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(Alliance News) - Venture capital trust firm Maven Income & Growth VCT 5 PLC said Thursday its interim assets per share grew modestly, yet a fundraise provides it with the chance to expand the scale of its portfolio.
For the six months ended May, net asset value per share grew modestly to 37.56 pence from 37.54p six months earlier. The discount to NAV, however, widened to 12% from 7.8% six months earlier.
Total net assets jumped to GBP47.8 million from GBP28.3 million six months earlier. This was after the firm raised GBP20 million through a share placing in March.
"Your board is encouraged by the progress achieved during the reporting period and, notwithstanding the political and economic uncertainty, anticipates that the second half of the year will deliver a good level of investment activity," Chair Allister Langlands said.
Maven Income & Growth VCT 5 proposed a 0.50 pence per share interim dividend.
"The board and the manager remain committed to building a large and diverse portfolio of private and AIM quoted growth companies that can generate further increases in shareholder value," Langlands added.
Shares in Maven Income & Growth VCT 5 closed 3.0% lower at 32.00 pence in London on Thursday.