We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for real-time alerts, custom portfolio, and market movers
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Mobeus Income & Growth Vct Plc | LSE:MIX | London | Ordinary Share | GB00B01WL239 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 56.00 | 54.50 | 57.50 | 56.00 | 56.00 | 56.00 | 252 | 08:00:06 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Investors, Nec | -15.97M | -18.79M | -0.1199 | -4.67 | 87.76M |
TIDMMIX
RNS Number : 7436X
Mobeus Income & Growth VCT PLC
14 August 2018
Hot Features
Premium
MOBEUS INCOME & GROWTH VCT PLC
HALF YEAR RESULTS FOR THE SIX MONTHSED 30
JUNE 2018
Mobeus Income & Growth VCT plc ("the Company")
today announces the half-year results for the
six months ended 30 June 2018.
As at 30 June 2018:
Net assets: GBP75.38 million
Net asset value ("NAV") per share: 69.69 pence
Financial Highlights
Results for the six months ended 30 June 2018
* Net asset value total return per share was 1.3% for
the six months while the share price total return was
3.2%.
* The Company has declared an interim dividend in
respect of the current year of 2.00 pence per share
payable on 21 September 2018 to shareholders on the
register on 24 August 2018, bringing total cumulative
dividends paid to shareholders since inception to
113.80 pence per share.
* Three new investments and three follow-on investments
have been made during the period totalling GBP3.66
million.
* GBP25 million was raised from a successful Offer for
Subscription which closed in March 2018, fully
subscribed.
Performance summary
The table below shows the recent past performance
of the original fundraising launched in 2004.
Performance data for all fundraising rounds
and for former Matrix Income & Growth 3 VCT
plc ("MIG3 VCT") shareholders are shown in an
appendix to the published Half-Year Report and
will be available on the Company's website.
Reporting Net NAV Share Cumulative Cumulative Dividends
date assets per Price dividends total return per share
Share (mid-market paid per share declared
price)(1) per share to shareholders(2) in
respect
of the
period
(NAV (Share
basis) price
basis)
As at (GBPm) (p) (p) (p) (p) (p) (p)
---------- ------- ------ ----------- ---------- --------- --------- ----------
30 June
2018 75.38 69.69 62.00 111.80 181.49 173.80 2.00(3)
31
December
2017 69.90 71.75 63.00 108.80 180.55 171.80 16.00
30 June
2017 62.43 68.50 68.50 95.80 178.38 164.30 9.00
(1) Source: Panmure Gordon (mid-price).
(2) Cumulative total return per share comprises
either the NAV per share (NAV basis) or the
mid-market price per share (share price basis),
plus cumulative dividends paid since launch
in 2004.
(3) The Directors have declared an interim dividend
of 2.00 pence per share in respect of the
six months ended 30 June 2018. The dividend
will be paid to shareholders on 21 September
2018.
Chairman's Statement
I am pleased to present the Half-Year Report
for Mobeus Income & Growth VCT plc ("MIG") covering
the six month period ended 30 June 2018.
Overview
The six month period has produced a satisfactory
return for shareholders with a positive income
return as well as a small net positive of unrealised
gains on portfolio companies and the receipt
of some deferred income on realisations in a
previous year. The Board is pleased to note
the successful completion of the fundraising
activity during the period which raised gross
funds of GBP25 million.
The rate and level of new investment has been
good with four new growth capital investments
and three follow-on investments into existing
growth capital portfolio companies completed
so far in 2018. Further details of these investments
are included under 'Investment Portfolio' below
and in the Investment Review.
These investments reflect the focus on providing
growth capital to younger and smaller companies
in accordance with the revised Investment Policy
approved by shareholders in 2016. By way of
reminder, this revised Policy was required to
comply with the VCT measures introduced by the
Finance (No. 2) Act 2015 in November of that
year.
More recently, the enactment of the Finance
Act 2018 on 15 March 2018 has resulted in further
changes to the VCT Scheme (see 'Industry and
regulatory developments' below). Your Board
does not believe that these changes will materially
affect the Company's existing Investment Policy
and strategic objectives.
Performance
At 30 June 2018, your Company was ranked 8th
out of 40 VCTs, over the last five years, in
the Association of Investment Companies' ("AIC")
analysis of NAV Cumulative Total Return.
The Net Asset Value ("NAV") Total Return was
1.3% for the period (compared with 6.0% for
the same period last year; a period which reflected
the imminent profitable disposal of Entanet).
Fundraising
On 6 September 2017, the Company launched an
Offer for Subscription to raise up to GBP25
million in aggregate. Demand for the Offer was
strong and the Company raised the full amount
by 13 March 2018, of which GBP7.82 million of
net funds were raised in the current period.
The Board would like to thank all new investors
and shareholders, their advisers and intermediaries,
for their support.
Dividends
On 17 May 2018, following shareholder approval
at the annual general meeting, the Company paid
a final dividend of 3.00 pence per ordinary
share, in respect of the financial year ended
31 December 2017.
The Board has declared an interim capital dividend
of 2.00 pence per share, payable on 21 September
2018 to shareholders on the register on 24 August
2018. This dividend will be paid out of the
Company's Special Distributable Reserve. Once
paid, this will bring cumulative dividends paid
per share since the launch of the Company to
113.80 pence (30 June 2017: 104.80 pence) per
share.
Your Board is confident of meeting the 4.00
pence per share annual dividend target in respect
of the current financial year. The gradual move
of the portfolio to growth capital investments
may make it more difficult to achieve in future
financial years without recourse to the Company's
reserves.
Investment Portfolio
Overall the performance of the investment portfolio
has been satisfactory in the current environment.
The portfolio achieved a gain of GBP0.78 million
(1.9% of the opening value) during the first
half of the year and was valued at GBP45.35
million at the period end (30 June 2017: GBP49.51
million). The six month period experienced notable
increases in the valuations of EOTH, MPB Group
and CGI Creative Graphics but the portfolio
also saw significant valuation falls over the
period for Motorclean, Wetsuit Outlet and Veritek
Global.
During the period three new investments and
three follow-on investments were made at a total
cost of GBP3.66 million (analysed in the Investment
Review and explained within Note 9). These were:
-- Proactive Investors - a provider of investor
media services and research.
-- Super Carers - an online care platform connecting
people seeking care.
-- Hemmels - a classic car restoration business.
-- MPB Group (follow-on) - an online marketplace
for used camera and video equipment.
-- Tapas Revolution (follow-on) - a leading
Spanish restaurant chain in the casual dining
sector.
-- MyTutor (follow-on) - a digital marketplace
connecting people seeking online tutoring.
After the period end, a further new investment
of GBP0.57 million was made into Rota Geek,
a provider of workforce management software.
The company received cash proceeds of GBP0.61
million during the period, comprising loan stock
repayments from investee companies and deferred
consideration arising from realisations which
occurred in a previous year.
Further information on the portfolio can be
found in the Investment Review.
Revenue account
The net revenue return for the period was GBP0.87
million compared to GBP1.15 million recorded
this time last year. This is due to two principal
factors: firstly, loan interest has decreased,
due to the realisation of two portfolio companies
whose loans paid sizeable amounts of loan interest,
alongside a provision against loan interest
receivable from another portfolio company; secondly,
higher net assets arising from the funds raised
under the Offer for Subscription, have resulted
in increased VCT expenses, minaly Investment
Adviser fees.
Industry and regulatory developments
As mentioned in my Overview above, a number
of additional changes to the VCT Scheme were
introduced with the enactment of the Finance
Act 2018 on 15 March 2018. These changes were
designed to exclude tax-motivated investments
where capital is not at risk (that is, principally
seeking to preserve investors' capital) and
to encourage VCTs to put their money to work
faster. They also place further restrictions
on the way investments may be structured. Further
details of these changes are set out in the
Summary of VCT regulation in the Half-Year Report.
Share buybacks
During the period, the Company bought back for
cancellation a total of 410,037 Ordinary shares
amounting to 0.4% of its issued share capital
at the start of the year. These were bought
back at approximately a 10% discount to the
Company's latest announced NAV, in accordance
with the Company's buyback policy. The reason
the Company makes market purchases of its own
shares is to enhance the liquidity of the Company's
share and to seek to manage the level and volatility
of the discount to NAV at which the Company's
shares may trade.
Liquidity
Cash or near cash resources held by the Company
as at 30 June 2018, including the liquidity
held by companies preparing to trade, was GBP32.06
million or 42.5% of net assets. After the period
end, following the investment into Rota Geek
and the payment of the interim dividend in September
2018, the pro forma level of liquidity will
be GBP29.33 million or 40.1% of net assets.
The VCT continues to hold its cash in a selection
of money market funds with AAA credit ratings
and in a number of deposit accounts, diversified
among well-known financial institutions across
a range of maturities.
Shareholder event
The Investment Adviser held its eighth annual
shareholder event on 30 January 2018. As in
previous years, the event was well received
by those shareholders who attended. The next
event will be held on 5 February 2019, again
at the Royal Institute of British Architects
in Central London. The programme will contain
highlights from the performance of the Mobeus
VCTs as well as presentations by representatives
of portfolio companies.
Recently, shareholders have received further
details and an invitation to the event with
their copy of the Mobeus VCT Newsletter.
Outlook
Your Board considers that your Company is well
positioned to take advantage of the strong demand
for growth capital investments, although entry
valuations can be quite full for the most attractive
opportunities. The portfolio has a solid foundation
of investments made under the previous MBO strategy,
the majority of which are mature, generating
operating profit and providing attractive income
returns. We expect the current trend for follow-on
investments into new and existing growth capital
portfolio companies to continue in the foreseeable
future until such time as these growth investments
have achieved scale and sustainable earnings.
The recent successful fundraising will provide
the Company with sufficient funds to meet its
cash needs and to continue the current investment
rate in the medium term. Your Board is also
pleased to note that the Investment Adviser
continues to expand and strengthen its investment
team to source investments that complement the
portfolio.
Finally, I would like to thank all of our shareholders
for their continuing support.
Clive Boothman
Chairman
14 August 2018
Investment Policy
The Investment Policy is designed to meet the
Company's objective.
Investments
The Company invests primarily in a diverse portfolio
of UK unquoted companies. Investments are made
selectively across a number of sectors, principally
in established companies. Investments are usually
structured as part loan stock and part equity
in order to produce a regular income stream
and to generate capital gains from realisations.
There are a number of conditions within the
VCT legislation which need to be met by the
Company and which may change from time to time.
The Company will seek to make investments in
accordance with the requirements of prevailing
VCT legislation.
Asset allocation and risk diversification policies,
including the size and type of investments the
Company makes, are determined in part by the
requirements of prevailing VCT legislation.
No single investment may represent more than
15% (by VCT tax value) of the Company's total
investments at the date of investment.
Liquidity
The Company's cash and liquid funds are held
in a portfolio of readily realisable interest
bearing investments, deposit and current accounts,
of varying maturities, subject to the overriding
criterion that the risk of loss of capital be
minimised.
Borrowing
The Company's articles of association permit
borrowings of amounts up to 10% of the adjusted
capital and reserves (as defined therein). However,
the Company has never borrowed and the Board
would only consider doing so in exceptional
circumstances.
Investment Review
New investments in the period
A total of GBP1.68 million was invested into
three companies during the six months under
review, comprising new investments into Proactive
Investors, Super Carers and Hemmels, as detailed
below:
Company Business Date of Investment Amount of
new investment
(GBPm)
-------------- ----------------- -------------------- ----------------
Proactive Investor January /
Investors media services June 2018 0.50
-------------- ----------------- -------------------- ----------------
Proactive Investors specialises in up-to-the-minute
multi-media news provision, events organisation,
digital services and investor research. Proactive
provides breaking news, commentary and analysis
on hundreds of small-cap listed companies and
pre-IPO businesses across the globe, 24/7.
The investment will enable Proactive to expand
its services into the US market, which is the
largest global market in the world. The company's
unaudited accounts for the year ended 30 June
2017 show turnover of GBP3.99 million and a
profit before interest, tax and amortisation
of goodwill of GBP0.53 million.
-------------------------------------------------------------------------
Online care
Super Carers provision March 2018 0.58
-------------- ----------------- -------------------- ----------------
Super Carers provides an online platform connecting
people, typically family members seeking home
care for their elderly parents, with experienced
independent carers. Carers and care-seekers
manage care directly thus reducing the administrative
burden and the need for care managers, enabling
care to be delivered with greater flexibility
and more cost effectively. The company's unaudited
accounts for the year ended 31 March 2017 show
revenues of GBP0.18 million and a loss before
interest, tax and amortisation of GBP0.72 million.
-------------------------------------------------------------------------
Classic car
Hemmels restoration March 2018 0.60
-------------- ----------------- -------------------- ----------------
Hemmels commenced trading in September 2016
and specialises in the sourcing, restoration,
selling and servicing of high value classic
cars, currently focusing on classic Mercedes-Benz.
The investment will enable Hemmels to proceed
with its expansion plans and secure sufficient
stock. The company's accounts for the year
ended 31 December 2017 have not yet been finalised.
-------------------------------------------------------------------------
Further investments in existing portfolio companies
in the period
The Company made further investments totaling
GBP1.98 million into three existing portfolio
companies during the period under review, as
detailed below:
Company Business Date of Investment Amount of
new investment
(GBPm)
------------------ -------------------- -------------------- ----------------
Online marketplace
for used
camera and February
MPB Group video equipment 2018 0.43
------------------ -------------------- -------------------- ----------------
Mpb is Europe's leading online marketplace
for used camera and video equipment. Based
in Brighton, its custom-designed pricing technology
enables Mpb to offer both buy and sell services
through the same platform and offers a one-stop
shop for all its customers. Having expanded
into the US (opening a New York office) and
German markets as part of the initial VCT
investment round, this follow-on investment,
alongside funds provided by the Proven VCTs,
is to support its continued growth plan. Having
doubled its sales over the last year, this
investment will give the company sufficient
capital to achieve its next planned expansion.
The company's latest audited accounts for
the year ended 31 March 2017 show turnover
of GBP13.20 million and a loss before interest,
tax and amortisation of goodwill of GBP0.47
million.
--------------------------------------------------------------------------------
Restaurant
Tapas Revolution chain March 2018 0.56
------------------ -------------------- -------------------- ----------------
Based in London, Tapas Revolution is a leading
Spanish restaurant chain in the casual dining
sector focusing on shopping centre sites with
high footfall. Having opened its first restaurant
in Shepherd's Bush Westfield, with the support
of the initial VCT investment in 2017, the
business now operates six established restaurants.
This follow on investment is to finance the
opening of several new locations around the
UK. The company's latest audited accounts
for the year ended 29 October 2017 show a
turnover of GBP5.84 million and a loss before
interest, tax and amortisation of goodwill
of GBP0.68 million.
--------------------------------------------------------------------------------
My Tutorweb Online tutoring May 2018 0.99
---------------- --------------------- ------------ ------
My Tutorweb Limited is a digital marketplace
that connects school pupils who are seeking
private one-to-one tutoring with university
students. The business is satisfying a growing
demand from both schools and parents to improve
pupils' exam results to enhance their academic
and career prospects. This investment supports
an opportunity to grow My Tutorweb's market
presence and drive technological development
within the company. The company's latest unaudited
accounts for the year ended 31 December 2017
show turnover of GBP0.56 million and a loss
before interest, tax and amortisation of goodwill
of GBP1.40 million.
-------------------------------------------------------------
New investment post period-end
Company Business Date of investment Amount of
new investment
(GBPm)
----------- ------------- -------------------- ----------------
Workforce
management
Rota Geek software August 2018 0.57
----------- ------------- -------------------- ----------------
Rota Geek is a provider of cloud-based enterprise
software that uses data-driven technology
to help predominantly large retail and leisure
organisations predict and meet demand to schedule
staff effectively and fairly. This investment
will be used to further technology development
and grow sales from enterprise (i.e. substantial)
clients.
------------------------------------------------------------------
Realisations in the period
There have been no realisations during the period
under review. GBP0.18 million was received during
the period as deferred consideration arising
from the realisations of Gro-Group and Tessella
in a previous year.
Loan stock repayments
Loan stock repayments totalled GBP0.43 million
from Plastic Surgeon (formerly TPSFF) and MPB
Group during the period under review.
Mobeus Equity Partners LLP
Investment Adviser
14 August 2018
Investment Portfolio Summary
as at 30 June 2018
Market Date Total Valuation Like for % value
sector of investment book like of
cost valuation net
increase/ assets
(decrease)
Qualifying investments GBP'000 GBP'000 over period(1)
Unquoted investments
---------------------- ----------------------------- --------------------------- --------------------- ----------------------- ------------------------- -------------------
Tovey Management
Limited (trading
as Access IS)
Provider of
data capture Software
and scanning and Computer
hardware Services Oct-15 2,979 3,590 6.3% 4.8%
---------------------- ----------------------------- --------------------------- --------------------- ----------------------- ------------------------- -------------------
ASL Technology
Holdings Limited
Printer and
photocopier Support
services services Dec-10 2,942 3,231 3.6% 4.3%
---------------------- ----------------------------- --------------------------- --------------------- ----------------------- ------------------------- -------------------
Virgin Wines
Holding Company
Limited
Online wine General
retailer retailers Nov-13 2,439 2,777 1.1% 3.7%
---------------------- ----------------------------- --------------------------- --------------------- ----------------------- ------------------------- -------------------
EOTH Limited
(trading as
Rab and Lowe
Alpine)
Branded outdoor
equipment and General
clothing retailers Oct-11 1,000 2,222 32.8% 2.9%
---------------------- ----------------------------- --------------------------- --------------------- ----------------------- ------------------------- -------------------
Turner Topco
Limited (trading
as Auction Technology
Group (formerly
ATG Media))
Saas based on-line
auction marketplace
platform Media Oct-08 2,494 1,909 (9.7)% 2.5%
---------------------- ----------------------------- --------------------------- --------------------- ----------------------- ------------------------- -------------------
CGI Creative
Graphics
International
Limited
Vinyl graphics
to global automotive,
recreational
vehicle and General
aerospace markets Industrials Jun-14 1,808 1,873 38.1% 2.5%
---------------------- ----------------------------- --------------------------- --------------------- ----------------------- ------------------------- -------------------
MPB Group Limited
Online marketplace
for used photographic General
equipment retailers Jun-16 1,180 1,822 53.8% 2.4%
---------------------- ----------------------------- --------------------------- --------------------- ----------------------- ------------------------- -------------------
Vectair Holdings
Limited
Designer and
distributor
of washroom Support
products services Jan-06 139 1,795 5.7% 2.4%
---------------------- ----------------------------- --------------------------- --------------------- ----------------------- ------------------------- -------------------
My Tutorweb
Limited
Digital marketplace
connecting school
pupils seeking
one-to-one online Support
tutoring services May-17 1,534 1,689 28.3% 2.2%
---------------------- ----------------------------- --------------------------- --------------------- ----------------------- ------------------------- -------------------
Vian Marketing
Limited
(trading as
Red Paddle Co)
Design, manufacture
and sale of
stand-up paddleboards
and windsurfing Leisure
sails goods Jul-15 1,189 1,684 (10.1)% 2.2%
---------------------- ----------------------------- --------------------------- --------------------- ----------------------- ------------------------- -------------------
Master Removers
Group Limited
(trading as
Anthony Ward
Thomas, Bishopsgate
and Aussie Man
& Van)
A specialist
logistics, storage
and removals Support
business services Dec-14 614 1,619 14.9% 2.1%
---------------------- ----------------------------- --------------------------- --------------------- ----------------------- ------------------------- -------------------
Tharstern Group
Limited
Software based
management Software
information and computer
systems services Jul-14 1,377 1,602 (9.3)% 2.1% ---------------------- ----------------------------- --------------------------- --------------------- ----------------------- ------------------------- ------------------- Preservica Limited Seller of proprietary Software digital archiving and Computer software Services Dec-15 900 1,466 19.2% 1.9% ---------------------- ----------------------------- --------------------------- --------------------- ----------------------- ------------------------- ------------------- Ibericos Etc. Limited (trading as Tapas Revolution) Spanish restaurant Travel chain & Leisure Jan-17 1,245 1,453 30.0% 1.9% ---------------------- ----------------------------- --------------------------- --------------------- ----------------------- ------------------------- ------------------- Manufacturing Services Investment Limited (trading as Wetsuit Outlet) Online retailer in the water General sports market retailers Feb-14 2,174 1,354 (29.9)% 1.8% ---------------------- ----------------------------- --------------------------- --------------------- ----------------------- ------------------------- ------------------- Media Business Insight Holdings Limited A publishing and events business focused on the creative production industries Media Jan-15 2,518 1,307 6.6% 1.7% ---------------------- ----------------------------- --------------------------- --------------------- ----------------------- ------------------------- ------------------- The Plastic Surgeon Holdings Limited (formerly TPSFF Holdings Limited) Supplier of snagging and finishing services to the domestic and commercial Support property markets services Apr-08 39 1,295 20.2% 1.7% ---------------------- ----------------------------- --------------------------- --------------------- ----------------------- ------------------------- ------------------- Pattern Analytics Limited (trading as Biosite) Workforce management and security services for the construction Support industry services Nov-16 757 1,136 - 1.5% ---------------------- ----------------------------- --------------------------- --------------------- ----------------------- ------------------------- ------------------- Redline Worldwide Limited Provider of security services to the aviation industry and Support other sectors services Feb-16 1,088 1,078 (7.5)% 1.4% ---------------------- ----------------------------- --------------------------- --------------------- ----------------------- ------------------------- ------------------- Blaze Signs Holdings Limited Manufacturer and installer Support of signs services Apr-06 492 1,018 45.0% 1.4% ---------------------- ----------------------------- --------------------------- --------------------- ----------------------- ------------------------- ------------------- RDL Corporation Limited Recruitment consultants for the pharmaceutical, business intelligence Support and IT industries services Oct-10 1,558 919 (6.7)% 1.2% ---------------------- ----------------------------- --------------------------- --------------------- ----------------------- ------------------------- ------------------- Fullfield Limited (trading as Motorclean) Provider of vehicle cleaning Support and valet services services Jul-11 1,626 874 (48.7)% 1.2% ---------------------- ----------------------------- --------------------------- --------------------- ----------------------- ------------------------- ------------------- Buster and Punch Holdings Limited (formerly Chatfield Services Limited) Industrial inspired lighting and General interiors retailer retailers Mar-17 668 824 23.4% 1.1% ---------------------- ----------------------------- --------------------------- --------------------- ----------------------- ------------------------- ------------------- BookingTek Limited Direct booking Software software for and computer hotel groups services Oct-16 771 771 (24.9)% 1.0% ---------------------- ----------------------------- --------------------------- --------------------- ----------------------- ------------------------- ------------------- Super Carers Limited Online platform that connects people seeking home care from experienced independent Support carers services Mar-18 580 580 New investment 0.8% ---------------------- ----------------------------- --------------------------- --------------------- ----------------------- ------------------------- ------------------- Hemmels Limited Company specialising in the sourcing, restoration, selling and servicing of high price, Automobiles classic cars parts Mar-18 598 525 (12.2)% 0.7% ---------------------- ----------------------------- --------------------------- --------------------- ----------------------- ------------------------- ------------------- Proactive Group Holdings Inc Provider of media services and investor conferences for companies primarily listed on secondary public markets Media Jan-18 505 505 New investment 0.7% ---------------------- ----------------------------- --------------------------- --------------------- ----------------------- ------------------------- ------------------- Jablite Holdings Limited Manufacturer of expanded polystyrene Construction products and materials Apr-15 502 307 - 0.4% ---------------------- ----------------------------- --------------------------- --------------------- ----------------------- ------------------------- ------------------- Veritek Global Holdings Limited Maintenance Support of imaging equipment services Jul-13 2,045 194 (72.0)% 0.3% ---------------------- ----------------------------- --------------------------- --------------------- ----------------------- ------------------------- ------------------- Lightworks Software Limited Provider of Software software for and computer CAD vendors services Apr-06 223 120 (24.5)% 0.2% ---------------------- ----------------------------- --------------------------- --------------------- ----------------------- ------------------------- ------------------- Racoon International Group Limited Supplier of hair extensions, hair care products Personal and training goods Dec-06 1,213 - - 0.0% ---------------------- ----------------------------- --------------------------- --------------------- ----------------------- ------------------------- ------------------- CB Imports Group Limited (trading as Country Baskets) Importer and distributor of artificial flowers and General floral sundries retailers Dec-09 350 - - 0.0%
---------------------- ----------------------------- --------------------------- --------------------- ----------------------- ------------------------- -------------------
Newquay Helicopters
(2013) Limited
(in members'
voluntary
liquidation)
Helicopter Support
service operator services Jun-06 30 - - 0.0%
---------------------- ----------------------------- --------------------------- --------------------- ----------------------- ------------------------- -------------------
Total qualifying
investments 39,577 41,539 4.2% 55.0%
---------------------- --------------------------------------------------------- --------------------- ----------------------- ------------------------- -------------------
Non-qualifying
investments
---------------------- ----------------------------- --------------------------- --------------------- ----------------------- ------------------------- -------------------
Media Business
Insight Limited
As above Media Jan-15 765 830 6.5% 1.1%
---------------------- ----------------------------- --------------------------- --------------------- ----------------------- ------------------------- -------------------
Hollydale Management
Limited
Company seeking
to carry on Company
a business in preparing
the food sector to trade Mar-15 938 585 - 0.8%
---------------------- ----------------------------- --------------------------- --------------------- ----------------------- ------------------------- -------------------
Manufacturing
Services Investment
Limited (trading
as Wetsuit Outlet) General
As above retailers Feb-14 571 571 - 0.8%
---------------------- ----------------------------- --------------------------- --------------------- ----------------------- ------------------------- -------------------
EOTH Limited
(trading as
Rab and Lowe
Alpine) General
As above retailers Oct-11 298 324 - 0.4%
---------------------- ----------------------------- --------------------------- --------------------- ----------------------- ------------------------- -------------------
Backhouse Management
Limited
Company seeking
to carry on Company
a business in preparing
the motor sector to trade Apr-15 787 303 - 0.4%
---------------------- ----------------------------- --------------------------- --------------------- ----------------------- ------------------------- -------------------
Barham Consulting
Limited
Company seeking
to carry on
a business in Company
the catering preparing
sector to trade Apr-15 787 303 - 0.4%
---------------------- ----------------------------- --------------------------- --------------------- ----------------------- ------------------------- -------------------
Creasy Marketing
Services Limited
Company seeking
to carry on
a business in Company
the textile preparing
sector to trade Apr-15 787 303 - 0.4%
---------------------- ----------------------------- --------------------------- --------------------- ----------------------- ------------------------- -------------------
McGrigor Management
Limited
Company seeking
to carry on
a business in Company
the pharmaceutical preparing
sector to trade Apr-15 787 303 - 0.4%
---------------------- ----------------------------- --------------------------- --------------------- ----------------------- ------------------------- -------------------
Tovey Management
Limited (trading Software
as Access IS) and computer
As above services Oct-15 285 285 - 0.4%
---------------------- ----------------------------- --------------------------- --------------------- ----------------------- ------------------------- -------------------
TurnerTopco
Limited (trading
as Auction Technology
Group (formerly
ATG Media))
As above Media Oct-08 7 - - 0.0%
---------------------- ----------------------------- --------------------------- --------------------- ----------------------- ------------------------- -------------------
Watchgate Limited Support
Holding company services Nov-11 1 - - 0.0%
---------------------- ----------------------------- --------------------------- --------------------- ----------------------- ------------------------- -------------------
Total non-qualifying
investments 6,013 3,807 1.8% 5.1%
---------------------- --------------------------------------------------------- --------------------- ----------------------- ------------------------- -------------------
Total investment
portfolio 45,590 45,346 1.9% 60.1%
---------------------- --------------------------------------------------------- --------------------- ----------------------- ------------------------- -------------------
Current asset
investments
and Cash at
bank and in
hand(2) 30,267 40.2%
---------------------- --------------------------------------------------------- --------------------- ----------------------- ------------------------- -------------------
Total investments 45,590 75,613 100.3%
---------------------- --------------------------------------------------------- --------------------- ----------------------- ------------------------- -------------------
Other assets 232 0.3%
---------------------- --------------------------------------------------------- --------------------- ----------------------- ------------------------- -------------------
Current liabilities (466) (0.6)%
---------------------- --------------------------------------------------------- --------------------- ----------------------- ------------------------- -------------------
Net assets 75,379 100.0%
---------------------- --------------------------------------------------------- --------------------- ----------------------- ------------------------- -------------------
(1) - This percentage change in 'like for like'
valuations is a comparison of the 30 June 2018
valuations with the 31 December 2017 valuations
having adjusted for partial disposals, loan stock
repayments or new investments in the period.
(2) - Disclosed as Current asset investments
and Cash at bank and in hand within Current assets
in the Balance Sheet.
Statement of the Directors' Responsibilities
Responsibility statements
In accordance with Disclosure and Transparency
Rule (DTR) 4.2.10, Clive Boothman (Chairman),
Bridget Guérin (Chairman of the Nomination
& Remuneration and Management Engagement Committees),
and Catherine Wall (Chairman of the Audit Committee),
being the Directors of the Company, confirm that,
to the best of their knowledge:
a) the condensed set of financial statements,
which has been prepared in accordance with Financial
Reporting Standard 104 "Interim Financial Reporting"
gives a true and fair view of the assets, liabilities,
financial position and profit of the Company,
as required by DTR 4.2.10;
b) the Half-Year Management Report which comprises
the Chairman's Statement, Investment Policy,
Investment Review and Investment Portfolio Summary
includes a fair review of the information required
by DTR 4.2.7, being an indication of the important
events that have occurred during the first six
months of the financial year and their impact
on the condensed set of financial statements;
c) a description of the principal risks and uncertainties
facing the Company for the remaining six months
is set out below, in accordance with DTR 4.2.7;
and
d) there were no related party transactions in
the first six months of the current financial
year that are required to be disclosed in accordance
with DTR 4.2.8.
Principal risks and uncertainties
In accordance with DTR 4.2.7, the Board confirms
that the principal risks and uncertainties facing
the Company have not changed materially since
the publication of the Annual Report and Financial
Statements for the year ended 31 December 2017.
The Board acknowledges that there is regulatory
risk and continues to manage the Company's affairs
in such a manner as to comply with section 274
of the Income Tax Act 2007.
The principal risks faced by the Company are:
* Economic;
* Loss of approval as a Venture Capital Trust;
* Investment and strategic;
* Regulatory;
* Financial and operating;
* Market;
* Asset liquidity;
* Market liquidity;
* Counterparty and
* Key staff.
A detailed explanation of these risks can be
found in the Strategic Report on pages 21 - 22
and in Note 15 on pages 56 - 63 of the Annual
Report and Financial Statements for the year
ended 31 December 2017, copies of which are available
on the Investment Adviser's website, www.mobeusequity.co.uk
or by going direct to: www.migvct.co.uk.
Going concern
The Board has assessed the Company's operation
as a going concern. The Company's business activities,
together with the factors likely to affect its
future development, performance and position
are set out in the Half-Year Management Report.
The Directors have satisfied themselves that
the Company continues to maintain a significant
cash position. The majority of companies in the
portfolio continue to trade profitably and the
portfolio taken as a whole remains resilient
and well-diversified. The major cash outflows
of the Company (namely investments, buy-backs
and dividends) are within the Company's control.
The Board's assessment of liquidity risk and
details of the Company's policies for managing
its capital and financial risks are shown in
Notes 15 and 16 on pages 56 - 63 of the Annual
Report and Financial Statements for the year
ended 31 December 2017. Accordingly, the Directors
continue to adopt the going concern basis of
accounting in preparing the half-year report
and annual financial statements.
Cautionary statement
This report may contain forward looking statements
with regards to the financial condition and results
of the Company, which are made in the light of
current economic and business circumstances.
Nothing in this report should be construed as
a profit forecast.
For and on behalf of the Board:
Clive Boothman
Chairman
14 August 2018
Unaudited Condensed Income Statement
for the six months ended 30 June 2018
Six months ended Six months ended
30 June 2018 30 June 2017
(unaudited) (unaudited)
Notes Revenue Capital Total Revenue Capital Total
GBP GBP GBP GBP GBP GBP
--------------- ------ ---------- ---------- ---------- ---------- ---------- ----------
Unrealised
gains /
(losses)
on
investments 9 - 599,601 599,601 - 2,891,634 2,891,634
Realised
gains on
investments 9 - 181,297 181,297 - 186,404 186,404
Income 4 1,410,023 - 1,410,023 1,691,814 - 1,691,814
Investment
Adviser's
fees 5 (197,296) (591,886) (789,182) (169,087) (507,259) (676,346)
Other expenses - (206,876) - (206,876) (171,119) - (171,119)
--------------- ------ ---------- ---------- ---------- ---------- ---------- ----------
Profit on
ordinary
activities
before
taxation 1,005,851 189,012 1,194,863 1,351,608 2,570,779 3,922,387
Tax on profit
on ordinary
activities 6 (137,808) 112,458 (25,350) (204,510) 97,647 (106,863)
--------------- ------ ---------- ---------- ---------- ---------- ---------- ----------
Profit and
total
comprehensive
income 868,043 301,470 1,169,513 1,147,098 2,668,426 3,815,524
--------------- ------ ---------- ---------- ---------- ---------- ---------- ----------
Basic and
diluted
earnings
per share 7 0.83p 0.28p 1.11p 1.52p 3.53p 5.05p
Year ended 31
December 2017
(audited)
Notes Revenue Capital Total
GBP GBP GBP
---------------------- ------ ---------- ------------ ------------
Unrealised
gains/ (losses)
on investments - (572,662) (572,662)
Realised
gains on
investments - 5,248,859 5,248,859
Income 4 3,131,481 - 3,131,481
Investment
Adviser's
fees 5 (350,079) (1,050,237) (1,400,316)
Other expenses (385,417) - (385,417)
---------------------- ------ ---------- ------------ ------------
Profit on
ordinary
activities
before taxation 2,395,985 3,625,960 6,021,945
Tax on profit
on ordinary
activities 6 (392,180) 202,170 (190,010)
---------------------- ------ ---------- ------------ ------------
Profit and
total comprehensive
income 2,003,805 3,828,130 5,831,935
---------------------- ------ ---------- ------------ ------------
Basic and
diluted earnings
per share 7 2.52p 4.82p 7.34p
The revenue column of the Income Statement includes
all income and expenses. The capital column accounts
for the unrealised gains/(losses) and realised
gains on investments and the proportion of the
Investment Adviser's fee charged to capital.
The total column is the Statement of Total Comprehensive
Income of the Company prepared in accordance
with Financial Reporting Standards ("FRS"). In
order to better reflect the activities of a VCT,
and in accordance with the 2014 Statement of
Recommended Practice ("SORP") updated in January
2017 by the Association of Investment Companies
("AIC"), supplementary information which analyses
the Income Statement between items of a revenue
and capital nature has been presented alongside
the Income Statement. The revenue column of profit
attributable to equity shareholders is the measure
the Directors believe appropriate in assessing
the Company's compliance with certain requirements
set out in Section 274 Income Tax Act 2007.
All the items in the above statement derive from
continuing operations of the Company. No operations
were acquired or discontinued in the period.
Unaudited Condensed Balance Sheet
as at 30 June 2018
As at As at As at 31
30 June 30 June December
2018 2017 2017
(unaudited) (unaudited)
(audited)
Notes GBP GBP GBP
------------------------- ------ ------------- ------------- -----------
Fixed assets
Investments at
fair value 9 45,346,808 49,509,076 41,515,308
Current assets
Debtors and prepayments 231,749 331,084 3,976,235
Current asset
investments 10 26,933,900 9,646,811 21,803,276
Cash at bank
and in hand 10 3,332,817 3,273,445 3,027,719
------------------------- ------ ------------- ------------- -----------
30,498,466 13,251,340 28,807,230
Creditors: amounts
falling due within
one year (466,012) (331,187) (422,761)
Net current assets 30,032,454 12,920,153 28,384,469
------------------------- ------ ------------- ------------- -----------
Net assets 75,379,262 62,429,229 69,899,777
------------------------- ------ ------------- ------------- -----------
Capital and reserves
Called up share
capital 1,081,709 755,975 974,257
Capital redemption
reserve 19,141 9,440 15,040
Share premium
reserve 43,644,698 19,463,849 35,856,430
Revaluation reserve 3,259,646 6,290,934 2,786,782
Special distributable
reserve 17,155,736 30,659,875 19,058,094
Realised capital
reserve 7,913,691 3,044,076 8,147,387
Revenue reserve 2,304,641 2,205,080 3,061,787
------------------------- ------ ------------- ------------- -----------
Equity Shareholders'
funds 75,379,262 62,429,229 69,899,777
------------------------- ------ ------------- ------------- -----------
Basic and diluted
net asset value
per share 11 69.69p 82.58p 71.75p
Unaudited Condensed Statement of Changes in Equity
for the six months ended 30 June 2018
Non-distributable Distributable Total
reserves reserves
Called Capital Share Revaluation Special Realised Revenue
up redemption premium reserve distributable capital reserve
share reserve reserve reserve reserve
capital (note (note (note
a) b) b)
GBP GBP GBP GBP GBP GBP GBP GBP
--------------- ---------- ----------- ----------- ------------ -------------- ---------- ------------ ------------
At 1
January
2018 974,257 15,040 35,856,430 2,786,782 19,058,094 8,147,387 3,061,787 69,899,777
Comprehensive
income
for the
period
Profit/(loss)
for the
period - - - 599,601 - (298,131) 868,043 1,169,513
--------------- ---------- ----------- ----------- ------------ -------------- ---------- ------------ ------------
Total
comprehensive
income
for the
period - - - 599,601 - (298,131) 868,043 1,169,513
--------------- ---------- ----------- ----------- ------------ -------------- ---------- ------------ ------------
Contributions
by and
distributions
to owners
Share
offered
via Offer
for
Subscription
(Note
c) 111,553 - 7,788,268 - (82,001) - - 7,817,820
Shares
bought
back
(Note
d) (4,101) 4,101 - - (257,469) - - (257,469)
Dividends
paid - - - - (1,083,460) (541,730) (1,625,189) (3,250,379)
--------------- ---------- ----------- ----------- ------------ -------------- ---------- ------------ ------------
Total
contributions
by and
distributions
to owners 107,452 4,101 7,788,268 - (1,422,930) (541,730) (1,625,189) 4,309,972
--------------- ---------- ----------- ----------- ------------ -------------- ---------- ------------ ------------
Other
movements
Realised
losses
transferred
to special
reserve
(Note
a and
e) - - - - (479,428) 479,428 - -
Realisation
of previously
unrealised
appreciation - - - (126,737) - 126,737 - -
--------------- ---------- ----------- ----------- ------------ -------------- ---------- ------------ ------------
Total
other
movements - - - (126,737) (479,428) 606,165 - -
--------------- ---------- ----------- ----------- ------------ -------------- ---------- ------------ ------------
At 30
June
2018 1,081,709 19,141 43,644,698 3,259,646 17,155,736 7,913,691 2,304,641 75,379,262
--------------- ---------- ----------- ----------- ------------ -------------- ---------- ------------ ------------
Note a): The cancellation of the share premium
reserve and capital redemption reserve (as approved
at the General Meeting held on 22 February 2014)
and by order of the Court dated 12 March 2014)
has increased the Company's special distributable
reserve. The purpose of this reserve is to fund
market purchases of the Company's own shares,
write off any existing and future losses and
for any other corporate purpose, including dividend
distributions. All of this reserve arose from
shares issued before 5 April 2014.
Note b): The Realised capital reserve and the
Revenue reserve together comprise the Profit
and Loss Account of the Company.
Note c): Under the 2017/18 Offer, 11,155,262
shares were allotted during the period, raising
net funds of GBP7,817,820 for the Company. This
figure is net of issue costs of GBP204,683. Having
raised the full amount of funds sought, the Offer
was closed on 13 March 2018.
Note d): During the period, the Company purchased
410,037 of its own shares at the prevailing market
price for a total cost of GBP257,469 which were
subsequently cancelled. This figure is more than
that shown in the Statement of Cash Flows by
GBP4,753. This is a net figure arising from a
creditor held at the previous year end of GBP46,857,
which was settled during the period, and a creditor
held at this period end of GBP51,610, which was
settled after the period end.
Note e): The transfer of GBP479,428 to the special
distributable reserve from the realised capital
reserve above is the total of realised losses
incurred by the Company this period.
Unaudited Condensed Statement of Changes in Equity
for the six months ended 30 June 2017
Non-distributable Distributable
reserves reserves
Called Capital Share Revaluation Special Realised Revenue Total
up redemption premium reserve distributable capital reserve
share reserve reserve reserve reserve
capital
GBP GBP GBP GBP GBP GBP GBP GBP
--------------- -------- ----------- ------------ ------------ -------------- ---------- ---------- ------------
At 1
January
2017 755,975 9,440 19,463,849 3,523,180 35,605,335 2,733,792 1,057,982 63,149,553
Comprehensive
income
for
the
period
Profit/(loss)
for
the
period - - - 2,891,634 - (223,208) 1,147,098 3,815,524
Total
comprehensive
income
for
the
period - - - 2,891,634 - (223,208) 1,147,098 3,815,524
--------------- -------- ----------- ------------ ------------ -------------- ---------- ---------- ------------
Contributions
by and
distributions
to owners
Shares
bought
back - - - - - - - -
Dividends
paid - - - - (4,535,848) - - (4,535,848)
Total
contributions
by and
distributions
to owners - - - - (4,535,848) - - (4,535,848)
--------------- -------- ----------- ------------ ------------ -------------- ---------- ---------- ------------
Other
movements
Realised
losses
transferred
to special
reserve - - - - (409,612) 409,612 - -
Realisation
of previously
unrealised
appreciation - - - (123,880) - 123,880 - -
Total
other
movements - - - (123,880) (409,612) 533,492 - -
--------------- -------- ----------- ------------ ------------ -------------- ---------- ---------- ------------
At 30
June
2017 755,975 9,440 119,463,849 6,290,934 30,659,875 3,044,076 2,205,080 62,429,229
--------------- -------- ----------- ------------ ------------ -------------- ---------- ---------- ------------
The composition of each of these reserves
is explained below:
Called up share capital - The nominal value
of shares originally issued increased for
subsequent share issues either via an Offer
for Subscription or reduced due to shares
bought back by the Company.
Capital redemption reserve - The nominal value
of shares bought back and cancelled is held
in this reserve, so that the Company's capital
is maintained.
Share premium reserve - This reserve contains
the excess of gross proceeds less issue costs
over the nominal value of shares allotted
under recent Offers for Subscription.
Revaluation reserve - Increases and decreases
in the valuation of investments held at the
period-end are accounted for in this reserve,
except to the extent that the diminution is
deemed permanent.
In accordance with stating all investments
at fair value through profit and loss, all
such movements through both revaluation and
realised capital reserves are shown within
the Income Statement for the period.
Special distributable reserve - The cost of
share buybacks is charged to this reserve.
In addition, any realised losses on the sale
or impairment of investments (excluding transaction
costs), and 75% of the Investment Adviser
fee expense, and the related tax effect, are
transferred from the realised capital reserve
to this reserve. The cost of any IFA facilitation
fee payable as part of the Offer for Subscription
is also charged to this reserve.
Realised capital reserve - The following are
accounted for in this reserve:
-- Gains and losses on realisation of investments;
-- Permanent diminution in value of investments;
-- Transaction costs incurred in the acquisition
of investments;
-- 75% of the Investment Adviser fee expense
and 100% of any performance incentive fee
payable, together with the related tax effect
to this reserve in accordance with the policies;
and
-- Capital dividends paid.
Revenue reserve - Income and expenses that
are revenue in nature are accounted for in
this reserve together with the related tax
effect, as well as income dividends paid that
are classified as revenue in nature.
Unaudited Condensed Statement of Cash Flows
for the six months ended 30 June 2018 Six months Six months
ended ended
30 June 30 June Year ended
2018 2017 31 December
Notes (unaudited) (unaudited) 2017 (audited)
GBP GBP GBP
---------------------------- ------ ------------- ------------- ----------------
Cash flows from
operating activities
Profit after tax
for the financial
period 1,169,513 3,815,524 5,831,935
Adjustments for:
Net unrealised
(gains)/losses
on investments (599,601) (2,891,634) 572,662
Net realised gains
on investments (181,297) (186,404) (5,248,859)
Tax charge for
current period 5 25,350 106,863 190,010
Decrease/(increase)
in debtors 291,594 41,613 (197,500)
Increase/(decrease)
in creditors and
accruals 13,147 (24,522) 92,991
---------------------------- ------ ------------- ------------- ----------------
Net cash inflow
from operations 718,706 861,440 1,241,239
Corporation tax
paid - - (109,090)
---------------------------- ------ ------------- ------------- ----------------
Net cash inflow
from operating
activities 718,706 861,440 1,132,149
Cash flows from
investing activities
Purchases of investments 9 (3,656,065) (630,103) (1,649,533)
Disposals of investments 9 4,058,356 6,663,279 13,821,745
Decrease in bank
deposits with a
maturity over three
months 19 1,942 1,715
---------------------------- ------ ------------- ------------- ----------------
Net cash inflow
from investing
activities 402,310 6,035,118 12,173,927
Cash flows from
financing activities
Shares issued net
of costs as part
of Offer for Subscription 7,817,820 - 16,524,906
Equity dividends
paid 8 (3,250,379) (4,535,848) (15,231,922)
Share capital bought
back (252,716) - (327,838)
---------------------------- ------ ------------- ------------- ----------------
Net cash inflow/(outflow)
from financing
activities 4,314,725 (4,535,848) 965,146
---------------------------- ------ ------------- ------------- ----------------
Net increase in
cash and cash equivalents 5,435,741 2,360,710 14,271,222
Cash and cash equivalents
at start of period 23,825,443 9,554,221 9,554,221
Cash and cash equivalents
at end of period 29,261,184 11,914,931 23,825,443
---------------------------- ------ ------------- ------------- ----------------
Cash and equivalents
comprise:
Cash at bank and
in hand 10 3,332,817 3,273,445 3,027,719
Cash equivalents 10 25,928,367 8,641,486 20,797,724
Notes to the Unaudited Condensed Financial Statements
for the six months ended 30 June 2018
1. Company Information
Mobeus Income and Growth VCT plc is a public
limited company incorporated in England,
registration number 5153931. The registered
office is 30 Haymarket, London, SW1Y 4EX.
2. Basis of preparation of the Financial Statements
These Financial Statements prepared in accordance
with accounting policies consistent with
Financial Reporting Standard 102 ("FRS102"),
Financial Reporting Standard 104 ("FRS104")
- Interim Financial Reporting, with the Companies
Act 2006 and the 2014 Statement of Recommended
Practice, 'Financial Statements of Investment
Trust Companies and Venture Capital Trusts'
('the SORP') (updated in January 2017) issued
by the Association of Investment Companies.
The Financial Statements have been prepared
on the historical cost basis except for the
modification to a fair value basis for certain
financial instruments as specified in note
9.
The Half-Year Report has not been audited,
nor has it been reviewed by the auditor pursuant
to the Financial Reporting Council's (FRC)
guidance on Review of Interim Financial Information.
3. Principal accounting policies
The accounting policies have been applied
consistently throughout the period. Full
details of principal accounting policies
will be disclosed in the Annual Report, while
the policy in respect of investments is included
within an outlined box at the top of note
9 on investments.
4. Income
Six months Six months Year ended
ended 30 ended 30 31 December
June 2018 June 2017 2017 (audited)
(unaudited) (unaudited)
GBP GBP GBP
---------------- ------------- ------------- ----------------
Income
- Dividends 280,543 289,217 359,021
- Money-market
funds 53,552 7,938 23,657
- Loan stock
interest 1,064,680 1,386,114 2,723,814
- Bank deposit
interest 11,248 8,545 17,793
- Other income - - 7,196
---------------- ------------- ------------- ----------------
Total Income 1,410,023 1,691,814 3,131,481
---------------- ------------- ------------- ----------------
5. Investment Adviser's fees
In accordance with the policy statement published
under "management and Administration" in
the Company's prospectus dated 9 July 2014,
the Directors have charged 75% of the Investment
Adviser's fees to the capital reserve. This
is in line with the Board's expectation of
the long-term split of returns from the investment
portfolio of the Company. For further details,
see note 4 on page 46 of the 2017 Annual
Report and Financial Statements.
With effect from 1 April 2018, the Investment
Adviser's fee upon the net funds raised from
use of the over-allotment facility of GBP10
million under the recent Offer has been reduced
from 2% to 1% for one year.
6. Taxation
There is a tax charge for the period as the
Company has taxable income in excess of deductible
expenses. Six months Six months Year ended
ended ended
30 June 2018 30 June 2017 31 December
2017
(unaudited) (unaudited) (audited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP GBP GBP GBP GBP GBP GBP GBP GBP
a) Analysis
of tax
charge:
UK Corporation
tax on
profit
for the
period 137,808 (112,458) 25,350 204,510 (97,647) 106,863 392,180 (202,170) 190,010
------------------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ------------ ------------
Total
current
tax
charge/(credit) 137,808 (112,458) 25,350 204,510 (97,647) 106,863 392,180 (202,170) 190,010
------------------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ------------ ------------
Corporation
tax is
based
on a
rate
of 19.0%
(2017:
19.3%)
b) Profit
on ordinary
activities
before
tax 1,005,851 189,012 1,194,863 1,351,608 2,570,779 3,922,387 2,395,985 3,625,960 6,021,945
Profit
on ordinary
activities
multiplied
by rate
of corporation
tax in
the UK
of 19.0%
(2017:
19.3%) 191,112 35,912 227,024 260,185 494,876 755,061 461,227 697,997 1,159,224
Effect
of:
UK dividends (53,304) - (53,304) (55,675) - (55,675) (69,047) - (69,047)
Unrealised
(gains)/losses
not
taxable/allowable - (113,924) (113,924) - (556,640) (556,640) - 110,237 110,237
Realised
gains
not taxable - (34,446) (34,446) - (35,883) (35,883) - (1,010,404) (1,010,404)
------------------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ------------ ------------
Actual
current
tax charge 137,808 (112,458) 25,350 204,510 (97,647) 106,863 392,180 (202,170) 190,010
------------------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ------------ ------------
7. Basic and diluted earnings per share
Six months Six months Year ended
ended 30 ended 30 31 December
June 2018 June 2017 2017
(unaudited) (unaudited) (audited)
GBP GBP GBP
------------------------- ------------- ------------- -------------
Total earnings
i) after taxation: 1,169,513 3,815,524 5,831,935
Basic and
diluted earnings
per share
(Note a) 1.11p 5.05p 7.34p
-------------------------------- ------------- ------------- -------------
ii) Revenue earnings
from ordinary
activities
after taxation 868,043 1,147,098 2,003,805
Basic and
diluted revenue
earnings per
share (Note
b) 0.83p 1.52p 2.52p
-------------------------------- ------------- ------------- -------------
Net unrealised
capital gains/(losses)
on investments 599,601 2,891,634 (572,662)
Net realised
capital gains
on investments 181,297 186,404 5,248,859
Capitalised
Investment
Adviser's
fees less
taxation (479,428) (409,612) (848,067)
-------------------------------- ------------- ------------- -------------
Total capital
iii) earnings 301,470 2,668,426 3,828,130
Basic and
diluted capital
earnings per
share (Note
c) 0.28p 3.53p 4.82p
-------------------------------- ------------- ------------- -------------
iv)
-------------------------
Weighted average
number of
shares in
issue in the
period 104,969,255 75,597,471 79,475,780
-------------------------------- ------------- ------------- -------------
Notes:
a) Basic earnings per share is total earnings
after taxation divided by the weighted average
number of shares in issue.
b) Basic revenue earnings per share is the
revenue return after taxation divided by
the weighted average number of shares in
issue.
c) Basic capital earnings per share is the
total capital return after taxation divided
by the weighted average number of shares
in issue.
8. Dividends paid
Dividend Type For Pence Date Six Six Year
the per paid months months ended
year share ended ended 31
ended 30 June 30 June December
31 2018 2017 2017
December (unaudited) (unaudited)GBP
GBP (audited)
GBP
---------- --------- ---------- ------- ---------- ------------ --------------- -----------
Second 31 March
interim Capital 2016 6.00p* 2017 - 4,535,848 4,535,848
13
September
Interim Capital 2017 9.00p* 2017 - - 6,796,071
8
Second December
Interim Capital 2017 4.00p* 2017 - - 3,900,003
17 May
Final Income 2017 1.50p 2018 1,625,189 - -
17 May
Final Capital 2017 0.50p 2018 541,730 - -
Final Capital 17 May 1,083,460 - -
2017 1.00p* 2018
---------- --------- ---------- ------- ---------- ------------ --------------- -----------
3,250,379 4,535,848 15,231,922
------------------------------- ------- ---------- ------------ --------------- -----------
* - These dividends were paid out of the
Company's special distributable reserve.
9. Summary of movement on investments during
the period
The most critical estimates, assumptions
and judgements relate to the determination
of the carrying value of investments at
"fair value through profit and loss" (FVTPL).
All investments held by the Company are
classified as FVTPL and assessed in accordance
with the International Private Equity and
Venture Capital Valuation ("IPEV") guidelines,
as updated in December 2015. This classification
is followed as the Company's business is
to invest in financial assets with a view
to profiting from their total return in
the form of capital growth and income.
For investments actively traded on organised
financial markets, fair value is generally
determined by reference to Stock Exchange
market quoted bid prices at the close of
business on the balance sheet date. Purchases
and sales of quoted investments are recognised
on the trade date where a contract of sale
exists whose terms require delivery within
a time frame determined by the relevant
market. Purchases and sales of unlisted
investments are recognised when the contract
for acquisition or sale becomes unconditional.
Where the terms of a disposal state that
consideration may be received at some future
date and, subject to the conditionality
and materiality of the amount of deferred
consideration, an estimate of the fair value,
discounted for the time value of money may
be recognised through the Income Statement.
In other cases, the proceeds will only be
recognised once the right to receive payment
is established and there is no reasonable
doubt that payment will be received.
Unquoted investments are stated at fair
value by the Directors in accordance with
the following rules, which are consistent
with the IPEV guidelines:
All investments are held at the price of
a recent investment for an appropriate period
where there is considered to have been no
change in fair value. Where such a basis
is no longer considered appropriate, each
investment is considered as a whole on a
'unit of account' basis alongside consideration
of:
(i) Where a value is indicated by a material
arms-length transaction by an independent
third party in the shares of a company,
this value will be used.
(ii) In the absence of i), and depending
upon both the subsequent trading performance
and investment structure of an investee
company, the valuation basis will usually
move to either:-
a) a multiple basis. The investment may
be valued by applying a suitable price-earnings
ratio, revenue or gross profit multiple
to that company's historic, current or forecast
post-tax earnings before interest and amortisation,
revenue, or gross profit (the ratio used
being based on a comparable sector but the
resulting value being adjusted to reflect
points of difference identified by the Investment
Adviser compared to the sector including,
inter alia, a lack of marketability).
or:-
b) where a company's underperformance against
plan indicates a diminution in the value
of the investment, provision against cost
is made, as appropriate.
(iii) Premiums, to the extent that they
are considered capital in nature and that
will be received upon repayment of loan
stock investments, are accrued at fair value
when the Company receives the right to the
premium and when considered recoverable.
(iv) Where a multiple or cost less impairment
basis is not appropriate and overriding
factors apply, discounted cash flow or net
asset valuation bases may be applied.
Capital gains and losses on investments,
whether realised or unrealised, are dealt
with in the profit and loss and revaluation
reserves and movements in the period are
shown in the Income Statement.
All investments are initially recognised
and subsequently measured at fair value.
Changes in fair value are recognised in
the Income Statement.
A key judgement made in applying the above
accounting policy relates to investments
that are permanently impaired. Where the
value of an investment has fallen permanently
below cost, the loss is treated as a permanent
impairment and as a realised loss, even
though the investment is still held. The
Board assesses the portfolio for such investments
and, after agreement with the Investment
Adviser, will agree the values that represent
the extent to which an investment has become
realised. This is based upon an assessment
of objective evidence of that investment's
future prospects, to determine whether there
is potential for the investment to recover
in value.
The methods of fair value measurement are
classified into hierarchy based on the reliability
of the information used to determine the
valuation.
- Level 1 - Fair value is measured based
on quoted prices in an active market.
- Level 2 - Fair value is measured based
on directly observable current market prices
or indirectly being derived from market
prices.
- Level 3 - Fair value is measured using
valuation techniques using inputs that are
not based on observable market data.
---------------------------------------------------------------------
Unquoted Unquoted Unquoted Total
equity preference Loan
shares shares stock
Level Level Level
3 3 3
GBP GBP GBP GBP
--------------------------- ------------ ----------- ----------- ------------
Valuation at
1 January 2018 14,834,851 746,377 25,934,080 41,515,308
Purchases at
cost 2,493,361 - 1,162,704 3,656,065
Sales -proceeds (181,297) - (424,166) (605,463)
- realised
gains 181,297 - - 181,297
Unrealised gains/(losses)
on investments
in the period 1,541,058 235 (941,692) 599,601
Valuation at
30 June 2018 18,869,270 746,612 25,730,926 45,346,808
--------------------------- ------------ ----------- ----------- ------------
Book cost at
30 June 2018 20,588,097 27,744 24,974,354 45,590,195
Permanent impairment
in value of
investments (3,503,033) - - (3,503,033)
Unrealised gains
at 30 June 2018 1,784,206 718,868 756,572 3,259,646
Valuation at
30 June 2018 18,869,270 746,612 25,730,926 45,346,808
--------------------------- ------------ ----------- ----------- ------------
Gains on investments
Net realised
gains based
on historical
cost 181,297 - 126,737 308,034
Less amounts
recognised as
unrealised gains
in previous
years - - (126,737) (126,737)
--------------------------- ------------ ----------- ----------- ------------
Net realised
gains based
on carrying
value at 31
December 2017 181,297 - - 181,297
Net movement
in unrealised
gains/(losses)
in the period 1,541,058 235 (941,692) 599,601
Gains/(losses)
on investments
for the six
months ended
30 June 2018 1,722,355 235 (941,692) 780,898
--------------------------- ------------ ----------- ----------- ------------
Reconciliation to Condensed Statement of
Cash Flows
Sales proceeds above of GBP605,463 are less
than that shown in the Condensed Statement
of Cash Flows of GBP4,058,356 by GBP3,452,893.
This amount is cash proceeds arising from
the realisation of Gro-Group which was held
within debtors at the previous year-end.
There has been no significant change in the
risk analysis as disclosed in Note 15 of
the Financial Statements in the Company's
Annual Report. The decrease in unrealised
valuations of the loan stock investments
above reflect the changes in the entitlement
to loan premiums, and/or in the underlying
enterprise value of the investee company.
The decrease does not arise from assessments
of credit or market risk upon these instruments.
Level 3 unquoted equity and loan investments
are valued in accordance with IPEV guidelines
as follows:
As at As at As at
30 June 30 June 31 December
2018 2017 2017
(unaudited) (unaudited) (audited)
GBP GBP GBP
Cost (reviewed 525,014 - -
for impairment)
Estimated realisation - 6,123,453 -
proceeds
Multiple of earnings,
revenue, or gross
margin, as appropriate 38,121,718 34,669,112 34,759,532
Net asset value 306,679 - 306,679
Recent investment
price 6,393,397 8,716,511 6,449,097
45,346,808 49,509,076 41,515,308
------------ ------------ -------------
10. Current asset investments and Cash at bank
and in hand
As at 31 December
2017
As at As at 30 (audited)
30 June June 2017
2018 (unaudited) (unaudited)
GBP GBP GBP
------------------ ------------------ ------------- ------------------
OEIC Money
market funds 25,928,367 8,641,486 20,797,724
------------------ ------------------ ------------- ------------------
Cash equivalents
per Statement
of Cash Flows 25,928,367 8,641,486 20,797,724
Bank deposits
that mature
after three
months 1,005,533 1,005,325 1,005,552
------------------ ------------------ ------------- ------------------
Current asset
investments 26,933,900 9,646,811 21,803,276
------------------ ------------------ ------------- ------------------
Cash at bank
and in hand 3,332,817 3,273,445 3,027,719
------------------ ------------------ ------------- ------------------
11. Basic and diluted net asset value per share
As at 30 As at 30 As at 31 December
June 2018 June 2017 2017
(unaudited) (unaudited) (audited)
---------------- -------------- -------------- ------------------
Net assets GBP75,379,262 GBP62,429,229 GBP69,899,777
Number of
shares in
issue 108,170,944 75,597,471 97,425,719
Net asset
value per
share - basic
and diluted 69.69p 82.58p 71.75p
---------------- -------------- -------------- ------------------
12. Post balance sheet events
On 13 August 2018, the Company made a new
investment of GBP0.57 million into Rota Geek.
13. Statutory information
The financial information contained in this
Half-Year results announcement does not constitute
statutory accounts as defined in Section
434 of the Companies Act 2006. The Financial
Statements for the year ended 31 December
2017 have been filed with the Registrar of
Companies. The auditor has reported on these
Financial Statements and that report was
unqualified and did not contain a statement
under either Section 498(2) or 498(3) of
the Companies Act 2006.
14. Half-Year Report
This Half-Year Report will be sent to shareholders
and will shortly be made available on the
Company's website: www.migvct.co.uk. Further
copies are available free of charge from
the Company's registered office, 30 Haymarket,
London, SW1Y 4EX or can be downloaded via
the website.
Contact details for further enquiries:
Rob Brittain or Robert King at Mobeus Equity
Partners LLP (the Company Secretary) on 020 7024
7600 or by e-mail to vcts@mobeusequity.co.uk
Mobeus Equity Partners LLP (the Investment Adviser)
on 020 7024 7600 or by e-mail to info@mobeusequity.co.uk
DISCLAIMER
Neither the contents of the Company's website
nor the contents of any website accessible from
hyperlinks on the Company's website (or any other
website) is incorporated into, or forms part
of, this announcement.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
IR USOWRWNAWARR
(END) Dow Jones Newswires
August 14, 2018 04:41 ET (08:41 GMT)
1 Year Mobeus Income & Growth Vct Chart |
1 Month Mobeus Income & Growth Vct Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
