Interim Management Statement - Replacement

RNS Number : 8841Q

Mobeus Income & Growth 2 VCT PLC

15 September 2017

 

Mobeus Income & Growth 2 VCT plc

(the "Company")

INTERIM MANAGEMENT STATEMENT

For the quarter ended 30 June 2017

Mobeus Income & Growth 2 VCT plc presents an Interim Management Statement for the quarter ended 30 June 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 30 June 2017	At 31 March 2017
Net assets attributable to shareholders	£39,301,344	£38,060,985
Shares in issue	35,672,387	35,672,387
Net asset value (NAV) per share	110.17p1	106.70p
Cumulative dividends paid to date per share	62.00p	62.00p
Total return per share since inception (NAV basis)	172.17p	168.70p

¹ This figure is before adjusting for an interim dividend of 7.00 pence per share for the year ending 31 March 2018 described below.  Payment of this dividend reduces the NAV per share to 103.17 pence per share.

DIVIDENDS

During the period, on 29 June 2017, the Company declared an interim dividend of 7.00 pence per share in respect of the financial year ending 31 March 2018.  This dividend, paid on 27 July 2017 to shareholders on the Register on 7 July 2017, brings cumulative dividends paid per share since the launch of the current share class to 69.00 pence. 

FUNDRAISING

On 6 September 2017, the Company launched a joint fundraising Offer alongside the other three Mobeus advised VCTs.  The Offer is seeking to raise £10 million (£50 million across the Mobeus Advised VCTs) with an over-allotment facility of £5 million. 

In the event that the Board utilises the over-allotment facility, Mobeus, as Investment Adviser, has agreed to make a contribution by way of a fee waiver of 1% of any funds that each VCT may raise under the allotment facility, for the period of one year.

The Board is seeing strong demand for the Offer.  To encourage early investment, Mobeus is offering an early investment incentive discount of 1% of the amounts subscribed for by investors on applications which are accepted up to the earlier of the first £50 million, in aggregate being raised across the Mobeus advised VCTs, or Friday 3 November 2017.

Further details of all of the above arrangements are set out in the Prospectus, which was made available on 6 September 2017.

SHARE BUY-BACKS

There were no share buybacks during the period.  On 7 July 2017, 19,956 Ordinary Shares of 1p each were repurchased for cancellation at 89.75 pence per share.

GENERAL MEETING

At a General Meeting held on 3 August 2017, shareholders gave their approval to a Special Resolution granting the Company authority to issue shares and to dis-apply pre-emption rights.

INVESTMENT ACTIVITY

New Investments

On 6 July 2017, £1.72 million was invested into B2C (Holdings) Limited (trading as Wetsuit Outlet), a leading online retailer in the water sports market (www.wetsuitoutlet.co.uk).

Realisations

After the period end, on 1 August 2017 £3.26 million was received from the sale of Entanet Holdings Limited to CityFibre Infrastructure Holdings plc.  These proceeds were fully reflected in the NAV of the Company at 30 June 2017.  This realisation contributed to a return of 2.5 times the original investment cost, and an IRR of 39% in the three and a half years that this investment was held.

Loan Stock Repayments

On 3 May 2017, a £0.04 million loan stock repayment was received from TPSFF Holdings Limited (formerly The Plastic Surgeon) ("TPSFF").  TPSFF also made two further loan repayments after the quarter end, totalling £0.16 million.

ANNUAL GENERAL MEETING

The Company's Annual General Meeting ("AGM") was held today at The Clubhouse, 8 St James's Square, London SW1Y 4JU.  All resolutions were passed at the meeting.

Please note that all of the information above 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:

Jonathan McGuire, for Mobeus Equity Partners LLP, Company Secretary: 020 7024 7600                                                                                                            

 

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