23rd Jun 2016 15:21
LONDON (Alliance News) - Mobeus Income & Growth 2 VCT PLC, a venture capital trust that invests in "established, unquoted" companies, on Thursday said there "may be a reduction" in the level of new investment in the shorter term while investment adviser Mobeus Equity Partners LLP identifies opportunities that comply with the requirements of new legislation.
"The company and its investment adviser are confident that they will be able to adjust to the changes in VCT regulation introduced by the UK Finance (No 2) Act 2015, and still produce attractive returns in the future. The existing portfolio continues to perform well and to provide a good foundation for future performance," Chairman Nigel Melville said in a statement.
The company reported total returns on net asset value and its share price of 7.9% and 5.5% for the year ended March 31. The NAV per share as of March 31 was 119.61p.
Shareholders received an interim dividend of 5.00 pence per share on March 18.
A special interim dividend of 5.00p per share for the year ending March 31, 2017 has been declared by the board, and is due to be paid on August 8, 2016, with the move to bring total dividends paid since inception of the current share class to 52.00p per share.
GBP4.5 million was invested during the year into four new investments totalling GBP4.2 million, with a further GBP320,000 invested into existing investments. A total of GBP5.0 million was received as net cash proceeds from realisations, compared to a total cost of GBP2.84 million.
Total liquid assets available for investment amount to GBP20.4 million, the company said.
Shares in Mobeus Income & Growth 2 were down 0.7% at 106.00p on Thursday.
By Samuel Agini; [email protected]; @samuelagini
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