Interim Management Statement

RNS Number : 9352X

Maven Income & Growth VCT PLC

17 January 2014

 



Maven Income and Growth VCT PLC (the Company)

Interim Management Statement - quarter ended 30 November 2013

This Interim Management Statement, for the quarter ended 30 November 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 December 2013 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 68.3p per share at 30 November 2013, compared to 67.5p per share at 31 August 2013;

·      NAV total return² of 121.4p per share at 30 November 2013, compared to 120.6p per share at 31 August 2013;

·      55,000 Ordinary Shares bought back for cancellation during the quarter; and

·      Interim dividend of 2.2p per share in respect of the year ending 28 February 2014, paid on 6 December 2013.

¹The NAV is unaudited, includes the value of the interim dividend in respect of the year ending 28 February 2014 and reflects the closing bid price of quoted securities as at 30 November 2013. Unlisted companies are normally valued on a six-monthly basis and the NAV incorporates the Directors' valuation of unlisted investments as at 31 August 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 30 November 2013, a total of £509,878 was invested in four unlisted companies; proceeds of £1,358,454 were received from the disposal of holdings in five unlisted companies, against a total cost of £1,355,401; and the disposal of an AIM quoted holding generated proceeds of £22,878 against an invested cost of £20,789. 

3.	Offer for Subscription

On 24 October 2013, the Company launched an Offer for Subscription with a view to raising up to £4 million of additional capital. The Offer is being made in conjunction with Maven Income and Growth VCT 2 PLC, Maven Income and Growth VCT 3 PLC and Maven Income and Growth VCT 4 PLC, each also aiming to raise up to £4 million, and Maven Income and Growth VCT 5 PLC and Maven Income and Growth VCT 6 PLC which are aiming to raise up to £3 million and £1 million respectively.

Approval for the issue of shares under the Offer was granted by Shareholders at a General Meeting held on 27 November 2013. It is anticipated that the Offer will remain open until 5 April 2014 in respect of the 2013/14 tax year and until 30 April 2014 in respect of the 2014/15 tax year, unless fully subscribed at an earlier date and subject to the Directors' right to close or extend the Offer at any time. Full terms and conditions of the Offer are set out in the Prospectus which is available at www.mavencp.com/migvct.

4.	Recent developments

Between 1 December 2013 and the date of this Statement, investments totalling £915,530 were made in two unlisted companies; and capital proceeds of £928,531 were received from one AIM quoted and three unlisted companies, and included £115,010 of consideration relating to two previous disposals.

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 2013 to 30 November 2013, or in the period from 1 December 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

17 January 2014

 

END

 

 

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