TIDMMIG4
RNS Number : 7238O
Mobeus Income & Growth 4 VCT PLC
02 June 2020
Mobeus Income & Growth 4 VCT plc ("the Company")
INTERIM MANAGEMENT STATEMENT
For the quarter ended 31 March 2020
Mobeus Income & Growth 4 VCT plc presents an Interim
Management Statement for the quarter ended 31 March 2020. The
statement also includes relevant financial information between the
end of the period and the date of this statement.
NET ASSET VALUE & CUMULATIVE TOTAL RETURN PER SHARE
At 31 March 2020 At 31 December
2019
(unaudited) (audited)
Net assets attributable GBP51.76 million GBP50.04 million
to shareholders
Shares in issue 81,767,085 66,799,129
Net asset value (NAV) per 63.30 pence 74.90 pence
share
Cumulative dividends paid 128.20 pence 124.20 pence
Cumulative Total return 191.50 pence 199.10 pence
(net asset value basis)
per share since inception
The fall in the NAV per share of 11.60 pence over the quarter
was due principally to two factors. Firstly a further interim
dividend for the 2019 financial year of 4.00 pence per share was
paid on 10 January 2020 (detailed under Dividends below); secondly,
despite the positive impact upon the NAV per share from the sale of
Turner TopCo Limited on 13 February 2020 (detailed under
Realisations below), the Company's portfolio valuations at 31 March
2020 have been reduced in response to the economic disruption and
market conditions resulting from the outbreak of the COVID-19
Global Pandemic. This resulted in a net fall from portfolio
movements for the quarter of 7.60 pence in NAV per share.
On 26 March 2020, due to the COVID-19 Global Pandemic, the
Company had issued an unaudited NAV of 64.16 pence per share as at
24 March 2020, which figure formed the basis of the offer price at
which shares were allotted to investors on 2 April 2020.
DIVIDENDS
On 10 January 2020, an Interim dividend of 4.00 pence per
ordinary share in respect of the year ended 31 December 2019 was
paid to all Shareholders whose names were on the Register on 27
December 2019.
After the period end, on 7 May 2020, an Interim dividend of 6.00
pence per ordinary share in respect of the year ending 31 December
2020 was paid to all Shareholders whose names were on the Register
on 14 April 2020. Payment of this dividend has reduced the NAV per
share at 31 March 2020 of 63.30 pence to 57.30 pence and increased
cumulative dividends paid to 134.20 pence per share.
Dividend Investment Scheme
After the period end, on 16 April 2020, the Board announced that
it had decided to recommence the Company's Dividend Investment
Scheme which had previously been suspended, effective from the
conclusion of the AGM held on 2 June 2020. It will apply to all
dividends in future. Details of the Scheme are contained in the
Dividends section of the Company's website at
www.mig4vct.co.uk.
FUNDRAISING
On 8 January 2020, the Company carried out its first allotment
in respect of its offer for subscription launched on 25 October
2019, allotting 14,967,956 ordinary shares, at an average effective
offer price of 71.27 pence per share. This allotment generated net
funds of GBP10.30 million due to the Company.
Shortly after the period end, on 2 April 2020, the Company
carried out its second and final allotment of shares under this
offer, allotting 3,482,579 ordinary shares at an average effective
offer price of 66.96 pence per share. This allotment generated net
funds of GBP2.23 million due to the Company.
Following the second of these two allotments, the Company's
offer was formally closed having been fully subscribed (including
its over-allotment facility), raising net funds totalling GBP12.53
million.
REALISATIONS
On 7 February 2020, the Company realised its investment in
Pattern Analytics Limited (trading as Biosite), a provider of
workforce management and security services, generating proceeds of
GBP1.98 million in the period. The Company received GBP2.07 million
in cash over the life of the investment and generated a return on
original cost of 1.5x and an IRR of 21.0% in the three years that
the investment was held.
On 13 February 2020, the Company realised its investment in
Turner Topco Limited (trading as Auction Technology Group), an
online auction marketplace platform, generating proceeds of GBP5.27
million in the period, including GBP1.09 million of loan interest
which was due upon completion. Over the 11 1/2 year life of the
investment, total proceeds of GBP9.03 million have been received,
achieving an overall multiple over cost of 4.5x and an IRR of
28.9%.
After the period end, on 30 April 2020, the Company realised
half of its investment in Omega Diagnostics Group plc, a provider
of in-vitro diagnostics for food intolerance, autoimmune diseases
and infectious diseases, generating proceeds of GBP0.46 million and
a profit of GBP0.36 million.
NEW & FURTHER INVESTMENTS
On 28 February 2020, the Company invested GBP0.62 million into
Bella & Duke Limited, a premium frozen raw dog food
provider.
After the period end, on 5 May 2020, the Company invested a
further GBP0.44 million into existing portfolio company, Rota Geek
Limited, a workforce management software provider.
Also after the period end, on 26 May, the Company invested a
further GBP0.72 million into existing portfolio company, MyTutor, a
digital marketplace for school tutoring.
SHARE BUYBACKS
On 20 April 2020, the Company repurchased 643,695 of its own
ordinary shares at a price of 55.25 pence per share for
cancellation.
Following this share buyback and cancellation there are now
84,605,969 ordinary shares of 1 penny each in issue.
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.
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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