Mobeus Launches £50 million Generalist VCT Fundraising
The Mobeus VCTs are opening new share offers to raise, in aggregate, up to £50 million, with over-allotment facilities to raise, in aggregate, up to a further £30 million. Mobeus’s existing VCT asset base is approximately £200 million.
• Generalist VCT fundraising, highly rated by commentators Tax Efficient Review and Allenbridge.
• Strong Mobeus VCTs performance. Since 1 January 2014:
- Ten profitable realisations realising cumulative cash gains of £99 million.
- 19 new investments, deploying £98 million.
- Nine new investments, deploying £31 million, since the introduction of the new VCT regulations in November 2015.
• Strong returns for Mobeus VCT shareholders. Over the past five years:
- Cumulative NAV Total Returns ranging between 30- 60%, excluding the additional benefit of the initial tax relief.
- Tax free dividends paid ranging from 53 pence to 74 pence per share.
The Mobeus VCTs are currently predominantly invested in management buyouts of established profitable companies. As a result of the VCT rule changes, all new investments will be in younger, smaller companies to fund their growth and development.
Independent analyst, Martin Churchill at Tax Efficient Review, said: “Overall, offers for four of what have become amongst the best performing generalist VCTs managed by one of the largest and most experienced management teams in the industry.”
Leading independent research house, Allenbridge part of MJ Hudson, said as part of its report: “The VCTs are worth consideration by individuals who seek a growth-orientated portfolio with a strong track record of regular dividend distributions.”
Mobeus Partner and head of growth capital, Trevor Hope, said: “We are delighted to be raising funds for our consistently high-performing VCTs for the first time since December 2014. Our last fundraising proved very popular, so I encourage early applications from both existing shareholders and new investors, to ensure these are satisfied in full.
“In anticipation and response to the changes in VCT rules, over the last two years we have focused our growth investment strategy, expanded our team with exceptional growth investment professionals and continue to attract a great pipeline of interesting, exciting and fast-growing British businesses. We are well placed to continue delivering good returns for our shareholders.”