Dividend Declaration

RNS Number : 5160X

Maven Income and Growth VCT 3 PLC

05 January 2022

 

Maven Income and Growth VCT 3 PLC

Declaration of Further Interim Dividend

The Directors of Maven Income and Growth VCT 3 PLC (the Company) are pleased to announce that, following  the profitable realisation of the holding in Quorum Cyber Security, which completed in late December 2021 and provided a return of 6.5 times cost, and to ensure that the Company will continue to comply with the VCT regulations at all times, they consider it appropriate to declare a further interim dividend in respect of the year ended 30 November 2021, of 2.00p per Ordinary Share, to be paid on 11 March 2022 to Shareholders on the register at close of business on 11 February 2022.

As Shareholders will be aware from recent Annual and Interim Reports, decisions on distributions take into consideration a number of factors, including the availability of surplus revenue, the realisation of capital gains, the adequacy of distributable reserves and the VCT qualifying level. These factors are all kept under close and regular review by the Board and the Manager, who recognise the importance of tax-free distributions to Shareholders and remain committed to maintaining a programme of dividends in accordance with the Company's stated policy.

Since the Company's launch, and after receipt of this latest interim dividend, 92.42p per share will have been distributed in tax-free dividends. It should be noted that the effect of paying dividends is to reduce the NAV of the Company by the total cost of the distribution.

Dividend Investment Scheme

The Company has in place a Dividend Investment Scheme (DIS), through which Shareholders may elect to have their dividend payments used to apply for new Ordinary Shares issued by the Company under the standing authority requested from Shareholders at Annual General Meetings. Shares issued under the DIS should qualify for VCT tax reliefs applicable for the tax year in which they are allotted. Terms & conditions of the scheme, together with a mandate form, are available from the Company's website at: www.mavencp.com/migvct3 .

Shareholders who have not previously applied to participate in the DIS, and who wish to do so in respect of the dividend payable on 11 March 2022, should ensure that a mandate form is received by the Company's new Registrar, The City Partnership (UK) Limited (appointed with effect from 25 October 2021), prior to the dividend election date of 25 February 2022. Election to participate in the DIS can also be made through the Registrar's share portal at https://maven-cp.cityhub.uk.com .

Issued on behalf of the Board

Maven Capital Partners UK LLP

Secretary

5 January 2022

 

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