Statement re NAV and Interim Dividend

Maven Income and Growth VCT 3 PLC

08 July 2024

 

Maven Income and Growth VCT 3 PLC

Unaudited Net Asset Value (NAV) and Interim Dividend

The Directors of Maven Income and Growth VCT 3 PLC (the Company) confirm that the unaudited NAV of the Company as at 31 May 2024 was 51.44p per Ordinary Share and that it reflects the payment, on 3 May 2024, of the final dividend of 2.15p per Ordinary Share in respect of the year ended 30 November 2023.

As Shareholders will be aware from recent Annual and Interim Reports, the decisions on distributions take into consideration a number of factors, including the realisation of capital gains, the adequacy of distributable reserves, the availability of surplus revenue and the VCT qualifying level, all of which are kept under close and regular review. The Board and the Manager recognise the importance of tax-free distributions to Shareholders and, subject to the conditions set out above, will seek, as a guide, to pay an annual dividend that represents 5% of the NAV per share at the preceding year end. 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.  

The Board is pleased to declare that an interim dividend in respect of the year ending 30 November 2024, of 1.00p per Ordinary Share, will be paid on 6 September 2024 to Shareholders on the register at close of business on 9 August 2024. Since the Company's launch, and after receipt of this interim dividend, 100.72p per Ordinary Share will have been distributed in tax-free dividends.

Dividend Investment Scheme (DIS)

The Company has in place a DIS, through which Shareholders may elect to have their dividend payments used to subscribe for new Ordinary Shares issued by the Company under the standing authority granted by Shareholders at Annual General Meetings. Shares issued under the DIS should qualify for VCT tax relief applicable for the tax year in which they are allotted, subject to an individual Shareholder's particular circumstances. 

Shareholders can elect to participate in the DIS in respect of future dividends, including the interim dividend due to be paid on 6 September 2024, by completing a DIS mandate, which must be received by the Registrar (The City Partnership) before 23 August 2024, this being the next dividend election date. The mandate form, terms & conditions and full details of the scheme (including tax considerations) are available from the Company's website at: mavencp.com/migvct3. Election to participate in the DIS can also be made through the Registrar's online investor hub at: maven-cp.cityhub.uk.com/login.

Further to the information disclosed above, the Directors confirm that they are satisfied that all inside information (as defined by Article 7 of the Market Abuse Regulation (596/2014/EU)) that the Directors and the Company may have in their possession relating to the Company during the 30 day closed period leading up to the announcement of its interim results for the six months ended 31 May 2024 has been or will be notified to a regulatory information service.

Issued on behalf of the Board

Maven Capital Partners UK LLP

Secretary

8 July 2024

 

END