LONDON (Alliance News) - Maven Income & Growth VCT PLC upped its total dividend for its most recently ended financial year as it saw net asset value rise.
The company saw a total return on net asset value of 5.1% for the year to end-February. Its net asset value at the period end was 68.1 pence after payment of dividends totalling 5.9p during the year, from 67.5p at the end of the previous year.
It proposed a final dividend of 1.2p takings its total dividend to 6.0 p, up 1.7% from 5.9p the previous year.
Maven Income & Growth said it had continued to deliver against its objectives of long term capital appreciation and a steady improvement in shareholder returns, making five profitable exits during the year and three new private equity investments.
"Your company has achieved significant success by following a proven strategy of investing in a diversified portfolio of private companies capable of generating regular income and capital appreciation. The introduction of the new VCT rules will result in an adjustment to this strategy, requiring the Manager to consider investing in earlier stage businesses with growth capital requirements, as opposed to focusing on management buy-out or acquisition based transactions which have historically provided a more predictable revenue stream," said Chairman John Pocock in a statement.
"Whilst this revised approach will, over time, alter the composition of the asset base, your board is confident that Maven's strong track record and stringent selection process, supported by the strength of the existing portfolio, will enable your company to deliver growth whilst supporting the distribution of tax-free returns to shareholders," Pocock said.
Shares in Maven Income & Growth were up 2.3% at 68.00 pence Friday.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Maven Income 1 (MIG1)