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Pin to quick picksMobeus I&g Regulatory News (MIX)

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Mobeus Income & Growth VCT is an Investment Trust

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3rd Quarter Results

6 Nov 2019 17:20

RNS Number : 5489S
Mobeus Income & Growth VCT PLC
06 November 2019
 

Mobeus Income & Growth VCT plc

("the Company")

 

INTERIM MANAGEMENT STATEMENT

For the quarter ended 30 September 2019

 

Mobeus Income & Growth VCT plc presents an Interim Management Statement for the third quarter ended 30 September 2019. The statement also includes relevant financial information between the end of the period and the date of this statement.

 

NET ASSET VALUE (NAV) AND TOTAL RETURN PER SHARE

At 30 September 2019

At 30 June 2019

Net assets attributable to shareholders

£72.34 million

£77.13 million

Shares in issue

104,913,970

105,656,926

Net asset value (NAV) per share

68.96 pence

73.00 pence

Cumulative dividends paid

122.80 pence

118.80 pence

Cumulative total return per share (NAV basis) since inception in 2004

191.76 pence

191.80 pence

 

The NAV per share decreased by 4.04 pence over the quarter, principally due to the payment of an interim dividend of 4.00 pence per share in the quarter, referred to below.

 

DIVIDENDS

As previously announced, the Board declared an interim dividend of 2.00 pence per share, to be paid to shareholders on 6 December 2019.

 

The Company previously paid an interim dividend of 4.00 pence per share on 20 September 2019.

 

This will bring cumulative dividends paid in respect of the Company's current financial year to 6.00 pence per share and since the launch of the Company to 124.80 pence per share.

 

FUNDRAISING

On 25 October 2019, the Company launched a joint fundraising Offer alongside the other three Mobeus-advised VCTs. The Company is seeking to raise up to £10 million (£38 million in aggregate across the Mobeus-advised VCTs), with an optional over-allotment facility for an additional £5 million (£58 million in aggregate across the Mobeus-advised VCTs).

Further details of the Offer are set out in the Prospectus, which was made available on 25 October 2019, and can be viewed on the Mobeus website at www.mobeus.co.uk/vct-investors/fundraising.

 

INVESTMENT ACTIVITY

 

Investments during the period

On 10 July 2019, £0.58 million was invested into existing portfolio company, MPB Group, Europe's leading online marketplace for used camera and video equipment.

 

Deferred Proceeds

On 2 August 2019, the Company received £0.31 million as the final tranche of deferred proceeds from the sale of Entanet Holdings Limited, which occurred on 1 August 2017.

 

Investments following the period end

On 1 November 2019, £1.41 million was invested into Data Discovery Solutions trading as Active Navigation, a file analysis software solution which makes it simple for companies to clean up network drives, respond to new data protection laws and dispose of redundant and outdated documents.

 

SHARE BUY-BACKS

As previously announced, effective since 1 August 2019, the Board's objective is to maintain the discount to NAV at which the Company's shares may trade in the market at approximately 5%. Prior to this, the Company had operated its buyback policy with the objective of maintaining the discount to NAV at which the Company's shares may trade at approximately 10%.

 

On 26 September 2019, the Company purchased 742,956 of its own ordinary shares at a price of 64.54 pence per share for cancellation.

 

Following this purchase, the Company has 104,913,970 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.

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.
 
END
 
 
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