Net Asset Value • May 15, 2015
Net Asset Value
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National Storage Mechanism | Additional information
RNS Number : 3359N
Mobeus Income & Growth 4 VCT PLC
15 May 2015
Mobeus Income & Growth 4 VCT plc ("the Company")
INTERIM MANAGEMENT STATEMENT
For the quarter ended 31 March 2015
Mobeus Income & Growth 4 VCT plc reports an Interim Management Statement for the quarter ended 31 March 2015. 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 2015 | At 31 December 2014 | |
| Net assets attributable to shareholders | £55,932,405 | £50,291,037 |
| Shares in issue | 47,636,289 | 47,636,289 |
| Net asset value (NAV) per share | 117.42p | 118.21p |
| Cumulative dividends paid | 52.20p | 52.20p |
| Total return (net asset value basis) per share since inception | 169.62p | 170.41p |
The net asset value per share has fallen by 0.79 pence over the quarter.
DIVIDENDS
A second interim dividend of 8.00 pence per share comprising 7.00 pence from capital and 1.00 pence from income in respect of the year ended 31 December 2014 was paid to shareholders on 6 May 2015. This was in addition to the interim dividend of 14.00 pence per share (comprising 12.00 pence from capital and 2.00 pence from income) paid to shareholders on 12 September 2014. This second interim dividend bought total dividends paid in respect of 2014 to 22.00 pence per share and cumulative dividends paid since inception to 60.20 pence per share. The 8.00 pence per share dividend payment has reduced the NAV per share above to 109.42 pence.
NEW INVESTMENT
In February 2015, the Company invested a further £1.14 million into the acquisition vehicle South West Services Investment Limited ("SWSIL"), adding to its earlier investment of £0.91 million. This enabled SWSIL to support the MBO of Media Business Insight Limited ("MBIL"), a publishing and events business focused on the creative production industries, specifically advertising, TV production and film. The Company also advanced a non-qualifying loan of £0.67 million to MBIL.
The Company made a further loan stock investment of £0.80 million in February 2015 into Entanet Holdings Limited, the UK's leading independent wholesale voice and data communications providers. This was as planned at the time of the original investment in February 2014.
In January 2015, a small further investment of £55,000 was made into an existing portfolio company, Racoon International.
The Company also invested a further £2.19 million into two new acquisition vehicles just before the period-end.
Following the period-end the VCT invested £9.07 million into eight new acquisition vehicles investments. These investments were made to preserve the Company's existing successful investment strategy by providing sufficient funds to meet the Company's estimated requirements for investment for approximately the next two years. These steps were taken in response to uncertainties surrounding the timing and full implications of forthcoming changes to be implemented to the VCT Scheme in the proposed 2015 Finance Act.
Following the period-end in April 2015, the VCT made an investment of £1.13 million to support the MBO of Synbra UK, the UK's largest domestic manufacturer of Expanded Polystyrene products, using the acquisition vehicle Duncary 16 Limited.
DIVESTMENTS
No divestments occurred during the quarter to 31 March 2015.
LOAN STOCK REPAYMENTS
The VCT has received repayments from Fullfield Limited (trading as Motorclean), Tessella Holdings Limited, and Tharstern Group Limited totaling £229,000 during the quarter to 31 March 2015 and £43,000 since the period-end from Fullfield Limited (trading as Motorclean).
SHARE BUYBACKS
The Company purchased a total of 75,000 shares for cancellation during the quarter ended 31 March 2015, costing £77,000.
OFFER FOR SUBSCRIPTION
During the quarter ended 31 March 2015, the Company issued and allotted a total of 5,167,929 Ordinary Shares in the Company under the offer for subscription launched on 10 December 2014. The shares were issued at average effective offer prices ranging from 115.40 pence to 117.10 pence per share, raising net proceeds of £5.87 million (after deducting initial costs). The offer closed on 18 February 2015 having raised the full amount of £6 million offered for subscription.
For further information, please contact:
Jonathan McGuire, for Mobeus Equity Partners LLP, Company Secretary: 020 7024 7615.
This information is provided by RNS
The company news service from the London Stock Exchange
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