Mobeus Venture Capital Trusts

The Mobeus VCTs are venture capital trusts that are listed on the London Stock Exchange that invest in diversified portolios of UK based unquoted companies. Investments are selected on the basis of having significant potential for growth.

Performance Overview

Latest published
valuation
Net asset value
(pence per share)
Total dividends
paid
(pence per share)
NAV Cumulative
total return
(pence per share)
30 June 2020 58.9 134.8 193.7
30 June 2020 72.2 116.0 188.2
30 June 2020 64.6 134.2 198.8
30 June 2020 62.5 131.5 194.0
Note: All figures are adjusted from when a dividend has become ex-div in the period after which a NAV has been announced.

To access the VCTs' individual websites, which include information relevant for both shareholders and advisers, please click on the links above.

Open Offers

The 2019/20 Offer for each VCT is now closed after a second allotment of shares occurred on 2nd April 2020, for MIG VCT, MIG 2 VCT and MIG 4 VCT. I&G VCT had already closed its Offer after the first allotment on 8th January 2020. The Offers have allotted applications totalling £59.8 million in total, a very pleasing result. The VCT Boards and Mobeus are very grateful for this level of support.

Investors who have been allotted shares in the second allotment will shortly receive a statement from The City Partnership (the receiving agents), advising what number of shares have been allotted to that investor for each VCT. Within 10 working days of allotment, investors should then receive share and income tax certificates in each VCT from that VCT’s registrars (For MIG VCT: from Computershare (tel: 0370 707 1155); for MIG 2 VCT and MIG 4 VCT, Link Asset Services (tel: 0371 664 0324). If you have any queries, call vcts@mobeus.co.uk ; tel: 020 7024 7600.

A Guide to VCTs

Please review our frequently asked questions (FAQs) section where you will find answers to most queries you may have.

VCTs invest mainly in small companies with high potential for growth that need some financial support. These companies are usually unquoted and often less established. As a consequence, these investments may be higher risk than investments made by other investment companies that are not VCTs. However, because VCTs provide important support to the growth of the UK economy, VCTs offer generous tax benefits to shareholders.


What are the tax reliefs available on investment in new VCT shares?

The tax reliefs available on new  shares are

  • Income tax relief of up to 30% on the amount invested in new VCT shares*
  • Tax free dividends*
  • Tax free capital gains*

*On amounts invested up to £200,000 per person, per tax year, for individuals aged 18 or over who are UK tax payers, acquired by any means.

There is a minimum holding period of five years for new shares, otherwise the income tax relief is clawed back.

There have been different holding periods and initial VCT tax reliefs in the past. To view a summary of VCT tax reliefs available since 1995 click here.


What are the tax reliefs available on investment in existing VCT shares?

 

The tax reliefs available on existing shares are

  • Tax free dividends*
  • Tax free capital gains*

*On amounts invested up to £200,000 per person, per tax year, for individuals aged 18 or over who are UK tax payers, acquired by any means.

There is no minimum holding period for these tax reliefs for investors in existing VCT shares.


AIC Guide on VCTs

Go to the Association of Investment Companies' Guide to VCTs

VCTs are not a suitable investment for everyone and it is important that you understand the risks involved. Mobeus does not offer investment, tax or legal advice, and we always recommend you talk to a financial adviser and read each VCT's Key Information Document and relevant Prospectus before making a decision to invest. You may access copies of these documents on each VCT's website.

The Mobeus VCTs are advised by Mobeus Equity Partners LLP, which is one of the leading providers of finance to SME businesses in the UK and has an experienced and dedicated growth capital investment team. Please click below for further information on the investment team, case studies on past and present portfolio companies and an investor guide that contains track record and performance information.

Investment Team Case Studies

[Please click here to see whether there are any Open Offers]

The tax reliefs available on new  shares are

  • Income tax relief of up to 30% on the amount invested in new VCT shares*
  • Tax free dividends*
  • Tax free capital gains*

*On amounts invested up to £200,000 per person, per tax year, for individuals aged 18 or over who are UK tax payers, acquired by any means.

There is a minimum holding period of five years for new shares, otherwise the income relief is clawed back.

There have been different holding periods and initial VCT tax reliefs in the past. To view a summary of VCT tax reliefs available since 1995 click here.

The tax reliefs available on existing shares are

  • Tax free dividends*
  • Tax free capital gains*

*On amounts invested up to £200,000 per person, per tax year, for individuals aged 18 or over who are UK tax payers, acquired by any means.

There is no minimum holding period for these tax reliefs for investors in existing VCT shares.

Shareholders may wish to either:

  • Give your VCT shares to your beneficiaries during your lifetime. This may reduce the overall value of an estate prior to your death as a potentially exempt transfer *; or
  • Make a bequest of your VCT shares to your beneficiaries through your will.

* A potentially exempt transfer (PET) is a gift from one person to another that is not liable to inheritance tax, provided the person making the gift lives for a minimum of 7 years after the transfer is made. If death occurs within 7 years, inheritance tax is payable to the extent that the total of all PETS in the previous 7 years exceeds the nil rate band.

Individuals who receive VCT shares as a gift or as an inheritance can benefit from tax free income and tax free capital gains. However, there are other tax implications of gifting VCT shares, which need to be carefully considered before any actions are taken.  To view a summary of these tax implications click on the links below:

Transfer to spouse/civil partner

Transfer to a recipient who is not a spouse of civil partner

Practical  and other tax points to consider:-

Notification of the death of a shareholder

In the event of the death of a shareholder, the person dealing with the deceased shareholder's affairs should notify the Registrar.

VCT shares left in your will

You should ensure your executors know what should happen to your VCT shares after your death. To achieve this, your will should contain specific instructions as to who should inherit them. Otherwise, as VCT shares are listed, in the absence of any specific instructions, executors may seek to sell the shares.

Please note that, while shares remain in an estate, there are no VCT tax advantages and the estate may have to declare the income for tax purposes if dividends are paid on the shares.

The following are possible practical steps VCT investors might take to minimise the
time their shares are held in an estate after their death:-

  • Find all share certificates – sort out replacements if any missing. Please note that an indemnity be payable to replace a lost certificate in addition to an administration fee charged by the Registrar
  • Reduce number of share certificates by asking registrar to consolidate certificates. Please note the Registrar will charge fees for consolidating share certificates
  • Ensure share certificates are kept in a safe place
  • Ensure the executors know where the latest, most up to date version of your will is kept

Initial VCT income tax relief & deferred capital gains

In the event of death, initial VCT income tax relief is not withdrawn even if death occurs within the minimum holding period. However, any deferred capital gains are extinguished on death.

Inheritance tax

As VCT shares are listed shares they are valued with an individual's estate and therefore contribute towards its overall value, part of which may be subject to inheritance tax although transfers between spouses are (normally) not subject to inheritance tax.

Seeking advice

Estate planning can be a complex area and we strongly recommend that you seek advice from an appropriately approved and qualified adviser who can provide advice based on your personal circumstances.

The Directors generally recommend a final dividend to shareholders at each Annual General Meeting of the Company and details of these dividends are included in the Annual Report to which they relate.   Subject to shareholder approval at the Annual General Meeting, the dividend will normally be paid within two weeks of  the meeting.

Interim dividends may be paid when the Directors determine that the Company has sufficient income or following a capital realisation of one of the Company’s investments.  Interim dividends may be declared at any time but are more frequently declared at the Half-Year stage.  They are normally paid four to five weeks after they are declared.

The VCTs cannot guarantee the amount of dividend to be paid in each year or the timing of payments and the level of distributions to shareholders may fluctuate.

A dividend history for each VCT listing the payment dates and the amounts paid per share for each dividend can be accessed by going to Dividends in each VCT’s section of this website.  

Mobeus Income & Growth VCT dividend history

Mobeus Income & Growth 2 VCT dividend history

Mobeus Income & Growth 4 VCT dividend history

The Income & Growth VCT dividend history

The full record of your individual shareholder account is however only held by the registrar for your investment.  This is Computershare in the case of Mobeus Income & Growth VCT and Link for the other three Mobeus VCTs. This information, including how much and when dividends were paid to you, is available to you online through each registrar’s website, or by telephone.

For full contact details, please see the FAQ below, ‘Who is the Registrar for the Mobeus VCTs?’

Mobeus Income & Growth 4 VCT plc Dividend Investment Scheme (Currently suspended)

Please note that the Company has suspended its Dividend Investment Scheme (“the Scheme’’) as of 14 August 2018 until further notice.  Please see the Chairman's Statement in the Half-Year Report for the six months ended 30 June 2019 for further details.

The Income & Growth VCT plc Dividend Investment Scheme (Currently suspended - see below)

The Company has decided to recommence the Scheme effective from 12 February 2020.

As part of the Board’s consideration to recommence the Scheme, it has carried out a review of the Scheme Rules and it is proposed to make certain amendments as set out in the Chairman's Statement in the Annual Report for the year ended 30 September 2019.

For further details on The Income & Growth VCT plc dividend investment scheme and access to document downloads, please click here to see the dividends section of the VCT's website.

 

Mobeus Income & Growth VCT plc and Mobeus Income & Growth 2 VCT plc do not operate dividend investment schemes.

The share prices of the Mobeus VCTs are listed on the London Stock Exchange. You can access the latest share price for each VCT by visiting each individual VCT page within this website.

The Mobeus VCTs, with the exception of Mobeus Income & Growth VCT plc, have Link Asset Services (“Link”)  as their registrar. Mobeus Income & Growth VCT plc uses Computershare Investor Services (“Computershare”).

For details on your individual shareholdings and to manage your accounts online, shareholders are encouraged to log into or register with Link's Shareholder Portal, Signal Shares, and the Computershare Investor Centre, depending on the VCTs in which you have invested, by clicking on the following links: 

Link Asset ServicesComputershare

These services enable you to manage your shareholder accounts online and are the most efficient way of checking information on your accounts and making changes to your instructions. You can use these online services to:

  • Change your address details
  • Check your holding balance and transactions
  • View the dividends you have received
  • Add and amend your bank details
  • Change your options for receiving communications from the Company; and
  • Submit your proxy votes for general meetings.

When contacting either of the Registrars, you will need to confirm the address where your shares are registered and your shareholder account details.  Please have your shareholder number to hand. This is shown on your share certificates, dividend tax vouchers and proxy cards.

Alternatively, you may prefer to contact the registrars in writing or by phone:

Link Asset Services

34 Beckenham Road, Beckenham, Kent BR3 4TU
Tel: 0371 664 0324

Calls are charged at the standard geographic rates plus network extras. Lines are open 9.00am-5.30pm Mon-Fri. If calling from overseas please ring +44 371 664 0324 (calls charged at international rates).

Computershare Investor Services

The Pavilions, Bridgwater Road, Bristol BS99 7NH
Tel: 0370 707 1155 

Computershare's telephone number is open between 8.30am and 5.30pm (GMT) Monday to Friday. Calls to Computershare's 0370 number are often free if included in your plan. If not included, calls will be charged at no more than dialling a STD code (about 2p per minute usually depending on your supplier). Calls to the helpline from outside of the UK will charged at applicable international rates.

There are several options available for you to update your address details / dividend bank mandate:

1. Contact the registrar(s) on:

Computershare (FOR MIG VCT ONLY):

PO Box 82, The Pavilions, Bridgwater Road, Bristol BS99 7NH

Tel: 0370 707 1155

Link Asset Services (FOR MIG2, MIG4, I&G VCT ONLY):

34 Beckenham Road, Beckenham, Kent BR3 4TU

Tel: 0371 664 0324

Email: vcts@linkgroup.co.uk

2. Visit the registrars’ investor portals on (Computershare) www-uk.computershare.com/investor and/or (Link Asset Services) www.signalshares.com . If not already registered, your client will need their investor code to register an account.

Each VCT's shares are listed on the London Stock Exchange and as such they can be sold in the same way as any other quoted company through a stockbroker. However, to ensure that you obtain the best price, if you wish to sell your shares, you are strongly advised to contact the Company’s stockbroker, Panmure Gordon, by telephoning 020 7886 2716/7 before agreeing a price with your stockbroker. Shareholders are also advised to discuss their individual tax position with their financial advisor before deciding to sell their shares

Some shareholders have received unsolicited calls from individuals purporting to represent organisations that are offering to buy their VCT shares.  They frequently offer prices above current market values which seem very attractive.  Whilst the callers may sound credible, shareholders should be aware that their intentions are often fraudulent.  These callers can be persistent and persuasive.  You should be careful not to divulge any personal details to them.

VCT shareholders are warned to be very suspicious if they receive such a telephone call.

The Institute of Chartered Secretaries and Administrators and the FSA have published a joint warning which shareholders are advised to read if they have received such an unsolicited approach.

Contact Mobeus on 020 7024 7600 or email vcts@mobeus.co.uk.

If you would like to change your address, please fill in this form and email it to vcts@mobeus.co.uk.

At this time, we request that you do not write to our office address. The entire team is remote working while the UK-wide Covid-19 lockdown is in place.

We would be pleased to hear from you by telephone or email. 
Tel: +44 (0)20 7024 7600
Email: vcts@mobeus.co.uk

Please send an email to vcts@mobeus.co.uk with your client’s name and address. Please note that although we aim to respond as soon as possible, we have a minimum 48 hour turnaround time and are not able to provide details of your client’s shareholding over the phone. Please ensure that you attach /have sent us a current letter of authority in respect of the client and have a GDPR compliant agreement in place.  Mobeus cannot accept liability for inaccurate / incomplete information.

There are several options available for your client to update their address details / dividend bank mandate:

1. Contact the registrar(s) on:

Computershare (FOR MIG VCT ONLY):

PO Box 82, The Pavilions, Bridgwater Road, Bristol BS99 7NH

Tel: 0370 707 1155

Link Asset Services (FOR MIG2, MIG4, I&G VCT ONLY):

34 Beckenham Road, Beckenham, Kent BR3 4TU

Tel: 0371 664 0324

Email: vcts@linkgroup.co.uk

2. Visit the registrars’ investor portals on www-uk.computershare.com/investor and/or www.signalshares.com . If not already registered, your client will need their investor code to register an account.

3. Email vcts@mobeus.co.uk with your client’s previous and new details using this form. Our team will then forward the new details to the registrar(s).

 

The VCT’s shares are listed on the London Stock Exchange and as such they can be sold in the same way as any other quoted company through a stockbroker. However, to ensure that you obtain the best price, you are strongly advised to contact the Company’s stockbroker, Panmure Gordon, by telephoning: 020 7886 2716 before agreeing a price with your stockbroker. Shareholders are also advised to discuss their individual tax position with their financial adviser before deciding to sell their shares.