Mobeus I&g Regulatory News (MIX)

MOBEUS INCOME & GROWTH VCT PLC

HALF YEAR RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2018

Mobeus Income & Growth VCT plc ("the Company") today announces the half-year results for the six months ended 30 June 2018.

As at 30 June 2018:

Net assets: £75.38 million

Net asset value ("NAV") per share: 69.69 pence

Financial Highlights

Results for the six months ended 30 June 2018

- Net asset value total return per share was 1.3% for the six months while the share price total return was 3.2%.

- The Company has declared an interim dividend in respect of the current year of 2.00 pence per share payable on 21 September 2018 to shareholders on the register on 24 August 2018, bringing total cumulative dividends paid to shareholders since inception to 113.80 pence per share.

- Three new investments and three follow-on investments have been made during the period totalling £3.66 million.

- £25 million was raised from a successful Offer for Subscription which closed in March 2018, fully subscribed.

Performance summary

The table below shows the recent past performance of the original fundraising launched in 2004. Performance data for all fundraising rounds and for former Matrix Income & Growth 3 VCT plc ("MIG3 VCT") shareholders are shown in an appendix to the published Half-Year Report and will be available on the Company's website.

Chairman's Statement

I am pleased to present the Half-Year Report for Mobeus Income & Growth VCT plc ("MIG") covering the six month period ended 30 June 2018.

Overview

The six month period has produced a satisfactory return for shareholders with a positive income return as well as a small net positive of unrealised gains on portfolio companies and the receipt of some deferred income on realisations in a previous year. The Board is pleased to note the successful completion of the fundraising activity during the period which raised gross funds of £25 million.

The rate and level of new investment has been good with four new growth capital investments and three follow-on investments into existing growth capital portfolio companies completed so far in 2018. Further details of these investments are included under 'Investment Portfolio' below and in the Investment Review.

These investments reflect the focus on providing growth capital to younger and smaller companies in accordance with the revised Investment Policy approved by shareholders in 2016. By way of reminder, this revised Policy was required to comply with the VCT measures introduced by the Finance (No. 2) Act 2015 in November of that year.

More recently, the enactment of the Finance Act 2018 on 15 March 2018 has resulted in further changes to the VCT Scheme (see 'Industry and regulatory developments' below). Your Board does not believe that these changes will materially affect the Company's existing Investment Policy and strategic objectives.

Performance

At 30 June 2018, your Company was ranked 8th out of 40 VCTs, over the last five years, in the Association of Investment Companies' ("AIC") analysis of NAV Cumulative Total Return.

The Net Asset Value ("NAV") Total Return was 1.3% for the period (compared with 6.0% for the same period last year; a period which reflected the imminent profitable disposal of Entanet).

Fundraising

On 6 September 2017, the Company launched an Offer for Subscription to raise up to £25 million in aggregate. Demand for the Offer was strong and the Company raised the full amount by 13 March 2018, of which £7.82 million of net funds were raised in the current period. The Board would like to thank all new investors and shareholders, their advisers and intermediaries, for their support.

Dividends

On 17 May 2018, following shareholder approval at the annual general meeting, the Company paid a final dividend of 3.00 pence per ordinary share, in respect of the financial year ended 31 December 2017.

The Board has declared an interim capital dividend of 2.00 pence per share, payable on 21 September 2018 to shareholders on the register on 24 August 2018. This dividend will be paid out of the Company's Special Distributable Reserve. Once paid, this will bring cumulative dividends paid per share since the launch of the Company to 113.80 pence (30 June 2017: 104.80 pence) per share.

Your Board is confident of meeting the 4.00 pence per share annual dividend target in respect of the current financial year. The gradual move of the portfolio to growth capital investments may make it more difficult to achieve in future financial years without recourse to the Company's reserves.

Investment Portfolio

Overall the performance of the investment portfolio has been satisfactory in the current environment. The portfolio achieved a gain of £0.78 million (1.9% of the opening value) during the first half of the year and was valued at £45.35 million at the period end (30 June 2017: £49.51 million). The six month period experienced notable increases in the valuations of EOTH, MPB Group and CGI Creative Graphics but the portfolio also saw significant valuation falls over the period for Motorclean, Wetsuit Outlet and Veritek Global.

During the period three new investments and three follow-on investments were made at a total cost of £3.66 million (analysed in the Investment Review and explained within Note 9). These were:

• Proactive Investors - a provider of investor media services and research.

• Super Carers - an online care platform connecting people seeking care.

• Hemmels - a classic car restoration business.

• MPB Group (follow-on) - an online marketplace for used camera and video equipment.

• Tapas Revolution (follow-on) - a leading Spanish restaurant chain in the casual dining sector.

• MyTutor (follow-on) - a digital marketplace connecting people seeking online tutoring.

After the period end, a further new investment of £0.57 million was made into Rota Geek, a provider of workforce management software.

The company received cash proceeds of £0.61 million during the period, comprising loan stock repayments from investee companies and deferred consideration arising from realisations which occurred in a previous year.

Further information on the portfolio can be found in the Investment Review.

Revenue account

The net revenue return for the period was £0.87 million compared to £1.15 million recorded this time last year. This is due to two principal factors: firstly, loan interest has decreased, due to the realisation of two portfolio companies whose loans paid sizeable amounts of loan interest, alongside a provision against loan interest receivable from another portfolio company; secondly, higher net assets arising from the funds raised under the Offer for Subscription, have resulted in increased VCT expenses, minaly Investment Adviser fees.

Industry and regulatory developments

As mentioned in my Overview above, a number of additional changes to the VCT Scheme were introduced with the enactment of the Finance Act 2018 on 15 March 2018. These changes were designed to exclude tax-motivated investments where capital is not at risk (that is, principally seeking to preserve investors' capital) and to encourage VCTs to put their money to work faster. They also place further restrictions on the way investments may be structured. Further details of these changes are set out in the Summary of VCT regulation in the Half-Year Report.

Share buybacks

During the period, the Company bought back for cancellation a total of 410,037 Ordinary shares amounting to 0.4% of its issued share capital at the start of the year. These were bought back at approximately a 10% discount to the Company's latest announced NAV, in accordance with the Company's buyback policy. The reason the Company makes market purchases of its own shares is to enhance the liquidity of the Company's share and to seek to manage the level and volatility of the discount to NAV at which the Company's shares may trade.

Liquidity

Cash or near cash resources held by the Company as at 30 June 2018, including the liquidity held by companies preparing to trade, was £32.06 million or 42.5% of net assets. After the period end, following the investment into Rota Geek and the payment of the interim dividend in September 2018, the pro forma level of liquidity will be £29.33 million or 40.1% of net assets.

The VCT continues to hold its cash in a selection of money market funds with AAA credit ratings and in a number of deposit accounts, diversified among well-known financial institutions across a range of maturities.

Shareholder event

The Investment Adviser held its eighth annual shareholder event on 30 January 2018. As in previous years, the event was well received by those shareholders who attended. The next event will be held on 5 February 2019, again at the Royal Institute of British Architects in Central London. The programme will contain highlights from the performance of the Mobeus VCTs as well as presentations by representatives of portfolio companies.

Recently, shareholders have received further details and an invitation to the event with their copy of the Mobeus VCT Newsletter.

Outlook

Your Board considers that your Company is well positioned to take advantage of the strong demand for growth capital investments, although entry valuations can be quite full for the most attractive opportunities. The portfolio has a solid foundation of investments made under the previous MBO strategy, the majority of which are mature, generating operating profit and providing attractive income returns. We expect the current trend for follow-on investments into new and existing growth capital portfolio companies to continue in the foreseeable future until such time as these growth investments have achieved scale and sustainable earnings.

The recent successful fundraising will provide the Company with sufficient funds to meet its cash needs and to continue the current investment rate in the medium term. Your Board is also pleased to note that the Investment Adviser continues to expand and strengthen its investment team to source investments that complement the portfolio.

Finally, I would like to thank all of our shareholders for their continuing support.

Clive Boothman

Chairman

14 August 2018

Investment Policy

The Investment Policy is designed to meet the Company's objective.

Investments

The Company invests primarily in a diverse portfolio of UK unquoted companies. Investments are made selectively across a number of sectors, principally in established companies. Investments are usually structured as part loan stock and part equity in order to produce a regular income stream and to generate capital gains from realisations.

There are a number of conditions within the VCT legislation which need to be met by the Company and which may change from time to time. The Company will seek to make investments in accordance with the requirements of prevailing VCT legislation.

Asset allocation and risk diversification policies, including the size and type of investments the Company makes, are determined in part by the requirements of prevailing VCT legislation. No single investment may represent more than 15% (by VCT tax value) of the Company's total investments at the date of investment.

Liquidity

The Company's cash and liquid funds are held in a portfolio of readily realisable interest bearing investments, deposit and current accounts, of varying maturities, subject to the overriding criterion that the risk of loss of capital be minimised.

Borrowing

The Company's articles of association permit borrowings of amounts up to 10% of the adjusted capital and reserves (as defined therein). However, the Company has never borrowed and the Board would only consider doing so in exceptional circumstances.

Investment Review

New investments in the period

A total of £1.68 million was invested into three companies during the six months under review, comprising new investments into Proactive Investors, Super Carers and Hemmels, as detailed below:

Further investments in existing portfolio companies in the period

The Company made further investments totaling £1.98 million into three existing portfolio companies during the period under review, as detailed below:

New investment post period-end

Realisations in the period

There have been no realisations during the period under review. £0.18 million was received during the period as deferred consideration arising from the realisations of Gro-Group and Tessella in a previous year.

Loan stock repayments

Loan stock repayments totalled £0.43 million from Plastic Surgeon (formerly TPSFF) and MPB Group during the period under review.

Mobeus Equity Partners LLP

Investment Adviser

14 August 2018

Investment Portfolio Summary

as at 30 June 2018

Marketsector

Date of investment

Total bookcost

Valuation

Like for like

valuation

increase/

(decrease)

% valueof net assets

Qualifying investments

£'000

£'000

over period1

Unquoted investments

Tovey Management Limited (trading as Access IS)Provider of data capture and scanning hardware

Software and Computer Services

Oct-15

2,979

3,590

6.3%

4.8%

ASL Technology Holdings LimitedPrinter and photocopier services

Support services

Dec-10

2,942

3,231

3.6%

4.3%

Virgin Wines Holding Company Limited Online wine retailer

General retailers

Nov-13

2,439

2,777

1.1%

3.7%

EOTH Limited

(trading as Rab and Lowe Alpine)Branded outdoor equipment and clothing

General retailers

Oct-11

1,000

2,222

32.8%

2.9%

Turner Topco Limited (trading as Auction Technology Group (formerly ATG Media))Saas based on-line auction marketplace platform

Media

Oct-08

2,494

1,909

(9.7)%

2.5%

CGI Creative Graphics International LimitedVinyl graphics to global automotive, recreational vehicle and aerospace markets

General Industrials

Jun-14

1,808

1,873

38.1%

2.5%

MPB Group LimitedOnline marketplace for used photographic equipment

General retailers

Jun-16

1,180

1,822

53.8%

2.4%

Vectair Holdings Limited

Designer and distributor of washroom products

Support services

Jan-06

139

1,795

5.7%

2.4%

My Tutorweb Limited

Digital marketplace connecting school pupils seeking one-to-one online tutoring

Support services

May-17

1,534

1,689

28.3%

2.2%

Vian Marketing Limited(trading as Red Paddle Co)Design, manufacture and sale of stand-up paddleboards and windsurfing sails

Leisure goods

Jul-15

1,189

1,684

(10.1)%

2.2%

Master Removers Group Limited (trading as Anthony Ward Thomas, Bishopsgate and Aussie Man & Van)

A specialist logistics, storage and removals business

Support services

Dec-14

614

1,619

14.9%

2.1%

Tharstern Group Limited

Software based management information systems

Software and computer services

Jul-14

1,377

1,602

(9.3)%

2.1%

Preservica LimitedSeller of proprietary digital archiving software

Software and Computer Services

Dec-15

900

1,466

19.2%

1.9%

Ibericos Etc. Limited

(trading as Tapas Revolution)

Spanish restaurant chain

Travel & Leisure

Jan-17

1,245

1,453

30.0%

1.9%

Manufacturing Services Investment Limited (trading as Wetsuit Outlet)Online retailer in the water sports market

General retailers

Feb-14

2,174

1,354

(29.9)%

1.8%

Media Business Insight Holdings LimitedA publishing and events business focused on the creative production industries

Media

Jan-15

2,518

1,307

6.6%

1.7%

The Plastic Surgeon Holdings Limited (formerly TPSFF Holdings Limited)

Supplier of snagging and finishing services to the domestic and commercial property markets

Support services

Apr-08

39

1,295

20.2%

1.7%

Pattern Analytics Limited (trading as Biosite)

Workforce management and security services for the construction industry

Support services

Nov-16

757

1,136

-

1.5%

Redline Worldwide LimitedProvider of security services to the aviation industry and other sectors

Support services

Feb-16

1,088

1,078

(7.5)%

1.4%

Blaze Signs Holdings LimitedManufacturer and installer of signs

Support services

Apr-06

492

1,018

45.0%

1.4%

RDL Corporation Limited

Recruitment consultants for the pharmaceutical, business intelligence and IT industries

Support services

Oct-10

1,558

919

(6.7)%

1.2%

Fullfield Limited (trading as Motorclean)Provider of vehicle cleaning and valet services

Support services

Jul-11

1,626

874

(48.7)%

1.2%

Buster and Punch Holdings Limited (formerly Chatfield Services Limited)

Industrial inspired lighting and interiors retailer

General retailers

Mar-17

668

824

23.4%

1.1%

BookingTek Limited

Direct booking software for hotel groups

Software and computer services

Oct-16

771

771

(24.9)%

1.0%

Super Carers Limited

Online platform that connects people seeking home care from experienced independent carers

Support services

Mar-18

580

580

New investment

0.8%

Hemmels Limited

Company specialising in the sourcing, restoration, selling and servicing of high price, classic cars

Automobiles parts

Mar-18

598

525

(12.2)%

0.7%

Proactive Group Holdings Inc

Provider of media services and investor conferences for companies primarily listed on secondary public markets

Media

Jan-18

505

505

New investment

0.7%

Jablite Holdings Limited

Manufacturer of expanded polystyrene products

Construction and materials

Apr-15

502

307

-

0.4%

Veritek Global Holdings Limited Maintenance of imaging equipment

Support services

Jul-13

2,045

194

(72.0)%

0.3%

Lightworks Software Limited

Provider of software for CAD vendors

Software and computer services

Apr-06

223

120

(24.5)%

0.2%

Racoon International Group Limited

Supplier of hair extensions, hair care products and training

Personal goods

Dec-06

1,213

-

-

0.0%

CB Imports Group Limited (trading as Country Baskets)Importer and distributor of artificial flowers and floral sundries

General retailers

Dec-09

350

-

-

0.0%

Newquay Helicopters (2013) Limited (in members' voluntary liquidation)Helicopter service operator

Support services

Jun-06

30

-

-

0.0%

Total qualifying investments

39,577

41,539

4.2%

55.0%

Non-qualifying investments

Media Business Insight Limited

As above

Media

Jan-15

765

830

6.5%

1.1%

Hollydale Management Limited

Company seeking to carry on a business in the food sector

Company preparing to trade

Mar-15

938

585

-

0.8%

Manufacturing Services Investment Limited (trading as Wetsuit Outlet)

As above

General retailers

Feb-14

571

571

-

0.8%

EOTH Limited (trading as Rab and Lowe Alpine)

As above

General retailers

Oct-11

298

324

-

0.4%

Backhouse Management Limited

Company seeking to carry on a business in the motor sector

Company preparing to trade

Apr-15

787

303

-

0.4%

Barham Consulting Limited

Company seeking to carry on a business in the catering sector

Company preparing to trade

Apr-15

787

303

-

0.4%

Creasy Marketing Services Limited

Company seeking to carry on a business in the textile sector

Company preparing to trade

Apr-15

787

303

-

0.4%

McGrigor Management Limited

Company seeking to carry on a business in the pharmaceutical sector

Company preparing to trade

Apr-15

787

303

-

0.4%

Tovey Management Limited (trading as Access IS)

As above

Software and computer services

Oct-15

285

285

-

0.4%

TurnerTopco Limited (trading as Auction Technology Group (formerly ATG Media))

As above

Media

Oct-08

7

-

-

0.0%

Watchgate Limited

Holding company

Support services

Nov-11

1

-

-

0.0%

Total non-qualifying investments

6,013

3,807

1.8%

5.1%

Total investment portfolio

45,590

45,346

1.9%

60.1%

Current asset investments and Cash at bank and in hand2

30,267

40.2%

Total investments

45,590

75,613

100.3%

Other assets

232

0.3%

Current liabilities

(466)

(0.6)%

Net assets

75,379

100.0%

1 - This percentage change in 'like for like' valuations is a comparison of the 30 June 2018 valuations with the 31 December 2017 valuations having adjusted for partial disposals, loan stock repayments or new investments in the period.

2 - Disclosed as Current asset investments and Cash at bank and in hand within Current assets in the Balance Sheet.

Statement of the Directors' Responsibilities

Responsibility statements

In accordance with Disclosure and Transparency Rule (DTR) 4.2.10, Clive Boothman (Chairman), Bridget Guérin (Chairman of the Nomination & Remuneration and Management Engagement Committees), and Catherine Wall (Chairman of the Audit Committee), being the Directors of the Company, confirm that, to the best of their knowledge:

a) the condensed set of financial statements, which has been prepared in accordance with Financial Reporting Standard 104 "Interim Financial Reporting" gives a true and fair view of the assets, liabilities, financial position and profit of the Company, as required by DTR 4.2.10;

b) the Half-Year Management Report which comprises the Chairman's Statement, Investment Policy, Investment Review and Investment Portfolio Summary includes a fair review of the information required by DTR 4.2.7, being an indication of the important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements;

c) a description of the principal risks and uncertainties facing the Company for the remaining six months is set out below, in accordance with DTR 4.2.7; and

d) there were no related party transactions in the first six months of the current financial year that are required to be disclosed in accordance with DTR 4.2.8.

Principal risks and uncertainties

In accordance with DTR 4.2.7, the Board confirms that the principal risks and uncertainties facing the Company have not changed materially since the publication of the Annual Report and Financial Statements for the year ended 31 December 2017. The Board acknowledges that there is regulatory risk and continues to manage the Company's affairs in such a manner as to comply with section 274 of the Income Tax Act 2007.

The principal risks faced by the Company are:

· Economic;

· Loss of approval as a Venture Capital Trust;

· Investment and strategic;

· Regulatory;

· Financial and operating;

· Market;

· Asset liquidity;

· Market liquidity;

· Counterparty and

· Key staff.

A detailed explanation of these risks can be found in the Strategic Report on pages 21 - 22 and in Note 15 on pages 56 - 63 of the Annual Report and Financial Statements for the year ended 31 December 2017, copies of which are available on the Investment Adviser's website, www.mobeusequity.co.uk or by going direct to: www.migvct.co.uk.

Going concern

The Board has assessed the Company's operation as a going concern. The Company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Half-Year Management Report. The Directors have satisfied themselves that the Company continues to maintain a significant cash position. The majority of companies in the portfolio continue to trade profitably and the portfolio taken as a whole remains resilient and well-diversified. The major cash outflows of the Company (namely investments, buy-backs and dividends) are within the Company's control.

The Board's assessment of liquidity risk and details of the Company's policies for managing its capital and financial risks are shown in Notes 15 and 16 on pages 56 - 63 of the Annual Report and Financial Statements for the year ended 31 December 2017. Accordingly, the Directors continue to adopt the going concern basis of accounting in preparing the half-year report and annual financial statements.

Cautionary statement

This report may contain forward looking statements with regards to the financial condition and results of the Company, which are made in the light of current economic and business circumstances. Nothing in this report should be construed as a profit forecast.

For and on behalf of the Board:

Clive Boothman

Chairman

14 August 2018

Unaudited Condensed Income Statement

for the six months ended 30 June 2018

The revenue column of the Income Statement includes all income and expenses. The capital column accounts for the unrealised gains/(losses) and realised gains on investments and the proportion of the Investment Adviser's fee charged to capital.

The total column is the Statement of Total Comprehensive Income of the Company prepared in accordance with Financial Reporting Standards ("FRS"). In order to better reflect the activities of a VCT, and in accordance with the 2014 Statement of Recommended Practice ("SORP") updated in January 2017 by the Association of Investment Companies ("AIC"), supplementary information which analyses the Income Statement between items of a revenue and capital nature has been presented alongside the Income Statement. The revenue column of profit attributable to equity shareholders is the measure the Directors believe appropriate in assessing the Company's compliance with certain requirements set out in Section 274 Income Tax Act 2007.

All the items in the above statement derive from continuing operations of the Company. No operations were acquired or discontinued in the period.

Unaudited Condensed Balance Sheet

as at 30 June 2018

Unaudited Condensed Statement of Changes in Equity

for the six months ended 30 June 2018

Note a): The cancellation of the share premium reserve and capital redemption reserve (as approved at the General Meeting held on 22 February 2014) and by order of the Court dated 12 March 2014) has increased the Company's special distributable reserve. The purpose of this reserve is to fund market purchases of the Company's own shares, write off any existing and future losses and for any other corporate purpose, including dividend distributions. All of this reserve arose from shares issued before 5 April 2014.

Note b): The Realised capital reserve and the Revenue reserve together comprise the Profit and Loss Account of the Company.

Note c): Under the 2017/18 Offer, 11,155,262 shares were allotted during the period, raising net funds of £7,817,820 for the Company. This figure is net of issue costs of £204,683. Having raised the full amount of funds sought, the Offer was closed on 13 March 2018.

Note d): During the period, the Company purchased 410,037 of its own shares at the prevailing market price for a total cost of £257,469 which were subsequently cancelled. This figure is more than that shown in the Statement of Cash Flows by £4,753. This is a net figure arising from a creditor held at the previous year end of £46,857, which was settled during the period, and a creditor held at this period end of £51,610, which was settled after the period end.

Note e): The transfer of £479,428 to the special distributable reserve from the realised capital reserve above is the total of realised losses incurred by the Company this period.

Unaudited Condensed Statement of Changes in Equity

for the six months ended 30 June 2017

Unaudited Condensed Statement of Cash Flows

for the six months ended 30 June 2018

Notes to the Unaudited Condensed Financial Statements

for the six months ended 30 June 2018

1.

Company Information

Mobeus Income and Growth VCT plc is a public limited company incorporated in England, registration number 5153931. The registered office is 30 Haymarket, London, SW1Y 4EX.

2.

Basis of preparation of the Financial Statements

These Financial Statements prepared in accordance with accounting policies consistent with Financial Reporting Standard 102 ("FRS102"), Financial Reporting Standard 104 ("FRS104") - Interim Financial Reporting, with the Companies Act 2006 and the 2014 Statement of Recommended Practice, 'Financial Statements of Investment Trust Companies and Venture Capital Trusts' ('the SORP') (updated in January 2017) issued by the Association of Investment Companies. The Financial Statements have been prepared on the historical cost basis except for the modification to a fair value basis for certain financial instruments as specified in note 9.

The Half-Year Report has not been audited, nor has it been reviewed by the auditor pursuant to the Financial Reporting Council's (FRC) guidance on Review of Interim Financial Information.

3.

Principal accounting policies

The accounting policies have been applied consistently throughout the period. Full details of principal accounting policies will be disclosed in the Annual Report, while the policy in respect of investments is included within an outlined box at the top of note 9 on investments.

4.

Income

5.

Investment Adviser's fees

In accordance with the policy statement published under "management and Administration" in the Company's prospectus dated 9 July 2014, the Directors have charged 75% of the Investment Adviser's fees to the capital reserve. This is in line with the Board's expectation of the long-term split of returns from the investment portfolio of the Company. For further details, see note 4 on page 46 of the 2017 Annual Report and Financial Statements.

With effect from 1 April 2018, the Investment Adviser's fee upon the net funds raised from use of the over-allotment facility of £10 million under the recent Offer has been reduced from 2% to 1% for one year.

6.

Taxation

There is a tax charge for the period as the Company has taxable income in excess of deductible expenses.

7.

Basic and diluted earnings per share

Notes:

a) Basic earnings per share is total earnings after taxation divided by the weighted average number of shares in issue.

b) Basic revenue earnings per share is the revenue return after taxation divided by the weighted average number of shares in issue.

c) Basic capital earnings per share is the total capital return after taxation divided by the weighted average number of shares in issue.

8.

Dividends paid

* - These dividends were paid out of the Company's special distributable reserve.

9.

Summary of movement on investments during the period

Reconciliation to Condensed Statement of Cash Flows

Sales proceeds above of £605,463 are less than that shown in the Condensed Statement of Cash Flows of £4,058,356 by £3,452,893. This amount is cash proceeds arising from the realisation of Gro-Group which was held within debtors at the previous year-end.

There has been no significant change in the risk analysis as disclosed in Note 15 of the Financial Statements in the Company's Annual Report. The decrease in unrealised valuations of the loan stock investments above reflect the changes in the entitlement to loan premiums, and/or in the underlying enterprise value of the investee company. The decrease does not arise from assessments of credit or market risk upon these instruments.

10.

Current asset investments and Cash at bank and in hand

11.

Basic and diluted net asset value per share

12.

Post balance sheet events

On 13 August 2018, the Company made a new investment of £0.57 million into Rota Geek.

13.

Statutory information

The financial information contained in this Half-Year results announcement does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The Financial Statements for the year ended 31 December 2017 have been filed with the Registrar of Companies. The auditor has reported on these Financial Statements and that report was unqualified and did not contain a statement under either Section 498(2) or 498(3) of the Companies Act 2006.

14.

Half-Year Report

This Half-Year Report will be sent to shareholders and will shortly be made available on the Company's website: www.migvct.co.uk. Further copies are available free of charge from the Company's registered office, 30 Haymarket, London, SW1Y 4EX or can be downloaded via the website.

Contact details for further enquiries:

Rob Brittain or Robert King at Mobeus Equity Partners LLP (the Company Secretary) on 020 7024 7600 or by e-mail to vcts@mobeusequity.co.uk

Mobeus Equity Partners LLP (the Investment Adviser) on 020 7024 7600 or by e-mail to info@mobeusequity.co.uk

DISCLAIMER

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.