Maven Income & Growth VCT 5 Net Asset Value Drops On Dividend Payout

12th Mar 2018 14:05

LONDON (Alliance News) - Maven Income & Growth VCT 5 PLC said on Monday its net asset value fell in 2017 because it distributed a significant dividend to investors.

For the year ended November 2017, net asset value per share edged down to to 38.24 pence per share from 38.92p the prior year. This was after the venture capital trust paid 4.90p in dividends during the year, including 3.20p announced in relation to 2017. In 2016, the group paid a dividend of 2.65p.

"Full-year distributions in respect of the financial year were 3.20p per share which represents a yield of 9.85%, based on the share price at the year end," Maven VCT 5 Chaiman Allister Langlands noted. "The enhanced level of distributions in the current year was due to a build-up of distributable reserves."

NAV total return per share at the year-end increased by 5.9% to 75.89p from 71.67p the year prior, which it said continued an improvement trend since Maven was appointed as manager of the trust in 2011.

During the year the company bought back 650,000 shares within the 10% to 15% discount range to the prevailing NAV per share.

"During the new financial year the board anticipates that there will be further growth of the portfolio through the addition of VCT qualifying private company holdings. Whilst these new investee companies will typically be younger and growth oriented, they also represent an opportunity to introduce dynamic, high growth assets to the portfolio," Langlands added.

Maven Income & Growth VCT 5 shares were untraded at 31.00 pence on Monday.

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