15th Jun 2015 16:50
LONDON (Alliance News) - Mobeus Income & Growth 2 VCT PLC Monday said it significantly rose its dividend for the last financial year after an "exceptional year" for disposals.
The trust said its net asset value per share in the year ended March 31 was 115.45 pence, compared to 120.73 pence per share at the end of the previous financial year. Net assets rose to GBP42.1 million from GBP33.9 million.
"It has been a very positive year for the company. The net asset value total return of 11.4% (from) 17.8% for the year was ahead of the board's minimum average return target of 8% per annum," said Chairman Nigel Melville.
The trust significantly upped its dividend for the full year to 19.00 pence per share from only 5.0 pence per share a year earlier. That was due to " exceptional phase of profitable realisations", but the trust said the dividend target going forward will be by reference to the 5.0 pence dividend.
Those realisations were made in "an exceptional year" for disposals. The trust said it generated GBP12.5 million in net cash proceeds from seven major disposals, with the original cost of the assets totalling GBP4.6 million.
Mobeus shares were untraded on Monday, last trading at 103.00 pence per share.
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
MIG.L