10 May 2017 16:23
Mobeus Income & Growth VCT plc ("the Company")
Legal Entity Identifier (LEI): 213800HKOSEVWS7YPH79
INTERIM MANAGEMENT STATEMENT
For the quarter ended 31 March 2017
Mobeus Income & Growth VCT plc reports an Interim Management Statement for the quarter ended 31 March 2017. 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 2017 | At 31 December 2016 | |
Net assets attributable to shareholders | £59,842,203 | £63,149,553 |
Shares in issue | 75,597,471 | 75,597,471 |
Net asset value (NAV) per share | 79.16p | 83.53p |
Cumulative dividends paid | 95.80p | 89.80p |
Cumulative Total return (net asset value basis) per share since inception | 174.96p | 173.33p |
% return on initial NAV per share of 94.5 pence at inception in July 2004 | 85.1% | 83.4% |
The NAV per share fell by 4.37 pence over the quarter, principally due to the payment of an interim dividend of 6.00 pence per share in the quarter, referred to below. The underlying increase in NAV per share was due to an increase in the value of the portfolio and income returns.
DIVIDENDS
A second interim capital dividend of 6.00 pence per share in respect of the year ended 31 December 2016 was paid to shareholders on 31 March 2017. This is in addition to the interim dividend of 8.50 pence per share paid to shareholders on 20 September 2016. Total dividends paid in respect of 2016 were therefore 14.50 pence per share, bringing cumulative dividends paid since inception to 95.80 pence per share.
NEW INVESTMENT
The Company made two new investments in the quarter. The first of these was a £0.69 million investment in January 2017 into Ibericos Etc (trading as Tapas Revolution), a leading Spanish restaurant chain in the casual dining sector. The second was a £0.67 million investment in March 2017 into Buster & Punch, a premium brand business which designs a range of high quality lighting and electrical fittings for the home.
In addition, a loan was advanced for £0.08 million by the Company to BookingTek Limited as part of a loan facility. This facility was agreed at the time of the initial investment made in October 2016.
DIVESTMENTS
£0.37 million was received from the sale of Omega Diagnostics plc, realising a gain of £0.12 million over cost. Sundry receipts of £0.31 million was also received, of which £0.14 million was received in respect of earlier disposals of two investments being Focus Pharma and MachineWorks, in prior periods.
LOAN STOCK REPAYMENTS
The VCT received £5.83 million in partial loan repayments in the quarter.
SHARE BUYBACKS
The Company did not conduct any share buybacks during the period.
ANNUAL GENERAL MEETING
The Company is pleased to announce that all the resolutions proposed at the Annual General Meeting of the Company held today, 10 May 2017, were approved by shareholders.
For further information, please contact:
Jonathan McGuire, for Mobeus Equity Partners LLP, Company Secretary: 020 7024 7616.
Mobeus I&g (MIX)