 Total return per share since inception 
  (NAV basis)                                     175.76p         174.54p 
 

DIVIDENDS

There were no dividends paid during the period and so cumulative dividends paid per share since the launch of the current share class in December 2005 remained at 78.00 pence.

SHARE BUYBACKS

There were no share buybacks during the period.

INVESTMENT ACTIVITY

Investments during the period

On 31 May 2018, a further investment of GBP0.63 million was made into My Tutor, a digital marketplace connecting school pupils seeking private one-to-one tutoring with university students.

On 15 June 2018, GBP0.06 million was invested into Proactive Investors, an existing portfolio company, and provider of media services and investor conferences. This further investment was previously agreed as part of the original investment in January 2018.

Investments following the period end

On 13 August 2018, GBP0.37 million was invested into Rotageek, a provider of cloud-based enterprise software using data-driven technologies to schedule staff effectively and fairly.

Realisations following the period end

After the period end, the Company realised the following investments:

On 28 August 2018, the Company realised its investment in Fullfield, receiving cash proceeds of GBP0.58 million. The realisation contributed to a return of 1.20 times the original investment cost, and an IRR of 5.0% over the seven years that this investment was held.

On 7 September 2018, GBP0.20 million cash proceeds was received from the sale of Hemmels Limited, a restorer of classic cars. The sale represented a realised loss of GBP0.24 million on the original investment cost over the six months this investment was held.

The impact of both the above realisations is immaterial to the Net Asset Value per share reported above as at 30 June 2018. Accordingly, both will be reflected in the Company's results for the half year ending 30 September 2018.

LOAN STOCK AND PREFERENCE SHARE REPAYMENTS

On 30 April 2018, The Plastic Surgeon Holdings Limited (formerly TPSFF Holdings Limited) repaid its remaining loan stock of GBP0.07 million.

On 25 May 2018, MPB Group Limited repaid its C loan stock of GBP0.09 million.

Following the period end, on 31 July 2018, The Plastic Surgeon Holdings Limited bought back GBP0.05 million of A preference shares owned by the Company.

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

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END

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(END) Dow Jones Newswires

September 11, 2018 10:18 ET (14:18 GMT)