Highlights

• Maven Income and Growth VCT 3 made three payments totalling 3.1p per share inside the twelve-month window.

• Individual dividends ranged from 0.6p in April to 1.5p in July, so the pattern was far from level.

• The shares closed at 41.00p on 5 November 2026, a 5.64% discount to net asset value.

• The uneven amounts show that a Venture Capital trust Dividend can change from one period to the next.

Few income stocks announce payouts as uneven as these. Maven Income and Growth VCT 3 (LSE:MIG3) paid 1.0p, then 0.6p, then 1.5p across the past year, a total of 3.1p that works out at a 7.56% trailing Yield on the 41.00p close of 5 November 2026.

The three payments

The first dividend of 1.0p went ex on 11 December 2025 and was paid on 16 January 2026. A smaller 0.6p followed, ex on 16 April 2026 and paid on 15 May 2026. The largest, 1.5p, went ex on 30 July 2026 and was paid on 28 August 2026. No Special Dividend is recorded. The sum of 3.1p is about 14% below a published annual figure of 3.6p, so the amounts actually paid in the window give the more reliable picture for holders of LSE:MIG3.

Reading the yield

At 41.00p, 3.1p equals 7.56%. A published yield of 7.32% suggests a slightly different method. Both figures are historical. They describe what was paid, not what will be paid, and with payments that vary this much, the next twelve months could look quite different.

What a venture capital trust is

A venture capital trust is a listed company that invests in smaller, mostly unquoted UK businesses and offers tax reliefs to qualifying private investors. Because the holdings are hard to sell and hard to value, the trust's reported net asset value rests on judgement, and the share price often sits at a discount to it. Dividends are often funded partly from gains on sold holdings, which is why the amounts can differ from one payment to the next.

Net asset value and discount

Net asset value is 43.45p per share, so the shares sit at a 5.64% discount. Investors are paying less than the stated value of the trust's holdings, but the stated value of unquoted investments depends on valuation judgements and can change at each reporting date. A discount can narrow if the market gains confidence, or widen if it does not.

Risks to the income

No dividend cover figure is published for the trust. Venture capital trusts invest in smaller companies, which can be Illiquid and volatile, and payouts may draw on realised gains rather than steady income. The swing between 0.6p and 1.5p shows how much the size of a dividend can change from one period to the next.

Putting 3.1p in context

A holder buying at 41.00p received 1.0p in January, 0.6p in May and 1.5p in August 2026. Those cash payments equal 7.56% of the outlay. Because the three amounts differ, projecting a single quarterly figure forward is hard: multiplying the latest 1.5p by four would suggest 6.0p, while the smallest, 0.6p, would suggest just 2.4p. The true path is unknown.

Tax reliefs and the holding period

Qualifying investors in venture capital trusts may receive income tax relief on new shares and tax-free dividends, provided the shares are held for the required period. These reliefs are a reason many people buy such trusts, and they mean the after-tax picture can differ from the headline yield. Investors should check their own circumstances, because reliefs depend on individual status and on the rules in force.

How to read a trailing yield

A trailing yield divides the dividends paid over the past twelve months by the current share price. It describes what has happened, not what will happen, and it changes whenever the price moves. A rising yield can reflect a higher dividend or a falling share price, so the reason behind the change matters. Comparing yields across companies is useful only when the same period and the same type of payment are used in each case.

Ex-dividend dates explained

The ex-dividend date is the first day on which a buyer of the shares no longer qualifies for the next dividend. Anyone who holds the shares before that date receives the payment, normally a few weeks later. Share prices often fall by about the amount of the dividend on the ex-date, which is why a dividend on its own does not create value. The payment date is when the cash reaches the account.

Dividends are a board decision

A dividend is not a fixed obligation like interest on a loan. The board decides each payment after looking at profit, cash, Debt and future plans, and it can raise, hold, reduce or suspend the amount. A long record of payments is encouraging, but it describes the past. Investors who rely on dividends for income should look at the cash the Business generates as well as the amount it has paid.

What to watch next

The next payment will show whether the trust returns towards the larger 1.5p level. The discount of 5.64% and net asset value of 43.45p are the other markers. Investors in LSE:MIG3 should also follow the trust's reports on realisations, because exits from the portfolio are a main Supply of cash for dividends.