14th Feb 2020 11:59
(Alliance News) - Mobeus Income & Growth VCT PLC, Mobeus Income & Growth 2 VCT PLC, Mobeus Income & Growth 4 VCT PLC and Income & Growth VCT PLC on Friday reported the disposal of three portfolio companies, pushing net asset value higher.
The trusts, run by private equity firm Mobeus, disposed of Turner Topco Ltd, trading as Auction Technology Group Ltd; Pattern Analytics Ltd, trading as Biosite; and Redline Worldwide Ltd.
Auction Technology was sold on Thursday for GBP8.6 million, generating GBP11.5 million in cash for the Mobeus funds over the life of their investment.
All four Mobeus-advised VCTs realised their investment in ATG. Total cash proceeds received by the four Mobeus-advised VCTs over the life of their investment in ATG were GBP40.6 million, against an original investment cost of GBP9.0 million. This represents a return of 4.5 times the original investment cost and an internal rate of return of 29% for each VCT in the 11 and a half years that this investment was held.
Total cash proceeds received by the four Mobeus-advised VCTs over the life of their investment in Biosite were GBP8.9 million, against an original investment cost of GBP5.8 million. This represents a return of 1.5 times the original investment cost and an internal rate of return of 21% for each VCT in the just over three years that this investment was held.
Total cash proceeds received by the four Mobeus-advised VCTs over the life of their investment in Redline were, to date, GBP6.1 million, against an original investment cost of GBP3.7 million. To date, this represented a return of 1.6 times the original investment cost and an IRR of 16% for each VCT in the just less than four years that this investment was held.
Mobeus will receive payments from its Redline sale in escrow over the next 30 months.
As a result of these disposals, Mobeus Income & Growth expects a 3.92 pence rise in NAV per share. The VCT's NAV per share ended September 30 at 68.96p, but this then fell to 62.96p following dividend payments.
Mobeus Income & Growth 2's NAV per share will gain 4.49p. At September 30, its NAV per share stood at 89.85p.
Mobeus Income & Growth 4 will receive a 3.91p boost. The VCT's NAV per share ended September 30 at 74.81p, but this then fell to 68.81p following dividend payments.
Finally, Income & Growth's net assets will by 3.04p per share, building on September 30's NAV per share of 74.62p.
Shares in Mobeus Income & Growth were untraded in London on Friday, but last closed at 59.00 pence each. Mobeus Income & Growth 2 was untraded at 85.80p; Mobeus Income & Growth 4 was up 1.5% at 66.50p; while Income & Growth was untraded at 71.00p.
By Paul McGowan; [email protected]
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