20th Jul 2018 18:11
LONDON (Alliance News) - Maven Income & Growth VCT 3 PLC on Friday posted a drop in its net asset value for its first half after it substantially reduced its investments.
As at May 31 Maven's net asset value per share dropped to 67.01 pence from 86.82p year on year as its investments at fair value were reduced to GBP20.0 million from GBP29.8 million.
Maven paid its first interim dividend for the current year, 5.70p per share, on April 13. A second 5.25p dividend was paid June 22.
The company's NAV total return as at May 31 was 143.93p per share, up from 143.52p the year before.
In conjunction with Maven Income and Growth VCT 4 PLC, Maven launched a subscription offer and raised GBP20 million in April.
"Based on the current level of new transaction activity, it is expected that a meaningful number of new investments will be completed during the second half of the financial year, consistent with the company's strategy of further expanding and diversifying the portfolio. The success of the most recent offer for subscription has provided further funds to ensure the delivery of this strategy," the company said.
Shares in Maven closed untraded at 57.50p on Friday.
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