Mobeus Income & Growth VCT PLC Interim Management Statement - 3rd Quarter (6265F)

TIDMMIX

RNS Number : 6265F

Mobeus Income & Growth VCT PLC

17 November 2020

Mobeus Income & Growth VCT plc

("the Company")

INTERIM MANAGEMENT STATEMENT

for the quarter ended 30 September 2020

Mobeus Income & Growth 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 shareholders          GBP83.16 million   GBP74.71 million 
 Shares in issue                                       126,596,312        126,919,084 
 Net asset value (NAV) per share                       65.69 pence        58.86 pence 
 Cumulative dividends paid                            134.80 pence       134.80 pence 
 Cumulative total return per share (NAV basis) 
  since inception in 2004                             200.49 pence       193.66 pence 
 

The NAV per share increased by 6.83 pence (11.6%) 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'.

INTERIM DIVIDEND DECLARATION

The Board is today declaring an interim dividend of 5.00 pence per ordinary share, in respect of the year ending 31 December 2020. The dividend will be paid on 17 December 2020 to Shareholders on the Register on 27 November 2020.

INVESTMENT ACTIVITY DURING THE PERIOD

Follow-on investments during the period

On 1 September 2020, the Company completed a further investment of GBP1.42 million into Buster & Punch, while also receiving a loan repayment of GBP0.20 million back from the company.

On 28 September 2020, the Company completed a further investment of GBP0.75 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 GBP7.07 million. Over the five years this investment was held, it generated cash proceeds of GBP8.25 million compared to an original investment cost of GBP3.26 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 to a secondary buyout backed by Elaghmore LLP, receiving cash proceeds of GBP1.98 million. Over the 14 years this investment was held, it has generated cash proceeds of GBP5.27 million compared to an original investment cost of GBP1.95 million, which is a multiple on cost of 2.7x and an IRR of 13.6%.

Loan repayments and other proceeds during the period

Besides the loan repayment of GBP0.20 million from Buster & Punch referred to above, on 17 August 2020, the Company received further proceeds of GBP0.02 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 GBP0.21 million.

SHARE BUY-BACKS

On 17 September 2020, the Company purchased 322,772 of the its own ordinary shares at a price of 55.92 pence per share for cancellation.

Following this purchase, the Company has 126,596,312 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: 213800HKOSEVWS7YPH79

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November 17, 2020 10:22 ET (15:22 GMT)