Maven Income and Growth VCT PLC (the Company) - quarter ended 31 May 2012
This Interim Management Statement, for the quarter ended 31 May 2012, is provided in accordance with Rule 4.3 of the Disclosure and Transparency Rules of the UK Listing Authority and also includes relevant information in respect of the period from 1 June 2012 to the date of issue. This Statement has been prepared solely to provide additional information in order to meet the relevant requirements of the UK Listing Authority's Disclosure and Transparency Rules, and should not be relied on by Shareholders, or any other party, for any other purpose.
· Net Asset Value (NAV)1 of 72.3p per share at 31 May 2012, compared to 67.9p per share at 29 February 2012;
· NAV total return2 of 116.4p at 31 May 2012, compared to 112.0p at 29 February 2012; and
· Final dividend of 3.5p per share in respect of the year ending 29 February 2012 to be paid on 20 July 2012.
1The NAV is unaudited and reflects the closing bid price of quoted securities at 31 May 2012. Unlisted companies are normally valued on a six-monthly basis and the NAV incorporates the Directors' valuation of unlisted investments as at 29 February 2012, adjusted for subsequent events where appropriate.
2NAV total return is the sum of NAV per share and dividends paid per share since launch.
Investments and disposals
During the quarter ended 31 May 2012, five unlisted investments were completed, including the provision of support to one existing portfolio company, and a total of £2,035,000 was invested. During the same period, the full or partial disposal of eight unlisted holdings realised proceeds of £1,732,000 against cost of £1,504,000.
As announced on 6 June 2012, the Company completed the disposal of its investment in TPL (Midlands) Limited (trading as Transys Projects Limited) on 1 June 2012. For contractual reasons, the Directors were not able to publish specific details of the transaction. However, the unaudited NAV of the Company increased by approximately 4.7p as a direct result of this disposal and this has also been reflected in the calculation of the NAV as at 31 May 2012.
Between 1 June 2012 and the date of this Statement, the Company also sold its investment in Nessco Group Holdings, realising proceeds of £1,551,000 against an invested cost of £710,000 and the valuation of £1,236,000 as at 31 May 2012. In the same period, the Company also provided total additional funding of £560,000 in support of three existing portfolio companies; sold an AIM quoted holding to realise proceeds of £2,000 against a cost of £3,000; and made a net investment of £4,013,000 in UK government securities.
Other than as described above and changes in the value of investments quoted on regulated markets, the Board is not aware of any material events during the period from 1 March 2012 to 31 May 2012, or in the period from 1 June 2012 to the date of this announcement, which would have had a material impact on the financial position of the Company.
Issued on behalf of the Board
Maven Capital Partners UK LLP
20 July 2012
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