Half-yearly Results
Mobeus Income & Growth 4 VCT plc
Half-Yearly Report for the six months ended 31 July 2012
INVESTMENT OBJECTIVE
Mobeus Income & Growth 4 VCT plc, formerly Matrix Income & Growth 4
VCT plc ("MIG4", the "Company" or the "Fund") is a Venture Capital Trust
("VCT") managed by Mobeus Equity Partners LLP previously Matrix Private Equity
Partners LLP ("Mobeus") investing primarily in established, profitable,
unquoted companies.
The objective of the Company is to provide investors with a regular
income stream by way of tax free dividends and to generate capital growth
through portfolio realisations which can be distributed by way of additional
tax free dividends.
The portfolio comprises a number of diverse investments over a wide range of
different business sectors, thus spreading risk by avoiding over-concentration
in any one sector.
FINANCIAL HIGHLIGHTS
As at 31 July 2012
- Interim dividend of 5 pence per share for the year ended 31
January 2012 was paid on 6 June 2012. Cumulative dividends paid to date are
now 26.70 pence per share.
- Strong liquidity has been further enhanced by a successful
fundraising, in which the Company has raised a further £5.168 million.
- The Company realised its investment in Iglu.com Holidays in May
for an overall return of 2.53 times the original investment cost in two and a
half years.
- The net asset value (NAV) per share at 31 July 2012 was 113.9
pence.
PERFORMANCE SUMMARY
Half-Yearly results for the six month period ended 31 July 2012
Ordinary Shares of 1 penny
Performance data for all fundraising rounds are
shown in a table at the end of this announcement.
The table below shows the recent past performance
of the original funds raised in 1999. Historic data for the original
fundraising since 31 January 2008 is shown in a table at the end of this
announcement.
Period Net assets Net asset NAV total Share price Share price
value return to total return
(NAV) per shareholders to
share since launch shareholders
per Share (p)2
(£ m) (p)2
(p)
(p)1
As at 31 July 2012 32.9 113.9 140.6 100.9 127.6
As at 31 January 2012 29.4 116.7 138.4 100.0 121.7
As at 31 July 2011 28.3 111.9 133.6 101.75 123.5
1 Source: London Stock Exchange 2 Total returns to Shareholders include
dividends paid
In the graph below, the NAV and share price total returns to shareholders
comprise the NAV and share price respectively, assuming the dividends paid
were re-invested on the date on which the shares were quoted ex-dividend in
respect of each dividend. The total return figures have been rebased to 100 at
31 July 2007.
CHAIRMAN'S STATEMENT
I am pleased to present the Company's Half-Yearly Report for the
six months ended 31 July 2012 (the "Report").
Performance
As at 31 July 2012 the Company's NAV per share was 113.9 pence (31
January 2012: 116.7 pence). In order to measure the NAV return over the period
on a like for like basis, the effect of the interim dividend of 5 pence per
share paid to Shareholders on 6 June 2012, in respect of the year ended 31
January 2012, should be excluded. This reduces the NAV per share at the start
of the period from 116.7 pence to 111.7 pence. Thus the Company's underlying
NAV per share rose by 2.2 pence per share or 2.0% over the period.
The share price total return, being the share price at 31 July 2012
plus the dividend of 5 pence paid in the period, rose by 5.9% during the six
month period from 100 pence to 105.9 pence per share. This compares with an
increase of 4.4% in the FTSE SmallCap Total Return Index and a fall of 11.8%
in the FTSE AIM Total Return Index.
This increase reflects a small net uplift in the value of the
portfolio companies.
Portfolio
Quoted markets have remained volatile during the six months under
review with most of the sector price earnings multiples, by reference to which
your Company's unquoted investments are valued, declining slightly. Concerns
over the weak performance of the UK economy and the state of the global
economy have damaged market sentiment. In particular, the stability of the
Eurozone (the main trading partner for the UK economy) remains a question,
with focus first on the restructuring of Greek debt, and more recently on the
parlous state of the Spanish banking sector. Notwithstanding this, overall,
the portfolio recorded realised and unrealised gains of £0.665 million over
the six month period. Apart from one major realisation (Iglu.com) and a new
investment prior to the period-end, into Tessella Limited, the Company's
investment and portfolio activity were relatively quiet. The investment
environment was affected by the continued weakness in the economy and more
recently by the uncertainty regarding the future direction of VCT tax
regulation. These factors made it more difficult for the Manager to complete
investments in the period.
The sale of Iglu.com in May for an overall return of 2.5 times the
original investment cost in two and a half years was a pleasing result.
We continued to utilise the Operating Partner programme and four
new investments in acquisition vehicles were made during the six-month period,
totalling £4 million. One of these, Sawrey Limited, was used to support the
MBO of Tessella in July and we anticipate that the Operating Partner programme
will lead to further new investments during the second half of 2012.
Further details of transactions in the period and the performance
of investee companies are contained in the Investment Manager's Review below.
Liquidity
Cash and liquidity fund balances as at 31 July 2012 amounted to
£11.9 million. In addition, there are £6 million of liquid assets held in the
acquisition vehicles. The Company is therefore well-positioned both to take
advantage of favourable investment opportunities as they arise and, if
required, to make investments to support the existing portfolio.
Dividend
Your Board declared an interim dividend of 5 pence per share, made
up of a capital dividend of 3.5 pence and an income dividend of 1.5 pence for
the year ended 31 January 2012. The dividend was paid on 6 June 2012 to
Shareholders on the register on 11 May 2012, bringing cumulative dividends
paid per share to 26.70 pence. The Board has an objective of providing
shareholders with a regular dividend. For reasons of administrative
efficiency, your Board has decided not to make a relatively small interim
payment for the current year, but intends to pay a dividend after considering
the year-end results.
Change of year-end
To facilitate the process of allotting shares arising from any
future fund-raisings, the Board has decided to amend the Company's accounting
reference date to 31 December. Thus the next accounts that shareholders will
receive will be for the 11 months ended 31 December 2012.
Revenue Account
The net revenue return for the six months to 31 July 2012 was £168k
(after tax) or 0.60p per share. This compares to a net revenue return of £208k
in the six months to 31 July 2011. However, income has risen by £35k, having
benefited from the higher level of loan stock interest received from
companies, despite a fall in dividend income from £157k last year to £43k.
Loan stock interest increased markedly, from £271k to £409k, reflecting
initial income from the new investments made last year, notably Motorclean,
EMAC and EOTH, and the payment by Blaze of some interest arrears. The fall in
dividend income is largely explained by the fact that the dividend of £135k
received from DiGiCo last year was not repeated this year, as this investment
has since been partially realised.
Interest received from money market funds continues to be low, at
an average rate of around 0.5% at the period-end.
Investment Management expenses charged to revenue have increased by
£14k compared to 2011, due to the increase in net assets, partly as a result
of the funds raised under the Linked Offer for subscription. Other expenses
have increased by £44k, due mainly to higher printing, postage and listing
related costs.
Change of company name and change of control at the Manager
As envisaged and notified in earlier communications to
shareholders, the Investment Manager, together with all its staff, became a
fully independent firm owned by its partners and renamed itself Mobeus Equity
Partners LLP ("Mobeus"), with effect from 30 June 2012. The Company changed
its name from Matrix Income & Growth 4 VCT plc to Mobeus Income & Growth 4 VCT
plc on 2 July 2012 to be consistent with the Manager's change of name.
The Company's investment strategy and its arrangements with Mobeus,
in particular the Manager's investment approach and services, remain
unchanged. The team continues to be wholly dedicated to the management and
administration of VCTs. The Board looks forward to this new phase of working
with its fully independent Investment Manager.
Share buy-backs
During the six months ended 31 July 2012 the Company continued to
implement its buy-back policy and bought back 765,997 Ordinary Shares,
representing 3.04% of the shares in issue as at 1 February 2012 at a total
cost of £780,873. These shares were subsequently cancelled by the Company.
The Board regularly reviews its buyback policy and endeavours to
maintain the discount to NAV at which the Company's shares trade at around
10%. At 26 September, the mid-market price for the Company's shares was 100.88
pence, representing a discount of 10.3% to the latest NAV at 30 April
(adjusted for the dividend of 5p paid in June) announced before today.
Selling your shares
The Company's shares are listed on the London Stock Exchange and as
such they can be sold in the same way as any other quoted company through a
stockbroker. However, to ensure that you obtain the best price, if you wish to
sell your shares you are strongly advised to contact the Company's
stockbroker, Matrix Corporate Capital, by telephoning 020 3206 7176/7 before
agreeing a price with your stockbroker. Shareholders are also advised to
discuss their individual tax position with their financial advisor before
deciding to sell their shares.
Linked offer
A further 4,320,141 new shares were allotted under the linked offer
which closed on 30 June 2012. A total of £15.506 million was subscribed across
the three VCTs of which £5.168 million was raised by the Company.
Future fundraising
The Board is investigating options for fundraising in 2012/13, but
expects to be participating again in a linked fundraising with other Mobeus
advised VCTs which is expected to launch later this year. The funds raised
will further add to the Company's capability to capitalise on new investment
opportunities, should provide further support, if needed, for the share
buyback program, and should spread fixed running costs over a larger asset
base. Details of the Offer are expected to be posted to shareholders later in
the year.
Shareholder communication
May I remind you that the Company has its own website which is available at
www.mig4vct.co.uk.
The Company maintains a programme of regular communication with
Shareholders through newsletters and a dedicated website in addition to the
Company's Half-Yearly and Annual Reports.
The Investment Manager has established a new Mobeus website:
www.mobeusequity.co.uk which will be regularly updated with information on
your investments including case studies of portfolio companies and profiles of
the investment team. The Company has its own dedicated section on the website
which includes performance tables, details of dividends paid and copies of
past reports to Shareholders.
The Company has adopted electronic communications
which enables Shareholders to choose between electing to receive
communications by email or as hard copies through the post. Accompanying this
report, Shareholders have received a letter requesting them to choose either
of these options. We believe that this provides a more efficient way of
communicating with Shareholders as well as making savings to the Company on
postage and printing costs.
The Investment Manager held a second successful
investor workshop on 25 January 2012. The workshop provided a forum for about
100 VCT Shareholders to hear presentations from the Manager about its
investment activity in greater depth and from a successful entrepreneur of one
of the portfolio companies. We received positive feedback from those who
attended in previous years. All shareholders will receive an invitation to the
next event nearer to the date.
The Board also welcomes the opportunity to meet Shareholders at the
Company's General Meetings during which representatives of the Investment
Manager are present to discuss the progress of the portfolio. The next AGM of
the Company will be held in June 2013.
Outlook
Following on from my comments in my last Chairman's Statement the
outlook for the UK economy continues to remain uncertain, with the Coalition
Government still finding it difficult to formulate a cohesive economic plan
for recovery. Some parts of the economy are doing well, but higher tax rates
and higher inflation are negatives. With the mixed UK picture, and concerns
about the Eurozone, investor sentiment is likely to continue fluctuate. The UK
economy is in the midst of a double-dip recession having contracted in three
out of the four last quarters. Although some rebound in activity is now
expected, any recovery over the next twelve months is likely to be modest.
Meanwhile, uncertainty over the future of the euro and the Eurozone, coupled
with deteriorating prospects for growth in the US and the rest of the world
are likely to continue to weigh heavily on investor, consumer and corporate
confidence. As a result quoted stock markets are likely to remain volatile.
Such an environment will present both challenges and opportunities
for the Company. Only well-managed and well-financed companies with robust
business models will thrive or, indeed, survive. The Company has a strong cash
position with which to support portfolio companies through a testing period
where merited and will use the cash-rich acquisition companies to take
advantage of attractive new investment opportunities that present themselves.
This is particularly important at a time that UK banks, despite government
exhortations, are limiting, or even withdrawing funds from the smaller company
sector.
Despite the difficult environment, the majority of companies in the
portfolio continue to generate operating profits and several are reporting
results ahead of their budget and prior year. However, the Investment Manager
expects that there may be companies in our portfolio which will continue to
find the economic climate challenging in the short term as the economy
struggles to achieve positive growth.
The Investment Manager continues to investigate a number of
investment opportunities at realistic purchase levels. The Board believes that
the VCT's strategy of investing primarily in MBOs and structuring investments
to include loan stock will continue to mitigate downside risk. This should
contribute to enhancing the Company's performance and help to achieve the
objective of attractive dividend payout levels.
As noted at the foot of the Investment Policy as shown below, your
Board and Investment Manager are aware of recent changes to the VCT
legislation which could affect future operations and policies. It is still too
early to know, but the detail of these changes is still being assessed, and
any resulting impact on the fund will be reported to shareholders.
Finally, I would like to thank all of our Shareholders for their
continuing support.
Christopher Moore
Chairman
26 September 2012
RESPONSIBILITY STATEMENT
In accordance with Disclosure and Transparency Rule (DTR) 4.2.10,
Christopher Moore (Chairman), Andrew Robson (Chairman of the Audit Committee
and Remuneration and Nomination Committee) and Helen Sinclair (Chairman of the
Investment Committee), the Directors of the Company confirm that to the best
of their knowledge:
(a) the condensed set of financial statements, which has been
prepared in accordance with the statement, "Half-Yearly Reports", issued by
the Accounting Standards Board, gives a true and fair view of the assets,
liabilities, financial position and profit of the Company, as required by DTR
4.2.4;
(b) the interim management report, included within the Chairman's
Statement, Investment Policy, Investment Manager's Review and the Investment
Portfolio Summary includes a fair review of the information required by DTR
4.2.7 being an indication of the important events that have occurred during
the first six months of the financial year and their impact on the condensed
set of financial statements;
(c) a description of the principal risks and uncertainties facing
the Company for the remaining six months is set out below, in accordance with
DTR 4.2.7; and
(d) there were no related party transactions in the first six
months of the current financial year that are required to be reported, in
accordance with DTR 4.2.8.
PRINCIPAL RISKS AND UNCERTAINITIES
In accordance with (DTR) 4.2.7, the Board confirms that the
principal risks and uncertainties facing the Company have not materially
changed since the publication of the Annual Report and Accounts for the year
ended 31 January 2012. The Board acknowledges that there is regulatory risk
and continues to manage the Company's affairs in such a manner as to comply
with section 274 Income Tax Act 2007.
The principal risks faced by the Company are:
- economic risk;
- loss of approval as a Venture Capital Trust;
- investment and strategic risk;
- regulatory risk;
- financial and operating risk;
- market risk;
- asset liquidity risk;
- market liquidity risk;
- credit/counterparty risk; and
- fraud and dishonesty risk.
A more detailed explanation of these risks can be found in the
Directors' Report on pages 24 - 35 and in Note 19 on pages 65 - 72 of the
Annual Report and Accounts for the year ended 31 January 2012 copies of which
are available on the Investment Managers website, www.mobeusequity.co.uk or by
going direct to the VCT's website, www.mig4vct.co.uk.
GOING CONCERN
The Board has assessed the Company's operation as a going concern.
The Company's business activities, together with the factors likely to affect
its future development, performance and position are set out in the interim
management report which is included within the Chairman's Statement,
Investment Policy, Investment Manager's Review and Investment Portfolio
Summary. The Directors have satisfied themselves that the Company continues to
maintain a significant cash position. The majority of companies in the
portfolio continue to trade profitably and the portfolio taken as a whole
remains resilient and well-diversified. The major cash outflows of the Company
(namely investments, buy-backs and dividends) are within the Company's
control.
The Board's assessment of liquidity risk and details of the
Company's policies for managing its capital and financial risks are shown in
Note 19 on pages 65 - 72 of the Annual Report and Accounts for the year ended
31 January 2012. Accordingly, the Directors continue to adopt the going
concern basis of accounting in preparing the half-yearly report and annual
financial statements.
RELATED PARTY TRANSACTION
There were no related party transactions in the first six months of
the current financial year that are required to be reported.
CAUTIONARY STATEMENT
This report may contain forward looking statements with regards to
the financial condition and results of the Company, which are made in the
light of current economic and business circumstances. Nothing in this report
should be construed as a profit forecast.
On behalf of the Board
Christopher Moore
Chairman
26 September 2012
INVESTMENT POLICY
The Company's policy is to invest primarily in a diverse portfolio
of UK unquoted companies. Investments are structured as part loan and part
equity in order to receive regular income and to generate capital gains from
trade sales and flotations of investee companies.
Investments are made selectively across a number of sectors,
primarily in management buyout transactions (MBOs) i.e. to support incumbent
management teams in acquiring the business they manage but do not yet own.
Investments are primarily made in companies that are established and
profitable.
The Company has a small legacy portfolio of investments in
companies from its period prior to 1 August 2006, when it was a multi-manager
VCT. This includes investments in early stage and technology companies.
Uninvested funds are held in cash and lower risk money market
funds.
UK companies
The companies in which investments are made must have no more than
£15 million of gross assets at the time of investment to be classed as a VCT
qualifying holding.
VCT regulation
(Please note the changes to the VCT tax rules below)
The investment policy is designed to ensure that the Company
continues to qualify and is approved as a VCT by HMRC. Amongst other
conditions, the Company may not invest more than 15% of its investments in a
single company and must have at least 70% by value of its investments
throughout the year in shares or securities comprised in VCT qualifying
holdings, of which a minimum overall of 30% by value must be ordinary shares
which carry no preferential rights. In addition, although the Company can
invest less than 30% of an investment in a specific company in ordinary shares
it must have at least 10% by value of its total investments in each VCT
qualifying company in ordinary shares which carry no preferential rights (save
as may be permitted under VCT rules).
70% of funds raised after 6 April 2011 must be invested in equity.
Asset mix
The Company initially holds its funds in a portfolio of readily
realisable interest bearing investments and deposits. The investment portfolio
of qualifying investments is built up over a three year period with the aim of
investing and maintaining at least 80% of net funds raised in qualifying
investments.
Risk diversification and maximum exposures
Risk is spread by investing in a number of different businesses
across different industry sectors. To reduce the risk of high exposure to
equities, each qualifying investment is structured using a significant
proportion of loan stock (up to 70% of the total investment in each VCT
qualifying company). Initial investments in VCT qualifying companies are
generally made in amounts ranging from £200,000 to £2 million at cost. No
holding in any one company will represent more than 10% of the value of the
Company's investments at the time of investment. Ongoing monitoring of each
investment is carried out by the Investment Manager, generally through taking
a seat on the board of each VCT qualifying company.
Co-investment
Whilst the Board operates independently, in general the Company
aims to invest alongside the three other VCTs advised by the Investment
Manager with a similar investment policy. This enables the Company to
participate in combined investments advised on by the Investment Manager of up
to £5 million.
Borrowing
The Company has never borrowed and has no current plans to
undertake any borrowing.
Management
The Board has overall responsibility for the Company's affairs
including the determination of its investment policy. Investment and
divestment proposals are originated, negotiated and recommended by the
Investment Manager and are then subject to formal approval by the Board of
Directors. Mobeus Equity Partners LLP also provides Company Secretarial and
Accountancy services to the VCT.
----------
Impact of changes to the VCT tax rules on the VCT's investment
policy
Changes to the VCT tax legislation, introduced with effect from 6
April 2012 as part of the Finance Act 2012, will impact on the Company's
Investments Policy as follows:
(1) The size of companies in which investment can be made has
increased back to pre 6 April 2006 levels; companies can have gross assets of
up to £15 million immediately before and £16 million immediately after the
investment.
(2) The maximum number of permitted employees for an investee
company at the time of investment has been increased from fewer than 50 to
fewer than 250 (this limit does not apply to VCT funds raised before 6 April
2007).
(3) The £1 million limit on the amount of investment a VCT may make
into a particular company within a tax year has been abolished, except where
that company trades in partnership or has a joint venture. A new rule requires
that an investee company should not receive more than £5 million from State
Aid sources, including VCTs, within any twelve month rolling period on the
date of the VCT's investment.
(4) It is no longer possible for the Manager to carry out certain
types of MBO transactions using funds raised after 5 April 2012. The Company
does not anticipate that this change will have a major impact on the Company's
investment policy, for the foreseeable future.
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INVESTMENT MANAGER'S REVIEW
Overview
The UK economy has exhibited little or no growth in real terms over
the last twelve to eighteen months. Over these six months, we have continued
our measured approach in assessing the opportunities that are emerging. We
have rejected a number of prospective deals either on the grounds that they
would not deliver forecast growth or because the required sale price was too
high, but there are still a number of opportunities that we are progressing.
The Portfolio
Against this difficult economic background, the performance of the
majority of the companies in the portfolio has been encouraging. The Company's
portfolio at 31 July 2012 comprised 36 investments with a cost of £22.5
million valued at £21.3 million. Overall, the portfolio has achieved realised
and unrealised gains of £0.665 million (3.7% of the opening value) since the
beginning of the year.
The portfolio has continued to perform solidly with a number of companies,
particularly ATG Media and DiGiCo, showing good growth in profitability. In
the case of ATG, this performance has been reflected in an uplift to this
company's valuation. Inevitably, however, some companies, such as those
exposed to the consumer and construction sectors, are finding trading more
volatile and unpredictable. In February 2012, the Company made a follow on
investment of £5,275 in Sift. PXP also required a small follow-on investment,
of £33,376, which was completed in June 2012.
The Company has continued to benefit from the profitability and
strong cash position of a number of investee companies and has received
partial loan stock repayments in the six months covered by this report
totalling £195,665 from Blaze Signs and Fullfield.
In May 2012, the Company realised its entire investment in Iglu.com
Holidays, the specialist online ski-holiday and fast growing cruise-holiday
travel agent, for a cash consideration of £1,278,073 through a sale to Growth
Capital Partners. This realisation contributed to total cash proceeds of
£2,222,323 to the Company over the two and a half year life of the investment,
representing a 2.5 times return on the Company's original investment of £878k.
Our strategy is to retain and develop a portfolio of successful
companies until they have reached the point judged optimal for a profitable
realisation. In the meantime, the portfolio normally benefits from returns in
the form of loan stock interest, dividends and loan repayments, during the
period an investment is held.
In July 2012, the Company made an investment of £1,268,647 million
to support the MBO of Tessella, an international provider of science-powered
technology and consulting services. The Company used its existing investment
of £1 million in the acquisition vehicle Sawrey to finance the transaction,
along with a further £268,647 from the Company's cash reserves. Founded in
1980, the company delivers innovative and cost-effective solutions to complex
real-world commercial and technical challenges including developing smarter
drug trials; preserving the digital heritage of nations across the globe;
minimising risk in oil and gas exploration; controlling the orbit and attitude
of satellites; and researching fusion energy.
We are confident that the Operating Partner programme will continue
to generate successful investments for the Company and accordingly four new
£1m investments in acquisition vehicles have been made in the six-month period
totalling £4 million. One of these, Sawrey Limited, has already been used
following the period-end to support the MBO of Tessella as set out above. The
total amount invested in acquisition vehicles now stands at £6m. Each of these
acquisition vehicles is headed by an experienced chairman, well-known to us,
who is working closely with us in seeking to identify and complete investments
in specific sectors relevant to their industry knowledge and experience. We
anticipate that the Operating Partner programme will lead to further new
investments during the second half of 2012.
Outlook
The difficult economic outlook and the volatility in the quoted markets will
inevitably continue to have an impact on the unrealised valuations of the
companies in the portfolio. However, we believe that the portfolio has the
capability to deliver growth in value which will be released in the long term.
Our strategy of investing primarily in MBOs and structuring investments to
include loan stock will continue to mitigate downside risk. The Investment
Manager is conscious of the need to ensure that investee companies take
appropriate actions to respond to the challenging environment ahead.
Much uncertainty remains concerning the quality of the economic
recovery and we remain vigilant about the potential impact on the portfolio
and cautious when evaluating new opportunities.
Mobeus Equity Partners LLP
26 September 2012
INVESTMENT PORTFOLIO SUMMARY
as at 31 July 2012
Total Total Total % of % of
cost valuation valuation equity portfolio
at 31-Jul-12 at 31-Jan-12 at 31-Jul-12 held by value
£ £ £
Mobeus Equity
Partners LLP
ATG Media Holdings
Limited 888,993 1,854,802 2,238,285 8.50% 10.51%
Publisher and
online auction
platform operator
DiGiCo Global
Limited 1,334,293 1,334,293 1,334,293 2.39% 6.27%
Design and
manufacture of
audio mixing desks
Oval (2253)
Limited, trading as
Tessella Limited 1,268,647 - 1,268,647 5.44% 5.96%
Consultancy
Ingleby (1879)
Limited trading as
EMaC Limited 1,263,817 1,263,817 1,263,817 6.32% 5.94%
Provider of service
plans for the motor
trade
CB Imports Group
Limited 1,000,000 1,082,283 1,157,157 5.79% 5.44%
Importer and
distributor of
artificial flowers,
floral sundries and
home decor products
Fullfield Limited
trading as
Motorclean Group 1,110,096 1,195,488 1,149,890 8.75% 5.40%
Vehicle cleaning
and valet services
Ackling Management
Limited 1,000,000 1,000,000 1,000,000 12.50% 4.69%
Company looking to
acquire businesses
in the food
manufacturing,
distribution and
brand management
sectors
Almsworthy Trading
Limited 1,000,000 - 1,000,000 12.50% 4.69%
Company looking to
acquire businesses
in the specialist
construction,
building support,
building products
and related
services sectors
Culbone Trading
Limited 1,000,000 - 1,000,000 12.50% 4.69%
Company looking to
acquire businesses
in the outsourced
services sectors
Fosse Management
Limited 1,000,000 1,000,000 1,000,000 12.50% 4.69%
Company looking to
acquire businesses
in the brand
management,
consumer products
and retail sectors
Madacombe Trading
Limited 1,000,000 - 1,000,000 12.50% 4.69%
Company looking to
acquire businesses
in the engineering
services sectors
Peddars Management
Limited 1,000,000 1,000,000 1,000,000 12.50% 4.69%
Company looking to
acquire businesses
in the database
management,
mapping, data
mapping and
management services
to legal and
building industry
sectors
EOTH Limited 951,471 951,471 951,471 1.71% 4.47%
Branded outdoor
equipment and
clothing
RDL Recruitment
Limited (formerly
RDL Corporation
Limited) 1,000,000 893,542 857,535 9.05% 4.03%
Recruitment
consultants for the
pharmaceutical,
business
intelligence and IT
industries
ASL Technology
Holdings Limited 1,257,133 1,154,217 847,539 6.78% 3.98%
Printer and
photocopier
services
Focus Pharma
Holdings Limited 605,837 686,743 763,367 3.10% 3.59%
Licensor and
distributor of
generic
pharmaceuticals
Blaze Signs
Holdings Limited 525,191 618,137 710,161 5.72% 3.34%
Manufacturer and
installer of signs
Westway Services
Holdings (2010)
Limited (formerly
MC440 Limited) 236,096 422,062 504,521 3.20% 2.37%
Installation,
maintenance and
servicing of
air-conditioning
systems
Youngman Group
Limited 500,026 349,983 349,983 4.24% 1.64%
Manufacturer of
ladders and access
towers
British
International
Holdings Limited 295,455 323,360 295,455 2.50% 1.39%
Operator of
helicopter services
Plastic Surgeon
Holdings Limited 458,837 225,654 259,879 6.88% 1.22%
Snagging and
finishing of
domestic and
commercial
properties
Omega Diagnostics
plc 199,998 174,998 233,331 1.96% 1.10%
In-vitro
diagnostics for
food intolerance,
autoimmune diseases
and infectious
diseases
Machineworks
Software Limited 9,329 143,770 215,288 4.20% 1.01%
Software for CAM
and machine tool
vendors
Higher Nature
Limited 500,127 258,347 161,715 10.34% 0.76%
Supplier of
mineral, vitamin
and food
supplements
Duncary 8 Limited
(formerly Duncary
4/BG Consulting
Limited) 126,995 124,465 131,540 5.10% 0.62%
Technical training
business
Faversham House
Limited 346,488 290,720 129,747 6.26% 0.61%
Publisher,
exhibition
organiser and
operator of web
sites for the
environmental,
visual
communications and
building services
sectors
Racoon
International
Holdings Limited 406,805 94,621 93,425 5.70% 0.44%
Supplier of hair
extensions, hair
care products and
training
Monsal Holdings
Limited 699,444 63,431 63,431 6.14% 0.30%
Supplier of
engineering
services to water
and waste sectors
Vectair Holdings
Limited 24,732 59,357 57,179 2.14% 0.27%
Designer and
distributor of
washroom products
Lightworks Software
Limited 9,329 52,810 39,655 4.20% 0.19%
Software for CAD
vendors
PXP Holdings
Limited (Pinewood
Structures) 712,925 - 15,687 4.39% 0.07%
Designer,
manufacturer and
supplier of timber
frames for
buildings
Watchgate Limited 1,000 - - 33.33% 0.00%
Holding company
Legion Group plc -
in administration 150,102 - - - 0.00%
Provider of manned
guarding,
patrolling and
alarm response
services
IGLU.com Holidays
Limited - 1,107,862 - - 0.00%
Online ski and
cruise travel agent
Letraset Limited - 80,070 - - 0.00%
Manufacturer and
distributor of
graphic art
products
----- ----- ----- ----- -----
Total 21,883,166 17,806,303 21,092,998 99.06%
Former Elderstreet
Private Equity
Limited Portfolio
Cashfac Limited 260,101 104,906 121,950 2.88% 0.57%
Provider of virtual
banking application
software
Sparesfinder
Limited 250,854 53,625 73,708 1.70% 0.36%
Supplier of
industrial spare
parts on-line
Sift Limited 135,391 6,523 2,135 1.28% 0.01%
Developer of
business to
business internet
communities
----- ----- ----- ----- -----
Total 646,346 165,054 197,793 104,906 0.94%
----- ----- ----- ----- -----
Investment
Managers' totals 22,529,512 17,971,357 21,290,791 100.00%
===== ===== ===== ===== =====
UNAUDITED INCOME STATEMENT
for the six months ended 31 July 2012
Six months ended 31 July 2012 Six months ended 31 July 2011
(unaudited) (unaudited)
Notes Revenue Capital Total Revenue Capital Total
£ £ £ £ £ £
Unrealised gains on
investments held at fair value 8 - 395,733 395,733 - 451,225 451,225
Realised gains on
investments held at fair value 8 - 241,163 241,163 - 2,551 2,551
Income 2 494,501 - 494,501 459,395 - 459,395
Investment management
expense 3 (95,343) (286,029) (381,372) (81,573) (244,718) (326,291)
Other expenses (199,969) - (199,969) (155,917) - (155,917)
Profit on ordinary activities
before taxation 199,189 350,867 550,056 221,905 209,058 430,963
Tax on profit on ordinary
activities 4 (31,213) 31,213 - (13,716) 13,716 -
Profit attributable to equity
shareholders 167,976 382,080 550,056 208,189 222,774 430,963
Basic and diluted earnings
per Ordinary share 5 0.60p 1.38p 1.98p 0.86p 0.91p 1.77p
Year ended 31 January 2012
(audited)
Notes Revenue Capital Total
£ £ £
Unrealised gains on investments held at fair value 8 - 1,409,405 1,409,405
Realised gains on investments held at fair value 8 - 247,559 247,559
Income 2 955,864 - 955,864
Investment management expense 3 (166,809) (500,427) (667,236)
Other expenses (302,318) - (302,318)
Profit on ordinary activities before taxation 486,737 1,156,537 1,643,274
Tax on profit on ordinary activities 4 (56,430) 56,430 -
Profit attributable to equity shareholders 430,307 1,212,967 1,643,274
Basic and diluted earnings per Ordinary share 5 1.73p 4.89p 6.62p
The total column of this statement is the profit and loss account of the Company.
All revenue and capital items in the above statement derive from continuing operations.
There were no other recognised gains or losses in the period.
Other than revaluation movements arising on investments held at fair value
through profit and loss there were no differences between the profit as stated above and at
historical cost.
Unaudited Balance Sheet
as at 31 July 2012
31 July 2012 31 July 2011 31 January 2012
(unaudited) (unaudited) (audited)
Notes £ £ £
Fixed assets
Investments at fair value 8 21,290,791 19,001,346 17,971,357
Current assets
Debtors and prepayments 143,343 191,511 200,080
Current Investments 9 9,032,105 6,853,014 8,883,265
Cash at bank 2,852,298 2,460,293 2,511,010
12,027,746 9,504,818 11,594,355
Creditors: amounts falling due within one year (381,349) (183,711) (147,047)
Net current assets 11,646,397 9,321,107 11,447,308
Net assets 32,937,188 28,322,453 29,418,665
Capital and reserves 10
Called up share capital 289,188 253,166 252,019
Share premium reserve 12,004,600 6,847,570 6,847,570
Capital redemption reserve 901,765 892,958 894,105
Revaluation reserve 696,873 1,273,536 1,204,972
Special distributable reserve 13,017,890 14,861,009 14,078,325
Profit and loss account 6,026,872 4,194,214 6,141,674
Equity shareholders' funds 32,937,188 28,322,453 29,418,665
Net asset value per Ordinary share 7 113.90p 111.87p 116.73p
Unaudited Reconciliation of Movements in Shareholders' Funds
for the six months ended 31 July 2012
Year ended
Six months ended Six months ended 31 January
31 July 2012 31 July 2011 2012
(unaudited) (unaudited) (audited)
£ £ £
Opening Shareholders' Funds 29,418,665 25,345,179 25,345,179
Net share capital subscribed 5,201,859 3,464,121 3,464,121
Net share capital bought back (780,873) (163,990) (280,089)
Profit for the period before
dividends 550,056 430,963 1,643,274
Dividends paid in period 6 (1,452,519) (753,820) (753,820)
Closing shareholders' funds 32,937,188 28,322,453 29,418,665
Unaudited Summarised Cash Flow Statement
or the six months ended 31 July 2012
Six months Six months Year ended
ended 31 ended 31 31 January
July 2012 July 2011 2012
(unaudited) (unaudited) (audited)
£ £ £
Interest income received 497,491 263,398 609,497
Dividend income 64,965 128,616 264,438
VAT paid to Investment managers - (15,287) (15,287)
Investment management fees paid (381,371) (326,080) (667,235)
Cash payments for other expenses (231,812) (131,059) (299,720)
Net cash outflow from operating activities (50,727) (80,412) (108,307)
Investing activities
Sale of investments 1,632,865 1,085,668 7,549,563
Purchase of investments (4,307,298) (732,348) (4,971,171)
Net cash (outflow)/inflow from investing activities (2,674,433) 353,320 2,578,392
Cash (outflow)/inflow before financing and liquid resource
management (2,725,160) 272,908 2,470,085
Dividends
Equity dividends paid (1,452,519) (753,820) (753,820)
Financing
Share capital subscribed 5,201,859 5,297,186 5,297,186
Purchase of own shares (534,052) (208,872) (325,081)
Cash inflow from financing 4,503,390 5,088,314 4,972,105
Management of liquid resources
Increase in monies held in money market funds (148,840) (3,208,273) (5,238,524)
Increase in cash 341,288 1,399,129 1,449,846
Reconciliation of net cash inflow to movement in net funds
Increase in cash for the period 341,288 1,399,129 1,449,846
Net funds at the start of the period 2,511,010 1,061,164 1,061,164
Net funds at the end of the period 2,852,298 2,460,293 2,511,010
Reconciliation of profit on ordinary activities before taxation to net cash
outflow from operating activities
for the six months ended 31 July 2012
Year ended
Six months ended Six months ended 31 January
31 July 2012 31 July 2011 2012
(unaudited) (unaudited) (audited)
£ £ £
Profit on ordinary activities before taxation 550,056 430,963 1,643,274
Net unrealised gains on investments (395,733) (451,225) (247,559)
Net gains on realisations of investments (241,163) (2,551) (1,409,405)
Decrease/(Increase) in debtors 48,632 (76,511) (76,975)
(Decrease)/increase in creditors (12,519) 18,912 (17,642)
Net cash outflow from operating activities (50,727) (80,412) (108,307)
Notes to the Accounts
1. Principal accounting policies
The following accounting policies have been applied consistently
throughout the period. Full details of principal accounting policies will be
disclosed in the Annual Report.
a) Basis of accounting
The unaudited results cover the six months to 31 July 2012 and have
been prepared under UK Generally Accepted Accounting Practice (UK GAAP),
consistent with the accounting policies set out in the statutory accounts for
the year ended 31 January 2012 and the 2009 Statement of Recommended Practice,
`Financial Statements of Investment Trust Companies and Venture Capital
Trusts' ('the SORP') issued by the Association of Investment Companies.
The Half-Yearly Report has not been audited, nor has it been
reviewed by the auditor pursuant to the Auditing Practices Board (APB)'s
guidance on Review of Interim Financial Information.
b) Presentation of the Income Statement
In order to better reflect the activities of a VCT and in
accordance with the SORP, supplementary information which analyses the Income
Statement between items of a revenue and capital nature has been presented
alongside the Income Statement. The revenue column of profit attributable to
equity shareholders is the measure the Directors believe appropriate in
assessing the Company's compliance with certain requirements set out in
Section 274 Income Tax Act 2007.
c) Investments
All investments held by the Company are classified as "fair value
through profit and loss", in accordance with the International Private Equity
and Venture Capital Valuation ("IPEVCV") guidelines, as updated in September
2009. This classification is followed as the Company's business is to invest
in financial assets with a view to profiting from their total return in the
form of capital growth and income.
For investments actively traded in organised financial markets,
fair value is generally determined by reference to Stock Exchange market
quoted bid prices at the close of business on the balance sheet date.
Purchases and sales of quoted investments are recognised on the trade date
where a contract of sale exists whose terms require delivery within a time
frame determined by the relevant market. Purchase and sales of unlisted
investments are recognised when the contract for acquisition or sale becomes
unconditional.
Unquoted investments are stated at fair value by the Directors in
accordance with the following rules, which are consistent with the IPEVCV
guidelines:
All investments are held at the price of a recent investment for an
appropriate period where there is considered to have been no change in fair
value. Where such a basis is no longer considered appropriate, the following
factors will be considered:
(i) Where a value is indicated by a material arms-length
transaction by an independent third party in the shares of a company, this
value will be used.
(ii) In the absence of i), and depending upon both the subsequent
trading performance and investment structure of an investee company, the
valuation basis will usually move to either:-
a) an earnings multiple basis. The shares may be valued by
applying a suitable price-earnings ratio to that company's historic, current
or forecast post-tax earnings before interest and amortisation (the ratio used
being based on a comparable sector but the resulting value being adjusted to
reflect points of difference identified by the Investment Manager compared to
the sector including, inter alia, a lack of marketability).
or:-
b) where a company's underperformance against plan indicates a
diminution in the value of the investment, provision against cost is made, as
appropriate. Where the value of an investment has fallen permanently below
cost, the loss is treated as a permanent impairment and as a realised loss,
even though the investment is still held. The Board assesses the portfolio for
such investments and, after agreement with the Investment Manager, will agree
the values that represent the extent to which an investment loss has become
realised. This is based upon an assessment of objective evidence of that
investment's future prospects, to determine whether there is potential for the
investment to recover in value.
(iii) Premiums on loan stock investments are accrued at fair value when the
Company receives the right to the premium and when considered recoverable.
(iv) Where an earnings multiple or cost less impairment basis is not
appropriate and overriding factors apply, discounted cash flow or net asset
valuation bases may be applied.
Capital gains and losses on investments, whether realised or
unrealised, are dealt with in the profit and loss and revaluation reserves and
movements in the period are shown in the Income Statement.
2. Income
Six months ended Six months ended Year ended
31 July 2012 31 July 2011 31 January 2012
(unaudited) (unaudited) (audited)
Income from investments £ £ £
Dividends 43,123 156,589 206,966
Money-market funds 21,917 22,240 45,637
Loan stock interest 409,184 270,851 677,597
Bank deposit interest 20,277 9,715 25,664
Total Income 494,501 459,395 955,864
3. Investment management expense
In accordance with the policy statement published under "Management
and Administration" in the Company's prospectus dated 8th February 1999, the
Directors have charged 75% of the investment management expenses to the
capital account. This is in line with the Board's expectation of the long-term
split of returns from the investment portfolio of the Company.
4. Taxation
There is no tax charge for the period as the Company has tax losses
from the current year and from previous periods, both of which can be offset
between revenue and capital.
5. Basic and diluted earnings per share
The basic earnings, revenue return and capital return per share
shown below for each period are respectively based on numerators i)-iii), each
divided by the weighted average number of shares in issue in the period - see
iv) below
Six months ended Six months ended Year ended
31 July 2012 31 July 2011 31 January 2012
(unaudited) (unaudited) (audited)
£ £ £
i) Total earnings after taxation 550,056 430,963 1,643,274
Basic and diluted earnings per 1.98p 1.77p 6.62p
Ordinary share (pence)
ii) Revenue earnings from 167,976 208,189 430,307
ordinary activities after
taxation
Basic and diluted revenue 0.60p 0.86p 1.73p
earnings per Ordinary share
(pence)
Net unrealised capital gains 395,733 451,225 1,409,405
Net realised capital gains 241,163 2,551 247,559
Capital expenses net of taxation (254,816) (231,002) (443,997)
iii) Capital return 382,080 222,774 1,212,967
Basic and diluted capital 1.38p 0.91p 4.89p
earnings per Ordinary share
(pence)
iv) Weighted average number of 27,809,710 24,337,457 24,804,482
shares in issue in the period
6. Dividends paid
Dividends paid Six months ended Six months ended Year ended
31 July 2012 31 July 2011 31 January 2012
(unaudited) (unaudited) (audited)
£ £ £
Interim income
dividend for the
year ended 31
January 2012 of 1.5
pence per Ordinary
Share paid 6 June
2012 435,756 - -
Interim capital
dividend for the
year ended 31
January 2012 of 3.5
pence per Ordinary
Share paid 6 June
2012 1,016,763 - -
Final income
dividend for the
year ended 31
January 2011 of 0.4
pence per Ordinary
share paid 24 June
2011 - 100,509 100,509
Final capital
dividend for the
year ended 31
January 2011 of 2.6
pence per Ordinary
share paid 24 June
2011 - 653,311 653,311
1,452,519* 753,820* 753,820*
* - Of these amounts £164,417 (31 July 2012: £61,301; 31 January
2012: £61,301) was re-invested in new shares issued as part of the DRIS
scheme.
7.Net asset value per Ordinary share
As at As at As at
31 July 2012 31 July 2011 31 January 2012
(unaudited) (unaudited) (audited)
£ £ £
Net assets 32,937,188 28,322,453 29,418,665
Number of shares in issue 28,918,840 25,316,557 25,201,906
Net asset value per share (pence) 113.90p 111.87p 116.73p
8. Summary of fixed asset investments at fair value during the period
Traded Unquoted Unquoted Loan Stock Total
on AIM equity preference
shares shares
£ £ £ £ £
Valuation at 31 January 2012 174,998 5,687,375 17,204 12,091,780 17,971,357
Purchases at cost - 1,638,651 - 2,668,647 4,307,298
Reclassification at value - (187,955) - 187,955 -
Sales - proceeds - (1,435,586) (2,042) (214,984) (1,652,612)
- realised gains - 249,696 - 19,319 269,015
Unrealised gains/(losses) 58,333 415,736 (1,250) (77,086) 395,733
Valuation at 31 July 2012 233,331 6,367,917 13,912 14,675,631 21,290,791
Book cost at 31 July 2012 199,998 7,689,195 23,113 14,617,206 22,529,512
Unrealised gains/(losses) at 31 July 2012 33,333 (1,001,959) (8,133) 341,730 (635,029)
Permanent impairment of investments - (319,319) (1,068) (283,305) (603,692)
Valuation at 31 July 2012 233,331 6,367,917 13,912 14,675,631 21,290,791
Gains on investments - 1,153,839 - 19,007 1,172,846
Less amounts recognised as unrealised
(gains)/losses in previous years - (904,143) - 312 (903,831)
Realised gains based on carrying value at
31 January 2012 - 249,696 - 19,319 269,015
Net movement in unrealised
appreciation/(depreciation) in the period 58,333 415,736 (1,250) (77,086) 395,733
Gains/(losses) on investments for the
period ended 31 July 2012 58,333 665,432 (1,250) (57,767) 664,748
Transaction costs of £27,852 were incurred in the period and are deducted in
arriving at realised gains on investments in the Income Statement. Deducting
these from realised gains above gives £241,163 of gains as shown in the Income
Statement.
Proceeds above of £1,652,612 differ from the Cash Flow Statement figure of
£1,632,865 by £19,747. £27,852 of this relates to transaction costs and £8,105
relates to an amount receivable at 31 January 2012 which was received during
the period.
9. Current investments at fair value
These comprise investments in 5 Dublin based OEIC money market funds managed
by Royal Bank of Scotland, Blackrock Investment Management (UK) Ltd, Goldman
Sachs, Scottish Widows Investment Management, Fidelity Investment Management
and one UK based fund managed by Federated Prime Rate Capital Management.
£9,032,105 (31 July 2011: £6,842,545, 31 January 2012: £8,883,265) of this sum
is subject to same day access, whilst £nil (31 July 2011: £10,469, 31 January
2012: £nil) is subject to 2 day access.
10. Capital and reserves
Called up Share Capital Special Profit and
share Premium redemption Revaluation distributable loss
capital account reserve reserve reserve reserve Total
£ £ £ £ £ £ £
At 1 February 2012 252,019 6,847,570 894,105 1,204,972 14,078,325 6,141,674 29,418,665
Shares issued via
Linked Offer for
Subscription 43,201 4,994,241 - - - - 5,037,442
Dividends re-invested
into new shares 1,628 162,789 - - - - 164,417
Shares bought back (7,660) - 7,660 - (780,873) - (780,873)
Profit for the period - - - 395,733 - 154,323 550,056
Realised losses
transferred to special
reserve - - - - (279,562) 279,562 -
Realisation of
previously unrealised
appreciation - - - (903,832) - 903,832 -
Dividend - final paid for
year ended 31 January
2012 - - - - - (1,452,519) (1,452,519)
At 31 July 2012 289,188 12,004,600 901,765 696,873 13,017,890 6,026,872 32,937,188
During the six months to 31 July 2012, the Company issued 4,320,141 new
ordinary shares at an average price of 123.17 pence per share under the Linked
Offer for Subscription launched on 20 January 2012.
11. The financial information for the period ended 31 July 2012 does not
comprise full financial statements within the meaning of Section 435 of the
Companies Act 2006. The financial statements for the year ended 31 January
2012 have been filed with the Registrar of Companies. The auditor has reported
on these financial statements and that report was unqualified and did not
contain a statement under section 498(2) of the Companies Act 2006.
12. This Half-Yearly Report will shortly be made available on our website:
www.mig4vct.co.uk and will be circulated by post to those shareholders who
have requested copies of the Report. Further copies are available free of
charge from the Company's registered office, 30 Haymarket, London SW1Y 4EX or
can be downloaded via the website.
MOBEUS INCOME & GROWTH 4 VCT PLC
INVESTOR PERFORMANCE APPENDIX
Share price at 31 July 2012 100.90p1
NAV per share as at 31 July 2012 113.90p
Performance data for all fundraising rounds
The following tables show, for all investors in Mobeus Income & Growth 4 VCT
plc, how their investments have performed since they were originally allotted
shares in each fundraising.
Shareholders should note that funds from the original fundraising in 1999 were
managed by three investment advisers, up until 1 August 2006. At that date,
Mobeus became the sole adviser, to this and all subsequent fundraisings.
Total return data, which includes cumulative dividends paid to date, is shown
on both a share price and a NAV basis as at 31 July 2012. The NAV basis
enables Shareholders to evaluate more clearly the performance of the Manager,
as it reflects the underlying value of the portfolio at the reporting date.
This is the most widely used measure of performance in the VCT sector
Allotment Allotment Net Cumulative Total return per
date(s) price allotment dividends share to
price2 paid per shareholders since
share allotment
%
increase
since 31
January
2012
(Share (NAV (NAV
price basis) basis)
basis)
(p) (p) (p) (p) (p) %
Funds raised 19993
(launched 8 February 1999)
Between 8 February 1999 and 30 June 1999 200.00 160.00 26.70 127.60 140.60 1.59%
Funds raised 2006/07
(launched 2 November 2006)
01 February 2007 118.58 83.01 16.00 116.90 129.90 1.72%
19 February 2007 118.58 83.01 16.00 116.90 129.90 1.72%
05 March 2007 121.18 84.83 16.00 116.90 129.90 1.72%
19 March 2007 121.18 84.83 16.00 116.90 129.90 1.72%
02 April 2007 121.18 84.83 16.00 116.90 129.90 1.72%
04 April 2007 121.18 84.83 16.00 116.90 129.90 1.72%
05 April 2007 121.18 84.83 16.00 116.90 129.90 1.72%
Funds raised 2010 Top Up Offer
(launched 20 January 2010)
31 March 2010 112.40 78.68 11.00 111.90 124.90 1.79%
01 April 2010 112.40 78.68 11.00 111.90 124.90 1.79%
Funds raised 2011
(launched 12 November 2010)
21 January 2011 121.80 85.26 8.00 108.90 121.90 1.83%
28 February 2011 121.80 85.26 8.00 108.90 121.90 1.83%
22 March 2011 121.80 85.26 8.00 108.90 121.90 1.83%
01 April 2011 121.80 85.26 8.00 108.90 121.90 1.83%
05 April 2011 121.80 85.26 8.00 108.90 121.90 1.83%
10 May 2011 119.50 83.65 8.00 108.90 121.90 1.83%
06 July 2011 119.50 83.65 5.00 105.90 118.90 1.88%
Funds raised 2012
(launched 20 January 2012)
08 March 2012 123.50 86.45 5.00 105.90 118.90 -
04 April 2012 123.50 86.45 5.00 105.90 118.90 -
05 April 2012 123.50 86.45 5.00 105.90 118.90 -
10 May 2012 123.50 86.45 5.00 105.90 118.90 -
10 July 2012 119.10 83.37 - 100.90 113.90 -
1 - Source: London Stock Exchange.
2 - Net allotment price is the allotment price less applicable income tax relief. The
tax relief was 20% up to 5 April 2004, 40% from 6 April 2004 to 5 April 2006, and 30%
thereafter.
3 - Investors in this fundraising may also have enhanced their returns if they had
also deferred capital gains tax liabilities.
Cumulative dividends paid per share
Funds raised
Funds raised Funds raised 2010 - Top Funds raised Funds
1998/99 2006/07 up 2011 raised 2012
(p) (p) (p) (p) (p)
06 June 2012 5.00 5.00 5.00 5.00 5.00
24 June 2011 3.00 3.00 3.00 3.00
05 November 2010 1.00 1.00 1.00
09 June 2010 2.00 2.00 2.00
07 November 2009 1.00 1.00
10 June 2009 1.00 1.00
07 November 2008 1.00 1.00
11 June 2008 1.25 1.25
08 November 2007 0.75 0.75
26 October 2006 1.80
07 June 2006 0.50
08 June 2005 0.20
09 June 2004 0.50
29 May 2003 0.50
17 June 2002 1.00
16 July 2001 3.10
30 June 2000 3.10
26.70 16.00 11.00 8.00 5.00
Historical Performance data (Original fundraising in 1999)
The table below shows the historical performance of the original funds raised
in 1999.
Period Net assets Net asset NAV total Share price Share price
value (NAV) return to total return
per share shareholders to
since launch shareholders
per share
(£m) (p) (p)2 (p)1 (p)2
As at 31 July 2012 32.9 113.9 140.6 100.9 127.6
As at 31 January 2012 29.4 116.7 138.4 100.0 121.7
As at 31 July 2011 28.3 111.9 133.6 101.75 123.5
As at 31 January 2011 25.3 112.9 131.6 103.5 122.2
As at 31 January 2010 21.2 106.3 122.0 92.3 108.0
As at 31 January 2009 21.0 104.6 118.3 92.0 105.7
As at 31 January 2008 24.1 117.4 128.9 109.0 120.5
1 - Source: London Stock Exchange.
2 - Total returns to Shareholders include dividends paid
CORPORATE INFORMATION
Directors (Non-executive)
Christopher Moore (Chairman)
Andrew Robson
Helen Sinclair
Secretary
Mobeus Equity Partners LLP (formerly Matrix Private Equity Partners LLP)
30 Haymarket
London SW1Y 4EX
Company's Registered Office and Head Office
30 Haymarket
London SW1Y 4EX
Company Registration Number
3707697
Investment Manager, Promoter and Administrator
Mobeus Equity Partners LLP (formerly Matrix Private Equity Partners LLP)
30 Haymarket
London SW1Y 4EX
www.mobeusequity.co.uk
Telephone: 020 7024 7600
Website: www.mig4vct.co.uk
Solicitors Independent Auditor
SGH Martineau LLP PKF (UK) LLP
No 1 Colmore Square Farringdon Place
Birmingham 20 Farringdon Road
B4 6AA London EC1M 3AP
Also at
One America Square
Crosswell
London EC3N 2SG
Stockbroker VCT Status Adviser
Matrix Corporate Capital LLP PricewaterhouseCoopers LLP
One Vine Street 1 Embankment Place
London W1J 0AH London WC2N 6RH
Registrars Bankers
Capita Registrars National Westminster Bank plc
The Registry Financial Institutions Team
34 Beckenham Road First Floor
Beckenham Mayfair Commercial Banking Centre
Kent Piccadilly
BR3 4TU London W1A 2PP
Tel: 0871 664 0300 (calls cost 10p per
minute plus net work extras. Lines are
open 8.30am-5.30pm Mon-Fri. If calling
from overseas please ring +44 208 639
2157)
Contact details for further enquiries:
Robert Brittain at Mobeus Equity Partners LLP (the Company
Secretary) on 020 7024 7600 or by e-mail on mig4@mobeusequity.co.uk
Mark Wignall or Mike Walker at Mobeus Equity Partners LLP (the Investment
Manager), on 020 7024 7600 or by e-mail on info@mobeusequity.co.uk.
DISCLAIMER
Neither the contents of the Company's website nor the contents of any website
accessible from hyperlinks on the Company's website (or any other website) is
incorporated into, or forms part of, this announcement.
..................................................
Director
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