Mobeus Income & Growth 4 VCT PLC Realisation of Three Investments (9799C)
14 February 2020 - 6:00PM
UK Regulatory
TIDMMIG4 TIDMMIG TIDMMIX TIDMIGV
RNS Number : 9799C
Mobeus Income & Growth 4 VCT PLC
14 February 2020
Mobeus Income & Growth 4 VCT plc ("MIG 4 VCT" or the
"Company")
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) no. 596/2014
Recent realisations of three investments
The Company is pleased to update shareholders with news of three
successful realisations of investments.
The impact of these three realisations on the Company's latest
announced net asset value ("NAV") per share is an increase of 3.91
pence. The NAV per share at 30 September 2019 was 74.81 pence which
has since reduced to 68.81 pence due to the two subsequent payments
of dividends per share of 2 pence on 30 December 2019 and 4 pence
on 10 January 2020.
The Company emphasises that the increase in NAV per share from
these three realisations is in isolation from other changes in the
Company's balance sheet, including valuation movements in the
Company's investment portfolio, that also may have affected the NAV
per share as at 31 December 2019. This NAV will be released within
the Company's Annual Report that is planned to be announced on or
around 20 March 2020.
The investment realisations arise from three sales of investee
companies, the details of which are set out below: -
Turner Topco Limited, trading as Auction Technology Group
Limited ("ATG")
ATG was sold on 13 February 2020 to TA Associates. The Company
received GBP5.27 million in cash upon the sale and has generated a
realised gain over cost over the life of the investment, (including
proceeds received following a partial realisation from a sale to
ECI Partners in June 2014) of GBP7.03 million.
All four Mobeus-advised VCTs realised their investment in ATG.
Total cash proceeds received by the four Mobeus-advised VCTs over
the life of their investment in ATG are GBP40.62 million, against
an original investment cost of GBP9.00 million. This represents a
return of 4.5 times the original investment cost and an IRR of 29%
for each VCT in the 11 1/2 years that this investment was held.
Pattern Analytics Limited, trading as Biosite ("Biosite")
Biosite was sold on 7 February 2020 to ASSA ABLOY Group. The
Company received GBP1.98 million in cash from the sale and has
generated a realised gain over cost over the life of the investment
of GBP0.73 million.
All four Mobeus-advised VCTs realised their investment in
Biosite. Total cash proceeds received by the four Mobeus-advised
VCTs over the life of their investment in Biosite are GBP8.90
million, against an original investment cost of GBP5.75 million.
This represents a return of 1.5 times the original investment cost
and an IRR of 21% for each VCT in the just over three years that
this investment was held.
Redline Worldwide Limited ("Redline")
Redline was sold on 12 December 2019 to Air Partner Plc. The
Company received GBP1.06 million in cash from the sale and, to
date, has generated a realised gain over cost over the life of the
investment of GBP0.54 million. In addition, up to GBP0.19 million
of additional proceeds in escrow payments and deferred
consideration is potentially payable over the next 30 months.
All four Mobeus-advised VCTs realised their investment in
Redline. Total cash proceeds received by the four Mobeus-advised
VCTs over the life of their investment in Redline are, to date,
GBP6.13 million, against an original investment cost of GBP3.74
million. To date, this represents a return of 1.6 times the
original investment cost and an IRR of 16% for each VCT in the just
less than four years that this investment was held.
For further information, please contact:
Robert Brittain, for Mobeus Equity Partners LLP, Company
Secretary 020 7024 7616
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
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