Mobeus Venture Capital Trusts
The Mobeus VCTs are venture capital trusts that are listed on the London Stock Exchange and invest in diversified portfolios of UK based unquoted companies. Investments are selected on the basis of having significant potential for growth.
At the General Meetings held on 18 and 26 July 2024, shareholder approval was received for the Merger (as defined in the Circular dated 18 June 2024) and MIG2 and MIG4 were put into liquidation with the assets transferred to MIG and I&G respectively.
Share certificates in MIG and I&G will be issued on or around 9 August 2024 to shareholders in MIG2 and MIG4.
The Offers for subscription by MIG and I&G were conditional upon the Merger being approved. With approval received, The Offers for applications opened at 9.00am on Monday, 2 September 2024 and are now fully subscribed.
Performance Overview
| Latest published valuation |
Net asset value (pence per share) |
Total dividends paid (pence per share) |
NAV Cumulative total return (pence per share) |
|---|---|---|---|
| 26 July 2024 | 56.1 | 170.3 | 226.4 |
| 26 July 2024 | 72.4 | 162.5 | 234.9 |
| 30 June 2024 | 59.9 | 164.0 | 223.9 |
| 30 June 2024 | 73.4 | 166.2 | 239.6 |
To access the VCTs' individual company websites, which include information relevant for both shareholders and advisers, please click on the links on the left hand side.
A Guide to VCTs: Frequently Asked Questions
Please review our frequently asked questions (FAQs) section where you will find answers to most queries you may have.
On 18 June 2024, the Companies issued a joint circular (Circular) setting out proposals for, amongst other things, merging the four Companies into two (Merger), offers for subscription by MIG and I&G (as the proposed surviving Companies, such offers being conditional on the Merger becoming effective) and notices for general meetings of the Companies to be convened on 18 July 2024 (all Companies) and 26 July 2024 (MIG 2 and MIG 4 only) in connection therewith (General Meetings and each a General Meeting).
On 18 July 2024, the Companies announced that all the resolutions proposed at their respective General Meetings held on that day were duly passed.
MIG 2 and MIG 4 are pleased to announce that the resolutions proposed at their respective General Meetings held on 26 July were duly passed.
Full RNS can be viewed here.
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. Gresham 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.
Offers for applications opened at 9.00am on Monday, 2 September 2024.
https://www.mobeusvcts.co.uk/vct-fundraising
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.
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 only held by the registrar for your investment, The City Partnership (UK) Limited. This information, including how much and when dividends were paid to you, is available to you online through the 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
The Company recommenced its Dividend Investment Scheme (“the Scheme’’) on 2 June 2020, following a brief period of suspension. The Scheme allows participants to automatically re-invest their dividends at the latest published NAV price.
For further details on Mobeus Income & Growth 4 VCT plc dividend investment scheme and access to document downloads, please click here and scroll down to click on the "Dividend" dropdown section.
The Income & Growth VCT plc Dividend Investment Scheme
The Company recommenced its Dividend Investment Scheme (“the Scheme’’) on 12 February 2020, following a brief period of suspension. The Scheme allows participants to automatically re-invest their dividends at the latest published NAV price.
For further details on The Income & Growth VCT plc dividend investment scheme and access to document downloads, please click here and scroll down to click on the "Dividend" dropdown section.
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 registrar for the Mobeus VCTs is The City Partnership (UK) Limited.
For details on your individual shareholdings and to manage your accounts online, shareholders are encouraged to log into or register with City's Shareholder Hub: https://gresham-house-vcts.cityhub.uk.com/login
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 the Registrar, 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.
The City Partnership (UK) Limited
The Mending Rooms
Park Valley Mills
Meltham Road
Huddersfield
HD4 7BH
Tel: 01484 240 910.
(Lines are open 9:00 am to 17:30 pm, Monday to Friday, excluding public holidays in England and Wales. Calls are charged at the standard geographic rate and will vary by provider. Calls from outside the UK will be charged at the applicable international rate.)
Email: registrars@city.uk.com
1. Contact the registrar(s) on:
The City Partnership (UK) Limited
The Mending Rooms
Park Valley Mills
Meltham Road
Huddersfield
HD4 7BH
Tel: 01484 240 910.
(Lines are open 9:00 am to 17:30 pm, Monday to Friday, excluding public holidays in England and Wales. Calls are charged at the standard geographic rate and will vary by provider. Calls from outside the UK will be charged at the applicable international rate.)
Email: registrars@city.uk.com
or
2. Visit the registrars’ investor portals on https://gresham-house-vcts.cityhub.uk.com/login
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 Gresham House on +44 (0)20 7382 0999 or email mobeusvcts@greshamhouse.com.
We would be pleased to hear from you by telephone or email.
Tel: +44 (0)20 7382 0999
Email: mobeusvcts@greshamhouse.com
Please contact the registrar for details on shareholding information:
The City Partnership (UK) Limited
The Mending Rooms
Park Valley Mills
Meltham Road
Huddersfield
HD4 7BH
Tel: 01484 240 910.
(Lines are open 9:00 am to 17:30 pm, Monday to Friday, excluding public holidays in England and Wales. Calls are charged at the standard geographic rate and will vary by provider. Calls from outside the UK will be charged at the applicable international rate.)
Email: registrars@city.uk.com
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.
View our useful guide on how to sell VCT shares here.
