Maven Income and Growth VCT 3 PLC Statement re NAV and Interim Dividend (4345R)
June 29 2020 - 12:25PM
UK Regulatory
TIDMMIG3
RNS Number : 4345R
Maven Income and Growth VCT 3 PLC
29 June 2020
Maven Income and Growth VCT 3 PLC
Unaudited Net Asset Value (NAV) and Interim Dividend
The Directors of Maven Income and Growth VCT 3 PLC (the Company)
confirm that the unaudited NAV of the Company as at 31 May 2020 was
54.74p per Ordinary Share and that it reflects the payment, on 17
April 2020, of the final dividend of 2.00p per Ordinary Share in
respect of the year ended 30 November 2019. This compares to an NAV
of 55.91p as at 20 March 2020, as announced on 26 March 2020
following a review of the portfolio in response to the COVID-19
pandemic, at which time the Board had considered it prudent to
apply a provision to the valuations of certain investments in those
sectors most immediately affected.
As Shareholders will be aware from recent Annual and Interim
Reports, the Company does not have a specific dividend target and
decisions on distributions take into consideration the availability
of surplus revenue, the realisation of capital gains, the adequacy
of distributable reserves and the VCT qualifying level. These
factors are all kept under close and regular review by the Board
and the Manager, who recognise the importance of tax-free
distributions to Shareholders.
The Board is pleased to declare that an interim dividend in
respect of the year ending 30 November 2020, of 2.00p per Ordinary
Share, will be paid on 28 August 2020 to Shareholders on the
register at close of business on 31 July 2020. Since the Company's
launch, and after receipt of this interim dividend, 88.17p per
Ordinary Share will have been distributed in tax-free dividends. It
should be noted that the effect of paying dividends is to reduce
the NAV of the Company by the total cost of the distribution.
Dividend Investment Scheme (DIS)
The Company has in place a DIS, through which Shareholders may
elect to have their dividend payments used to apply for new
Ordinary Shares issued by the Company under the standing authority
granted by Shareholders at Annual General Meetings. However, on 26
March 2020, the Board announced that the DIS had been suspended due
to the volatility in financial markets caused by the COVID-19
pandemic. As a result, on 17 April 2020, the payment of the final
dividend for the year ended 30 November 2019 was made by either
cheque or bank transfer using existing mandate instructions.
The Directors have resolved to re-introduce the DIS with
immediate effect. This means that, unless they advise the Company
otherwise, those Shareholders who had previously elected to
participate in the DIS will revert to receiving new shares with
effect from 28 August 2020 , being the payment date of the interim
dividend noted above. Shareholders who have not previously applied
to participate in the DIS and who wish to do so in respect of the
interim dividend payable on 28 August 2020 , should ensure that a
mandate form, or CREST instruction if appropriate, is received by
the Registrar, Link Market Services, prior to the dividend election
date of 14 August 2020. Shares issued under the DIS should qualify
for VCT tax reliefs applicable for the tax year in which they are
allotted. Terms & conditions of the scheme, together with a
mandate form, are available from the Company's website at:
www.mavencp.com/migvct3 .
Further to the information disclosed above, the Directors
confirm that they are satisfied that all inside information (as
defined by Article 7 of the Market Abuse Regulation (596/2014/EU))
that the Directors and the Company may have in their possession
relating to the Company during the 30 day closed period leading up
to the announcement of its interim results for the six months ended
31 May 2020 has been or will be notified to a regulatory
information service.
Issued on behalf of the Board
Maven Capital Partners UK LLP
Secretary
29 June 2020
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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