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8 May 2014 10:22
Mobeus Income & Growth VCT plc ("the Company")
INTERIM MANAGEMENT STATEMENT
For the quarter ended 31 March 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 31 March 2014. 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 2014 | At 31 December 2013 |
Net assets attributable to shareholders | £62,879,547 | £54,268,368 |
Shares in issue | 58,371,063 | 53,112,565 |
Net asset value (NAV) per share | 107.72 p | 102.18 p |
Cumulative dividends paid | 44.05 p | 44.05 p |
Total return (net asset value basis) per share since inception | 151.77 p | 146.23 p |
% return on initial net asset value per share of 94.5 pence | 60.6 % | 54.7% |
The net asset value per share has risen by 5.54 pence over the quarter. This was primarily due to the quarter's income return and further appreciation in the value of the investment portfolio.
CUMULATIVE DIVIDENDS
A final dividend of 3.25 pence per share comprising 1.50 pence from capital and 1.75 pence from income in respect of the year ended 31 December 2013 was approved by shareholders at the Annual General Meeting of the Company held on 7 May 2014. The dividend will be payable on 14 May 2014 to shareholders who were on the Register on 22 April 2014. This dividend, once paid, will increase cumulative dividends paid since inception to 47.30 pence per share, whilst reducing the NAV to 104.47 pence.
NEW INVESTMENT
In February 2014, the Company invested £1.7 million to support the MBO of Entanet International Limited, one of the UK's leading independent wholesale voice and data communications providers (using £1 million from the VCT's existing investment in the acquisition vehicle Ackling Management Limited). The Company also invested a further £2.28 million into two new acquisition investments in the period.
DIVESTMENTS
Following the period-end in April 2014, the VCT sold the remainder of its investment in MachineWorks Software Limited for net proceeds of £1.56 million. The total proceeds received by the VCT over the life of this investment of £2.64 million represent a return on investment of 4.1 times original cost of £645k.
LOAN STOCK REPAYMENTS
The VCT has received repayments from Westway Services Holdings (2010) Limited and Tessella Holdings Limited totalling £132k during the quarter to 31 March 2014 and £293k since the period end from Newquay Helicopters (2013) Limited.
SHARE BUYBACKS
During the quarter ended 31 March 2014, shareholders holding 210,000 ordinary shares in the Company expressed their desire to sell their investments. The Company instructed its brokers, Panmure Gordon, to purchase these shares at prices representing discounts of approximately 10% to the previously announced NAV per share. The Company subsequently purchased these shares at a price of 87.00 pence per share and cancelled them.
MOBEUS VCTs' LINKED OFFER FOR SUBSCRIPTION
During the quarter ended 31 March 2014, the Company issued and allotted a total of 5,468,498 ordinary shares in the Company at prices ranging from 100.0 to 110.80 pence per share, raising net proceeds of £5.41 million (after deducting initial costs).
Since the quarter-end, the Company has allotted a further 1,951,077 ordinary shares in the Company at prices ranging from 105.61 to 110.83 pence per share raising further net proceeds of £1.99 million (after deducting initial costs). Applications totalling £33.03 million have been received to date under the Linked Offer which is due to close at 12.00 noon on 30 May 2014 of which £8.26 million was received for Mobeus Income & Growth VCT plc.
For further information, please contact:
Sarah Penfold, for Mobeus Equity Partners LLP, Company Secretary: 020 7024 7616.
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