5th Apr 2019 16:20
LONDON (Alliance News) - Maven Income & Growth VCT 4 PLC on Friday hiked its full year dividend despite a net asset value decline of 17%.
The stock was trading 3.1% lower on Friday at 63.50 pence a share.
The investment company reported NAV per share as at December 31 of 71.77p, down from 85.97p posted at the end of 2017.
Maven VCT 4 declared an annual dividend of 13.70 pence per share, up 10% from 12.45p paid the year prior.
The trust noted that notwithstanding the political and economic uncertainty that has continued to surround the UK's intended exit from the EU, most of the investee companies in the portfolio have performed broadly in line with expectations.
The company also highlighted the "good" level of investment activity that was achieved during the year, with the addition of seven new private company assets to the portfolio.
Maven VCT 4 said it anticipates a continuation of this trend in the new financial year.
In addition, two notable disposals were completed in 2018. In February last year, Maven VCT4 has exited from Endura, a manufacturer of cycling apparel and accessories, while in October 2018, the holding in Cursor Controls, a manufacturer of trackballs, was sold at a premium to carrying value.
"The continuing positive performance achieved by a number of the more established private companies has enabled some of the valuations of those assets to be increased," said Chair Ian Cormack.
"There are, however, a small number of investments that are operating behind plan or where a market adjustment has influenced performance and, as a result, the valuations of these assets have been reduced," added Cormack.
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