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17 Nov 2020 15:22
Mobeus Income & Growth VCT plc
("the Company")
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INTERIM MANAGEMENT STATEMENT
for the quarter ended 30 September 2020
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Mobeus Income & Growth VCT plc presents an Interim Management Statement for the third quarter ended 30 September 2020. The statement also includes relevant financial information between the end of the period and the date of this statement.
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NET ASSET VALUE (NAV) AND TOTAL RETURN PER SHARE
At 30 September 2020 | At 30 June 2020 | |
Net assets attributable to shareholders | Β£83.16 million | Β£74.71 million |
Shares in issue | 126,596,312 | 126,919,084 |
Net asset value (NAV) per share | 65.69 pence | 58.86 pence |
Cumulative dividends paid | 134.80 pence | 134.80 pence |
Cumulative total return per share (NAV basis) since inception in 2004 | 200.49 pence | 193.66 pence |
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The NAV per share increased by 6.83 pence (11.6%) over the quarter, principally due to an uplift in the unrealised portfolio value combined with two profitable realisations, as explained further under 'Realisations during the period'.
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INTERIM DIVIDEND DECLARATION
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The Board is today declaring an interim dividend of 5.00 pence per ordinary share, in respect of the year ending 31 December 2020. The dividend will be paid on 17 December 2020 to Shareholders on the Register on 27 November 2020.
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INVESTMENT ACTIVITY DURING THE PERIOD
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Follow-on investments during the period
On 1 September 2020, the Company completed a further investment of Β£1.42 million into Buster & Punch, while also receiving a loan repayment of Β£0.20 million back from the company.
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On 28 September 2020, the Company completed a further investment of Β£0.75 million into Preservica.
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Realisations during the period
On 14 August 2020, the Company sold its investment in Tovey Management Limited (trading as Access IS) to ASSA ABLOY AB for cash proceeds of Β£7.07 million. Over the five years this investment was held, it generated cash proceeds of Β£8.25 million compared to an original investment cost of Β£3.26 million, which is a multiple on cost of 2.5x and an IRR of 23.4%.
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On 2 September 2020, the Company sold its investment in Blaze Signs Holdings Limited to a secondary buyout backed by Elaghmore LLP, receiving cash proceeds of Β£1.98 million. Over the 14 years this investment was held, it has generated cash proceeds of Β£5.27 million compared to an original investment cost of Β£1.95 million, which is a multiple on cost of 2.7x and an IRR of 13.6%.
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Loan repayments and other proceeds during the period
Besides the loan repayment of Β£0.20 million from Buster & Punch referred to above, on 17 August 2020, the Company received further proceeds of Β£0.02 million arising from the realisation of Turner Topco Limited (trading as Auction Technology Group) which occurred earlier in the year.
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INVESTMENT ACTIVITY AFTER THE PERIOD END
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Loan repayment after the period end
On 19 October 2020, the Company received a part loan repayment from Vian Marketing Limited (trading as Red Paddle) totalling Β£0.21 million.
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SHARE BUY-BACKS
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On 17 September 2020, the Company purchased 322,772 of the its own ordinary shares at a price of 55.92 pence per share for cancellation.
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Following this purchase, the Company has 126,596,312 ordinary shares of 1 penny each in issue.
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Please note that all of the above information is unaudited.
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Other than as described above, there were no material events during the period and to the date of this announcement.
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For further information, please contact:
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Mobeus Equity Partners LLP
Company Secretary
020 7024 7600
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LEI: 213800HKOSEVWS7YPH79
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