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13 May 2013 10:14
MOBEUS INCOME & GROWTH VCT PLC - Interim Management StatementMOBEUS INCOME & GROWTH VCT PLC - Interim Management Statement
PR Newswire
London, May 13
In accordance with Rule 4.3 of the Disclosure and Transparency Rules of the UKListing Authority, Mobeus Income & Growth VCT plc presents an InterimManagement Statement for the quarter ended 31 March 2013. The statement alsoincludes relevant financial information between the end of the period and thedate of this statement.
NET ASSET VALUE AND TOTAL RETURN PER SHARE
At 31 March 2013 At 31 December 2012 Net assets attributable to £48,852,958 £43,288,523shareholders Shares in issue 50,444,938 45,946,513 Net asset value per Ordinary Share 96.84 p 94.22 p Cumulative dividends paid 38.05 p 38.05 p Total return (net asset value 134.89 p 132.27 pbasis) per share since inception % return on initial net asset 42.75 % 39.96%value per share of 94.5 penceThe net asset value per share has risen by 2.62 pence over the quarter. Thiswas primarily due to further appreciation in the investment portfolio and theincome return.
CUMULATIVE DIVIDENDS
A final dividend of 2.00 pence per share comprising 1.50 pence from income and0.50 pence from capital in respect of the year ended 31 December 2012 wasapproved by shareholders at the Annual General Meeting of the Company held on 8May 2013. The dividend will be payable on 15 May 2013 to Shareholders who areon the Register on 19 April 2013. This dividend, once paid, will increasecumulative dividends paid since inception to 40.05 pence per share.
NEW INVESTMENT
In March 2013 the Company completed a new investment of £1.86 million, tosupport the MBO of Gro Group, the premier brand and market leader for babysleep time products in the UK and Australia. The amount invested included £1million from the Company's existing investment in the acquisition vehicle FosseManagement.
FURTHER INVESTMENTS
In February 2013, the VCT provided an additional £1.34 million (including £1million from the Company's existing investment in the acquisition vehicleAlmsworthy Trading), to finance Motorclean's acquisition of Forward ValetingServices to create the UK's largest provider of car valeting services.
A further loan stock investment of £293k for working capital purposes was madein March 2013 into British International.
Following the quarter-end in April 2013, the VCT has made a further investmentof £1.63 million, including £1 million from the acquisition vehicle PeddarsManagement, into ATG Media Holdings, an existing investment. This was tofinance ATG's acquisition of Bidspotter, a US company providing live biddingand auction software to industrial and commercial liquidation auctioneers.
DIVESTMENTS
In March 2013, the VCT sold part of its loan stock and its entire equityinvestment in Faversham House for net proceeds of £207k. The Company holds aremaining loan stock investment in Faversham at a cost and value of £157k. Thevaluation of the company at 31 December 2012 was £121k and the total originalcost was £527k.
LOAN STOCK REPAYMENTS
One repayment of £24k was received from Tessella, an investment that was madein July 2012.
SHARE BUYBACKS
The Company bought back 461,024 of its own Ordinary Shares at an average priceof 82.17 pence during the quarter ended 31 March 2013 representing an averagediscount of 12.8 % to the latest published net asset value per share on thedate of purchase.
MOBEUS VCTs' LINKED OFFER FOR SUBSCRIPTION
During the quarter ended 31 March 2013, the Company issued and allotted a totalof 4,959,449 ordinary shares in the Company at an average price of 96.22 penceper share, raising net proceeds of £4.58 million (after deducting initialcosts).
Since the quarter end the Company has allotted a further 3,731,991 ordinaryshares in the Company at prices ranging from 95.4 to 99.8 pence per shareraising further net proceeds of £3.52 million (after deducting initial costs).Applications totalling £24.85 million were received under the Linked Offerwhich closed on 30 April 2013 of which £8.28 million was received for MobeusIncome & Growth VCT plc.
ENHANCED BUYBACK (EBF)
On 4 April 2013, the Company purchased 8,356,555 of its own ordinary shares ata price of 94.20 pence per share and allotted 8,098,335 new ordinary shares inthe Company at 97.20 pence per share pursuant to the EBF in respect ofapplications for the 2012/2013 tax year.
On 8 April 2013, the Company purchased 1,516,838 of its own ordinary shares ata price of 94.20 pence per share and allotted 1,469,970 new ordinary shares inthe Company at 97.20 pence per share pursuant to the EBF in respect ofapplications for the 2013/2014 tax year.
For further information, please contact:
Sarah Penfold, for Mobeus Equity Partners LLP, Company Secretary: 020 70247616.