TIDMMIG
RNS Number : 3814Y
Mobeus Income & Growth 2 VCT PLC
08 September 2020
Mobeus Income & Growth 2 VCT plc
(the "Company")
INTERIM MANAGEMENT STATEMENT
For the quarter ended 30 June 2020
Mobeus Income & Growth 2 VCT plc presents an Interim
Management Statement for the quarter ended 30 June 2020. 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 2020 At 31 March 2020
Net assets attributable to shareholders GBP53,121,014 GBP43,565,294
Shares in issue 73,617,746 59,689,299
Net asset value (NAV) per share 72.16 pence 72.99 pence
Cumulative dividends paid to date 116.00 pence 109.00 pence
per share
Total return per share since inception 188.16 pence 181.99 pence
(NAV basis)
The net fall in the NAV per share of 0.83 pence over the quarter
disguises what has been a period of encouraging recovery,
principally due to two offsetting but positive factors. Firstly, an
interim dividend for the year ending 31 March 2021 of 7.00 pence
per share was paid to Shareholders on 19 June 2020 (detailed under
Dividends below). Secondly, the Company's portfolio valuations at
30 June 2020 have increased from the values held at the 31 March
2020 year-end. The valuations had been adversely affected by the
economic disruption and uncertainty resulting from the outbreak of
the COVID-1 Global Pandemic. However, over this quarter to 30 June
2020, more clarity has emerged on the impact of the Company's
portfolio such that, to date, this has been more modest than was
initially expected with much of the portfolio demonstrating a
strong degree of resilience. The net increase from portfolio
movements for the quarter is 6.17 pence per share, being the
principal cause of a positive 8.5% NAV return for the quarter.
FUNDRAISING
Shortly after the previous year-end, on 2 April 2020, the
Company carried out its second and final allotment of shares under
the Company's 2019/20 Offer for Subscription ("Offer"), allotting
13,928,447 ordinary shares at an average effective offer price of
77.26 pence per share. This allotment generated net funds of
GBP10.26 million due to the Company.
Following this allotment, the Company's Offer was formally
closed having been fully subscribed (including its over-allotment
facility), raising net funds totalling GBP20.95 million.
INVESTMENT ACTIVITY
New investment during the period
On 29 June 2020, the Company invested GBP0.22 million into a new
investee company, Andersen EV, a designer of electric vehicle (EV)
charge points.
Further investments during the period
On 5 May 2020, the Company invested a further GBP0.37 million
into Rotageek, a provider of cloud-based workforce management
software to help larger retail and leisure organisations predict
and meet demand to schedule staff effectively.
On 26 May 2020, the Company invested a further GBP0.53 million
into MyTutorweb (trading as MyTutor), an existing portfolio
company, and digital marketplace that connects school pupils who
are seeking private one-to-one tutoring with university
students.
Further investments after the period end
On 1 September 2020, a further GBP0.92 million was invested into
existing portfolio company, Buster & Punch Holdings Limited, a
London-based interiors brand.
Realisations after the period end
On 14 August 2020, the Company sold its investment in Tovey
Management Limited (trading as Access IS) to ASSA ABLOY AB for cash
proceeds of GBP4.23 million. Over the five years this investment
was held, it generated cash proceeds of GBP4.94 million compared to
an original investment cost of GBP1.95 million, which is a multiple
on cost of 2.5 x and an IRR of 23.4%.
On 2 September 2020, the Company sold its investment in Blaze
Signs Holdings Limited via a secondary buyout backed by Elaghmore
LLP and has received cash proceeds of GBP1.29 million. Over the 14
years this investment was held, it has generated cash proceeds of
GBP3.60 million compared to an original investment cost of GBP1.40
million, which is a multiple on cost of 2.6x and an IRR of
13.2%.
INTERIM DIVIDEND
On 19 June 2020, the Company paid a 7.00 pence per share interim
dividend in respect of the year ending 31 March 2021, to all
Shareholders whose names were on the Register on 22 May 2020,
including all shareholders who invested in the Fundraising referred
to above.
SHARE BUYBACK
On 3 July 2020, the Company purchased 32,944 of the Company's
own ordinary shares at a price of 62.50 pence per share for
cancellation.
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:
Mobeus Equity Partners LLP, Company Secretary: 020 7024 7600
LEI: 213800IFNJ65R8AQW943
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END
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