Maven launches up to £40m fundraise across Income and Growth VCT suite
The VCTs are Maven Income and Growth VCT, Maven Income and Growth VCT 3, Maven Income and Growth VCT 4 and Maven Income and Growth VCT
With total net assets of £280m, the VCTs partaking in the raise are: Maven Income and Growth VCT, Maven Income and Growth VCT 3, Maven Income and Growth VCT 4 and Maven Income and Growth VCT 5. Each VCT will look to raise £7.5m, including an over-allotment facility of up to £2.5m.
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The VCTs have portfolios of over 100 companies selected for their defensiveness and high growth potential. Some of the largest holdings include Horizon Cremation, Bright Network and BioAscent.
Each Maven VCT seeks to pay an annual dividend that represents a yield of 5% of NAV per share at the immediately preceding year end.
Nicholas Hyett, investment manager at Wealth Club, said Maven offers «something distinctive» from many other VCTs, with a focus on defensiveness that is «difficult» to achieve when investing in smaller companies.
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«The VCTs' largest holding, Horizon Cremation, is a nice example of the kind of non-cyclical business Maven targets,» he said.
«Managed by experienced property developers, the company has been able to overcome the most significant barrier to new crematoria — availability of sites — and is currently operating three purpose built new crematoria, with two new sites under development.
»The significant barriers presented by the planning process help make an already a-cyclical business still more defensive. For investors looking to add ballast to an existing portfolio of the generally growthier VCTs — Maven could be worth considering."
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