Key Highlights

  • Maven Income and Growth VCT 3 PLC (LSE:MIG3) is listed on the London Stock Exchange Main Market with a Dividend Yield of 7.56%.
  • A final dividend of 0.60p per share was paid on 15 May 2026.
  • NAV per share was 47.95p at 30 November 2025 and 44.55p at 31 May 2026 after dividends.
  • Effective NAV after the final dividend was 45.98p for Dividend reinvestment purposes.
  • A further Interim Dividend was declared in mid-2026, with a dividend investment scheme available.
  • VCT dividends are tax-free for qualifying UK investors.

Overview of Maven Income and Growth VCT 3

Maven Income and Growth VCT 3 PLC (LSE:MIG3) is a Venture Capital trust managed by Maven Capital Partners. It invests in a diversified portfolio of UK private companies and selected AIM-quoted businesses that meet VCT qualifying rules. Its aim is to deliver long-term capital growth and regular tax-free dividends.

The 7.56% yield reflects dividends paid relative to the share price, which trades at a discount to NAV.

Latest Results and NAV

Maven Income and Growth VCT 3 reported unaudited NAV of 47.95p per share at 30 November 2025. Following payment of a 0.60p final dividend on 15 May 2026, the effective NAV for dividend reinvestment was 45.98p. Unaudited NAV at 31 May 2026 was 44.55p per share. The trust has also declared an interim dividend for the current year, with shareholders able to reinvest under the dividend investment scheme.

Dividend Record

MIG3 pays dividends several times a year, combining interim and final payments. Like its sister VCTs at Maven, it typically targets an annual dividend representing a percentage of NAV, enhanced after profitable exits. Recent payments included the 0.60p final dividend in May 2026 and a subsequent interim dividend in the summer.

How Dividends Are Funded

VCT dividends come from realised gains on portfolio exits and investment income. When Maven sells a portfolio company at a profit, the board can pay enhanced dividends. In quieter periods, dividends may be smaller. This makes VCT income variable but tax-efficient.

Maven's Investment Network

Maven operates a regionally based investment team across the UK, giving it access to deal flow outside London. This network has produced a healthy pipeline of VCT qualifying opportunities. Co-investment across Maven's VCT family spreads risk and allows participation in larger deals.

Tax Relief Changes

From 6 April 2026, the initial income tax relief on new VCT shares fell from 30% to 20%. This may affect sector fundraising, though Maven VCTs have continued to attract demand.

Treasury Management

Maven VCTs hold cash before deploying it into qualifying companies and manage that cash to earn income, which provides a modest additional contribution to returns and dividends while the manager builds the portfolio.

Risks

Key risks include NAV declines due to valuation pressures, slower exits, reduced fundraising and limited share liquidity. Smaller companies are inherently riskier and more volatile.

Portfolio Mix

The portfolio blends private companies across sectors such as technology, healthcare, Business services and industrials with a smaller allocation to AIM-quoted shares. This mix balances growth potential with some liquidity.

Market Sentiment

Investor commentary values Maven's long experience and broad pipeline. Shares trade around 43p to 45p, at a discount to NAV, typical for VCTs.

How MIG3 Fits an Income Portfolio

MIG3 suits higher-rate taxpayers seeking tax-free income and exposure to UK private company growth. It works best as part of a diversified portfolio, given the higher risk profile of venture investments.

Long-Term Value Creation

Like other established VCTs, MIG3 has returned substantial cumulative dividends to shareholders over time. Investors should judge performance by NAV total return, which combines NAV and dividends paid, rather than by NAV alone, since regular distributions naturally reduce NAV.

Dividend Sustainability Scorecard

  • Recent payments: 0.60p final in May 2026 plus interim dividends.
  • NAV: 44.55p at 31 May 2026.
  • Funding: exits and investment income.
  • Manager: Maven, with a national deal network.
  • Key risk: NAV decline and slower exits.

Valuation

The discount to NAV boosts the effective yield for buyers in the secondary market. Shareholders can also reinvest dividends at NAV through the dividend investment scheme, which can be attractive when shares trade at a discount.

What Investors Should Watch

Watch quarterly NAV updates, interim dividend announcements, portfolio exits and new fundraising.

Is the 7.56% Yield Sustainable?

MIG3's dividend is sustainable in line with its NAV-based approach, though amounts may vary with exits. LSE:MIG3 suits tax-aware investors comfortable with variable, tax-free income.