Interim Management Statement

RNS Number : 4386D

Mobeus Income & Growth 2 VCT PLC

02 March 2022

 

MOBEUS INCOME & GROWTH 2 VCT PLC

("the Company")

LEI:  213800LY62XLI1B4VX35

INTERIM MANAGEMENT STATEMENT

For the quarter ended 31 December 2021

Mobeus Income & Growth 2 VCT plc presents an Interim Management Statement for the quarter ended

31 December 2021. 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 December 2021 (unaudited)	At 30 September 2021 (unaudited)
Net assets attributable to shareholders	£80.69 million	£76.98 million
Shares in issue	72,638,601	72,717,905
Net asset value (NAV) per share	111.08 pence	105.87 pence
Cumulative dividends paid	122.00 pence	122.00 pence
Cumulative Total return (net asset value basis) per share since inception	233.08 pence	227.87 pence

The NAV per share has increased by 5.21 pence in the quarter (an increase of 4.9% upon the opening NAV per share). This positive performance is principally due to a continued rise in unrealised portfolio valuations.

SHARE BUY-BACKS

  On 15 December 2021 , the Company purchased 79,304 of its own ordinary shares at a price of 89.18 pence per share for cancellation.

Following this purchase, the Company has 72,638,601 ordinary shares of 1 penny each in issue.

INVESTMENT ACTIVITY DURING THE PERIOD

Follow-on investments during the period

On 8 October 2021 and 30 November 2021 , follow-on investments of £ 0.08 million and £0.81 million, respectively, were made into Preservica , a seller of proprietary digital archiving software .

On 23 December 2021 , a follow-on investment of £ 0.26 million, was made into Data Discovery Solutions (trading as Active Navigation) , a provider of a global market leading file analysis software for information governance, security and compliance .

Realisation during the period

On 26 November 2021, the Company sold its investment in Vian Marketing (trading as Red Paddle) for £2.96 million. Total proceeds received to date over the six-year life of the investment were £3.54 million compared to an original investment cost of £0.72 million, which is a multiple on cost of 4.9x and an IRR of 31.5%. Further proceeds of £0.32 million were received after the period end increasing the returns received to 5.4x multiple on cost and 33.2% IRR.

Loan repayments during the period

On 30 November 2021 , a loan repayment of £ 0.41 million was received by the Company from Media Business Insight .

OFFER FOR SUBSCRIPTION AFTER THE PERIOD END

On 20 January 2022 , the Company, Mobeus Income & Growth VCT plc (MIG), Mobeus Income & Growth 4 VCT plc (MIG 4) and The Income & Growth VCT plc (I&G) (together the Mobeus VCTs), which are advised by Gresham House Asset Management Limited (Gresham House), jointly announced the opening of offers for subscription to raise, in aggregate, £35 million.  The Company sought to raise £7.5 million through its offer for subscription and became fully subscribed on 21 January 2022. On 23 February 2022, Shareholders of the Company resolved to allot shares and disapply pre-emption rights in respect of the offer and, subsequently, the allotment in respect of applications received by the Company is scheduled to take place on or around 9 March 2022.

INVESTMENT ACTIVITY AFTER THE PERIOD END

New investments after the period end

On 10 February 2022, a new investment of £0.55 million was made into Proximity Insight, a retail software provider.

Follow-on investments after the period end

On 24 January 2022 and 22 February 2022 , follow-on investments totaling £ 0.21 million were made into Caledonian Leisure, a UK Leisure and experience breaks provider.

Loan repayments after the period end

On 1 February 2022 , a loan repayment of £ 0.08 million was received by the Company from Media Business Insight .

DIVIDEND PAID AFTER THE PERIOD END

On 7 January 2022, an interim dividend of 12.00 pence per ordinary share in respect of the year ending 31 March 2022 was paid to all Shareholders whose names were on the Register on 10 December 2021.

Please note that all of the above information is unaudited.

For further information, please contact :

Gresham House Asset Management Limited

Company Secretary

020 7382 0999

 

END

 

 

MSCQLLFBLXLEBBQ