Mobeus Income & Growth 4 VCT PLC Interim Management Statement - 3rd Quarter (7778F)

TIDMMIG4

RNS Number : 7778F

Mobeus Income & Growth 4 VCT PLC

18 November 2020

Mobeus Income & Growth 4 VCT plc

("the Company")

INTERIM MANAGEMENT STATEMENT

for the quarter ended 30 September 2020

Mobeus Income & Growth 4 VCT plc presents an Interim Management Statement for the third quarter ended 30 September 2020. 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 2020         At 30 June 
                                                                      2020 
 Net assets attributable to            GBP60.83 million   GBP54.57 million 
  shareholders 
 Shares in issue                             84,117,546         84,483,074 
 Net asset value (NAV) per                  72.31 pence        64.59 pence 
  share 
 Cumulative dividends paid                 134.20 pence       134.20 pence 
 Cumulative total return per 
  share (NAV basis) since inception 
  in 2004                                  206.51 pence       198.79 pence 
 

The NAV per share increased by 7.72 pence (12.0%) over the quarter, principally due to an uplift in the unrealised portfolio value combined with two profitable realisations, as explained further under 'Realisations during the period'.

INVESTMENT ACTIVITY DURING THE PERIOD

Further investments during the period

On 1 September 2020, the Company completed a further investment of GBP1.12 million into Buster & Punch, while also receiving a loan repayment of GBP0.16 million back from the company.

On 28 September 2020, the Company completed a further investment of GBP0.57 million into Preservica.

Realisations during the period

On 14 August 2020, the Company sold its investment in Tovey Management Limited (trading as Access IS) to ASSA ABLOY AB for cash proceeds of GBP5.35 million. Over the five years this investment was held, it generated cash proceeds of GBP6.24 million compared to an original investment cost of GBP2.47 million, which is a multiple on cost of 2.5x and an IRR of 23.4%.

On 2 September 2020, the Company sold its investment in Blaze Signs Holdings Limited in a secondary buyout backed by Elaghmore LLP, receiving cash proceeds of GBP0.55 million. Over the 14 years this investment was held, it has generated cash proceeds of GBP1.55 million compared to an original investment cost of GBP0.61 million, which is a multiple on cost of 2.5x and an IRR of 13.1%.

Partial realisation during the period

On 10 September 2020, the Company realised a further 50% of its remaining investment in Omega Diagnostics plc, generating proceeds of GBP0.29 million. The Company had previously realised 50% of its holding in the previous quarter. To date, this investment has generated a multiple on cost of 5.0x on shares disposed.

Loan repayments and other proceeds during the period

Besides the loan repayment of GBP0.16 million from Buster & Punch referred to above, on 17 August 2020, the Company received further proceeds of GBP0.01 million arising from the realisation of Turner Topco Limited (trading as Auction Technology Group) which occurred earlier in the year.

INVESTMENT ACTIVITY AFTER THE PERIOD END

Loan repayment after the period end

On 19 October 2020, the Company received a part loan repayment from Vian Marketing Limited (trading as Red Paddle) totalling GBP0.16 million (including GBP0.05 million premium).

SHARE BUY-BACKS

On 30 September 2020, the Company purchased 365,528 of its own ordinary shares at a price of 61.36 pence per share for cancellation.

Following this purchase, the Company has 84,117,546 ordinary shares of 1 penny each in issue.

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 :

Mobeus Equity Partners LLP

Company Secretary

020 7024 7600.

LEI: 213800IFNJ65R8AQW943

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November 18, 2020 10:26 ET (15:26 GMT)