Maven Income and Growth VCT 

Maven VCT 1 has made recent announcements in connection with the ongoing COVID-19 situation. Those are summarised below, but to see any announcements by the VCT, including NAV updates, AGMs and the Dividend Investment Scheme, visit the VCT’s page on the London Stock Exchange.

2020 AGM voting and Shareholder questions

The AGM was held on Wednesday 22 July 2020, at the Glasgow office of Maven Capital Partners. In line with Government guidelines on essential travel and social distancing during the current COVID-19 situation, the AGM was held behind closed doors, with Shareholders not able to attend in person. Shareholders instead submitted votes by Proxy Form or online, and questions by email to Maven.

A summary of proxy voting results, questions submitted by Shareholders and Board responses can be viewed in the Shareholder Documents section on this page.

Dividend Investment Scheme (DIS)

In light of the current volatility in financial markets, which has led to a short term impact on the AIM portfolio and liquidity management assets, the the Board has decided that it is appropriate to suspend the Company’s DIS with immediate effect. Until further notice, dividends paid from 26 March 2020 until further notice will be paid by cheque or bank transfer, in accordance with any existing mandate instructions in place before the Shareholder enrolled in the DIS. Where bank details are not held by the Registrar a cheque will be issued.

Maven and VCT Portfolio

Maven and the VCT’s Board will continue to monitor guidance from the government and health authorities. Maven has tested business continuity plans across all its offices to ensure the resilience of key processes and IT systems and, in line with government guidelines, has moved to a programme of home working to adhere to social distancing guidance.  Maven’s nationwide investment and portfolio team will maintain an active focus on value preservation and intensively managing the existing VCT portfolios, and is already working closely with each portfolio company to assess trading impact and the ongoing cash flow position. Maven appointed executives are supporting each investee management team in formulating and implementing any measures required to protect the health of employees, and assisting them to plan and take appropriate action to mitigate the impact that the Coronavirus pandemic is having on their businesses.

In what is a time of great uncertainty, if you have further questions regarding the impact of COVID-19 and Maven’s response, please call 0141 306 7400 or email enquiries@mavencp.com, and the Manager will ensure that your enquiry is directed to the appropriate person.

For Shareholding enquiries you should contact the Registrar, Link Market Services. However, during this challenging period, there is extra pressure on telephone services, including the Link helpline.

COVID-19 Measures

Therefore, to enable Link to help those shareholders who need it the most, please make use of Link’s online Share Portal wherever possible. The Share Portal contains a useful help option, with answers to frequently asked questions, and the ability to securely access and view specific information on your shareholding including updating address details, changing the way Link communicates with you and the option to specify how you wish to receive dividends.

Using the Share Portal

To visit the Share Portal for information click here where you will see the help centre (there is no need to login to access the Help information). If you want to access your shareholding you will need to follow the Getting Started instructions to login or register an account – this also allows you to reset your username and/or password if you have forgotten them. If you are a new user needing to register for the portal, you only need three pieces of information – your surname, postcode and investor code (the unique number that you will have received on previous communications from Link, such as share certificates or dividend tax confirmations).

Other ways to contact Link

If you are unable to use the Share portal, it is still possible to contact Link by email, in writing or by phone, but it may take a little longer than usual to get through or receive a response:

• By email: on vcts@linkgroup.co.uk.
• In writing (including for any instructions to amend the share register): to Link Market Services, The Registry, 34 Beckenham Road, Beckenham, BR3 4TU.
• By telephone on the non-premium rate 0333 300 1566 VCT shareholder helpline Link operates on behalf of the Maven VCTs (Lines are open 0900 to 1730,  Monday to Friday, excluding public holidays in England and Wales. Calls are charged at the standard geographic rate and will vary by provider. Calls from outside the UK will be charged at the applicable international rate). Please note that the helpline may take a little longer to respond than normal.

For Shareholding enquiries you can contact the Registrar, Link Market Services, on vcts@linkgroup.co.uk, or via Link’s shareholding portal at www.signalshares.com which enables you to easily access your shareholding and maintain address details online, as well as being able to change the way Link communicates with you and specify how you wish to receive dividends. All instructions to amend the share register should be given via the Share Portal or in writing to Link Market Services, The Registry, 34 Beckenham Road, Beckenham, BR3 4TU.

Link also operates a dedicated non-premium rate VCT shareholder helpline on behalf of the Maven VCTs, on 0333 300 1566. Lines are open 0900 to 1730, Monday to Friday (excluding public holidays in England and Wales). Calls are charged at the standard geographic rate and will vary by provider. Calls from outside the UK will be charged at the applicable international rate. Please note that the helpline cannot provide any financial, legal, investment or tax advice.‎ 

Some shareholders have received unsolicited calls from organisations offering to buy their VCT shares at prices much higher than current market values, or to sell non-tradable, overpriced, high risk or even non-existent securities. Whilst the callers may sound credible, shareholders should be aware that their intentions are often fraudulent. If you receive such a call, you should exercise caution and take note of the advice available from the ACTION FRAUD website as well as consulting the Financial Conduct Authority (FCA) website (which contains valuable information on how to avoid investment and pension scams).