Interim Management Statement

RNS Number : 1207F

Maven Income and Growth VCT 5 PLC

17 April 2014

 

Maven Income and Growth VCT 5 PLC (the Company)

Interim Management Statement - quarter ended 28 February 2014

This Interim Management Statement, for the quarter ended 28 February 2014, 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 March 2014 to the date of issue. 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 40.30p per share at 28 February 2014, compared to 37.09p per share at 30 November 2013;

·      NAV total return² of 65.60p at 28 February 2014, compared to 62.39p at 30 November 2013; and

·      Final dividend of 1.35p per share in respect of the year ended 30 November 2013, proposed for payment on 30 May 2014.

¹The NAV is unaudited and reflects the closing bid price of quoted securities at 28 February 2014. Unlisted companies are normally valued on a six-monthly basis and the NAV incorporates the Directors' valuation of unlisted investments as at 30 November 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 28 February 2014: a total of £1,348,175 was invested in six private companies, five of these companies were new investments and one was a follow-on investment; aggregate proceeds of £1,763,526 were realised from the disposal of nine AIM quoted investments against a total cost of £1,860,797; and a net £3,196,700 was invested in short-dated UK Government Securities. A total of £291,475 was realised from the disposal of unlisted equities and loan stock.

3.	Recent developments

Between 1 March 2014 and the date of this Statement: £724,429 was invested in four unlisted companies, two of these companies were new investments and two were follow-on investments; the disposal of shares in eight AIM quoted investments realised aggregate proceeds of £874,221 against cost of £471,611; also the disposal of shares in one private company realised proceeds of £368,000 against a cost of £400,000 and the sale of UK Government Securities realised £3,000,000 of proceeds against £2,998,020 of cost.

4.	Offer for subscription

Up to and including 5 April 2014, the Company had received valid applications to the value of £3.07 million pursuant to its Offer for Subscription (the Offer), which opened on 24 October 2013. All valid applications in respect of the 2013/14 tax year, representing the sum of £2.77 million, have been accepted in full. Pursuant to the Offer, and subsequent to an initial allotment of 4,346,689 shares on 3 February 2014, the Company issued and allotted a further 2,310,321 Ordinary Shares of 10 pence each on 5 April 2014. The Offer Price at which all of these shares were issued and allotted was 41.58p per Ordinary Share. As a result of these allotments the number of Ordinary Shares now in issue is 67,512,435. It is intended that a further allotment, in respect of the 2014/15 tax year, will take place by no later than 30 April 2014 and will, in part, utilise the over-allotment facility set out in the Prospectus for the Offer.

Other than as described above and changes in the value of investments quoted on regulated markets, the Board is not aware of any events during the period from 1 December 2013 to 28 February 2014, or in the period from 1 March 2014 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 April 2014

 

END

 

 

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