Last checked at 
1 Aug 2014 15:25
Mobeus Income & Growth 2 VCT plc
(the "Company")
INTERIM MANAGEMENT STATEMENT
For the quarter ended 30 June 2014
In accordance with Rule 4.3 of the Disclosure and Transparency Rules of the UK Listing Authority, Mobeus Income & Growth 2 VCT plc presents an Interim Management Statement for the quarter ended 30 June 2014. The statement also includes relevant financial information between the end of the period and the date of this statement.
NET ASSET VALUE AND TOTAL RETURN PER SHARE
At 30 June 2014 | At 31 March 2014 | |
Net assets attributable to shareholders | £39,241,941 | £33,878,379 |
Shares in issue | 30,272,110 | 28,062,140 |
Net asset value (NAV) per share | 129.63p | 120.73p |
Cumulative dividends paid to date per share | 23.00p | 23.00p |
Total return per share since inception (NAV basis) | 152.63p | 143.73p |
DIVIDENDS
No dividends were paid during the quarter.
SHARE BUY-BACKS
During the quarter, 225,000 Ordinary Shares of 1p each were repurchased at 103.00 pence per share.
INVESTMENT ACTIVITY
New Investments
In July 2014, the Company invested £731,000 in Creative Graphics International Limited, a leading specialist provider of self-adhesive branding solutions to the automotive, recreational vehicle and airline markets.
After the period end, the Company invested £838,000 in Tharstern Limited, the UK's leading supplier of software-based management information systems to the print sector.
Realisations
· On 3 April 2014, the investment in Machineworks Software Limited was realised. Net cash proceeds were £914,000, which realised a gain in the period of £11,000 and a gain over cost of £888,000. Total cash proceeds received over the life of the investment are £1,539,000, being 4.1 times original cost of £373,000.
· On 27 June 2014, the investment in ATG Media Holdings Limited was partially realised. Net cash proceeds received upon completion totalled £2,678,000, of which £2,366,000 was a net realised gain over cost. Total cash proceeds received to date are £3,170,000, being 1.8 times original cost of £1,728,000. In addition, the Company has retained a loan stock and equity investment in the business valued at £1,350,000.
· On 30 June 2014, the investment in Monsal Holdings Limited was realised. Net cash proceeds were £1,210,000 which realised a gain in the period of £1,188,000 and a gain over cost of £418,000. Total cash proceeds received over the life of the investment are £1,732,000, being 1.9 times original cost of £933,000.
· After the period end, the remaining investment in DiGiCo Global Limited was realised for net cash proceeds of £1,735,000, which value is reflected in the net asset value per share at 30 June 2014. This has realised a gain of £185,000 for the year-to-date and a gain over cost of £1,733,000. Total cash proceeds received, since the original investment in the business was made in July 2007, are £5,493,000, being 5.5 times original cost of £1,000,000.
The Company also received loan stock repayments during the quarter ended 30 June 2014 totalling £422,581 as follows:
Date | Investee company | Loan stock repayment received |
May 2014 | Newquay Helicopters (2013) Limited (formerly British International Holdings Limited) | £167,647 |
May 2014 | Monsal Holdings Limited | £29,060 |
June 2014 | Tessella Holdings Limited | £32,449 |
June 2014 | Fullfield Limited (trading as Motorclean) | £193,425 |
The net cash proceeds for the four realisations and loan repayments above total £6,959,000.
MOBEUS VCTs' LINKED OFFER FOR SUBSCRIPTION
The Mobeus VCTs Linked Offer for Subscription ("Offer") launched on 28 November 2013 was closed on 30 May 2014, having received applications totalling £33.7 million. The Company's share of this total was £8.4 million.
During the quarter ended 30 June 2014, under the Offer, the Company issued and allotted a total of 2,434,970 Ordinary shares in the Company at prices ranging from 118.09 to 123.92 pence per share, raising net proceeds of £2.8 million (after deducting initial costs).
ANNUAL GENERAL MEETING
The Company's Annual General Meeting will be held at 12 noon on Thursday 11 September 2014 at the offices of SGH Martineau LLP, One America Square, Crosswall, London, EC3N 2SG.
Please note that all of the information above 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:
Jonathan McGuire, for Mobeus Equity Partners LLP, Company Secretary: 020 7024 7600