Mobeus Income & Growth 2 VCT PLC Interim Management Statement (8035Y)
11 9월 2015 - 6:00PM
UK Regulatory
TIDMMIG
RNS Number : 8035Y
Mobeus Income & Growth 2 VCT PLC
11 September 2015
Mobeus Income & Growth 2 VCT plc
(the "Company")
INTERIM MANAGEMENT STATEMENT
For the quarter ended 30 June 2015
Mobeus Income & Growth 2 VCT plc presents an Interim
Management Statement for the quarter ended 30 June 2015. 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 30 June At 31 March
2015 2015
Net assets attributable to GBP43,204,073 GBP42,102,817
shareholders
Shares in issue 36,375,759 36,468,632
Net asset value (NAV) per
share 118.77p 115.45p
Cumulative dividends paid
to date per share 42.00p 42.00p
Total return per share since
inception (NAV basis) 160.77p 157.45p
DIVIDENDS
No dividends were paid during the quarter.
SHARE BUY-BACKS
On 26 June 2015, 92,873 Ordinary Shares of 1p each were
repurchased at 103.50 pence per share.
INVESTMENT ACTIVITY
New Investments
These were a new investment in Jablite Holdings Limited of
GBP0.84 million, a manufacturer of Expanded Polystyrene ("EPS")
products and a follow-on investment in Creative Graphics
International of GBP0.27 million.
In July, following the period end, the Company invested a
further GBP0.72 million into Tushingham Sails Limited, a leading
supplier of stand up paddleboards.
Realisations
There were no realisations during the period.
After the period end, GBP0.14 million was received from Newquay
Helicopters as an interim distribution resulting from the members
voluntary liquidation of the company.
Loan Stock Repayments
A total of GBP0.52 million was received in loan stock repayments
and premiums during the quarter to 30 June 2015, from Jablite,
Aussie Man, Leap NewCo (Ward Thomas), Fullfield (Motorclean), and
Tessella.
After the period end, a further GBP0.39 million in loan stock
repayments and premiums was received.
REGULATORY DEVELOPMENTS
The Budget in March 2015 announced further amendments to VCT
legislation, specifically aimed at enabling the scheme to gain
continued approval under the European Commission's State Aid
guidelines.
The Summer Budget 2015 has proposed further new rules preventing
VCTs acquiring existing shares or the principal trade assets of
businesses. It is expected that business acquisitions using VCT
finance, such as MBOs, will no longer be permitted. The other key
aspects of the proposals are:
-- Introducing an 'age of company' restriction of a maximum of 7
years at the time of first state aid investment; and
-- Introducing a state aid lifetime investment limit of GBP12 million.
The proposals remain subject to approval by the European
Commission so the date when these proposals become legislation is
uncertain, but currently the new rules are expected to apply to
investments using VCT finance from October 2015, the expected time
of Royal Assent. The precise details and implications for the VCT's
future investment programme will only be fully clear once the
legislation is enacted. However, in the longer term, the Investment
Adviser anticipates a reduction in the current types of transaction
and size of businesses that the VCT could consider as potential
investments, together with changes in the Company's investment
strategy. In the meantime, the Investment Adviser, along with
others in the industry, is in discussions with HM Treasury about
the proposed new rules.
ANNUAL GENERAL MEETING
The Company's Annual General Meeting was held at 12 noon on
Thursday 10 September 2015 at 33 St James's Square, London SW1Y
4JS. All resolutions were passed at the meeting.
Please note that all of the information above 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:
Jonathan McGuire, for Mobeus Equity Partners LLP, Company
Secretary: 020 7024 7600
This information is provided by RNS
The company news service from the London Stock Exchange
END
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