Mobeus Income & Growth VCT plc (the Company)
INTERIM MANAGEMENT STATEMENT
For the quarter ended 30 September 2013
In accordance with Rule 4.3 of the Disclosure and Transparency Rules of the UK
Listing Authority, Mobeus Income & Growth VCT plc presents an Interim
Management Statement for the quarter ended 30 September 2013. The statement
also includes relevant financial information between the end of the period and
the date of this statement.
NET ASSET VALUE (NAV) AND TOTAL RETURN PER SHARE
At 30 September 2013 At 30 June 2013
Net assets attributable to shareholders £51,766,794 £54,005,220
Shares in issue 53,507,073 53,627,282
Cumulative total return per share (NAV basis) 140.80 p 140.75 p
Cumulative dividends paid 44.05 p 40.05 p
Net asset value per Ordinary Share 96.75 p 100.70 p
% return on opening net asset value of 94.5 p 49.0 % 48.9 %
per share
The fall in the net asset value per share above is largely due to the payment
of the interim dividend of 4.00 pence per share, detailed below.
INVESTMENT ACTIVITY
In July 2013, the Company completed a new investment of £2.0 million (including
£1.0 million from the Company's existing acquisition vehicle Madacombe Trading
Limited) to support the MBO of Veritek Global, a Europe-wide provider of
installation, maintenance and support services for blue-chip owners of a wide
range of complex imaging and printing equipment.
Following the quarter-end in November 2013, the Company invested a further £1.5
million into the existing acquisition vehicle, Culbone Trading Limited, to
support the MBO of Virgin Wines, one of the UK's leading online retailers of
wine. The Company's investment in this company now totals £2.5 million.
A total of £1.7 million has been received in loan stock repayments during the
quarter to 30 September 2013 including payments from DiGiCo Global, EMaC, Focus
and Westway. A further £0.4 million was received following the quarter-end,
including a payment from Blaze Signs.
SHARE BUY-BACKS
During the quarter ended 30 September 2013, shareholders holding 120,209
Ordinary Shares expressed their desire to sell their investments. The Company
instructed its brokers, Panmure Gordon, to purchase these shares at prices
representing discounts of approximately 10% to the previously announced NAV per
share. The Company subsequently purchased these shares at a price of 85.25
pence per share and cancelled them.
INTERIM DIVIDEND
The Company paid an interim dividend of 4.00 pence per share (comprising 2.00
pence from capital and 2.00 pence from income) on 18 September 2013, bringing
cumulative dividends paid per share to date to 44.05 pence.
LINKED MOBEUS FUNDRAISING
The Company is intending to launch a linked offer for subscription with Mobeus
Income & Growth 2 VCT plc, Mobeus Income & Growth 4 VCT plc and The Income &
Growth VCT plc later this year.
For further information, please contact:
Sarah Penfold, for Mobeus Equity Partners LLP, Company Secretary: 020 7024 7600.