Maven Linked VCT Offer - Open for Investment
The Boards of six Maven managed VCTs have announced their intention to raise further funds through a Linked top-up Offer, which will close on 30 April 2014 and is available for subscriptions for the tax years 2013/14 and 2014/15. The Offer is limited to a target £20 million in aggregate across the six VCTs.
Investors can also take advantage of an Early Investment Incentive until 31 January 2014, for additional shares equivalent to 1.5% of the amount invested.
The Offer is likely to appeal to income-seeking investors who are looking to invest with a leading generalist VCT manager where there is the likelihood of regular and attractive tax-free dividends. Investors will benefit from access to an immediate dividend stream from established VCT portfolios, as well as initial tax relief of up to 30% available on new VCT shares.
Maven invests across a wide range of sectors in mature and profitable private companies, and has one of the best resourced VCT management teams in the industry sourcing high quality investments throughout the UK. Maven has established one of the strongest and most consistent records among VCT managers for new investments and profitable exits, including seven new investments and seven exits achieved since March 2012.
Bill Nixon, Managing Partner at Maven said: “The previous offers by Maven VCTs closed early in February 2012 and February 2013, having been fully subscribed within weeks of opening. We believe investors will be attracted to this latest Offer as it follows the same successful formula, providing immediate eligibility for dividends from mature VCTs with a later-stage new investment focus, alongside the full range of VCT tax benefits. Investors will gain access to mature and broadly based portfolios, each with a history of paying regular tax-free dividends. Investors who participated in the 2012 Offers by four Maven VCTs will have received 16 dividend payments by the end of December this year, and that dedicated income focus is a real attraction to investors and advisers who have faced a sustained period of low interest rates since 2009."
Richard Troue, Investment Analyst at Hargreaves Lansdown said: “Maven has an impressive pedigree of making later-stage unquoted investments and profitable exits, delivered by one of the industry’s largest and most experienced VCT teams. Investors in this Linked Offer will be accessing mature and very well diversified VCT portfolios with established dividend streams.”
Ben Yearsley, Head of Investment Research at Charles Stanley Direct commented: “I’ve backed the Maven team for over a decade now, during which time it has established Maven as a leading VCT manager, with a proven track record of unquoted realisations. Maven’s offer provides immediate access to established VCT portfolios with strong existing dividend streams.”
Philip Rhoden, Director at Club Finance said: “Maven is an established VCT manager, the core team having been in place since 2004. Maven covers the whole of the UK from six regional offices, but is rare among VCT managers in having a strong presence in Scotland, giving good access to investment opportunities in the North and in particular the energy services sector.”