11th Aug 2015 15:35
LONDON (Alliance News) - Mobeus Income and Growth VCT PLC Tuesday said its net asset value per share fell during the first half of 2015, but said its net asset value total return was positive over the period.
It also warned that proposed UK legislation governing VCT investments and introduced in July may restrict the trust's future investments under its current investment policy.
The trust said its net asset value per share stood at 95.01 pence at the end of June, falling from 99.44 pence at the end of 2014, as its net assets totalled GBP72.2 million compared to GBP60.4 million at the end of 2014.
Taking into account dividend payments, the company's net asset value total return in the period rose 2.6%, slowing from a 12.4% return in the whole of 2014.
"The positive NAV total return over the period principally reflected a rise in the overall value of the investment portfolio, with notable increases in the valuations of Tessella, Veritek, Blaze and Tharstern," it said in a statement.
Mobeus said it will pay an interim dividend of 3.00 pence per share for the first half of the year. For all of 2014, the trust paid a dividend of 24.0 pence.
Mobeus said it was "confident in the prospects for the UK economy", but said the recent Finance Bill published in July, which proposed new regulations on VCT investments, "may restrict the universe of companies that your company can invest in under its present investment policy," it said in a statement.
Mobeus shares were down 1.8% to 82.0 pence per share at the close on Tuesday.
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Mobeus I&g