Maven Income and Growth VCT PLC (the Company) - quarter ended 31 May 2011
This Interim Management Statement, for the quarter ended 31 May 2011, 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 2011 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 65.8p per share at 31 May 2011, compared to 65.3p per share at 28 February 2011;
· NAV total return2 of 104.9p at 31 May 2011, compared to 104.4p at 28 February 2011; and
· Final dividend of 3.5p per share in respect of the year ending 28 February 2011 to be paid on 22 July 2011.
1The NAV is unaudited and reflects the closing bid price of quoted securities at 31 May 2011. Unlisted companies are normally valued on a six-monthly basis and the NAV incorporates the Directors' valuation of unlisted investments as at 28 February 2011, 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 2011, four unlisted investments were completed, including the provision of support to three existing portfolio companies, and a total of £584,000 was invested. In the same period: the full or partial disposals of two AIM quoted investments and the redemption of loan stock at par by an unlisted company generated aggregate proceeds of £413,000 against a total cost of £319,000.
Between 1 June 2011 and the date of this Statement, investments totalling £997,000 were made in three unlisted companies. During the same period, the sale of shares in three AIM quoted companies realised proceeds of £21,000 against cost of £184,000; the redemption of loan stock by two unlisted companies generated proceeds of £174,000; and the disposal of two unlisted investments generated aggregate proceeds of £1,423,000 against a total cost of £710,000.
Second Linked Offer
Under a second Linked Offer undertaken with Maven Income and Growth VCT 2 PLC, Maven Income and Growth VCT 3 PLC and Maven Income and Growth VCT 4 PLC, the Company has issued a total of 1,655,371 New Ordinary Shares in respect of the 2010/11 tax year and 298,800 New Ordinary Shares in respect of the 2011/12 tax year.
Other than 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 2011 to 31 May 2011, or in the period from 1 June 2011 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 2011
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