REG - Mobeus Inc&Gwth 2 - Interim Management Statement

Mobeus Income & Growth 2 VCTAnnouncement

02/03/2022 17:16

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RNS Number : 4386D  Mobeus Income & Growth 2 VCT PLC  02 March 2022

MOBEUS INCOME & GROWTH 2 VCT PLC

("the Company")

LEI:  213800LY62XLI1B4VX35

 

 

INTERIM MANAGEMENT STATEMENT

For the quarter ended 31 December 2021

 

Mobeus Income & Growth 2 VCT plc presents an Interim Management Statement
for the quarter ended

31 December 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 December 2021  At 30 September 2021

                                                                                           (unaudited)          (unaudited)
 Net assets attributable to shareholders                                                   £80.69 million       £76.98 million
 Shares in issue                                                                           72,638,601           72,717,905
 Net asset value (NAV) per share                                                           111.08 pence         105.87 pence
 Cumulative dividends paid                                                                 122.00 pence         122.00 pence
 Cumulative Total return (net asset value basis) per share since inception                 233.08 pence         227.87 pence

The NAV per share has increased by 5.21 pence in the quarter (an increase of
4.9% upon the opening NAV per share). This positive performance is principally
due to a continued rise in unrealised portfolio valuations.

 

SHARE BUY-BACKS

 On 15 December 2021, the Company purchased 79,304 of its own ordinary shares
at a price of 89.18 pence per share for cancellation.

 

Following this purchase, the Company has 72,638,601 ordinary shares of 1 penny
each in issue.

 

 

INVESTMENT ACTIVITY DURING THE PERIOD

 

Follow-on investments during the period

On 8 October 2021 and 30 November 2021, follow-on investments of £0.08
million and £0.81 million, respectively, were made into Preservica, a seller
of proprietary digital archiving software.

 

On 23 December 2021, a follow-on investment of £0.26 million, was made into
Data Discovery Solutions (trading as Active Navigation), a provider of a
global market leading file analysis software for information governance,
security and compliance.

 

Realisation during the period

On 26 November 2021, the Company sold its investment in Vian Marketing
(trading as Red Paddle) for £2.96 million. Total proceeds received to date
over the six-year life of the investment were £3.54 million compared to an
original investment cost of £0.72 million, which is a multiple on cost of
4.9x and an IRR of 31.5%. Further proceeds of £0.32 million were received
after the period end increasing the returns received to 5.4x multiple on cost
and 33.2% IRR.

 

Loan repayments during the period

On 30 November 2021, a loan repayment of £0.41 million was received by the
Company from Media Business Insight.

 

OFFER FOR SUBSCRIPTION AFTER THE PERIOD END

On 20 January 2022, the Company, Mobeus Income & Growth VCT plc (MIG),
Mobeus Income & Growth 4 VCT plc (MIG 4) and The Income & Growth VCT
plc (I&G) (together the Mobeus VCTs), which are advised by Gresham House
Asset Management Limited (Gresham House), jointly announced the opening of
offers for subscription to raise, in aggregate, £35 million.  The Company
sought to raise £7.5 million through its offer for subscription and became
fully subscribed on 21 January 2022. On 23 February 2022, Shareholders of the
Company resolved to allot shares and disapply pre-emption rights in respect of
the offer and, subsequently, the allotment in respect of applications received
by the Company is scheduled to take place on or around 9 March 2022.

 

INVESTMENT ACTIVITY AFTER THE PERIOD END

 

New investments after the period end

On 10 February 2022, a new investment of £0.55 million was made into
Proximity Insight, a retail software provider.

 

Follow-on investments after the period end

On 24 January 2022 and 22 February 2022, follow-on investments totaling £0.21
million were made into Caledonian Leisure, a UK Leisure and experience breaks
provider.

 

Loan repayments after the period end

On 1 February 2022, a loan repayment of £0.08 million was received by the
Company from Media Business Insight.

 

 

DIVIDEND PAID AFTER THE PERIOD END

 

On 7 January 2022, an interim dividend of 12.00 pence per ordinary share in
respect of the year ending 31 March 2022 was paid to all Shareholders whose
names were on the Register on 10 December 2021.

 

 

Please note that all of the above information is unaudited.

 

 

For further information, please contact:

Gresham House Asset Management Limited

Company Secretary

020 7382 0999

 

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