REG - Maven Inc&Grwth 5 - Dividend Declaration

Maven Income and Growth VCT 5Announcement

07/02/2024 15:15

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RNS Number : 3843C  Maven Income and Growth VCT 5 PLC  07 February 2024

 

Maven Income and Growth VCT 5 PLC

 

 

Proposed Final Dividend

 

On 18 December 2023, the Directors of Maven Income and Growth VCT 5 PLC (the
Company) announced that the unaudited net asset value of the Company as at 30
November 2023 was 32.53p per Ordinary Share.

 

The Directors propose that a final dividend of 1.10p per Ordinary Share in
respect of the year ended 30 November 2023 be paid on 3 May 2024 to
Shareholders on the register at close of business on 22 March 2024. This will
bring the annual dividend to 1.85p per Ordinary Share, representing a yield of
5.23% based on the NAV at the immediately preceding year end.

 

As Shareholders will be aware from recent Annual and Interim Reports,
decisions on distributions take into consideration a number of factors,
including the availability of surplus revenue, the realisation of capital
gains, the adequacy of distributable reserves and the VCT qualifying level.
The Board and the Manager recognise the importance of tax-free distributions
to Shareholders and, subject to the conditions set out above, will seek, as a
guide, to pay an annual dividend that represents 5% of the NAV per share at
the immediately preceding year end.

 

Since the Company's launch, and after receipt of the proposed final dividend,
a total of 52.00p per Ordinary Share will have been distributed in tax-free
dividends. It should be noted that the effect of paying dividends is to reduce
the NAV of the Company by the total cost of the distribution.

 

Dividend Investment Scheme

The Company has in place a Dividend Investment Scheme (DIS) through which
Shareholders may elect to have their dividend payments used to apply for new
Ordinary Shares issued by the Company under the standing authority requested
from Shareholders at Annual General Meetings. Shares issued under the DIS
should qualify for VCT tax reliefs applicable for the tax year in which they
are allotted. Terms & conditions of the scheme, together with a mandate
form, are available from the Company's webpage at: www.mavencp.com/migvct5
(http://www.mavencp.com/migvct5) .

Shareholders who have not previously applied to participate in the DIS and who
wish to do so in respect of the dividend payable on 3 May 2024, should ensure
that a mandate form is received by the Company's Registrars, The City
Partnership (UK) Limited, prior to the dividend election date of 12 April
2024.  Election to participate in the DIS can also be made through the
Registrar's online investor hub at https://maven-cp.cityhub.uk.com
(https://maven-cp.cityhub.uk.com) .

 

Further to the information disclosed above, the Directors confirm that they
are satisfied that all inside information (as defined by Article 7 of the
Market Abuse Regulation (596/2014/EU)) that the Directors and the Company may
have in their possession relating to the Company during the 30 day closed
period leading up to the announcement of its annual results for the year ended
30 November 2023 has been or will be notified to a regulatory information
service.

 

 

 

Issued on behalf of the Board

Maven Capital Partners UK LLP

Company Secretary

 

7 February 2024

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