14th Aug 2018 17:06
LONDON (Alliance News) - Mobeus Income & Growth VCT PLC and Mobeus Income & Growth 4 VCT PLC on Tuesday both reported a drop in net asset value per share in the first half.
In the six months ended June, Mobeus and Mobeus 4 both had a decrease in its NAV per share from the end of 2017.
Mobeus's NAV per share dropped to 69.69 pence each from 71.75p, with a total return of 1.3%. Mobeus 4's NAV per share decreased to 83.12p each from 86.57p, with a total return of 0.6%.
Both trusts said its portfolio saw "significant" valuation declines in Wetsuit Outlet, Motorclean and Veritek Global.
Mobeus' net assets increased to GBP75.4 million from GBP69.9 million six months ago and GBP62.4 million at the end of the first half in 2017.
Mobeus 4's net assets decreased to GBP57.2 million from GBP58.4 million six months ago but its net assets have increased from GBP52.8 million a year ago.
Mobeus has proposed an interim dividend of 2.00 pence each, down from 6.00p last year. Mobeus 4 has proposed an interim dividend of 4.00 pence each, down from 18.00p paid last year.
Looking ahead, both trusts are confident are confident of taking advantage of the strong demand for growth capital investments.
Mobeus believes its portfolio has a "solid" foundation and expects the current trend of follow-on investments to grow scale and achieve sustainable earnings.
Mobeus 4 said it is exposed to some "exciting" businesses - which are higher risk but could become "very valuable" but warned shareholders that returns could be volatile.
Shares in Mobeus closed flat at 61.50p each Tuesday. Mobeus 4 went untraded but last closed at 74.00 pence each.
Related Shares:
Mobeus I&gMIG4.L