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LONDON (Alliance News) - Mobeus Income & Growth VCT PLC Thursday said its dividend for 2015 will be less than half what was paid in the previous year despite reporting a rise in net asset value during the year.
Mobeus said the total dividend for the full year will be 10.0 pence per share, falling from 24.0 pence per share in 2014.
"The company's target of paying a dividend of at least 4.00 pence per share in respect of each financial year has been comfortably exceeded in each of the last six years," said Mobeus.
That cut comes despite Mobeus reporting a rise in net assets at the end of 2015 to GBP74.1 million from GBP60.4 million at the end of 2014. However, its net asset value per share still fell to 97.54 pence from 99.44 pence following the GBP15.0 million fundraising in the year.
The net asset value total return in 2015 was 8.1% compared to 17.1% in 2014 whilst its share price total return for 2015 came in at 12.2%.
Mobeus shares closed down 1.5% to 85.0 pence per share on Thursday.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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