Maven Income and Growth VCT 5 PLC
Proposed Final Dividend
On 18 December 2023, the Directors
of Maven Income and Growth VCT 5 PLC (the Company) announced that
the unaudited net asset value of the Company as at 30 November 2023
was 32.53p per Ordinary Share.
The Directors propose that a final
dividend of 1.10p per Ordinary Share in respect of the year ended
30 November 2023 be paid on 3 May 2024 to Shareholders on the
register at close of business on 22 March 2024. This will bring the
annual dividend to 1.85p per Ordinary Share, representing a yield
of 5.23% based on the NAV at the immediately preceding year
end.
As Shareholders will be aware from
recent Annual and Interim Reports, decisions on distributions take
into consideration a number of factors, including the availability
of surplus revenue, the realisation of capital gains, the adequacy
of distributable reserves and the VCT qualifying level. The Board
and the Manager recognise the importance of tax-free distributions
to Shareholders and, subject to the conditions set out above, will
seek, as a guide, to pay an annual dividend that represents 5% of
the NAV per share at the immediately preceding year end.
Since the Company's launch, and
after receipt of the proposed final dividend, a total of 52.00p 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
The Company
has in place a Dividend Investment Scheme (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 requested from Shareholders at Annual General
Meetings. 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 webpage at: www.mavencp.com/migvct5.
Shareholders who have not previously
applied to participate in the DIS and who wish to do so in respect
of the dividend payable on
3 May 2024, should ensure that a
mandate form is received by the Company's
Registrars, The City Partnership (UK) Limited, prior to the dividend election date of 12 April
2024. Election to participate in the DIS can
also be made through the Registrar's online investor hub
at https://maven-cp.cityhub.uk.com.
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 annual results
for the year ended 30 November 2023 has been or will be notified to
a regulatory information service.
Issued on behalf of the
Board
Maven Capital Partners UK LLP
Company Secretary
7 February 2024