20th Sep 2019 14:05
(Alliance News) - Maven Income & Growth VCT 4 PLC on Friday reported an increase in net asset value in the first half of 2019.
Net assets at June 30 stood at GBP55.2 million, 0.4% higher than the GBP55.0 million reported in December. Per share, net asset value rose 1.3% to 72.73 pence from 71.77p.
The company's stock was untraded in London on Friday afternoon, last quoted at 62.25p each.
Maven 4 proposed an interim dividend of 2.00p per share, compared with two interim payouts totalling 13.70p in the first half of 2018.
The venture capital trust said it added five private company holdings to its portfolio during the period, with four further investments completed since.
The trust also added two new AIM-listed investments to its investment portfolio, life sciences company MaxCyte Inc and pharmaceuticals-focused data analytics firm Diaceutics PLC.
Maven 4 realised its investments in GEV Wind Power Ltd after private equity firm Bridges Fund Management bought the company.
The trust also realised its holding in Just trays Ltd, a designer and manufacturer of shower trays and related accessories.
Looking ahead, Maven 4 said it has a "healthy" pipeline of opportunities and added that "the rate of new investment in the second half of the year will be strong".
It also expects its merger with Maven Income & Growth VCT 6 PLC to be completed in mid-December.
The two investment trusts announced in August that they entered into discussions regarding a possible merger.
"These discussions may or may not lead to an agreement to merge the companies. If the merger is to proceed, the current intention is that it will be undertaken by way of a scheme of reconstruction under section 110 of the Insolvency Act 1986 by transferring the assets and liabilities of Maven VCT 6 to Maven VCT 4 in consideration for the issue of new ordinary shares in Maven VCT 4 to the Maven VCT 6 shareholders on a relative net asset value basis," the companies said.
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