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9 May 2018 16:52
Mobeus Income & Growth VCT plc ("the Company")
INTERIM MANAGEMENT STATEMENT
For the quarter ended 31 March 2018
Mobeus Income & Growth VCT plc presents an Interim Management Statement for the quarter ended 31 March 2018. 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 2018 | At 31 December 2017 | |
Net assets attributable to shareholders | £77,677,248 | £69,899,777 |
Shares in issue | 108,580,981 | 97,425,719 |
Net asset value (NAV) per share | 71.54p | 71.75p |
Cumulative dividends paid | 108.80p | 108.80p |
Cumulative Total return (net asset value basis) per share since inception in 2004 | 180.34p | 180.55p |
DIVIDENDS
A final dividend of 3.00 pence per share in respect of the year ended 31 December 2017 was approved by shareholders at the AGM held today. The final dividend will be paid, to shareholders on the register on 27 April 2018, on 17 May 2018 and will bring cumulative dividends paid since inception to 111.80 pence per share.
NEW INVESTMENTS
The Company made three new investments and two follow-on investments totalling £2.58 million during the quarter.
In January 2018, the Company invested £0.42 million into Proactive Investors, an investor media services company. In March 2018, the Company made investments of £0.58 million into Super Carers, an online platform connecting people seeking home care, and £0.60 million into Hemmels, a classic car restoration business.
In February 2018 the Company made a follow-on investment of £0.43 million into Mpb, an online marketplace for used camera and video equipment. In March 2018 the Company made a follow-on investment of £0.55 million in Ibericos Etc. Limited (trading as Tapas Revolution), a Spanish restaurant chain.
DIVESTMENTS
There were no divestments during the quarter.
£0.10 million of deferred consideration, in respect of the sale of Gro Group Holdings Limited, was received in April 2018, after the quarter end.
LOAN STOCK REPAYMENTS
The VCT received £0.14 million in loan stock repayments from TPSFF Holdings Limited (formerly Plastic Surgeon) during the quarter, as well as £0.14 million after the quarter end.
FUNDRAISING - ISSUE OF SHARES
On 24 January 2018, 3,537,118 ordinary shares were allotted under the Company's Offer for Subscription raising net funds of £2.48 million.
On 13 March 2018, 7,618,144 ordinary shares were allotted under the Company's Offer for Subscription raising net funds of £5.34 million. The Offer closed following the completion of this allotment, having raised the maximum amount of subscriptions, being £25 million.
SHARE BUYBACKS
There were no share buybacks during the quarter.
Shortly after the quarter end, on 6 April 2018, the Company repurchased 235,000 of its own ordinary shares at a price of 63.20 pence per share for cancellation.
Following this share buyback and cancellation there are now 108,345,981 ordinary shares of 1 penny each in issue.
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:
Robert King, for Mobeus Equity Partners LLP, Company Secretary: 020 7024 7616.
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