LONDON (Alliance News) - Maven Income and Growth VCT 3 PLC Thursday said it saw its net asset value rise in its first half, and maintained its interim dividend level.
The venture capital trust said its net asset value total return rose to 140.29 pence per share as at May 31, compared to 138.29 pence at the end of November.
Maven said its portfolio now extends to more than 50 private and AIM listed company holdings, and said a key highlight was its realisation of Westway Services Holdings, which achieved a total return of 6.5 times cost over the life of the investment.
During the half year the trust was focused on the practical implementation of new venture capital trust rules which were enacted in November last year. Whilst these rules meant it could no longer finance some transactions, it has a "strong track record" of investing in companies that meet the revised criteria, it said.
It added one private company investment to its portfolio in the period, The GP Service (UK).
Maven declared an interim dividend of 2.0 pence, unchanged from the previous year.
"Shareholders will be aware of the result of the recent referendum, in which the electorate expressed the wish that the UK should leave the European Union. Although the full impact of this decision should become clearer over the coming months, the businesses in which your company has invested will maintain or adapt their growth strategies as appropriate, with many exporters seeing a potential short- term benefit from the devaluation of sterling against several major currencies which has occurred at the date of this report," Maven said.
Shares in Maven Income and Growth VCT 3 closed up 0.3% at 90.25 pence Thursday.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Maven Grwth 3 (MIG3)