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13 Nov 2014 15:46
Mobeus Income & Growth VCT plc
("the Company")
INTERIM MANAGEMENT STATEMENT
For the quarter ended 30 September 2014
In accordance with Rule 4.3 of the Disclosure and Transparency Rules of the UK Listing Authority, Mobeus Income & Growth VCT plc presents an Interim Management Statement for the quarter ended 30 September 2014. 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 2014 | At 30 June 2014 | |
Net assets attributable to shareholders | £58,051,319 | £67,878,668 |
Shares in issue | 60,850,032
| 60,850,032
|
Net asset value (NAV) per share | 95.40 p * | 111.55 p |
Cumulative dividends paid | 64.30 p | 47.30 p |
Cumulative total return per share (NAV basis) since inception | 159.70 p | 158.85 p |
% return on initial NAV per share of 94.5 pence at inception | 69.0 % | 68.1 % |
* The fall in the NAV per share of 16.15 pence is mainly due to the payment of the interim dividend of 17.00 pence per share, detailed below.
CUMULATIVE DIVIDENDS
The Company paid an interim dividend of 17.00 pence per share (comprising 15.00 pence from capital and 2.00 pence from income) on 17 September 2014, bringing cumulative dividends paid per share to date to 64.30 pence.
NEW INVESTMENT
In July 2014, the Company completed a new investment of £1.46 million to support the MBO of Tharstern Limited, a leading UK supplier of software-based management information systems to the print sector.
DIVESTMENTS
The VCT completed the full realisation of its investment in DiGiCo Global Limited in July 2014 through a sale to a new professional audio group backed by Electra Partners, generating net cash proceeds of £3.37 million. The total proceeds of £10.67 million received by the VCT over the life of this investment represent a return on investment of 5.50 times original cost of £1.94 million.
Following the period-end, the VCT has realised its investments in Focus Pharma Holdings Limited and Youngman Group Limited for net cash proceeds of £2.48 million and £1.62 million respectively. The Company received total proceeds over the life of its investment in Focus of £4.68 million, representing a return of 3.74 times original cost of £1.25 million. Over the life of the investment in Youngman, total proceeds of £2.42 million were received, representing a return of 2.42 times original cost of £1.00 million.
LOAN STOCK REPAYMENTS
A total of £0.22 million has been received in loan stock repayments during the quarter to 30 September 2014, including payments from Tessella Holdings Limited, Westway Services Holdings (2010) Limited and Virgin Wines Holding Company Limited.
A further £0.07 million was received from Fullfield Limited (Motorclean) and Tharstern Limited following the period-end.
SHARE BUY-BACKS
The Company did not buy back any of its own shares during the quarter ended 30 September 2014 or following the period-end.
MOBEUS VCTS' OFFER FOR SUBSCRIPTION
The Company has announced its intention to launch an offer for subscription later this year to raise up to £15 million.
The offer will be promoted by Mobeus Equity Partners LLP, the investment adviser to the Company, and will be made alongside similar offers from Mobeus Income & Growth 2 VCT plc, Mobeus Income & Growth 4 VCT plc and The Income & Growth VCT plc.
For further information, please contact:
Sarah Penfold, for Mobeus Equity Partners LLP, Company Secretary: 020 7024 7600.
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