Interim Management Statement

RNS Number : 0370J

Maven Income & Growth VCT PLC

10 July 2013

 



Maven Income and Growth VCT PLC (the Company)

Interim Management Statement - Quarter Ended 31 May 2013

This Interim Management Statement, for the quarter ended 31 May 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 June 2013 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 70.9p per share at 31 May 2013, compared to 70.6p per share at 28 February 2013;

·      NAV total return² of 120.5p at 31 May 2013, compared to 120.2p at 28 February 2013; and

·      Final dividend of 3.5p per share in respect of the year ending 28 February 2013 to be paid on 19 July 2013.

¹The NAV is unaudited and reflects the closing bid price of quoted securities at 31 May 2013. Unlisted companies are normally valued on a six-monthly basis and the NAV incorporates the Directors' valuation of unlisted investments as at 28 February 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 31 May 2013, a total of £106,258 was invested in support of three existing portfolio companies and an aggregate £2,294,429 was invested in two new unlisted investments. During the same period, net proceeds of £2,001,634 were realised from UK government securities; the sale of an AIM quoted holding realised proceeds of £12,283 against cost of £8,233; and the full or partial disposal of five unlisted holdings realised total proceeds of £2,914,300 against an aggregate cost of £1,176,191.

3.	Recent developments

Between 1 June 2013 and the date of this Statement, the Company provided an additional aggregate investment of £321,540 in support of two existing portfolio companies and made a total net investment of £3,433,352 in five new private companies. During the same period, £1,500,000 of proceeds were realised from UK government securities; and the partial disposal of three unlisted or AIM quoted holdings realised proceeds of £221,316 against an invested cost of £290,330.

Other than as described above, and changes in the value of investments quoted on regulated markets, the Board is not aware of any material events during the period from 1 March 2013 to 31 May 2013, or in the period from 1 June 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

10 July 2013

 

END

 

 

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