Allotment Update & Suspension of DIS

RNS Number : 7799H

Maven Income and Growth VCT 3 PLC

26 March 2020

 

Maven Income and Growth VCT 3 PLC (the Company)

Allotment Update and Suspension of Dividend Investment Scheme

Allotment Update

On 13 November 2019, the Company and Maven Income and Growth VCT 4 PLC launched a joint  15 million offer for subscription for new ordinary shares of 10p each (Ordinary Shares) to each raise up to £7.5 million (the Offer). On 28 January 2020, the Board announced that the Company had received subscriptions up to its fundraising limit of £7.5 million and that the Offer was closed for further applications.

The Company subsequently announced on 5 February 2020 that the Board intended that an allotment in respect of applications for the 2020/2021 tax year would take place as soon as practicable after 6 April 2020.

The Board, having considered the impact the coronavirus outbreak could have on the trading performance of some of the underlying portfolio compani es, intends to delay the allotment date to no earlier than 30 April 2020. This will allow the Board and the Manager time to review the portfolio to ensure that the issue price reflects the valuation of the underlying portfolio.

Suspension of Dividend Investment Scheme (DIS)

In light of the current volatility in financial markets caused by the global coronavirus pandemic, the Board has decided that it is appropriate to suspend the DIS with immediate effect. Whilst it is too early to assess the full impact on the core unlisted portfolio holdings, there has been an impact on the AIM portfolio and listed liquidity management assets as a result of wider market movements and increased trading volumes. The Board is aware that the Manager is working actively with each investee company to understand the full impact of the virus and is taking protective action as quickly as possible on a case by case basis. The Board anticipates providing a further update shortly.

Further to this, the proposed final dividend of 2.00p per share for the financial year to 30 November 2019 and all subsequent dividends, until further notice, will be paid to Shareholders by either cheque or bank transfer using existing mandate instructions. Written confirmation of this suspension in the operation of the DIS will be issued to those Shareholders who have elected to participate.

For further information, please contact:

Maven Capital Partners UK LLP

Telephone: [phone]

E-mail: [e-mail]

Issued on behalf of the Board

Maven Capital Partners UK LLP

Secretary

26 March 2020

 

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