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27 Mar 2020 07:00
26 March 2020
Mobeus Income & Growth 2 VCT plc (the "Company")
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulations (EU Regulation 596/2014)
Net Asset Value ('NAV')
The Board of Mobeus Income & Growth 2 VCT plc together with the Investment Adviser, Mobeus Equity Partners LLP ("Mobeus"), have been monitoring the disruption caused by COVID-19 and, in particular, its impact on the Company's portfolio of companies.
Following a review of the portfolio, the Board announces that the unaudited NAV of the Company is 84.66 pence per share as at 24 March 2020 (unaudited NAV per share at 31 December 2019 - 92.37 pence per share). The NAV reduction is generally across the portfolio which is carried at fair value as determined by the Board and advised by the Investment Adviser, Mobeus, as a result of the market conditions arising from the Coronavirus (Covid-19) pandemic, partially offset by the gain from the sale of Turner Topco Limited which was announced on 14 February 2020.
On 27 March 2020 the Company will pay a dividend of 11p per share, reducing the unaudited NAV of 84.66 pence per share to 73.66 pence per share. This figure will be the basis of the allotment price on 1 April 2020.
In relation to the offer for new shares pursuant to the prospectus dated 25 October 2019 (the "Offer"), the Company intends to allot these shares on or around 1 April 2020. The Company also intends, subject to FCA approval, to publish a supplementary prospectus reflecting the fact that the publication of the updated unaudited NAV as at 24 March 2020 reflects a significant new factor for consideration by prospective investors.
For further information, please contact:
Robert Brittain, for Mobeus Equity Partners LLP, Company Secretary 020 7024 7616
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