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LONDON (Alliance News) - Maven Income and Growth VCT PLC, along with Maven Income and Growth VCT 2, 3, 4, 5 and 6 PLC, said Monday that in light of investment restrictions proposed in the UK government's Summer 2015 budget, they have suspended their dividend investment scheme with immediate effect.
As a result all future dividends will be paid to shareholders by either cheque or direct bank transfer using existing mandate instructions, the trusts said. Previously, instead of receiving a cash dividend, shareholders could elect to receive new shares instead.
This will allow the trusts to review the final changes to the VCT legislation, and to consider the "full potential impact of these on the company's future investment strategy."
Shares in Maven Income and Growth VCT were down 3.0% at 64.00 pence Monday afternoon, Maven Income and Growth VCT 2 was up 2.4% at 53.50p, Maven Income and Growth VCT 3 was down 1.7% at 72.50p, Maven Income and Growth VCT 4 was down 0.6% at 84.00p, Maven Income and Growth 5 was down 3.6% at 33.50p, and Maven Income and Growth 6 was flat at 44.50p.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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