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Pin to quick picksMobeus I&g 2 Regulatory News (MIG)

Share Price Information for Mobeus I&g 2 (MIG)

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Mobeus Income & Growth 2 VCT is an Investment Trust

To provide investors with a regular income stream, arising both from the income generated by companies selected for the portfolio and from realising any growth in capital, while continuing at all times to qualify as a VCT.

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Realisation of Three Investments

14 Feb 2020 07:00

RNS Number : 9785C
Income & Growth VCT (The) PLC
14 February 2020
 

The Income & Growth VCT plc ("I&G VCT" or the "Company")

 

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) no. 596/2014

 

Recent realisations of three investments

The Company is pleased to update shareholders with news of three successful realisations of investments.

The impact of these three realisations on the Company's latest announced net asset value ("NAV") per share at 30 September 2019 of 74.62 pence (adjusted for the payment of a dividend per share of 4.50 pence on 18 October 2019), is an increase of 3.04 pence.

The Company emphasises that the increase in NAV per share from these three realisations is subsequent and additional to any other changes in the Company's balance sheet, including valuation movements in the Company's investment portfolio, that also may have affected the NAV per share as at 31 December 2019. This NAV will be released within the Company's Interim Management Statement that is planned to be announced shortly.

The investment realisations arise from three sales of investee companies, the details of which are set out below: -

Turner Topco Limited, trading as Auction Technology Group Limited ("ATG")

ATG was sold on [XX] February 2020 to TA Associates. The Company received £5.27 million in cash upon the sale and has generated a realised gain over cost over the life of the investment, (including proceeds received following a partial realisation from a sale to ECI Partners in June 2014) of £7.03 million.

All four Mobeus-advised VCTs realised their investment in ATG. Total cash proceeds received by the four Mobeus-advised VCTs over the life of their investment in ATG are £40.62 million, against an original investment cost of £9.00 million. This represents a return of 4.5 times the original investment cost and an IRR of 29% for each VCT in the 11 ½ years that this investment was held.

Pattern Analytics Limited, trading as Biosite ("Biosite")

Biosite was sold on [X] February 2020 to ASSA ABLOY Group. The Company received £2.65 million in cash from the sale and has generated a realised gain over cost over the life of the investment of £0.98 million.

All four Mobeus-advised VCTs realised their investment in Biosite. Total cash proceeds received by the four Mobeus-advised VCTs over the life of their investment in Biosite are £8.90 million, against an original investment cost of £5.75 million. This represents a return of 1.5 times the original investment cost and an IRR of 21% for each VCT in the just over three years that this investment was held.

Redline Worldwide Limited ("Redline")

Redline was sold on 12 December 2019 to Air Partner Plc. The Company received £1.43 million in cash from the sale and, to date, has generated a realised gain over cost over the life of the investment of £0.72 million. In addition, up to £0.26 million of additional proceeds in escrow payments and deferred consideration is potentially payable over the next 30 months.

All four Mobeus-advised VCTs realised their investment in Redline. Total cash proceeds received by the four Mobeus-advised VCTs over the life of their investment in Redline are, to date, £6.13 million, against an original investment cost of £3.74 million. To date, this represents a return of 1.6 times the original investment cost and an IRR of 16% for each VCT in the just less than four years that this investment was held.

For further information, please contact:

Robert Brittain, for Mobeus Equity Partners LLP, Company Secretary 020 7024 7616

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
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