Molten Ventures VCT plc Portfolio Update
18 May 2022 - 4:00PM
UK Regulatory
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Molten Ventures VCT plc
Legal Entity Identifier: 2138003I9Q1QPDSQ9Z97
18 May 2022
Portfolio update and special dividend
Molten Ventures VCT plc today announces that it has exited its
investment in Lyalvale Express Ltd, a leading UK manufacturer of
shotgun cartridges, to Fiocchi Munizioni of Italy. The initial
investment was made in 1998 by a VCT, which merged into Molten
Ventures VCT in 2007, and the exit represents an IRR of 15.9% per
annum.
In addition to the VCT board's intention to pay an annual
dividend of 5% of prevailing NAV per share, the board intends
dividends to be supplemented by special dividends when justified
through particularly profitable realisations, always assuming, of
course, adequate distributable reserves which is currently the
case. The board of the VCT is therefore pleased to announce that it
intends to pay out to the VCT shareholders a substantial proportion
of the profits from the sale of Lyalvale as a special dividend
along with this year's final dividend. This is expected to be a
special dividend of 1.6 pence per share paid alongside the final
dividend which is expected to be declared for payment in August and
will paid on the current enlarged share capital post the final
allotment of the recent offer for subscription on 8 April 2022.
Full details of the special dividend will be included in the
Annual Report, expected to be published in July, which will be sent
to Shareholders by post or email depending on how they have elected
to receive shareholder communications.
Shareholders should be aware that since the March 2022 year end,
the VCT has introduced a Dividend Reinvestment Scheme (DRIS). This
means that Shareholders can elect to take their dividends as new
shares in Molten Ventures VCT shares rather than in cash and,
subject to the usual VCT conditions, will be eligible for 30%
income tax relief on the sum reinvested. This is a tax efficient
way for those shareholders, who prefer the capital value of their
investment to be reinvested to achieve their investment
objectives.
Shareholders can elect to enrol in DRIS via the Company's
Investor Portal:
https://molten-ventures-vct.cityhub.uk.com
Shareholders will need to register to use the portal if they
have not already done so.
(END) Dow Jones Newswires
May 18, 2022 02:00 ET (06:00 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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