Gresham House Income & Growth 2 VCT plc

Prior to July 2024 there were four Mobeus VCTs. Following shareholder approval these four companies were merged to become two.

Mobeus Income & Growth 2 VCT plc (MIG2) and Mobeus Income & Growth 4 VCT plc (MIG4) were put into liquidation with the assets transferred to Mobeus Income & Growth VCT plc (MIG) and The Income & Growth VCT plc (I&G) respectively.

In June 2025, The Income & Growth VCT plc and Mobeus Income & Growth VCT plc were renamed to become Gresham House Income & Growth VCT plc (GHV1) and Gresham House Income & Growth 2 VCT plc (GHV2) respectively.

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Dividend Declared – A 2.00 pence per share interim dividend has been declared in respect of the year ending 30 September 2025. This dividend will be paid on 11 April 2025 to Shareholders on the Register on 14 March 2025.

Unclaimed dividends

Shareholders are encouraged to ensure that the Registrars maintain up-to-date details for them and to check whether they have received all the dividends payable to them. This is particularly important for those who have recently moved house or changed their bank. We are aware that a number of dividends remain unclaimed by shareholders and whilst we will endeavour to contact the shareholders concerned, if this is the case, we cannot guarantee that we will be able to do so if the Registrars do not have an up-to-date telephone number and/or email address.

You can update your details by logging into City Partnerships portal here >>

Dividend Investment Scheme

The Scheme provides shareholders with the opportunity to reinvest their cash dividends into new shares in the VCT at the latest published NAV price (adjusted for subsequent dividends, as appropriate). New VCT shares attract the same tax reliefs as shares purchased through an Offer for Subscription.

Key information:

• All previously registered participants of the Scheme were automatically re-enrolled, and their future dividends will be re-invested unless they decide to opt-out.
• The Scheme re-invests dividends at the latest published NAV price.
• Shareholders can opt-in by completing a mandate form and posting it to The City Partnership (UK) Limited, The Mending Rooms, Park Valley Mills, Meltham Road, Huddersfield HD4 7BH
• Shareholders can opt-out by emailing a completed and signed removal form to registrars@city.uk.com from their registered email address, or by contacting City using the details provided below.
• Alternatively, shareholders can use the online portal to opt-in and opt-out of the Scheme via CityHub. You will need your Investor Code in the Change of Registrar letter sent to you by the Company.

Shareholder Queries:

The Scheme Administrator is The City Partnership (UK) Limited, and they handle all queries relating to the Scheme, including amendments to participation. Their details are as follows:

Email: registrars@city.uk.com

Post: 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.)

Rules and Documents:

The Scheme Rules for the Scheme and a mandate form can be downloaded via the links below:

Scheme Rules

Mandate form

NAV cumulative total return per share since launch

* 'Launch' is based upon an issue price at launch of 94.5 pence (being 100 pence less 5.5 pence issue costs).

Annual General Meeting – 5 March 2025

Proxy voting results – 5 March 2025 >>

Notice of AGM – 5 March 2025 >>

KID – June 2024 >>

Audit Committee >>

Nomination & Remuneration Committee >>

Management Engagement Committee >>

Matters reserved for board approval >>

June 2024 >>

Articles of Association >>

Anti-bribery policy

The VCT has adopted a zero tolerance approach to bribery.  The following is a summary of its policy:

• It is the Company’s policy to conduct all of its business in an honest and ethical manner.  The Company is committed to acting professionally, fairly and with integrity in all its business dealings and relationships where it operates.

• Directors and service providers must not promise, offer, give, request, agree to receive or accept a financial or other advantage in return for favourable treatment, to influence a business outcome or to gain any other business advantage on behalf of themselves or of the Company or encourage others to do so.

• The Company has communicated its anti-bribery policy to each of its service providers.  It requires each of its service providers to have policies in place which reflect the key principles of this policy and procedures and which demonstrate that they have adopted procedures of an equivalent standard to those instituted by the Company.

A full copy of the VCT’s anti-bribery policy and procedures can be obtained from the Company Secretary by sending an email to ghvcts@greshamhouse.com.

Corporate governance

The Board recognises the importance of sound corporate governance. It endorses and has been an early adopter of the main principles of good corporate governance set out in the Association of Investment Companies Code of Corporate Governance August 2024 (“the AIC Code”) which addresses all the principles set out in the UK Corporate Governance Code, as well as setting out additional principles and recommendations on issues that are of specific relevance to the Company. The Financial Reporting Council (FRC) has confirmed that in complying with the AIC Code the Company will meet its obligations in relation to the UK Corporate Governance Code and the associated disclosure requirements under the UK Listing Rules.

The Board considers that the Company has complied with the AIC Code throughout the period ended 30 September 2024. A table providing more detailed explanations of how the Company has complied can be downloaded by clicking here.

Objective

The objective of the Company is to provide investors with a regular income stream, by way of tax-free dividends generated from income and capital returns, while continuing at all times to qualify as a VCT.

Investment policy

The Investment policy is designed to meet the Company’s overall objective:

Investments

The Company invests primarily in a diverse portfolio of UK unquoted companies. Investments are made selectively across a number of sectors, principally in established companies. Investments are usually structured as part loan stock and part equity in order to produce a regular income stream and to generate capital gains from realisations.

There are a number of conditions within the VCT legislation which need to be met by the Company and which may change from time to time. The Company will seek to make investments in accordance with the requirements of prevailing VCT legislation.

Asset allocation and risk diversification policies, including the size and type of investments the Company makes, are determined in part by the requirements of prevailing VCT legislation. No single investment may represent more than 15% (by VCT tax value) of the Company’s total investments at the date of investment.

Liquidity

The Company’s cash and liquid funds are held in a portfolio of readily realisable interest bearing investments, deposit and current accounts, of varying maturities, subject to the overriding criterion that the risk of loss of capital be minimised.

Borrowing

The Company’s articles of association permit borrowings of amounts up to 10% of the adjusted capital and reserves (as defined therein). However, the Company has never borrowed and the Board would only consider doing so in exceptional circumstances.

Marketing of shares to retail investors

We confirm that the shares of Gresham House Income & Growth 2 VCT plc, (formerly Mobeus Income & Growth VCT plc) are currently ‘excluded securities’ in accordance with guidance issued by the Financial Conduct Authority and can therefore be recommended to retail investors by financial advisers.