26th Oct 2018 10:35
LONDON (Alliance News) - Maven Income & Growth VCT PLC on Friday reported a significant drop in its net asset value per share at the end the half following increased dividends payments.
The trust's NAV per share at the end of August was 46.25 pence, down from 58.20p at the end of February and down from 59.34p a year ago.
Maven Income & Growth's net assets decreased 23% to GBP24.6 million from GBP31.2 million at February 28 and GBP31.9 million last year.
The fund said its net asset value decreased due to the payment of dividends totalling 12.55p in the period, down from 6.56p last year.
The dividend rise is down to the fund's recent profitable realisations and to ensure ongoing compliance with VCT regulations.
Maven Income & Growth said its portfolio performed in line with expectations in the first half, despite continued uncertainty surrounding UK's intended exit from the EU.
The fund said it was particularly pleased with its portfolio's trading in the oil & gas portfolio, which continued to improve in the first half. Elsewhere, in its private company portfolio, Cursor Controls, CB Technology and Vodat Communications increased their valuations in the period.
Maven Income & Growth expects a "meaningful" number of new investments in the second half, consistent with the fund's strategy of expanding and diversifying its portfolio.
Shares in Maven Income & Growth VCT were untraded Friday at 43.50 pence each.
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Maven Income 1