Published: Feb 03, 2015
Focus:
Growth Capital
The Boards of five Maven managed VCTs have announced their intention to raise further funds through top-up Offers, intending to raise up to £18 million in aggregate across the five VCTs. The Offers will close on 28 April 2015 and are available for subscriptions for the tax years 2014/15 and 2015/16.
The Offers are strictly limited to £18m of aggregate funds raised, and investors can also take advantage of an Early Investment Incentive until 16 February 2015, offering a discount equivalent to 1.75% of the amount invested for existing Maven shareholders, and 1.5% for new investors.
Full details of the Offers are contained in the Securities Note published by the Companies and available here on the Maven website.
The Offer is likely to appeal to income-seeking investors who are looking to access established and widely diversified portfolios, managed by a leading generalist VCT manager and offering the likelihood of regular and attractive tax-free dividends. Investors will benefit from access to an immediate dividend stream from May 2015 onwards, as well as initial tax relief of up to 30% available on new VCT shares.
Maven invests across a wide range of UK 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 also established one of the most consistent records among VCT managers for completing new investments and profitable exits, including 16 new private company assets and ten exits for VCT client funds since March 2012.
Bill Nixon, Managing Partner at Maven said: “Offers by Maven VCTs in 2012, 2013 and 2014 were fully subscribed, and we believe investors will be attracted to these latest Offers. They follow the same successful formula, providing immediate eligibility for dividends from mature VCTs with a later-stage new investment focus, and offer investors the flexibility to choose the VCTs in which they wish to invest. Since the last VCT Offer we have reported further uplifts in NAV and healthy dividends across a number of our client VCTs. We remain focused on maintaining this trend through a carefully structured expansion of the VCT portfolios, with a strong bias and focus towards income generation at investee company level, which ultimately translates to improved dividend capacity for shareholders.”
To find out more about the Maven VCT Top-up Offers please click here.
