Interim Management Statement

RNS Number : 3682Q

Maven Income and Growth VCT 5 PLC

11 October 2013

 



Maven Income and Growth VCT 5 PLC (the Company)

Interim Management Statement - quarter ended 31 August 2013

This Interim Management Statement, for the quarter ended 31 August 2013, is provided in accordance with Rule 4.3 of the Disclosure and Transparency Rules of the UK Listing Authority and also includes relevant information in respect of the period from 1 September 2013 to the date of issue. This Statement has been prepared solely to provide additional information in order to meet the relevant requirements of the UK Listing Authority's Disclosure and Transparency Rules, and should not be relied on by Shareholders, or any other party, for any other purpose.

1.	Financial highlights

·      Net asset value (NAV)¹ of 34.93p per share at 31 August 2013, after payment of the interim dividend, compared to 34.67p per share at 31 May 2013;

·      NAV total return² of 60.23p at 31 August 2013, compared to 59.32p at 31 May 2013; and

·      Interim dividend of 0.65p per share in respect of the year ending 30 November 2013, paid on 30 August 2013.

¹The NAV is unaudited and reflects the closing bid price of quoted securities at 31 August 2013. Unlisted companies are normally valued on a six-monthly basis and the NAV incorporates the Directors' valuation of unlisted investments as at 31 May 2013, adjusted for subsequent events where appropriate.

²NAV total return is the sum of NAV per share and dividends paid per share since launch.

2.	Investments and disposals

During the quarter ended 31 August 2013, a net amount of £2,042,422 was invested in seven unlisted companies. In the same period, proceeds of £2,699,826 were realised from the sale of short-dated UK treasury bills; and the full or partial disposals of three AIM quoted investments generated aggregate proceeds of £194,874 against a total cost of £79,625.

3.	Recent developments

Between 1 September 2013 and the date of this Statement, £1,798,697 was invested in short-dated UK treasury bills; and the full or partial disposals of eleven AIM quoted investments generated proceeds of £ 1,400,754 against a cost of £ 1,023,854.

4.	NAV disclosure and Offer for Subscription

The NAV as at close of business on 10 October 2013 was 36.37p per share and reflects the closing bid price of quoted securities at that date. Unlisted companies are normally valued on a six-monthly basis and the NAV incorporates the Directors' valuation of unlisted investments as at 31 May 2013, adjusted for subsequent events where appropriate.

As announced on 25 September 2013, the Company intends to raise up to £3 million by way of a joint Offer for Subscription alongside the other venture capital trusts managed by Maven Capital Partners UK LLP. It is intended that the NAV per share as at 10 October 2013 will be used as the basis for the subscription price for the new shares, subject to there being no material movement in the underlying net asset value. The NAV per share of the Company has, to date, been released on a daily basis. With immediate effect it is intended that, other than in exceptional circumstances, the Company will release NAV figures on a quarterly basis through annual and interim results announcements and interim management statements.

Other than as described above, and changes in the value of investments quoted on regulated markets, the Board is not aware of any material events during the period from 1 June 2013 to 31 August 2013, or in the period from 1 September 2013 to the date of this announcement, which would have had a material impact on the financial position of the Company.

Issued on behalf of the Board

Maven Capital Partners UK LLP

Secretary

11 October 2013

 

END

 

 

IMSQFLFFXBFFFBF