Maven Income and Growth VCT 3 PLC Allotment Update (2533P)
June 08 2020 - 4:33AM
UK Regulatory
TIDMMIG3
RNS Number : 2533P
Maven Income and Growth VCT 3 PLC
08 June 2020
Maven Income and Growth VCT 3 PLC (the Company)
Allotment Update
On 13 November 2019, the Company and Maven Income and Growth VCT
4 PLC launched a joint offer for subscription for new ordinary
shares of 10p each (Ordinary Shares) to raise up to GBP7.5 million
(the Offer). On 28 January 2020, the Board announced that it had
received subscriptions up to its fundraising limit of GBP7.5
million and that the Offer was closed for further applications.
It was subsequently announced, on 5 February 2020, that the
Board of the Company intended that an allotment in respect of
applications for the 2020/2021 tax year would take place as soon as
practicable after 6 April 2020. However, after undertaking a
comprehensive review of the portfolio and making suitable
provisions against the valuations of certain unlisted investments
to reflect the impact that the COVID-19 pandemic could have on the
trading performance of some of the underlying companies, on 26
March 2020 the Board announced an adjusted net asset value (NAV) of
55.91p per Ordinary Share as at 20 March 2020.
The Board had also announced on 26 March 2020 that it intended
to delay the allotment for the 2020/2021 tax year to no earlier
than 30 April 2020. This was in order to conduct a further review
of the portfolio and ensure that the issue price would reflect the
valuation of the underlying portfolio. This further review period
has been extended in order to gain the fullest possible
understanding of the impact of the pandemic over a longer period
prior to allotment, but is expected to have been completed in time
to allow the Company to announce an unaudited NAV in advance of the
publication of the Interim Report and Financial Statements for the
six months ended 31 May 2020. The Board anticipates that an
unaudited NAV as at 31 May 2020 will be announced before 30 June
2020, with an allotment of shares in respect of the 2020/21 tax
year taking place as soon as practicable thereafter.
For further information, please contact:
Maven Capital Partners UK LLP
Telephone: 0141 306 7400
E-mail: enquiries@mavencp.com
Maven Capital Partners UK LLP
Secretary
8 June 2020
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END
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