REG - Mobeus Inc&Gwth 2 - Interim Management Statement

Mobeus Income & Growth 2 VCTAnnouncement

07/02/2023 17:00

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RNS Number : 2148P  Mobeus Income & Growth 2 VCT PLC  07 February 2023

MOBEUS INCOME & GROWTH 2 VCT PLC

("the Company")

LEI:  213800LY62XLI1B4VX35

 

INTERIM MANAGEMENT STATEMENT

For the quarter ended 31 December 2022

 

Mobeus Income & Growth 2 VCT plc presents an Interim Management Statement
for the quarter ended 31 December 2022. 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 2022  At 30 September 2022

                                                                                           (unaudited)          (unaudited)
 Net assets attributable to shareholders                                                   £70,433,343          £68,459,466
 Shares in issue                                                                           89,496,349           80,022,131
 Net asset value (NAV) per share                                                           78.70 pence          85.55 pence
 Cumulative dividends paid                                                                 140.00 pence         134.00 pence
 Cumulative Total return (net asset value basis) per share since inception                 218.70 pence         219.55 pence

NAV total return per share, after adding back the dividend of 6.00 pence per
share paid in November 2022, has decreased by 1.0% in the quarter ended 31
December 2022. However, the NAV per share has decreased by 6.85 pence in the
quarter (an 8.0% decrease).

 

INVESTMENT ACTIVITY DURING THE PERIOD

 

Partial realisation during the period

On 24 November 2022, the Company sold its equity investment in EOTH Limited.
The Company received £4.33 million in cash from the sale (including accrued
preference dividends). Total proceeds received to date over the seven and a
half year life of the investment were £5.64 million compared to an original
investment cost of £0.82 million, a multiple on cost of 6.9x and an IRR of
23.2%.

 

Loan repayment during the period

On 21 October 2022, the Company received a loan repayment of £0.37 million
from Jablite Holdings Limited.

 

DIVIDEND PAID DURING THE PERIOD

On 7 November 2022, an interim dividend of 6.00 pence per share in respect of
the year ending 31 March 2023 was paid to all Shareholders whose names were on
the register on 30 September 2022.

 

FUNDRAISING

 

On 5 October 2022 the Company launched an Offer for Subscription of £16
million (including over-allotment amount), alongside Offers from the other
Mobeus VCTs. The Company received subscriptions amounting to the full amount
within the quarter and was subsequently then closed to further applications.
In accordance with the Offers' prospectus, in respect of the initial amount,
an allotment of 9,693,230 Ordinary shares took place on 16 November 2022
raising net funds (after costs) of £7.71 million for the Company. In respect
of the over-allotment amounts, a second allotment of 9,782,440 Ordinary shares
took place on 6 February 2023 raising net funds (after costs) of £7.70
million for the Company.

 

 

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:

Gresham House Asset Management Limited,

Company Secretary

020 7382 0999

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