(Alliance News) - Venture capital trust Maven Income & Growth VCT PLC on Friday cut its dividend for its recently ended financial year following a drop in net asset value.
As at February 29, net asset value was 46.35 pence per share, down from 47.76p the same date the year before. However, net asset value total return increased to 143.26p per share from 142.67p.
Maven Income & Growth said during the year, it made five exits from private companies, which each made a total return in excess of the current carrying value. In addition, the company deployed GBP5.3 million investing into 18 companies.
The trust declared a final dividend of 2.00p per share, bringing the total payout to 4.00p per share, down 68% from 12.55p the year before.
Shares in Maven Income & Growth VCT closed untraded on Friday in London, last quoted at 41.25p.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Maven Income 1 (MIG1)