6 Nov 2019 17:20
Mobeus Income & Growth VCT plc
("the Company")
INTERIM MANAGEMENT STATEMENT
For the quarter ended 30 September 2019
Mobeus Income & Growth VCT plc presents an Interim Management Statement for the third quarter ended 30 September 2019. 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 2019 | At 30 June 2019 | |
Net assets attributable to shareholders | £72.34 million | £77.13 million |
Shares in issue | 104,913,970 | 105,656,926 |
Net asset value (NAV) per share | 68.96 pence | 73.00 pence |
Cumulative dividends paid | 122.80 pence | 118.80 pence |
Cumulative total return per share (NAV basis) since inception in 2004 | 191.76 pence | 191.80 pence |
The NAV per share decreased by 4.04 pence over the quarter, principally due to the payment of an interim dividend of 4.00 pence per share in the quarter, referred to below.
DIVIDENDS
As previously announced, the Board declared an interim dividend of 2.00 pence per share, to be paid to shareholders on 6 December 2019.
The Company previously paid an interim dividend of 4.00 pence per share on 20 September 2019.
This will bring cumulative dividends paid in respect of the Company's current financial year to 6.00 pence per share and since the launch of the Company to 124.80 pence per share.
FUNDRAISING
On 25 October 2019, the Company launched a joint fundraising Offer alongside the other three Mobeus-advised VCTs. The Company is seeking to raise up to £10 million (£38 million in aggregate across the Mobeus-advised VCTs), with an optional over-allotment facility for an additional £5 million (£58 million in aggregate across the Mobeus-advised VCTs).
Further details of the Offer are set out in the Prospectus, which was made available on 25 October 2019, and can be viewed on the Mobeus website at www.mobeus.co.uk/vct-investors/fundraising.
INVESTMENT ACTIVITY
Investments during the period
On 10 July 2019, £0.58 million was invested into existing portfolio company, MPB Group, Europe's leading online marketplace for used camera and video equipment.
Deferred Proceeds
On 2 August 2019, the Company received £0.31 million as the final tranche of deferred proceeds from the sale of Entanet Holdings Limited, which occurred on 1 August 2017.
Investments following the period end
On 1 November 2019, £1.41 million was invested into Data Discovery Solutions trading as Active Navigation, a file analysis software solution which makes it simple for companies to clean up network drives, respond to new data protection laws and dispose of redundant and outdated documents.
SHARE BUY-BACKS
As previously announced, effective since 1 August 2019, the Board's objective is to maintain the discount to NAV at which the Company's shares may trade in the market at approximately 5%. Prior to this, the Company had operated its buyback policy with the objective of maintaining the discount to NAV at which the Company's shares may trade at approximately 10%.
On 26 September 2019, the Company purchased 742,956 of its own ordinary shares at a price of 64.54 pence per share for cancellation.
Following this purchase, the Company has 104,913,970 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.
Mobeus I&g (MIX)