LONDON (Alliance News) - Maven Income & Growth VCT 5 PLC on Thursday expressed a confident outlook for the year ahead despite net asset value decreasing in its most recently ended financial year.
The investment company reported NAV per share of 37.54 pence for the year to the end of November 2018, down from 38.24p a year earlier.
The stock closed 2.9% lower on Thursday at 33.60p a share.
The trust upped its annual payout by 16% to 3.70p from 3.20p paid the year before.
In December 2017, the holding in SPS, the provider of promotional merchandise, was exited and delivered a total return of 2.5 times cost over the life of the investment, Maven VCT 5 said.
In February 2018, the company has completed the exit was from Endura, a designer of cycling apparel and accessories, for a total return of 1.6 times cost over the holding period.
In October 2018, the holding in Cursor Controls, a manufacturer of trackballs, was exited, generating a total return of 2.7 times cost over the three-year investment period.
At the end of September, the company has raised GBP15 million, which it intends to use for the continued expansion of the portfolio.
"During the financial year, your company has made further encouraging progress in line with its long-term investment objective and, notwithstanding the prevailing macro-economic uncertainty associated with the UK's withdrawal from the EU, your board remains confident on the future prospects," said Chair Allister Langlands.
Maven I&g Vct5 (MIG5)