Mobeus Income & Growth VCT plc
(the "Company")
Recent realisations of two investments
The Company is pleased to update shareholders with news of two recent sales of investments in the past two months.
Firstly, its investment in Plastic Surgeon Holdings ("PSH") was sold on 10 May 2019. The Company received £2.23 million in cash from the sale, and generated a realised gain over cost over the life of the investment of £3.40 million, being the equivalent of 3.22 pence per share.
In isolation, the impact of this sale on the Company's latest announced NAV per share of 68.37 pence at 31 March 2019 (adjusted for the subsequent payment of a dividend of 5 pence per share on 17 May 2019), would be an increase of 0.54 pence per share.
All four Mobeus-advised VCTs realised their investment in PSH. Total cash proceeds received by the four Mobeus-advised VCTs over the life of their investment in PSH are £11.17 million, against an original investment cost of £2.00 million. This represents a return of 5.6 times the original investment cost and an IRR of over 20.5% for each VCT in the eleven years that this investment was held.
Secondly, the sale of its investment in ASL Technology Holdings Limited ("ASL") completed at the end of last week, to a trade purchaser on a debt free and cash free basis. The Company received £5.18 million in cash from the sale, and generated a realised gain over cost over the life of the investment of £3.48 million, being the equivalent of 3.29 pence per share.
In isolation, the impact of this sale on the Company's latest announced NAV per share of 68.37 pence at 31 March 2019 (adjusted for the subsequent payment of a dividend of 5 pence per share on 17 May 2019), would be an increase of 0.65 pence per share.
All four Mobeus-advised VCTs realised their investment in ASL. Total cash proceeds received by the four Mobeus-advised VCTs over the life of their investment in ASL are £21.15 million, against an original investment cost of £9.69 million. This represents a return of 2.18 times the original investment cost and an IRR of over 12.6% for each VCT in the eight and half years that this investment was held.
The Company emphasises that the increases in NAV per share from these two sales are in isolation to many other factors that will have affected the NAV per share that will next be announced as at 30 June 2019, within the Company's Half-Year Report that is planned to be announced in early August. Accordingly, investors should not rely on these increases as necessarily indicative of the NAV per share at 30 June 2019.
For further information, please contact:
Robert Brittain, for Mobeus Equity Partners LLP, Company Secretary 020 7024 7600
