Sign In
16 May 2016 14:42
Mobeus Income & Growth 4 VCT plc ("the Company")
INTERIM MANAGEMENT STATEMENT
For the quarter ended 31 March 2016
Mobeus Income & Growth 4 VCT plc reports an Interim Management Statement for the quarter ended 31 March 2016. 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 31 March 2016 | At 31 December 2015 | |
Net assets attributable to shareholders | £57,475,794 | £57,007,782 |
Shares in issue | 48,356,210 | 48,356,210 |
Net asset value (NAV) per share | 118.86p | 117.89p |
Cumulative dividends paid | 62.20p | 62.20p |
Cumulative Total return (net asset value basis) per share since inception | 181.06p | 180.09p |
The net asset value per share has increased by 0.97 pence over the quarter, due mainly to income returns for the quarter and receipt of some deferred consideration.
DIVIDENDS
A final dividend of 9.00 pence per share comprising 7.50 pence from capital and 1.50 pence from income in respect of the year ended 31 December 2015 was approved by shareholders at the Company's Annual General Meeting held at noon today, payable on 25 May 2016. This is in addition to the interim dividend of 2.00 pence per share (comprising 1.00 pence from capital and 1.00 pence from income) paid to shareholders on 25 September 2015. Payment of this final dividend will bring total dividends paid in respect of 2015 to 11.00 pence per share and cumulative dividends paid since inception to 71.20 pence per share. Payment of the 9.00 pence per share final dividend will reduce the NAV per share above to 109.86 pence.
UPDATE ON VCT LEGISLATION ("new VCT Rules")
As noted in the Company's recent Annual Report, the new VCT Rules included measures that will change significantly the size and type of investments the Company can make. The Company is no longer permitted to fund MBO investments, but has changed focus to provide growth and development capital to younger, earlier stage companies. Further HMRC guidance on the detailed application of the new VCT Rules has been published recently, which the Investment Adviser is currently reviewing.
NEW INVESTMENT
In February 2016, one of the VCT's companies preparing to trade invested £0.84 million into Redline Assured Security Limited, a market leader in the provision of security consultancy and training services to airlines, airports, governments and global distribution companies.
This is the first new investment made by the Company in compliance with the new VCT Rules.
NEW INVESTMENT POLICY
Shareholders also approved the Company's new Investment Policy at today's AGM. The new Policy was prepared in response to the new VCT Rules and enables the Company to continue making investments that comply with them.
DIVESTMENTS
No divestments occurred during the quarter to 31 March 2016, although further deferred consideration of £0.37 million was received in respect of an earlier disposal of an investment.
LOAN STOCK REPAYMENTS
The VCT received £0.90 million of loan repayments in the quarter, £0.84 million of which was a final loan stock repayment from Leap New Co Limited (trading as Ward Thomas Removals, Bishopsgate and Aussie Man & Van).
In April 2016, the VCT received further loan repayments from Jablite of £0.06 million.
SHARE BUYBACKS
The Company did not conduct any share buybacks during the period.
For further information, please contact:
Jonathan McGuire, for Mobeus Equity Partners LLP, Company Secretary: 020 7024 7615.
Follow the stocks
