4th Mar 2014 16:42
LONDON (Alliance News) - Maven Income and Growth VCT 3 PLC Tuesday said its net asset value total return improved in its last financial year.
For the financial year ended November 30, 2013, the UK-based venture capital trust reported a net asset value total return of 119.45 pence per share, up 4.6% from 114.15 pence the prior year.
The trust's NAV at period end was 83.00 pence per share, up from 82.70 pence a year earlier.
"Several successful partial or complete profitable exits have been achieved during the year. The proceeds from those disposals contributed to a total capital gain from realisations of GBP1.5 million, providing liquidity for further investment," said Chairman Gregor Michie in a statement.
The trust said during the year it added 11 new investments to its portfolio.
It increased its final dividend to 3.25 pence, from 3.00 pence a year earlier, bringing total dividends for the year to 5.25p per share, representing a yield of 6.77% based on the year end closing share price of 77.50 pence.
"The company's portfolio has benefitted from further expansion and diversification during the year to November 30 2013 and continues to generate healthy levels of revenue, which is an important component in the ability to sustain an attractive level of tax-free distributions to shareholders," said Michie.
Shares in the trust were trading 1.7% higher at 76.50 pence per share Tuesday afternoon.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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