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Mobeus Income & Growth VCT plc announced on 27 March 2023 the sale of its investment in Tharstern Group Limited. The Company received £2.70 million in cash from this sale, generating a realised gain over cost of £2.33 million, equivalent to 1.38 pence per share. This investment yielded total cash proceeds of £3.79 million against an original cost of £1.46 million over eight and a half years, representing a 2.6 times return.
| Date | 27 Mar 2023 |
| Time | 13:00:04 |
| Category | Disposals |
| ID | 3428U |
Mobeus Income & Growth VCT plc
(the "Company")
LEI: 213800HKOSEVWS7YPH79
Realisation of investment in Tharstern Group Limited
The Company is pleased to announce the sale of its investment in Tharstern Group Limited. The Company has received £2.70 million in cash from the sale, generating a realised gain over cost over the life of the investment of £2.33 million, being the equivalent of 1.38 pence per share.
In isolation, the impact of this sale on the Company's latest announced unaudited NAV per share of 64.01 pence at 31 December 2022, would be an increase of 0.37 pence per share. The Company emphasises that the increase in NAV per share from this realisation is in isolation from other changes in the Company's balance sheet, including valuation and other transaction movements in the Company's investment portfolio, that may also have affected the NAV per share at 31 December 2022.
To date, cash proceeds have been received over the life of the investment of £3.79 million, against an original cost of £1.46 million. This represents a return to date for the Company of 2.6 times the original investment cost and an IRR of 15.0% in the eight and a half years that this investment was held. A small amount of escrow proceeds may be receivable in due course.
For further information, please contact:
Gresham House Asset Management Limited,
Company Secretary
+44 (0)20 7382 0999