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Mobeus Income & Growth 2 VCT plc(the 'Company')INTERIM MANAGEMENT STATEMENT
For the quarter ended 31 December 2019
Mobeus Income & Growth 2 VCT plc presents an Interim Management Statement for the quarter ended 31 December 2019. The statement also includes relevant financial information between the end of the quarter and the date of this statement.
NET ASSET VALUE AND TOTAL RETURN PER SHARE
At 31 December 2019 | At 30 September 2019 | |
Net assets attributable to shareholders | £44.47m | £43.41m |
Shares in issue | 48,143,782 | 48,312,254 |
Net asset value (NAV) per share | 92.37p | 89.85p |
Cumulative dividends paid to date per share since inception | 98.00p | 98.00p |
Total return per share since inception (NAV basis) | 190.37p | 187.85p |
FUNDRAISING
On 25 October 2019, the Company launched an Offer for Subscription ('Offer') to raise, up to £15 million, with an over-allotment facility to raise up to a further £5 million. Following robust demand from investors, the Directors approved the use of the over-allotment facility on 20 December 2019. On 8 January 2020, based on applications received up to 20 December 2019, 11,892,778 new Ordinary shares were allotted, generating net funds of £10.69 million for the Company. The Offer became fully subscribed on 13 January 2020. Due to this strong investor demand, on 6 February 2020 the Company announced that the Offer size would be further increased to raise up to a further £2.1 million. This increase was satisfied from applications already received in respect of the Offers, as announced on 28 February 2020.
In accordance with the Prospectus, these applications totalling approximately £11 million will be allotted shares in the Company between 1-3 April 2020.
DIVIDENDS
On 26 February 2020, the Company declared the payment of a second interim dividend of 11.00 pence per share in respect of the year ending 31 March 2020, to Shareholders on the register on 6 March 2020. This will be paid on 27 March 2020 and will bring the total paid in respect of this year to 26.00 pence per share.
SHARE BUY-BACKS
On 10 December 2019, the Company bought back 168,472of its Ordinary shares at a price of 85.16
pence per share.
All shares bought back by the Company were subsequently cancelled.
INVESTMENT ACTIVITY
New investments
On 1 November 2019, the Company made a new investment of £0.94 million into Data Discovery Solutions Limited (trading as Active Navigation), a provider of enterprise-level file analysis software.
On 29 November 2019, the Company made a new investment of £0.54 million into IPV Limited, a developer of media asset management software.
On 13 December 2019, the Company made a new investment of £0.45 million into Bleach London Holdings Limited, an established and trusted brand in the hair colourants market.
Divestments
On 12 December 2019, the Company sold its investment in Redline Worldwide Limited, generating cash proceeds of £0.87 million. The realisation contributed, to date, to a return over the life of the investment of 1.6 times original cost. Deferred consideration of up to £0.16 million may be received over the next 30 months.
Divestments after the quarter end
On 7 February 2020, the Company's investment in Pattern Analytics Limited (trading as Biosite) was sold for proceeds of £1.53 million. Over the three years that this investment was held, these proceeds contributed to a multiple on cost of 1.5 times the original cost of investment. This realisation has had no material impact on the NAV per share as reported above.
On 13 February 2020, the Company sold its investment in Turner Topco Limited (trading as Auction Technology Group), generating cash proceeds of £4.55 million which, combined with returns received prior to a secondary buyout in June 2014, contributed to a multiple on original cost of 4.5 times over the 11 and a half years the investment was held. In isolation, the impact of this sale on the Company's NAV per share referred to above, would be an increase of 3.22p.
The Company emphasises that this figure is in isolation from any other changes in the Company's balance sheet, including other valuation movements in the Company's investment portfolio, that may affect the NAV per share during the current quarter.
Investments after the quarter end
On 28 February 2020, the Company made a new investment of £1.45 million into Bella & Duke Limited, a provider of premium frozen raw dog food to pet owners in the UK.
Other than as described above, there were no material events during the quarter and to the date of this announcement.
Please note that all of the information above is unaudited.
For further information, please contact:
Mobeus Equity Partners LLP, Company Secretary: 020 7024 7600.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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Interim Management Statement to 31 December 2019 - RNS
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Mobeus Income & Growth 2 VCT plc published this content on 02 March 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 March 2020 10:27:04 UTC
