Net Asset Value(s)

RNS Number : 5641V

Maven Income & Growth VCT PLC

13 January 2012

 



Interim Management Statement

Maven Income and Growth VCT PLC (the Company) - quarter ended 30 November 2011

This Interim Management Statement, for the quarter ended 30 November 2011, 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 December 2011 to the date of this announcement. 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 65.1p per share at 30 November 2011, compared to 63.6p per share at 31 August 2011;

·      NAV total return² of 107.7p per share at 30 November 2011, compared to 106.2p per share at 31 August 2011;

·      229,000 Ordinary Shares bought back for cancellation during the quarter; and

·      Interim dividend of 1.5p per share in respect of the year ending 29 February 2012, paid on 9 December 2011.

¹The NAV is unaudited and reflects the closing bid price of quoted securities at 30 November 2011. Unlisted companies are normally valued on a six-monthly basis and the NAV incorporates the Directors' valuation of unlisted investments as at 31 August 2011, 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 30 November 2011, a total of £708,000 was invested in six unlisted companies. Aggregate proceeds of £252,000 were received from the disposal of holdings in one AIM quoted and five unlisted holdings, against a total cost of £103,000. 

3.	Recent developments

Between 1 December 2011 and the date of this Statement, investments totalling £626,000 were made in two unlisted companies; £850,000 was invested in UK government securities; £37,000 was received from the partial redemption of loan stock at par by an unlisted company; and the sale of an AIM quoted holding generated proceeds of £11,000 against cost of £15,000.

4.	Offer for Subscription

On 7 December 2011 the Company announced the launch of an Offer of New Ordinary Shares. The Offer will close on 5 April 2012 in respect of the 2011/12 tax year and on 27 April 2012 in respect of the 2012/13 tax year.

Other than as described above and any changes in the value of investments quoted on regulated markets, the Board is not aware of any material events during the period from 1 September 2011 to 30 November 2011, or in the period from 1 December 2011 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

13 January 2012

 

END

 

 

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