Maven Income and Growth VCT 3 PLC
Proposed Final Dividend
On 18 December 2023, the Directors
of Maven Income and Growth VCT 3 PLC ("the Company") announced that
the unaudited net asset value of the Company as at 30 November 2023
was 52.48p per Ordinary Share.
The Directors propose that a final
dividend of 2.15p 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.
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. This final
dividend will bring total distributions for the financial year to
2.65p per Ordinary Share, representing an annual yield of
4.62%.
Since the Company's launch, and
after receipt of this final dividend, a total of 99.72p per 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, subject to
an individual Shareholder's particular circumstances.
Terms & conditions of the scheme, together with
a mandate form, are available from the Company's webpage at:
mavencp.com/migvct3.
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 Registrar, 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:
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
6 February 2024