Maven Income and Growth VCT 5 PLC Statement re Net Asset Value and Interim Dividend (5564E)
05 July 2019 - 12:29AM
UK Regulatory
TIDMMIG5
RNS Number : 5564E
Maven Income and Growth VCT 5 PLC
04 July 2019
Maven Income and Growth VCT 5 PLC
Unaudited Net Asset Value and Interim Dividend
The Directors of Maven Income and Growth VCT 5 PLC (the Company)
confirm that the unaudited net asset value of the Company as at 31
May 2019 was 37.56p per Ordinary Share.
As Shareholders will be aware, the requirement to support
younger and earlier stage businesses in accordance with the VCT
Regulations may, over time, result in less predictable capital
gains and lower income flows. However, the Directors do recognise
the continuing importance of tax-free dividends to investors.
Decisions on distributions take into consideration the availability
of surplus revenue, the realisation of capital gains, the adequacy
of distributable reserves, cash flow forecasts and the need to
maintain VCT qualifying levels. These factors are all kept under
regular review by the Board and the Manager. During the two prior
financial years, and following several profitable realisations, the
Company made a number of enhanced interim dividend payments outwith
the regular payment cycle to ensure ongoing compliance with the VCT
qualifying levels.
Accordingly, the Board is pleased to declare that an interim
dividend in respect of the year ending 30 November 2019, of 0.50p
per Ordinary Share, will be paid on 30 August 2019 to Shareholders
on the register at close of business on 2 August 2019. Since the
Company's launch, and after receipt of this latest dividend, 41.85p
per share will have been distributed in tax-free dividends. The
Board anticipates that the Company should be able to declare a
further dividend of at least 1.00p per Ordinary Share in respect of
the current financial year. 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.
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 website 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
30 August 2019, 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 16 August
2019.
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 2019 has been or will be notified to a regulatory
information service.
Issued on behalf of the Board
Maven Capital Partners UK LLP
Secretary
4 July 2019
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
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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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