TIDMMIX
RNS Number : 9930X
Mobeus Income & Growth VCT PLC
07 May 2021
The following replaces the 'Interim Management Statement - 1st
Qtr Replacement' announcement released on 7 May 2021 at 12.08 under
RNS No 9528X.
As previously released the announcement contained elements of
text and figures which have been amended.
The full amended text is shown below.
Mobeus Income & Growth VCT plc
("the Company")
LEI: 213800HKOSEVWS7YPH79
INTERIM MANAGEMENT STATEMENT
For the quarter ended 31 March 2021
Mobeus Income & Growth VCT plc presents an Interim
Management Statement for the quarter ended 31 March 2021. 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 31 March 2021 At 31 December
2020
(unaudited) (audited)
Net assets attributable GBP101.46 million GBP84.69 million
to shareholders
Shares in issue 126,336,620 126,336,620
Net asset value (NAV) per 80.31 pence 67.03 pence
share
Cumulative dividends paid 139.80 pence 139.80 pence
Cumulative Total return 220.11 pence 206.83 pence
(net asset value basis)
per share since inception
The NAV per share has increased by 13.28 pence in the quarter
(an increase of 19.8% upon the opening NAV per share). This strong
performance is principally due to a further rise in unrealised
portfolio valuations as well as gains on realisations. The
admission to AIM of two portfolio companies (further details below)
made a significant contribution.
Since 31 March 2020, the first quarter to reflect the initial
outbreak of the COVID 19 pandemic, NAV return per share has
increased by 55.3%, a very pleasing performance, reflecting a
series of profitable realisations and strong, resilient performance
by the majority of portfolio companies in response to the pandemic,
particularly by those with direct-to-consumer models.
INVESTMENT ACTIVITY DURING THE PERIOD
Virgin Wines admission to AIM
On 2 March 2021, Virgin Wines UK plc ("Virgin Wines"), an
existing portfolio company, was admitted to trading on the
Alternative Investment Market ("AIM") of the London Stock Exchange,
alongside a placing of new and existing shares, at a Placing Price
of GBP1.97 per share.
As part of this transaction, the Company received repayment of
its remaining loan stock, generating net proceeds of GBP2.31
million (net of IPO transaction costs of GBP0.07 million).
At the date of the unaudited NAV per share above, being 31 March
2021, and based upon a bid price of GBP2.23 per share, the value of
the Company's equity investment in Virgin Wines was valued at
GBP13.04 million, an increase in value of this equity investment
over the quarter of GBP7.45 million.
Parsley Box admission to AIM
On 31 March 2021, Parsley Box Group plc ("Parsley Box"), an
existing portfolio company, was admitted to trading on the
Alternative Investment Market ("AIM") of the London Stock Exchange,
alongside a placing of new and existing shares. The Placing Price
of these shares was GBP2.00 per share, valuing Parsley Box at a
market capitalisation of GBP83.8 million.
Following a further investment into Parsley Box on 7 January
2021 of GBP0.33 million (as noted below), the Company now holds
1,667,896 shares in Parsley Box after also acquiring 7,120 new
ordinary shares at the Placing Price of GBP2.00 and a top-slicing
sale of 830,388 shares to new investors. The sale realised net
proceeds of GBP1.59 million for the Company (net of transaction
costs), and generated a 4.0x return on the shares sold, as well as
securing an overall return of 1.3x on the Company's entire
investment to date.
At the date of the unaudited NAV per share above, being 31 March
2021, and based upon a closing bid price of GBP1.80 per share, the
value of the Company's investment in Parsley Box was valued at
GBP3.00 million. With the net sale proceeds of GBP1.59 million
above, this represents a total uplift of GBP1.77 million over the
valuation at 31 December 2020 of this investment.
Partial realisation during the period
On 31 March 2021, the Company partially realised its investment
in MPB Group Limited as part of a GBP49.8 million primary and
secondary funding round. The Company received net proceeds of
GBP1.62 million from the partial sale (c. 25%) of its equity
investment and generated a 7.8x return on the cost of the shares
sold. The value of the remaining investment in MPB at 31 March 2021
was GBP6.50 million.
New investments during the period
On 18 February 2021, a new investment of GBP1.16 million was
made into Vivacity Labs Limited, a producer of artificial
intelligence & urban traffic control systems.
On 25 March 2021, a new investment of GBP0.18 million was made
into Caledonian Leisure Limited, a company specialising in
providing UK based leisure and experience breaks.
Follow-on investments during the period
On 7 January 2021, a follow-on investment of GBP0.33 million was
made into Parsley Box Limited, a supplier of home delivered ambient
ready meals targeting the over 60s.
On 5 February 2021, a follow-on investment of GBP0.14 million
was made into Bleach London Holdings Limited, a leading hair
colourants brand.
On 12 February 2021, a follow-on investment of GBP0.62 million
was made into Arkk Consulting Limited, a regulatory and reporting
requirement software service provider.
On 12 March 2021, the Company made a GBP0.14 million follow-on
investment into Spanish Restaurant Group Limited (trading as Tapas
Revolution), a leading Spanish restaurant chain.
Other proceeds during the period
On 27 January 2021, further proceeds of GBP0.23 million were
received by the Company in respect of the sale of Blaze Signs
Holdings Limited, an investment realised in 2020.
INVESTMENT ACTIVITY AFTER THE PERIOD END
Follow-on investments after the period end
On 16 April 2021, a second tranche investment of GBP0.14 million
was made into Caledonian Leisure Limited, a company specialising in
providing UK based leisure and experience breaks.
Other proceeds after the period end
On 1 April 2021, a loan repayment of GBP0.31 million (including
premium) was received from Vian Marketing (trading as Red
Paddle).
On 12 April 2021, the Company received further proceeds of
GBP0.10 million from the realisation of Vectair Holdings Limited,
an investment realised in 2020. These amounts were recognised as
receivable at the date of the unaudited NAV per share above.
Please note that all of the above information 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
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END
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