(Alliance News) - Maven Income & Growth VCT 4 PLC on Tuesday said its net asset value declined in 2019 following an interim dividend payment and fell more sharply post year-end due to the Covid-19 pandemic.
The venture capital trust reported a December 31 NAV per share of 70.91 pence per share following payment of a 2.00p per share interim dividend, down from 71.77p at the end of 2018. As disclosed in March, the trust's NAV has fallen further since then to 64.51p per share as "the global economy and financial markets have been impacted by the coronavirus (Covid-19) pandemic".
NAV total return at the end of 2019 was 146.51p, up from 145.37p in 2018. Maven 4 said that "the NAV total return is considered to be a more appropriate long-term measure of shareholder value as it includes the current NAV per share and the sum of dividends paid to date."
The firm has declared a final 2.00p per share dividend for 2019, taking the annual total to 4.00p per share.
On December 19, Maven 4 completed its all-share merger with Maven VCT 6, increasing net assets to GBP73.1 million. Maven 4 issued 27.6 million shares as consideration to former Maven 6 shareholders.
Chair Peter Linthwaite said: "There will now be a period of consolidation where the primary objective will be to expand the portfolio further, through selective additions of new private and AIM quoted companies. Your company has good levels of liquidity to support this strategy and the medium-term objective remains committed to building a diversified portfolio to help mitigate the risks associated with early stage investment. While there are obvious challenges to be faced as a result of the Covid-19 pandemic, the board believes that Maven remains well placed to deliver this objective for Shareholders and anticipates a good rate of investment through the first half of the new financial year."
Shares in Maven 4 closed untraded at 62.00p in London on Tuesday.
By Anna Farley; annafarley@alliancenews.com
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Maven I&g 4 (MAV4)