Maven Income & Growth VCT 4 PLC Allotment Update (2535P)
08 Giugno 2020 - 10:36AM
UK Regulatory
TIDMMAV4 TIDMTTM
RNS Number : 2535P
Maven Income & Growth VCT 4 PLC
08 June 2020
Maven Income and Growth VCT 4 PLC (the Company)
Allotment Update
On 13 November 2019, the Company and Maven Income and Growth VCT
3 PLC launched a joint offer for subscription for new ordinary
shares of 10p each (Ordinary Shares) to raise up to GBP7.5 million
(the Offer). On 6 February 2020, the Board announced that it had
received subscriptions up to its fundraising limit of GBP7.5
million and that the Offer was closed for further applications.
It was subsequently announced, on 11 February 2020, that the
Board of the Company intended that an allotment in respect of
applications for the 2020/2021 tax year would take place as soon as
practicable after 6 April 2020. However, after undertaking a
comprehensive review of the portfolio and making suitable
provisions against the valuations of certain unlisted investments
to reflect the impact that the COVID-19 pandemic could have on the
trading performance of some of the underlying companies, on 26
March 2020 the Board announced an adjusted net asset value (NAV) of
64.51p per Ordinary Share as at 20 March 2020. This was updated
subsequently to 65.32p as at 31 March 2020 in accordance with the
Company's standard reporting cycle.
On 26 March 2020, Board had also announced that it intended to
delay the allotment for the 2020/2021 tax year to no earlier than
30 April 2020. This was in order to conduct a further review of the
portfolio and ensure that the issue price would reflect the
valuation of the underlying portfolio. This further review period
has been extended in order to gain the fullest possible
understanding of the impact of the pandemic over a longer period,
but is expected to have been completed in time to allow the Board
to consider if the Company should announce an updated unaudited NAV
ahead of an allotment of shares in respect of the 2020/21 tax year,
which is intended to take place by 30 June 2020.
For further information, please contact:
Maven Capital Partners UK LLP
Telephone: 0141 306 7400
E-mail: enquiries@mavencp.com
Maven Capital Partners UK LLP
Secretary
8 June 2020
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END
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