Maven Income and Growth VCT 3
Maven Income and Growth VCT 3 PLC is a generalist VCT aiming to achieve long-term capital appreciation and generate income for Shareholders.
Annual General Meeting (AGM)
AGM to be held at 12 noon on Wednesday 8 April 2020, at Maven Capital Partners UK LLP, First Floor, Kintyre House, 205 West George Street, Glasgow G2 2LW.
However, to comply with Government COVID-19 advice on essential travel and social distancing, the AGM will be held behind closed doors and Shareholders will not be permitted to attend in person.
The Board encourages Shareholders to submit votes on the AGM Resolutions using the Proxy Form or online at www.signalshares.com. Shareholders can submit any questions by email to CoSec@mavencp.com, in advance of the AGM, and a summary of responses will be published on this page after the AGM.
Shareholder enquiries & Registrar
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.
Caution: Unsolicited offers for shares
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).
Recommendation of non-mainstream investment products
The Company currently conducts its affairs so that the shares issued by it can be recommended by independent financial advisers to ordinary retail investors in accordance with the FCA’s rules in relation to non-mainstream investment products and intends to continue to do so for the foreseeable future. The Company’s shares are excluded from the FCA’s restrictions which apply to non-mainstream investment products because they are shares in a venture capital trust and the returns to investors are predominantly based on investments in private companies or publicly quoted securities.
Dividends
Latest paid/declared
2.00p - 17 April 2020
See below for dividend history.
Dividend Investment Scheme
Maven Income and Growth VCT 3 PLC operates a dividend investment scheme (DIS). Terms and Conditions (and features of the scheme), and a mandate form for participating in the DIS, are available to download in Shareholder Documents below.
NAV Total Return Performance
NAV (at 20 March 2020)*
55.91p
NAV Total Return 2004**
96p
NAV Total Return 2019
140.08p
Increase in Total Return
45.91%
*The NAV per share shown above will be reduced by the payment of any subsequent dividends (see table below)
**As at the reporting date closest to when the current fund manager was appointed.
Price and Yield Information
View Share Price and LSE announcements
Tax-free Yield†
20.94%
†Based on average dividends paid in past five full financial years (including any exceptional payments) and current NAV, for an assumed investment in new shares benefitting from the current 30% initial tax relief available on investment in new VCT shares (ignoring any initial offer costs).
Key Data
Ordinary Shares in Issue
(total voting rights)
78,784,600 (at 19 February 2020)
Latest/Announced AGM
10 April 2019 (London)
Next Continuation Vote
2024
History
Launched - September 2001.
Maven Income and Growth VCT 3 PLC was formerly known as Aberdeen Growth Opportunities VCT PLC.
Investment Portfolio (as at 30 November 2019)
Valuation by transaction type - Nov 2019
Valuation by transaction type - Nov 2018
Top 10 Investments
Top Ten Investments |
7,092 |
9,357 |
Total Investments |
28,109 |
26,623 |
Total Number of Investments |
77 |
|
Net Asset Value |
40,738 |
|
| Cost £'000 | Valuation £'000 | |
| Ensco 969 (trading as DPP) Planned and reactive mechanical and electrical maintenance |
1,133 | 1,283 |
| CatTech International Specialist industrial services business focusing on the extraction and replacement of catalysts at oil refineries and petro-chemical plants |
627 | 1,169 |
| Maven Co-invest Endeavour Partnership (invested in Global Risk Partners) Investment vehicle undertaking a buy and build in the specialty insurance sector |
417 | 1,042 |
| Vodat Communications Group Provider of managed IT network and communications solutions to business customers |
567 | 1,024 |
| Martel Instruments Holdings Manufacturer of compact, handheld printers and display devices |
1,026 | 918 |
| Rockar 2016 (trading as Rockar) Innovative Car Retailer |
578 | 893 |
| CB Technology Group Manufactures and tests high end printed circuit boards for deployment in hostile environments |
558 | 811 |
| Filtered Technologies Provider of advanced, AI-driven learning and development software. |
750 | 750 |
| HCS Control Systems Group Provider of a wide range of subsea control systems to the global oil & gas industry |
746 | 746 |
| The GP Service (UK) Provider of online services for general medical consultations and prescriptions. |
690 | 721 |
Dividend History
The dividend history shown should not be taken as an indication of future dividends, which will be subject to a number of factors, including investment performance, surplus revenue, profitable realisations, VCT qualifying levels and the availability of cash and distributable reserves. Revisions to the VCT regulations in 2015 resulted in a change of investment focus toward earlier stage businesses, which typically provide lower levels of investment income and take longer to mature. It is anticipated that future distributions will be more closely linked to the proceeds of realisations and, therefore, will become less predictable in terms of both quantum and timing. More information is provided within the Annual and Interim Reports.
| Total Dividends Paid or Declared | 86.17 | ||
| Year Ended November | Payment Date | Interim/Final | Rate (p) |
| 2019 | 17 April 2020 | Final | 2.00 |
| 30 August 2019 | Interim | 2.00 | |
| 2018 | 22 June 2018 | Second Interim | 5.25 |
| 13 April 2018 | First Interim | 5.70 | |
| 2017 | 30 November 2017 | Third Interim | 6.67 |
| 15 September 2017 | Second Interim | 5.14 | |
| 14 July 2017 | Interim | 2.71 | |
| 2016 | 28 April 2017 | Final | 3.75 |
| 2 September 2016 | Interim | 2.00 | |
| 2015 | 29 April 2016 | Final | 3.75 |
| 28 August 2015 | Interim | 2.00 | |
| 2003 - 2014 | 45.20 |
Shareholder Documents
Maven and the VCTs are committed to reducing the environmental impact of printing substantial documents. If you currently receive hard copy Annual and Interim Reports, and would prefer to receive email or postal notifications of their website publication, you should advise the Registrar, Link Asset Services, using the contact details above.
MIG3 Current Circulars and KIDs
MIG3 Historical Report and Accounts
VCT Board of Directors
Atul Devani
Chairman and Independent Non-executive Director
Atul has held a number of senior positions in software technology companies operating in various sectors including finance, mobile, telecoms, food & drink, health and pharmaceuticals. He was founder and chief executive officer of AIM listed United Clearing Plc, which was sold to BSG in 2006. He is currently a director of, and an investor in, a number of private limited companies and is also mentor of entrepreneurs at the Company of Information Technologists in the City of London. Atul has a First Class Honours Degree in Electronic Engineering from the University College of North Wales.
David Allan
Independent Non-executive Director
David is a legally qualified corporate finance practitioner with significant experience in equity investment, M&A, VCTs and AIM. He is currently an executive director of Aridhia Informatics Limited, a private equity backed technology company. He is also a partner of Kergan Stewart LLP, a niche corporate finance law firm based in Glasgow. Prior to this, David was a partner with Biggart Baillie LLP and Brodies LLP.
Bill Nixon
Non-executive Director
Bill is managing partner of Maven Capital Partners UK LLP (Maven) and has more than 35 years’ experience in banking and private equity. He is a Fellow of the Chartered Institute of Bankers in Scotland and obtained an MBA from Strathclyde University in 1996. In the 1990s, Bill was head of the private equity business at Clydesdale Bank plc, a subsidiary of National Australia Bank, before joining Aberdeen Asset Management plc (Aberdeen) in 1999. In 2004 he was appointed as principal fund manager to all Aberdeen managed VCTs. In 2009, Bill and his senior colleagues led a management buy-out from Aberdeen to form Maven. He is also a director of Maven Income and Growth VCT 4.
Keith Pickering
Independent Non-executive Director
Keith is a Fellow of the Institute of Chartered Accountants of England and Wales. He is a partner at Alantra Corporate Finance, formerly Catalyst Corporate Finance, which he founded in 1998 along with two others and where he leads the construction sector team. Over the past twenty years he played a major role in the growth of Catalyst and in September 2017 the business was sold to Alantra Group, the Spanish listed mid-market investment bank. Prior to establishing Catalyst, Keith spent thirteen years at the successor firms of PwC and Deloitte, including a three year period in the Far East, operating out of Hong Kong.
For enquiries about your shareholding please call the registrar Link Asset Services on 0333 300 1566, or email vcts@linkgroup.co.uk. You can also access Link’s share portal here:
Contact Link