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. 

NAV Total Return per share

MIG3 Total NAV

AGM & impact of COVID19

Maven VCT 3 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 8 April 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 Boards of all of the Maven VCTs have each decided that it is appropriate to suspend their DIS with immediate effect. Until further notice, dividends paid from 26 March 2020 until further notice (including the proposed final dividend due to be paid on 17 April 2020) 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 VCT 3 and Maven VCT 4 Offers (now closed) - Allotments

In respect of the recent £15m joint VCT Offers (£7.5m per VCT) which closed for further applications in February 2020, each VCT has fully allotted shares in respect of successful 2019/2020 tax year applications. In respect of 2020/2021 tax year applications, the original intention was that an allotment would take place by each VCT as soon as practicable after 6 April 2020. However, on 26 March 2020, in view of the uncertainty around the potential impact of the COVID-19 outbreak on the trading performance of underlying portfolio companies, the Boards of both VCTs intend to delay the allotment date to no earlier than 30 April 2020. This will allow the Board and the Manager time to review the portfolio to ensure that the issue price reflects the valuation of the underlying portfolio. This review is still ongoing, and an announcement on the intended allotment date will be made as soon as possible.

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.

Shareholder enquiries & Registrar

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.
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)
78,337,478  (at 15 May 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 - November 2019
Mig 3 ar 2019 deal type 2019 web 01 graph
Valuation by transaction type - November 2018
Mig 3 ar 2019 deal type 2018 web 01 graph
Top 10 Investments

Top Ten Investments

7,092

9,357

Total Unlisted and Quoted Investments

28,109

26,623

Total Number of Unlisted and Quoted 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 Market Services, using the contact details above.

MIG3 Current Reports and Accounts

MIG3 Dividend Investment Scheme

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