Mobeus Income & Growth VCT PLC Realisation of investments (1802E)
02 July 2019 - 6:14PM
UK Regulatory
TIDMMIX
RNS Number : 1802E
Mobeus Income & Growth VCT PLC
02 July 2019
Mobeus Income & Growth VCT plc
(the "Company")
Recent realisations of two investments
The Company is pleased to update shareholders with news of two
recent sales of investments in the past two months.
Firstly, its investment in Plastic Surgeon Holdings ("PSH") was
sold on 10 May 2019. The Company received GBP2.23 million in cash
from the sale, and generated a realised gain over cost over the
life of the investment of GBP3.40 million, being the equivalent of
3.22 pence per share.
In isolation, the impact of this sale on the Company's latest
announced NAV per share of 68.37 pence at 31 March 2019 (adjusted
for the subsequent payment of a dividend of 5 pence per share on 17
May 2019), would be an increase of 0.54 pence per share.
All four Mobeus-advised VCTs realised their investment in PSH.
Total cash proceeds received by the four Mobeus-advised VCTs over
the life of their investment in PSH are GBP11.17 million, against
an original investment cost of GBP2.00 million. This represents a
return of 5.6 times the original investment cost and an IRR of over
20.5% for each VCT in the eleven years that this investment was
held.
Secondly, the sale of its investment in ASL Technology Holdings
Limited ("ASL") completed at the end of last week, to a trade
purchaser on a debt free and cash free basis. The Company received
GBP5.18 million in cash from the sale, and generated a realised
gain over cost over the life of the investment of GBP3.48 million,
being the equivalent of 3.29 pence per share.
In isolation, the impact of this sale on the Company's latest
announced NAV per share of 68.37 pence at 31 March 2019 (adjusted
for the subsequent payment of a dividend of 5 pence per share on 17
May 2019), would be an increase of 0.65 pence per share.
All four Mobeus-advised VCTs realised their investment in ASL.
Total cash proceeds received by the four Mobeus-advised VCTs over
the life of their investment in ASL are GBP21.15 million, against
an original investment cost of GBP9.69 million. This represents a
return of 2.18 times the original investment cost and an IRR of
over 12.6% for each VCT in the eight and half years that this
investment was held.
The Company emphasises that the increases in NAV per share from
these two sales are in isolation to many other factors that will
have affected the NAV per share that will next be announced as at
30 June 2019, within the Company's Half-Year Report that is planned
to be announced in early August. Accordingly, investors should not
rely on these increases as necessarily indicative of the NAV per
share at 30 June 2019.
For further information, please contact:
Robert Brittain, for Mobeus Equity Partners LLP, Company
Secretary 020 7024 7600
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCUUAWRKAABRRR
(END) Dow Jones Newswires
July 02, 2019 04:14 ET (08:14 GMT)
Mobeus Income & Growth Vct (LSE:MIX)
Historical Stock Chart
From Apr 2024 to May 2024
Mobeus Income & Growth Vct (LSE:MIX)
Historical Stock Chart
From May 2023 to May 2024
