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Mobeus Inc&Gwth 4 (MIG4)

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Thursday 16 November, 2017

Mobeus Inc&Gwth 4

Interim Management Statement

RNS Number : 7446W
Mobeus Income & Growth 4 VCT PLC
16 November 2017
 

 

Mobeus Income & Growth 4 VCT plc ("the Company")

 

INTERIM MANAGEMENT STATEMENT

For the quarter ended 30 September 2017

 

Mobeus Income & Growth 4 VCT plc reports an Interim Management Statement for the quarter ended 30 September 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 September  2017

At 30 June 2017

Net assets attributable to shareholders                                                                  

£47,710,705

£52,824,374

Shares in issue

54,417,569

49,749,171

Net asset value (NAV) per share                                                                            

87.68p

106.18p

Cumulative dividends paid

98.20p

80.20p

Total return (net asset value basis) per share since inception

185.88p

186.38p

 

 

DIVIDENDS

The Company paid an interim dividend of 18.00 pence per share (comprising 17.00 pence from capital and 1.00 penny from income) on 11 September 2017, bringing cumulative dividends paid per share to date to 98.20 pence.

 

FUNDRAISING

On 6 September 2017, the Company launched a joint fundraising Offer alongside the other three Mobeus advised VCTs.  Due to strong demand, the Company has utilised its over-allotment facility which has increased the maximum offer size to £15 million in respect of the Company (£80 million in aggregate across the Mobeus advised VCTs).

 

Including the allotments already made, the total cumulative value of applications received on behalf of the Company to date is £13.2 million.

 

Further details of the Offer are set out in the Prospectus, which was made available on 6 September 2017 and can be viewed on the Mobeus website at www.mobeusequity.co.uk/vct-investors/fundraising .

 

DIVIDEND INVESTMENT SCHEME

On 11 September 2017, the Company issued 2,225,865 new ordinary shares under the terms of the Dividend Investment Scheme at a price of 79.25 pence per share.

 

SHARE BUY-BACKS

On 15 September 2017 the Company purchased 178,496 shares at a price of 79.25 pence per share following the purchase the shares were cancelled.

 

INVESTMENT ACTIVITY

 

New Investments

There were two new investments during the period.

 

On 5 July 2017, £1.56 million in Manufacturing Services Investment Limited, a company preparing to trade, along with £0.77 million from the Company's cash reserves was invested into B2C (Holdings) Limited (trading as Wetsuit Outlet), a leading online retailer in the water sports market (www.wetsuitoutlet.co.uk).  

 

A follow on loan of £0.11 million was also advanced to MPB Group Limited.

 

Realisations

On 1 August 2017 £4.89 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.   Deferred consideration of up to £0.74 million may be payable in due course.

 

In August 2017, TPSFF Holdings Limited (formerly The Plastic Surgeon Holdings Limited) repaid a total of £0.18 million in loan repayments.

 

In September 2017, additional proceeds of £0.013 million arising from the disposal of Higher Nature Limited were received.

 

A further two loan stock repayments totalling £0.10 million were received from TPSFF Holdings Limited after the quarter end.

 

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 7615.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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