Maven Income and Growth VCT 5 PLC Statement re NAV and Interim Dividend (2606T)
July 16 2020 - 8:38AM
UK Regulatory
TIDMMIG5
RNS Number : 2606T
Maven Income and Growth VCT 5 PLC
16 July 2020
Maven Income and Growth VCT 5 PLC
Unaudited Net Asset Value (NAV) and Interim Dividend
The Directors of Maven Income and Growth VCT 5 PLC ("the
Company") confirm that the unaudited NAV of the Company as at 31
May 2020 was 34.84p per Ordinary Share and that it reflects the
payment, on 1 May 2020, of the final dividend of 1.10p per Ordinary
Share in respect of the year ended 30 November 2019. This compares
to an NAV of 33.99p as at 20 March 2020, as announced on 26 March
2020 following a review of the portfolio in response to the
COVID-19 pandemic, at which time the Board had considered it
prudent to apply a provision to the valuations of certain
investments in those sectors most immediately affected.
As Shareholders will be aware from recent Annual and Interim
Reports, decisions on distributions take into consideration the
availability of surplus revenue, the realisation of capital gains,
the adequacy of distributable reserves and the VCT qualifying
level. These factors are all kept under close and regular review by
the Board and the Manager, who recognise the importance of tax-free
distributions to Shareholders.
The Board is pleased to declare that an interim dividend in
respect of the year ending 30 November 2020, of 0.50p per Ordinary
Share, will be paid on 28 August 2020 to Shareholders on the
register at close of business on 31 July 2020. Since the Company's
launch, and after receipt of this latest dividend, 43.45p per share
will have been distributed in tax-free dividends. It should be
noted that the effect of paying dividends is to reduce the NAV of
the Company by the total cost of the distribution.
Dividend Investment Scheme
The Company has in place a Dividend Investment Scheme (DIS)
through which Shareholders may elect to have their dividend
payments used to apply for new Ordinary Shares issued by the
Company under the standing authority granted by Shareholders at
Annual General Meetings. However, o n 26 March 2020, the Board
announced that the DIS had been suspended due to the volatility in
financial markets caused by the COVID-19 pandemic , with the
payment of the final dividend for the year ended 30 November 2019
on 1 May 2020 being made by either cheque or bank transfer using
existing mandate instructions.
The Directors have resolved to re-introduce the DIS with
immediate effect. This means that, unless they advise the Company
otherwise, those Shareholders who had previously elected to
participate in the DIS will revert to receiving new shares with
effect from 28 August 2020 , being the payment date of the above
interim dividend. Shareholders who have not previously applied to
participate in the DIS and who wish to do so in respect of the
interim dividend payable on 28 August 2020 , should ensure that a
mandate form, or CREST instruction if appropriate, is received by
the Registrar, Link Market Services, prior to the dividend election
date of 14 August 2020. Shares issued under the DIS should qualify
for VCT tax reliefs applicable for the tax year in which they are
allotted. Terms & conditions of the scheme, together with a
mandate form, are available from the Company's website at:
www.mavencp.com/migvct5
Further to the information disclosed above, the Directors
confirm that they are satisfied that all inside information (as
defined by Article 7 of the Market Abuse Regulation (596/2014/EU))
that the Directors and the Company may have in their possession
relating to the Company during the 30 day closed period leading up
to the announcement of its interim results for the six months ended
31 May 2020 has been or will be notified to a regulatory
information service.
Issued on behalf of the Board
Maven Capital Partners UK LLP
Secretary
16 July 2020
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contact rns@lseg.com or visit www.rns.com.
END
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