REG - Mobeus Inc&Gwth - Realisation of Investment: Master Removers Group

Mobeus Income & Growth VCTAnnouncement

27/02/2024 14:00

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RNS Number : 6568E  Mobeus Income & Growth VCT PLC  27 February 2024

Mobeus Income & Growth VCT plc

(the "Company")

 

LEI:  213800HKOSEVWS7YPH79

 

Realisation of investment in Master Removers Group Limited (trading as Ward
Thomas Removal Limited/Aussie Man & Van Limited/Ward Thomas Property
Limited)

 

The Company is pleased to announce the exit of portfolio company, Master
Removers Group (2019) Limited, ("MRG") through the sale of its Bishopsgate
business to Elanders AB and alongside this, the sale of its shares in MRG's
domestic removals business to management. The Company has received £3.49
million in cash from the sale and, to date, has generated a realised gain over
cost during the life of the investment of £4.16 million, being the equivalent
of 2.80 pence per share. Further sale and contingent proceeds of up to £0.66
million will be receivable in due course. The cash proceeds received upon
completion including amounts still due under the terms of the sale are not
materially different from the value at which the Company held its investment
in MRG.

Including sale proceeds due to be received by the Company later in the year,
cash proceeds received over the life of the investment will total £6.62
million, against an original cost of £2.03 million. This represents an IRR of
26% and a multiple on cost of 3.3x. This multiple on cost will increase to
3.4x if all potential contingent proceeds are subsequently received.

For further information, please contact:

Gresham House Asset Management Limited,

Company Secretary

 

+44 (0)20 7382 0999

 

 

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