6 Nov 2018 15:42
Mobeus Income & Growth VCT plc
("the Company")
INTERIM MANAGEMENT STATEMENT
For the quarter ended 30 September 2018
Mobeus Income & Growth VCT plc presents an Interim Management Statement for the third quarter ended 30 September 2018. 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 2018 | At 30 June 2018 | |
Net assets attributable to shareholders | £74.18 million | £75.38 million |
Shares in issue | 107,696,072 | 108,170,944 |
Net asset value (NAV) per share | 68.88 pence | 69.69 pence |
Cumulative dividends paid | 113.80 pence | 111.80 pence |
Cumulative total return per share (NAV basis) since inception in 2004 | 182.68 pence | 181.49 pence |
The NAV per share decreased by 0.81 pence over the quarter, principally due to the payment of an interim dividend of 2.00 pence per share in the quarter, referred to below.
DIVIDENDS
The Company paid an interim capital dividend of 2.00 pence per share for the year ending 31 December 2018 on 21 September 2018. This brings cumulative dividends paid since the launch of the Company to 113.80 pence per share.
INVESTMENT ACTIVITY
Investments during the period
The Company made one new investment and one follow-on investment into an existing portfolio company during the period.
On 13 August 2018, £0.57 million was invested into Rotageek, a provider of cloud-based enterprise software used to schedule staff effectively and fairly.
On 28 September 2018, a follow-on investment of £1.20 million was made into Preservica, a seller of proprietary digital archiving software.
Investments following the period end
On 9 October 2018, £0.83 million was invested into Biosite, an existing portfolio company and provider of workforce management and security services.
On 10 October 2018, a follow-on investment of £0.42 million was made into Proactive Investors, a provider of investor media services.
On 19 October 2018, a follow-on investment of £0.07 million was made into MPB, an online marketplace for used photographic equipment.
Realisations during the period
On 28 August 2018, the Company realised its investment in Fullfield, receiving cash proceeds of £0.92 million. The realisation contributed to a return of 1.2 times the original investment cost, and an IRR of 5.0% over the seven years that this investment was held.
On 7 September 2018, £0.27 million cash proceeds was received from the sale of Hemmels Limited, a restorer of classic cars. The sale represented a realised loss of £0.33 million on the original investment cost over the six months this investment was held.
On 18 September 2018, the Company realised its investment in Lightworks, receiving cash proceeds of £0.94 million. The realisation contributed to a return of 21.7 times the original investment cost and an IRR of 57.2%.
Including the preference share repayments of £0.09 million referred to below, and liquidation proceeds of £0.02 million, net cash proceeds for the period amounted to £2.24 million.
PREFERENCE SHARE REPAYMENTS
The Plastic Surgeon Holdings bought back a total of £0.18 million of A preference shares owned by the Company, in two equal tranches on 31 July and 31 October 2018.
SHARE BUY-BACKS
On 17 August 2018, the Company purchased 195,000 of its own ordinary shares at a price of 61.50 pence per share for cancellation. On 26 September 2018, the Company purchased a further 279,872 of its own ordinary shares at an average price of 60.50 pence per share for cancellation.
Following these purchases, the Company has 107,696,072 ordinary shares of 1 penny each in issue.
Please note that all of the above information is unaudited.
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 7600.
Mobeus I&g (MIX)