11th Mar 2020 12:27
(Alliance News) - Maven Income & Growth VCT 3 PLC on Tuesday posted a fall in net asset value over its recently ended financial year.
The stock was untraded on Wednesday in London, last quoted at 53.00 pence each.
At the end of its financial year on November 30, the venture capital trust's net asset value per share stood at 59.92 pence, down 3.0% from 61.49p in at the same point in 2018. NAV total return at the end of the period was 144.09p from 143.66p.
The company proposed a final dividend of 2.00p per share, bringing the total annual payout to 4.00p, down 64% from 10.95p the year prior.
Political and economic uncertainty dominated the UK's macro-economic outlook throughout the financial year, Maven said.
"There are investments that are operating behind plan or have experienced a market adjustment that has influenced performance and, as a result, the valuations of these assets have been reduced. In addition, one early stage portfolio company was unable to scale in line with the business plan and the value of that holding was fully written down before the business was placed into administration."
Maven said it exited its holdings in shower tray manufacturer Just Trays and wind turbine blade maintenance specialist GEV. It added that discussions are underway regarding further potential exits but warned that there is no certainty the exits will be profitable.
During the period, Maven acquired 16 new portfolio company holdings for a total of GBP6.1 million.
Looking ahead, Chair Atul Devani said: "The board anticipates that the recent strong level of investment activity will continue during the first half of the new financial year, and that a combination of building a larger asset base and raising further capital will leave the company well-positioned to generate positive shareholder returns in future."
By Ife Taiwo; [email protected]
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