Maven Income and Growth VCT 3 PLC Allotment Update & Suspension of DIS (7799H)
27 March 2020 - 4:00AM
UK Regulatory
TIDMMIG3
RNS Number : 7799H
Maven Income and Growth VCT 3 PLC
26 March 2020
Maven Income and Growth VCT 3 PLC (the Company)
Allotment Update and Suspension of Dividend Investment
Scheme
Allotment Update
On 13 November 2019, the Company and Maven Income and Growth VCT
4 PLC launched a joint GBP15 million offer for subscription for new
ordinary shares of 10p each (Ordinary Shares) to each raise up to
GBP7.5 million (the Offer). On 28 January 2020, the Board announced
that the Company had received subscriptions up to its fundraising
limit of GBP7.5 million and that the Offer was closed for further
applications.
The Company subsequently announced on 5 February 2020 that the
Board 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.
The Board, having considered the impact the coronavirus outbreak
could have on the trading performance of some of the underlying
portfolio compani es, intends to delay the allotment date to no
earlier than 30 April 2020. This will allow the Board and the
Manager time to review the portfolio to ensure that the issue price
reflects the valuation of the underlying portfolio.
Suspension of Dividend Investment Scheme (DIS)
In light of the current volatility in financial markets caused
by the global coronavirus pandemic, the Board has decided that it
is appropriate to suspend the DIS with immediate effect. Whilst it
is too early to assess the full impact on the core unlisted
portfolio holdings, there has been an impact on the AIM portfolio
and listed liquidity management assets as a result of wider market
movements and increased trading volumes. The Board is aware that
the Manager is working actively with each investee company to
understand the full impact of the virus and is taking protective
action as quickly as possible on a case by case basis. The Board
anticipates providing a further update shortly.
Further to this, the proposed final dividend of 2.00p per share
for the financial year to 30 November 2019 and all subsequent
dividends, until further notice, will be paid to Shareholders by
either cheque or bank transfer using existing mandate instructions.
Written confirmation of this suspension in the operation of the DIS
will be issued to those Shareholders who have elected to
participate.
For further information, please contact:
Maven Capital Partners UK LLP
Telephone: 0141 306 7400
E-mail: enquiries@mavencp.com
Issued on behalf of the Board
Maven Capital Partners UK LLP
Secretary
26 March 2020
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END
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