Key Highlights

  • Maven Income and Growth VCT PLC (LSE:MIG1) is listed on the London Stock Exchange Main Market with a Dividend Yield of 8.07%.
  • NAV per share was 36.18p at 28 February 2026 and 35.48p at 31 May 2026.
  • NAV total return reached 148.64p per share at 28 February 2026, up from 148.08p.
  • A third Interim Dividend of 0.60p was paid on 26 June 2026 after a profitable exit.
  • An interim dividend of 1.00p was paid on 28 August 2026.
  • The latest offer for subscription raised £12.15m of a £12.5m target.

Overview of Maven Income and Growth VCT

Maven Income and Growth VCT PLC (LSE:MIG1) is a Venture Capital trust managed by Maven Capital Partners. It invests in a diversified portfolio of private and AIM-quoted UK companies that meet VCT qualifying criteria and have strong growth potential. The VCT also runs a treasury management policy to earn income on cash held before investment.

The 8.07% yield represents tax-free income for qualifying investors. As a guide, the board aims to pay an annual dividend that represents about 6% of NAV per share at the preceding year end.

Latest Results

For the year ended 28 February 2026, MIG1 reported NAV total return of 148.64p per share, up from 148.08p. Year-end NAV per share was 36.18p, down from 39.37p, after dividends paid. More than £4.3m was invested in new and follow-on deals, and the offer for subscription raised £12.15m.

At 31 May 2026, unaudited NAV was 35.48p, with NAV total return of 147.94p.

Dividend Record

MIG1 pays several interim dividends each year. Following the profitable realisation of Horizon Ceremonies in July 2025, it paid an enhanced first interim of 1.50p for the year to February 2026. A second interim of 1.00p followed, and after another exit, the directors declared a third interim of 0.60p, paid on 26 June 2026. For the year ending 28 February 2027, an interim dividend of 1.00p was paid on 28 August 2026.

Total dividends were 2.40p for the year to February 2025 and 2.15p the year before. With NAV around 36p, a 6% guide equates to about 2.2p a year.

How Dividends Are Funded

MIG1 funds dividends from realised gains on exits and Investment income. Enhanced payments follow profitable sales, so dividends can vary. The 6% of NAV guide keeps distributions in line with the size of the fund.

Tax Relief Changes

The initial income tax relief for VCT shares issued on or after 6 April 2026 was reduced from 30% to 20%. This may affect future fundraising across the sector, though MIG1's latest offer was close to fully subscribed.

Maven's Investment Approach

Maven operates a regionally based investment team across the UK, which gives it access to deal flow outside London. This network has produced a healthy pipeline of VCT qualifying opportunities and a good level of investment activity. The manager also co-invests across its family of VCTs, helping spread risk. Diversification across sectors and stages reduces the impact of individual company setbacks.

Long-Term Return Record

NAV total return of nearly 149p per share demonstrates that shareholders have received substantial value since launch, mostly through dividends. Cumulative dividends far exceed current NAV, highlighting how VCTs return capital to investors over time.

Risks

Key risks include falling NAV due to valuation declines, slower exits, lower fundraising and limited share liquidity. A declining NAV reduces the size of dividends under the 6% guide.

Market Sentiment

Investor commentary values Maven's regional investment network and steady pipeline of qualifying deals. The share price has traded at a discount to NAV, around 32p to 35p.

How MIG1 Fits an Income Portfolio

MIG1 suits investors seeking tax-free income and exposure to UK private company growth. Payments are spread through the year, providing regular income, though amounts vary.

Dividend Sustainability Scorecard

  • Dividend guide: about 6% of NAV per year.
  • Recent payments: 0.60p in June 2026 and 1.00p in August 2026.
  • Funding: exit gains, including Horizon Ceremonies.
  • Fundraising: £12.15m raised in latest offer.
  • Key risk: NAV decline and lower VCT tax relief.

Valuation

Shares typically trade below NAV, increasing the effective yield for buyers in the secondary market.

What Investors Should Watch

Watch quarterly NAV updates, future exits, interim dividend declarations and the next offer for subscription.

Is the 8.07% Yield Sustainable?

MIG1's dividend is sustainable in line with its 6% of NAV guide, though the pence amount depends on NAV and exit timing. LSE:MIG1 suits tax-aware income investors comfortable with variable payouts.