(Correcting headline to highlight sale of Red Paddle investment by trusts)
(Alliance News) - Four London-listed venture capital trusts managed by Gresham House PLC said Friday they sold their investments in Vian Marketing Ltd, which trades as Red Paddle Co, to the Myers Family Office.
Red Paddle is a Totnes, Devon-based paddle board maker and retailer.
Mobeus Income & Growth VCT PLC, Mobeus Income & Growth 2 VCT PLC, Mobeus Income & Growth 4 VCT PLC, and Income & Growth VCT PLC said they received GBP4.9 million, GBP3.0 million, GBP3.7 million and GBP5.0 million, respectively, in cash from the sale. They said they got a return of 4.9 times their original investment cost six years ago and an internal rate of return of 32%.
Mobeus Income & Growth said the gain will increase net asset value by 0.52 pence per share on the 83.47p per share NAV reported as of September 30. The NAV per share gains for the other three VCTs are: 0.54p on 105.87p for Mobeus Income & Growth 2, 0.59p on 103.57p for Mobeus Income & Growth 4, and 0.81p on 97.19p for Income & Growth VCT PLC.
There will be further benefit to NAV for all four VCTs if all funds still in escrow retention are received.
The four VCTs are managed by Gresham House Asset Management Ltd after Mobeus Equity Partners LLP agreed in early September to sell the business to Gresham House.
Shares in Mobeus Income & Growth VCT were up 1.9% at 81.50 pence on Friday in London. Mobeus Income & Growth 2's shares were 1.2% higher at 102.00p, Mobeus Income & Growth 4 was 1.3% lower at 97.50p and Income & Growth VCT was up 1.6% at 95.50p.
By Tom Waite; thomaslwaite@alliancenews.com
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