Maven Income & Growth VCT 6 Holds Annual Payout Amid Heavy Investment

(Alliance News) - Maven Income & Growth VCT 6 PLC held its annual dividend Friday despite net ...

Alliance News 12 July, 2019 | 6:38PM
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(Alliance News) - Maven Income & Growth VCT 6 PLC held its annual dividend Friday despite net asset value struggling amid a record level of investment for the venture capital trust.

For the year ended March, net asset value fell 4.3% to 52.77 pence from 55.16 pence the year prior.

"During the period under review, your company made further significant headway in the construction of the long-term portfolio, achieving a record level of investment through the deployment of GBP8.8 million in 27 new and follow-on VCT qualifying transactions in young growth companies, operating across a diverse range of sectors," Maven Income & Growth Chair Brian May said.

In financial 2018, Maven Income & Growth invested GBP5.8 million across 13 VCT investments.

"Whilst the rapid expansion of the portfolio over the past two years has established the foundations for future growth, it will take time for this to translate into improvements in shareholder value as all holdings in earlier stage assets are initially held at cost, or cost less provision, reflecting their stage of development and risk profile," May added.

Maven proposed a 1.75 pence per share annual dividend, unchanged on the year prior.

May continued: "Notwithstanding the ongoing political and economic uncertainty associated with the UK's withdrawal from the EU, the strategy for the year ahead will focus on building value within the portfolio, alongside making selective new investments in private and AIM quoted companies, consistent with the approach of recent years."

Shares in Maven Income & Growth closed 3.9% lower at 47.00 pence in London on Friday.

By Ahren Lester; ahrenlester@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar Rating
Maven Income and Growth VCT 6 Ord 47.30 GBX 0.00 -
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