LONDON (Alliance News) - Maven Income & Growth VCT 2 PLC on Friday said its dividend has been substantially increased for the last financial year, partly driven by a special payout, as it reported a rise in gains and returns from its investments.
The investment company said its net asset value total return rose 7.0% in the financial year that ran until the end of January to 97.47 pence from 91.12p, but said its net asset value at the end of January had fallen to 53.0p from 60.8p after paying normal and special dividends during the year.
The total gain on investments in the last financial year amounted to GBP3.1 million, considerably higher than the GBP2.1 million reported in the previous year. Income from investments also rose to GBP1.0 million from GBP764,000.
The overall net return on activities before tax was GBP2.8 million compared to GBP1.6 million a year ago.
Maven Income said its final dividend has been increased to 2.25p from the 2.15p last year. Once added to the interim and special dividends, the full year payout is 14.25p. Excluding the special dividend involved, the full year dividend is up 6.3% from last year.
Maven Income said it added three new equity investments to its portfolio in the year whilst selling, disposing and exiting from numerous other investments which all generated a profit.
Maven Income & Growth VCT 2 shares were up 1.6% to 48.75 pence per share on Friday afternoon.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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Maven Income and Growth VCT 2 (MIG2)