12th Jul 2024 20:14
(Alliance News) - Maven Income & Growth VCT 5 PLC on Friday said its net asset value per share fell in its six months ended May 31, though the firm remains positive, noting new investments made and successful realisations.
Maven said its NAV per share was 32.53 pence at May 31, down 4.8% from 34.18 pence the year prior.
"With inflation significantly reduced, energy prices in decline and interest rates predicted to fall later in the year, the outlook is more stable than it has been for several years. Whilst it may take time for all of these improvements to filter through the economy, the Manager is cautiously optimistic in the outlook for the remainder of the financial year and believes that economic growth will continue to strengthen in 2025," the firm said.
The London-based investment firm focused on long-term capital appreciation in May sold its holdings in GradTouch which generated sales proceeds of GBP973,000 and a total return of 1.7 times cost.
Following the period end, the firm in June exited from Quorum Cyber, generating a total return of 8.2 times cost.
The firm also noted investments made in Alderley Lighthouse Labs, McKenzie Intelligence Services, Metrion Biosciences and Zing during the period, worth a total GBP1.2 million
In April it completed a subscription offer which generated GBP6.8 million and has elected to launch a new offer with full details to be announced this fall.
For the interim period, the firm has also declared a 1.00 dividend per share to be paid September 6.
"The completion of further profitable exits remains a key objective and will continue to be a focus of attention in the second half of the year, to help support your company's dividend programme," the firm said in its report.
At the period end, its portfolio comprised of 137 investments, at a total cost of GBP62.2 million.
Maven Income & Growth VCT 5 shares closed at 30.40 pence each on Friday in London.
By Aidan Lane, Alliance News reporter
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