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14 May 2020 14:30
Mobeus Income & Growth VCT plc ("the Company")
INTERIM MANAGEMENT STATEMENT
For the quarter ended 31 March 2020
Mobeus Income & Growth VCT plc presents an Interim Management Statement for the quarter ended 31 March 2020. The statement also includes relevant financial information between the end of the period and the date of this statement.
NET ASSET VALUE & CUMULATIVE TOTAL RETURN PER SHARE
| At 31 March 2020 (unaudited) | At 31 December 2019 (audited) |
Net assets attributable to shareholders | £72.89 million | £71.89 million |
Shares in issue | 124,007,350 | 104,526,507 |
Net asset value (NAV) per share | 58.78 pence | 68.78 pence |
Cumulative dividends paid | 128.80 pence | 124.80 pence |
Cumulative Total return (net asset value basis) per share since inception | 187.58 pence | 193.58 pence |
The fall in the NAV per share of 10.00 pence over the quarter was due principally to two factors. Firstly a further interim dividend for the 2019 financial year of 4.00 pence per share was paid on 8 January 2020 (detailed under Dividends below); secondly, despite the positive impact upon the NAV per share from the sale of Turner TopCo Limited on 13 February 2020 (detailed under Realisations below), the Company's portfolio valuations at 31 March 2020 have been reduced in response to the economic disruption and market conditions resulting from the outbreak of the COVID-19 global pandemic. This resulted in a net fall from portfolio movements for the quarter of 6.00 pence in NAV per share.
On 26 March 2020, due to the COVID-19 global pandemic, the Company had issued an unaudited NAV of 58.95 pence per share as at 24 March 2020, which figure formed the basis of the offer price at which shares were allotted to investors on 2 April 2020.
DIVIDENDS
On 8 January 2020, an Interim dividend of 4.00 pence per ordinary share in respect of the year ended 31 December 2019 was paid to all Shareholders whose names were on the Register on 27 December 2019.
After the period end, on 7 May 2020, an Interim dividend of 6.00 pence per ordinary share in respect of the year ending 31 December 2020 was paid to all Shareholders whose names were on the Register on 14 April 2020. Payment of this dividend has reduced the NAV per share at 31 March 2020 of 58.78 pence to 52.78 pence and increased cumulative dividends paid to 134.80 pence per share.
FUNDRAISING
On 8 January 2020, the Company carried out its first allotment in respect of its offer for subscription launched on 25 October 2019, allotting 19,480,843 ordinary shares, at an average effective offer price of 65.20 pence per share. This allotment generated net funds of £12.27 million due to the Company.
Shortly after the period end, on 2 April 2020, the Company carried out its second and final allotment of shares under this offer, allotting 3,752,450 ordinary shares at an average price of 61.25 pence per share. This allotment generated net funds of £2.21 million due to the Company.
Following the second of these two allotments, the Company's offer was formally closed having been fully subscribed (including its over-allotment facility), raising net funds totalling £14.48 million.
REALISATIONS
On 7 February 2020, the Company realised its investment in Pattern Analytics Limited (trading as Biosite), a provider of workforce management and security services, generating proceeds of £2.34 million in the period. The Company received £2.45 million in cash over the life of the investment and generated a return on original cost of 1.5x and an IRR of 21.0% in the three years that the investment was held.
On 13 February 2020, the Company realised its investment in Turner Topco Limited (trading as Auction Technology Group), an online auction marketplace platform, generating proceeds of £8.62 million in the period, including £1.78 million of loan interest which was due upon completion. Over the life of the investment total proceeds of £14.77 million have been received, an overall multiple over cost of 4.5x and an IRR of 28.9%.
NEW & FURTHER INVESTMENTS
The Company made no new investments during the quarter.
On 5 May 2020, the Company invested a further £0.57 million into an existing portfolio company, Rota Geek Limited, a workforce management software provider.
SHARE BUYBACKS
On 9 April 2020, the Company repurchased 755,416 of its own ordinary shares at a price of 50.30 pence per share for cancellation.
Following this share buyback and cancellation there are now 127,004,384 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.
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