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| Name | Symbol | Market | Type |
|---|---|---|---|
| Nordic 41 | LSE:MIG2 | London | Medium Term Loan |
| Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 32.00 | 0 | 01:00:00 |
From Apr 2019 to Apr 2024
TIDMMIG2
RNS Number : 6733K
Maven Income and Growth VCT 2 PLC
23 September 2016
Maven Income and Growth VCT 2 PLC
Interim Management Report for the six months ended 31 July 2016 (unaudited)
The Directors announce the unaudited Interim Management Report for the six months ended 31 July 2016.
Highlights
-- NAV total return of 97.69p per share at 31 July 2016, compared to 97.47p at 31 January 2016
-- NAV at 31 July 2016 of 50.97p per share, after payment of the final dividend of 2.25p per share
-- Interim dividend declared of 2.00p per share (2015: 2.00p) -- Exit from Dantec Hose, generating a total return multiple of 2.1 times cost -- New investments completed in The GP Service (UK) and Rockar -- Strong pipeline of new rule qualifying private equity investments
Overview
In the period under review NAV total return increased to 97.69p per share. This is in line with your Company's continuing objective of delivering long term capital appreciation whilst also generating maintainable levels of income for Shareholders.
Your Board and the Manager recognise the importance of dividends to Shareholders and the Directors are pleased to declare an interim dividend of 2.00p per share for the period to 31 July 2016.
The portfolio now extends to 55 private and AIM listed company holdings, many of which are paying a regular yield, offering a combination of capital and revenue returns with the aim of underpinning Shareholder value in the years ahead. During the period under review, Maven was pleased to complete new investments in The GP Service (UK) and Rockar.
During the reporting period Maven has focused on the practical implementation of the new VCT rules, which were enacted in November 2015 and detailed in the 2016 Annual Report. The revised legislation brings the UK VCT scheme into line with European Union (EU) State Aid Rules for smaller company investment and imposes a number of restrictions on the types of transactions and companies which VCTs are able to invest in. The rules specifically prohibit participation in management buy-outs or acquisitions, and limit the ability to support older companies unless certain criteria are met. Whilst this means that your Company can no longer finance certain transactions, the Manager's investment team has a strong track record of investing development capital in companies which meet the revised VCT qualification criteria.
Dividends
The Board has declared an interim dividend of 2.00p per Ordinary Share, comprising 0.2p of revenue and 1.8p of capital, to be paid on 28 October 2016 to Shareholders on the Register at 30 September 2016. Since the Company's launch, and after receipt of the interim dividend, Shareholders will have received 48.72p per share in tax-free dividends. The effect of paying the dividend will be to reduce the NAV of the Company by the total cost of the distribution.
On 24 August 2015 the Board announced that, under the Terms and Conditions of the Company's Dividend Investment Scheme (DIS), the Directors had resolved that, in light of the investment restrictions proposed in the Government's July 2015 Budget, the DIS was to be suspended with immediate effect. This would allow the Directors and the Manager to review the changes to the VCT legislation and to consider the potential impact of these on the Company's future investment strategy. As a result, until further notice, all future dividends will be paid to Shareholders by either cheque or direct bank transfer using existing mandate instructions.
Portfolio Developments
The private equity portfolio has generally performed well, with positive trading results having led to valuation uplifts for a number of companies operating across a range of sectors. The Board has, however, elected to take provisions against the values of two businesses with an exposure to the oil & gas sector.
Nenplas, a manufacturer and distributor of plastic extrusions for a variety of applications, has continued to perform ahead of plan due to operational efficiencies achieved through the integration of Polyplas, increased sales volumes, lower raw material costs and favourable market conditions, particularly within the leisure and mobile home sectors. The company has repaid all of its senior debt and remains a highly cash generative and valuable portfolio asset.
Cursor Controls, a global leader in the design and niche manufacture of trackball pointing solutions for industrial applications, has performed well since Maven clients invested in July 2015. The business delivered impressive organic growth in the year to 31 December 2015 and is forecast to build on this in the current year. In April 2016 Cursor completed the acquisition of a Belgian distributor, which is expected to be significantly earnings enhancing.
The year to 31 December 2015 was another excellent trading period for John McGavigan, a manufacturer and supplier of technical plastic components and interior parts for the global automotive industry. The first quarter of 2016 has continued this positive trend, with further organic growth in both China and Scotland enhanced by the benefits of a number of productivity improvement projects. The order book remains strong, providing increased visibility of future revenues for the business.
The UK's largest provider of promotional merchandise, SPS (EU), has experienced excellent growth under private ownership since Maven clients invested in February 2014. Operational improvements have enhanced profitability, whilst organic growth has been supplemented through two complementary acquisitions, High Profile Plastic and TEC, both of which were completed in the year to 31 December 2015. The business is forecasting to deliver further growth in the current financial year and make operational efficiencies, as a result of the implementation of a new enterprise resource planning system.
DPP provides mechanical and electrical maintenance and installation services, mainly to the leisure, hospitality and retail sectors in the south of England and Wales. The company differentiates itself from competitors by employing a large and highly responsive team of skilled engineers. Following the loss of a significant customer in 2014, the company restructured its operations and has now secured a number of new contracts, allowing the business to materially improve its trading performance over the past twelve months.
Maven clients first invested in Just Trays, the UK's leading manufacturer of shower trays and related accessories, in June 2014. Subsequently the business has increased its customer base and extended its product range, with a number of innovative new products to be launched in the current financial year. Just Trays repaid its bank debt in full during 2015 and is planning to invest in automation in the coming year, which should help improve the production facility and increase operating margins.
As well as reflecting good trading performance across the portfolio, your Board and the Manager continue to be mindful of the possible effects of the enduring low oil price on those companies that operate in the oil & gas market. The Manager has worked closely with these companies as they have implemented overhead reduction programmes, targeted at reducing the cost base and closing non-core operations with a view to conserving cash and positioning the businesses for recovery. Across the energy services sector, budgets have been set conservatively based on the expectation that the remainder of 2016 will be challenging, with recovery starting to feed through in 2017 as the oil price stabilises and the pent up demand for essential maintenance and repair work is released. In response to these market conditions, the valuations of Glacier Energy Services and HCS Control Systems Group have been reduced. The Board and the Manager believe that the valuations of the remaining portfolio assets with exposure to the energy services sector remain fair and reasonable and the exit from Dantec Hose, along with a number of other realisations in the previous reporting period, has significantly reduced your Company's exposure to this sector. The remaining assets in this sector are focused on the operational expenditure segment of the industry, rather than being dependent on large capital expenditure programmes or exploration projects.
New Investments
During the period, two new private company assets were added to the portfolio:
-- The GP Service (UK) is a provider of on-line medical consultation services, delivered through a web-based platform (www.thegpservice.co.uk) and which offers GP consultations via a video link, with prescriptions issued to a pharmacy of the user's choice. The investment will enable The GP Service to accelerate the roll out of its service across new geographic locations and to develop a range of products and services where there are strong market drivers.
-- Rockar is an innovative motor retailer with a disruptive technology platform led by a team with extensive experience of the sector. The investment will enable Rockar to enhance its product offering and finance new dealerships in major shopping centres, working in partnership with well-known brands including Jaguar Land Rover and Hyundai. The investment completed in July 2016, with Maven clients investing alongside NVM Private Equity.
The following investments have been completed during the reporting period:
Hot Features
Premium
Investment
cost
Date Sector GBP'000 Website
--------------------------------------- ------------- ---------- ----------------------
Unlisted
Rockar 2016 Limited July 2016 Automobiles 483 www.rockar.com
(trading as Rockar) & parts
The GP Service April
(UK) Limited 2016 Health 398 www.thegpservice.co.uk
------------------------- ------------ ------------- ---------- ----------------------
Total unlisted investments 881
------------------------------------------------------ ---------- ----------------------
UK treasury bills
Treasury Bill 12 March
September 2016 2016 2,744
------------------------- ------------- ------------ ---------- ----------------------
Total UK treasury bills investments 2,744
------------------------------------------------------ ---------- ----------------------
Total investments 3,625
------------------------------------------------------ ---------- ----------------------
At the period end, the portfolio stood at 55 unlisted and quoted investments, at a total cost of GBP16.4 million.
Realisations
In February 2016 your Company realised its investment in Dantec Hose through a sale to an overseas trade buyer, achieving a return of 2.1 times cost over the life of the investment. Maven clients funded the management buy-out of Dantec Hose, a manufacturer of flexible composite hoses used by a wide range of industries, in September 2011.
Subsequent to the period end, the Manager has been engaged with several other investee companies and prospective acquirers at various stages of a potential exit process. This realisation activity reflects the increasing maturity of a number of holdings, but it should be noted that there can be no certainty that these discussions will lead to profitable exits.
The table below gives details of all realisations achieved, and deferred considerations received, during the reporting period:
Gain/(loss)
Cost over January
of shares Value 2016
Year Complete/ disposed at Sales Realised value
first partial of 31 January proceeds gain/(loss) GBP'000
invested exit GBP'000 2016 GBP'000 GBP'000
GBP'000
------------------------------ ------------ ----------- ------------ ---------- ------------- -------------
Unlisted
Kelvinlea Limited 2013 Partial 53 53 53 - -
LCL Hose Limited 2011 Complete 219 325 338 119 13
(trading as Dantec
Hose)(1)
Llanllyr Water
Company Limited 2002 Complete 20 17 20 - 3
Maven Co-invest
Exodus Limited 2011 Complete - - 4 4 4
Partnership (invested
in
Six Degrees Group)
Westway Services
Holdings 2014 Complete - - 5 5 5
----------- ------------ ---------- ------------- -------------
(2014) Limited
----------------------- ----- ------------ ----------- ------------ ---------- ------------- -------------
Total unlisted disposals 292 395 420 128 25
-------------------------------------------- ----------- ------------ ---------- ------------- -------------
Quoted
Software Radio
Technology PLC 2005 Complete 6 4 9 3 5
Tangent Communications
PLC 2007 Complete 99 9 31 (68) 22
----------------------- ----- ------------ ----------- ------------ ---------- ------------- -------------
Total quoted disposals 105 13 40 (65) 27
-------------------------------------------- ----------- ------------ ---------- ------------- -------------
UK treasury bills
Treasury Bill 14
March 2016 2015 Complete 1,995 1,999 2,000 5 1
Treasury Bill 21
March 2016 2015 Complete 1,448 1,449 1,450 2 1
Treasury Bill 20
June 2016 2015 Complete 1,447 1,447 1,450 3 3
----------------------- ----- ------------ ----------- ------------ ---------- ------------- -------------
Total UK treasury bills
disposals 4,890 4,895 4,900 10 5
-------------------------------------------- ----------- ------------ ---------- ------------- -------------
Total disposals 5,287 5,303 5,360 73 57
-------------------------------------------- ----------- ------------ ---------- ------------- -------------
(1) Proceeds exclude yield and redemption premiums received, which are disclosed as revenue for financial reporting purposes.
The table above includes the redemption of loan notes by a number of investee companies.
Material Developments Since the Period End
No new investments have been made since 31 July 2016. However, given the strength of the current pipeline of investment opportunities, the Manager expects to complete a number of VCT qualifying transactions prior to the year-end. Other than a minor repayment of loan notes by DPP, no realisations have taken place subsequent to the period end.
Principal Risks and Uncertainties
The principal risks and uncertainties facing the Company were set out in full in the Strategic Report contained within the 2016 Annual Report, and are the risks associated with investment in small and medium sized unlisted and AIM/ISDX quoted companies which, by their nature, carry a higher level of risk and are subject to lower liquidity than investments in large quoted companies. The valuation of investee companies may be affected by economic conditions, the credit environment and other risks including legislation, regulation, adherence to VCT qualifying rules and the effectiveness of the internal controls operated by the Company and the Manager. These risks and procedures are reviewed regularly by the Audit and Risk Committee and reported to your Board. The Board has confirmed that all tests, including the criteria for VCT qualifying status, continue to be monitored and met.
Share Buy-backs
Shareholders have given the Board authority to buy back shares for cancellation or to be held in treasury, subject always to such transactions being in the best interests of Shareholders. It is intended that, subject to market conditions, available liquidity and the maintenance of the Company's VCT status, shares will be bought back at prices representing a discount of between 10% and 20% to the prevailing NAV per share. During the period under review 217,000 Shares were bought back at a total cost of GBP101,000.
Regulatory Developments
As detailed in the 2016 Annual Report, the July 2015 Budget received Royal Assent on 18 November 2015, bringing into statute a number of material changes to the legislation governing the UK VCT scheme, aligning it with EU State Aid Rules for smaller company investment. The new rules impose specific restrictions on the types of transactions and companies which VCTs are able to pursue in order to retain qualifying status. As a further amendment, the March 2016 Budget statement included an announcement that there would be changes to the rules governing non-qualifying investments for VCTs. With effect from 6 April 2016 VCTs are only permitted to make qualifying investments and certain limited investments for liquidity purposes, with other non- qualifying investments prohibited. Given the complexity of the new rules, and in order to ensure ongoing compliance, the Company continues to engage the services of an adviser to assist in interpreting the revised legislation in relation to proposed new transactions.
Since the announcement of the new rules, along with other leading VCT managers, Maven has been engaged in a consultation process led by the industry representative body the Association of Investment Companies (AIC). The AIC has been in discussion with HM Treasury to present the case for permitting an element of replacement capital in certain circumstances in new VCT transactions. This dialogue is ongoing and Shareholders will be kept up to date on any new developments.
On 3 July 2016 the EU's Market Abuse Regulation (MAR) came into force, replacing the Market Abuse Directive (MAD) in the UK, and is now applicable to all UK Listed and AIM quoted companies. The aim of MAR is to enhance market integrity and investor protection and, although on similar lines to MAD, its scope has been expanded to include financial instruments traded on multilateral trading facilities, organised trading facilities and certain 'over-the-counter' activities, and will also introduce new rules on the disclosure of inside information, insider lists and share dealings by persons discharging managerial responsibilities. Maven anticipates that compliance with MAR will not have a significant impact on the activities of its VCT clients, and all relevant policies and procedures have been updated as appropriate.
Outlook
Shareholders will be aware of the result of the Referendum held on 23 June 2016, in which the electorate expressed the wish that the UK should leave the EU. Although the full impact of this decision will become clearer over the coming months, the businesses in which your Company has invested will maintain or adapt their growth strategies as appropriate, with many exporters already seeing a short-term benefit from the devaluation of sterling against several major currencies that has occurred to the date of this report.
The Directors are mindful that the introduction of the revised legislation has imposed a number of restrictions on the types of businesses and transactions in which VCTs can invest. This will require the Manager to focus on the provision of development capital or investing in businesses with growth finance requirements, at the expense of management buy-out or acquisition based transactions which have traditionally offered more predictable returns. Your Board is confident that the experienced investment resource available to the Manager across its national office network remains capable of sourcing high quality opportunities which comply with the amended rules, whilst continuing to meet its rigorous investment quality criteria.
Notwithstanding the impact of recent legislative changes, your Board remains committed to delivering its core objectives of achieving long term capital appreciation and generating maintainable levels of income for Shareholders. The current portfolio of private company holdings offers the ability to maintain a regular yield for your Company and support future shareholder returns.
On behalf of the Board
Maven Capital Partners UK LLP
Secretary
23 September 2016
Summary of Investment Changes
For the Six Months Ended 31 July 2016
Valuation
31 January Net investment/ Appreciation/ Valuation
2016 (disinvestment) (depreciation) 31 July 2016
GBP'000 % GBP'000 GBP'000 GBP'000 %
------------------------ ------------- ----------------- ---------------- ----------- -----
Unlisted investments
Equities 6,412 29.5 433 222 7,067 33.9
Loan stock 10,157 46.7 28 (53) 10,132 48.6
------------------------ ------ ----- ----------------- ---------------- ----------- -----
16,569 76.2 461 169 17,199 82.5
AIM/ISDX investments
Equities 114 0.5 (40) 45 119 0.6
Listed investments
Equities 13 0.1 - - 13 0.1
UK treasury bills 4,895 22.5 (2,156) 10 2,749 13.2
------------------------ ------ ----- ----------------- ---------------- ----------- -----
Total investments 21,591 99.3 (1,735) 224 20,080 96.4
Other net assets 179 0.7 575 - 754 3.6
------------------------ ------ ----- ----------------- ---------------- ----------- -----
Net assets 21,770 100.0 (1,160) 224 20,834 100.0
------------------------ ------ ----- ----------------- ---------------- ----------- -----
Investment Portfolio Summary
As at 31 July 2016
% of % of equity
Valuation Cost net % of equity held by
GBP'000 GBP'000 assets held other clients(1)
------------------------------- ----------- --------- ------- ------------- -----------------
Unlisted
Nenplas Holdings Limited 1,797 525 8.7 6.6 25.9
Torridon (Gibraltar)
Limited (formerly Torridon
Capital Limited) 1,128 198 5.4 2.2 37.8
Majenta Logistics Limited 750 750 3.6 9.9 39.9
Vectis Technology Limited 750 750 3.6 9.9 39.9
Lemac No. 1 Limited (trading
as John McGavigan) 728 376 3.5 4.9 31.9
Martel Instruments Holdings
Limited 685 748 3.3 9.1 35.2
Ensco 969 Limited (trading
as DPP) 660 674 3.2 2.5 32.0
SPS (EU) Limited 559 364 2.7 3.0 39.5
Onyx Logistics Limited 500 500 2.4 9.9 39.9
Rockar 2016 Limited (trading
as Rockar) 483 483 2.3 2.7 11.1
CatTech International
Limited 456 323 2.2 3.1 26.9
Glacier Energy Services
Holdings Limited 434 434 2.1 1.7 26.0
HCS Control Systems Group
Limited 423 423 2.0 3.4 33.1
Lambert Contracts Holdings
Limited 408 408 2.0 6.1 58.6
Constant Progress Limited 400 400 1.9 7.8 42.0
Equator Capital Limited 400 400 1.9 7.8 42.0
Toward Technology Limited 400 400 1.9 7.8 42.0
The GP Service (UK) Limited 398 398 1.9 4.9 27.6
JT Holdings (UK) Limited
(trading as Just Trays) 392 298 1.9 3.3 26.7
Flow UK Holdings Limited 374 374 1.8 4.5 30.5
Fathom Systems Group
Limited 355 355 1.7 4.0 56.0
CB Technology Group Limited 347 347 1.7 7.1 71.9
GEV Holdings Limited 336 336 1.6 2.1 33.9
Maven Capital (Llandudno)
LLP 336 336 1.6 - 100.0
Assecurare Limited 300 300 1.4 6.0 43.8
Broadwave Engineering
Limited 300 300 1.4 6.0 43.8
Vodat Communications
Group Limited 299 298 1.4 3.5 38.3
Castlegate 737 Limited
(trading as Cursor Controls) 277 224 1.3 2.3 45.2
R&M Engineering Group
Limited 268 357 1.3 4.0 66.6
CHS Engineering Services
Limited 249 249 1.2 2.2 21.2
RMEC Group Limited 249 249 1.2 1.6 48.5
Flexlife Group Limited 249 249 1.2 1.0 13.6
Claven Holdings Limited 230 139 1.1 9.5 40.5
Maven Co-invest Endeavour
Limited Partnership (invested
in Global Risk Partners) 227 227 1.1 6.5 93.5
Metropol Communications
Limited 225 225 1.1 9.9 39.9
Investment Portfolio Summary (continued)
As at 31 July 2016
% of
equity
% of held by
Valuation Cost net % of other
GBP'000 GBP'000 assets equity held clients(1)
---------------------------- ----------- --------- -------- ------------- -----------
Unlisted (continued)
TC Communications Holdings
Limited 180 309 0.9 2.6 27.4
Attraction World Holdings
Limited 153 12 0.7 3.4 35.0
Llanllyr Water Company
Limited(2) 123 143 0.6 - -
ISN Solutions Group Limited 115 181 0.6 2.6 52.4
Endura Limited 114 114 0.5 0.3 5.5
Space Student Living
Limited 88 - 0.4 7.0 73.1 Lawrence Recycling & Waste Management Limited 52 367 0.2 4.0 58.0 Other unlisted investments 2 973 - ---------------------------- ----------- --------- -------- ------------- ----------- Total unlisted investments 17,199 15,516 82.5 ---------------------------- ----------- --------- -------- ------------- ----------- Quoted Cello Group PLC 51 53 0.3 0.1 0.4 Plastics Capital PLC 27 25 0.1 0.1 1.4 Vianet Group PLC (formerly Brulines Group PLC) 24 31 0.1 0.1 1.4 Work Group PLC 14 251 0.1 1.1 2.0 esure Group PLC 13 - 0.1 - - Other quoted investments 3 488 - ---------------------------- ----------- --------- -------- ------------- ----------- Total quoted investments 132 848 0.7 ---------------------------- ----------- --------- -------- ------------- ----------- UK treasury bills Treasury Bill 12 September 2016 2,749 2,744 13.2 ---------------------------- ----------- --------- -------- ------------- ----------- Total UK treasury bills investments 2,749 2,744 13.2 ---------------------------- ----------- --------- -------- ------------- ----------- Total investments 20,080 19,108 96.4 ---------------------------- ----------- --------- -------- ------------- -----------
(1) Other clients of Maven Capital Partners UK LLP.
(2) Secured loan notes in respect of deferred consideration.
Income Statement
For the Six Months Ended 31 July 2016
Six months ended Six months ended Year ended
31 July 2016 31 July 2015 31 January 2016
(unaudited) (unaudited) (audited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------- --------- --------- -------- --------- --------- -------- --------- --------- ---------
Gains on
investments - 224 224 - 1,915 1,915 - 3,085 3,085
Income from
investments 278 - 278 498 - 498 1,025 - 1,025
Other income 1 - 1 - - - - - -
Investment
management
fees (29) (264) (293) (60) (540) (600) (116) (1,041) (1,157)
Other expenses (121) - (121) (55) - (55) (188) - (188)
--------------------- --------- --------- -------- --------- --------- -------- --------- --------- ---------
Net return
on ordinary
activities
before taxation 129 (40) 89 383 1,375 1,758 721 2,044 2,765
Tax on ordinary
activities (12) 12 - - - - (119) 119 -
--------------------- -------- --------- --------- -------- --------- ---------
Return attributable
to Equity
Shareholders 117 (28) 89 383 1,375 1,758 602 2,163 2,765
--------------------- --------- --------- -------- --------- --------- -------- --------- --------- ---------
Earnings
per share
(pence) 0.29 (0.07) 0.22 1.15 4.11 5.26 1.48 5.33 6.81
--------------------- --------- --------- -------- --------- --------- -------- --------- --------- ---------
A Statement of Total Recognised Gains and Losses has not been prepared, as all gains and losses are recognised in the Income Statement.
All items in the above statement are derived from continuing operations. The Company has only one class of business and derives its income from investments made in shares, securities and bank deposits.
The total column of this statement is the Profit and Loss Account of the Company.
Reconciliation of Movements in Shareholders' Funds
For the Six Months Ended 31 July 2016
Six months Six months Year ended
ended ended 31 January
31 July 2016 31 July 2015 2016
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
----------------------------- --------------- --------------- ---------------
Opening Shareholders'
funds 21,770 20,834 20,834
Net return for period 89 1,758 2,765
Net proceeds of share
issue - 3,965 3,966
Net proceeds of DIS
issue - 26 18
Repurchase and cancellation
of shares (101) - -
Dividends paid - revenue (205) (82) (411)
Dividends paid - capital (719) (800) (5,402)
Closing Shareholders'
funds 20,834 25,701 21,770
------------------------------- --------------- --------------- ---------------
The accompanying Notes are an integral part of the Financial Statements.
Balance Sheet
As at 31 July 2016
31 July 2016 31 January
(unaudited) 2016
GBP'000 31 July 2015
(unaudited) (audited)
GBP'000 GBP'000
----------------------------------------------- ------------ ------------ ----------
Fixed assets
Investments at fair value through profit
or loss 20,080 24,545 21,591
Current assets
Debtors 220 307 221
Cash 577 1,293 688
----------------------------------------------- ------------ ------------ ----------
797 1,600 909
Creditors
Amounts falling due within one year (43) (444) (730)
----------------------------------------------- ------------ ------------ ----------
Net current assets 754 1,156 179
----------------------------------------------- ------------ ------------ ----------
Net assets 20,834 25,701 21,770
----------------------------------------------- ------------ ------------ ----------
Capital and reserves
Called up share capital 4,087 4,109 4,109
Share premium account 9,473 9,480 9,473
Capital reserve - realised (12,194) (11,769) (11,296)
Capital reserve - unrealised 972 5,108 821
Special distributable reserve 17,741 17,842 17,842
Capital redemption reserve 317 295 295
Revenue reserve 438 636 526
----------------------------------------------- ------------ ------------ ----------
Net assets attributable to Equity Shareholders 20,834 25,701 21,770
----------------------------------------------- ------------ ------------ ----------
Net asset value per Ordinary Share (pence) 50.97 62.60 53.00
----------------------------------------------- ------------ ------------ ----------
The Financial Statements of Maven Income and Growth VCT 2 PLC, registered number 4135802, were approved and authorised for issue by the Board of Directors on 23 September 2016 and were signed on its behalf by:
John Lawrence MBE
Director
The accompanying Notes are an integral part of the Financial Statements.
Cash Flow Statement
For the Six Months Ended 31 July 2016
Six months
ended
Six months 31 July
ended 2015 Year ended
31 July 31 January
2016 (restated)* 2016
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
---------------------------- ------------------- ------------------- -------------------
Net cash flows from
operating activities (1,098) (630) (1,034)
Cash flows from investing
activities
Investment income received 276 473 1,065
Deposit interest received 1 - -
Purchase of investments (3,625) (12,056) (27,006)
Sale of investments 5,360 9,148 28,244
Net cash flows from
investing activities 2,012 (2,435) 2,303
----------------------------- ------------------- ------------------- -------------------
Cash flows from financing
activities
Equity dividends paid (924) (882) (5,813)
Issue of Ordinary Shares - 3,992 3,984
Repurchase of Ordinary
Shares (101) - -
----------------------------
Net cash flows from
financing activities (1,025) 3,110 (1,829)
----------------------------- ------------------- ------------------- -------------------
Net (decrease)/increase
in cash (111) 45 (560)
----------------------------- ------------------- ------------------- -------------------
Cash at beginning of
period 688 1,248 1,248
Cash at end of period 577 1,293 688
*The July 2015 cash flow has been restated for the presentational requirements of FRS 102.
The accompanying Notes are an integral part of the Financial Statements.
Notes to the Financial Statements
For the Six Months Ended 31 July 2016
1. Accounting Policies
The financial information for the six months ended 31 July 2016 and the six months ended 31 July 2015 comprises non-statutory accounts within the meaning of S435 of the Companies Act 2006. The financial information contained in this report has been prepared on the basis of the accounting policies set out in the Annual Report and Financial Statements for the year ended 31 January 2016, which have been filed at Companies House and which contained an Auditor's Report which was not qualified and did not contain a statement under S498(2) or S498(3) of the Companies Act 2006.
2. Movement in reserves
Share Capital Capital Special Capital
premium reserve reserve distributable redemption Revenue
account realised unrealised reserve reserve reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
At 31 January
2016 9,473 (11,296) 821 17,842 295 526
Gains on sale
of
investments - 73 - - - -
Net increase
in value of
investments - - 151 - - -
Investment
management
fees - (264) - - - -
Dividends
paid - (719) - - - (205)
Tax effect of
capital items - 12 - - - -
Repurchase
and
cancellation
of shares - - - (101) 22 -
Net return on
ordinary
activities
after
taxation - - - - - 117
-------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
As at 31 July
2016 9,473 (12,194) 972 17,741 317 438
-------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
3. Returns per Ordinary Share
Six months
ended
31 July 2016
The returns per share have been based on
the following figures:
Weighted average number of Ordinary Shares 41,042,326
Revenue return GBP117,000
Capital return (GBP28,000)
Total return GBP89,000
-------------------------------------------- --------------
Directors' Responsibility Statement
The Directors confirm that, to the best of their knowledge:
-- the Financial Statements for the six months ended 31 July 2016 have been prepared in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland;
-- the Interim Management Report includes a fair review of the information required by DTR 4.2.7R in relation to the indication of important events during the first six months, and of the principal risks and uncertainties facing the Company during the second six months, of the year ending 31 January 2017; and
-- the Interim Management Report includes adequate disclosure of the information required by DTR 4.2.8R in relation to related party transactions and any changes therein.
Other information
The NAV per Ordinary Share has been calculated using the number of Ordinary Shares in issue at 31 July 2016 of 40,872,617.
A full copy of the Interim Report and Financial Statements will be printed and issued to Shareholders.
Copies of this announcement will be available to the public at the office of the Manager, Maven Capital Partners UK LLP, 205 West George Street, Glasgow G2 2LW; at the registered office of the Company: Fifth Floor, 1-2 Royal Exchange Buildings, London EC3V 3LF; and in due course on the Company's website at www.mavencp.com/migvct2.
Neither the content of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.
By order of the Board
Maven Capital Partners UK LLP
Secretary
23 September 2016
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR VXLBLQKFEBBX
(END) Dow Jones Newswires
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