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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 May 2019 to May 2024
TIDMMIG2
RNS Number : 1406S
Maven Income and Growth VCT 2 PLC
29 September 2017
Maven Income and Growth VCT 2 PLC
Interim Management Report for the six months ended 31 July 2017 (unaudited)
The Directors announce the unaudited Interim Management Report for the six months ended 31 July 2017.
Highlights
-- NAV total return of 98.09p per share at 31 July 2017, compared to 99.24p at 31 January 2017
-- NAV at 31 July 2017 of 47.12p per share after payment of the final dividend of 2.25p per share
-- Enhanced interim dividend of 3.41p per share paid on 15 September 2017
-- Four new VCT qualifying private company holdings added to the portfolio, with a further one completed post the period end
-- Large pipeline of VCT qualifying investments, with a number in advanced process
Overview
During the reporting period, your Company completed four new VCT qualifying investments in private companies operating across a range of diverse sectors, and a further new investment completed after the period end. The majority of the businesses in the investee portfolio have continued to trade well. The NAV total return was 98.09p per share at the period end.
The Directors and the Manager recognise the importance of tax-free distributions to Shareholders and the Board was pleased to declare an enhanced interim dividend of 3.41p per share.
In the first half of the financial year, Maven continued to focus on sourcing attractive qualifying investment opportunities that meet the requirements of the revised VCT legislation, details of which were provided in the 2017 Annual Report. Since the introduction of the new VCT rules in 2015, Maven has provided development capital to eleven qualifying private companies, demonstrating its flexible approach and ability to adapt to the requirements of the revised legislation. It has, however, become apparent that transactions are taking considerably longer to complete, due primarily to the requirement to secure Advance Assurance tax clearance from HM Revenue & Customs (HMRC) for each new investment.
Given the complexity of the new rules, Maven maintains a cautious approach and continues to work closely with a specialist VCT adviser engaged by the Company to assist with the VCT tax clearance process, only completing investments once Advance Assurance has been secured. The investment team continues to progress all other aspects of live transactions in order to facilitate a swift completion once approval is granted. There are a number of active transactions that are well-progressed and it is anticipated that there will be a good rate of new investment activity through the second half of the financial year.
Dividends
As highlighted by the Board in the 2017 Annual Report, Shareholders should be aware that the move to support younger and earlier stage businesses may result in less predictable capital gains and income flows, with the result that the quantum and timing of future dividend payments is likely to be subject to variation. Due to a number of recent profitable realisations, and in order to ensure your Company's ongoing compliance with the VCT regulations, the Board considered it appropriate to declare the early payment of an enhanced interim dividend.
The Board has, therefore, declared an interim capital dividend in respect of the year ending 31 January 2018, of 3.41p per Ordinary Share, which was paid on 15 September 2017 to Shareholders on the register at close of business on 25 August 2017. Since the Company's launch, and after receipt of the interim dividend, Shareholders will have received 54.38p 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.
Whilst decisions on future distributions will take into consideration the availability of surplus revenue, the adequacy of reserves, the proceeds from any further realisations and the VCT qualifying levels of the portfolio, it is the Board's intention to maintain distributions for the full year at a similar level to that of the year ended 31 January 2017, although this will be kept under close review.
Portfolio Developments
The portfolio of private company holdings has generally performed well, resulting in the valuations of a number of investee companies being increased. It is reassuring to note that, despite the political and economic uncertainty resulting from the General Election and the UK's intended exit from the European Union (EU), there is, to date, no discernible impact to report, aside from the short-term benefit that a number of exporters experienced following the devaluation of Sterling in June 2016.
Cursor Controls, a global leader in the design and niche manufacture of trackballs for cursor movement used in industrial applications, has performed well since Maven clients invested in July 2015. The business continues to deliver good levels of organic growth and performance was further enhanced by the acquisition, in April 2016, of NSI, a Belgian based distributor of trackballs and other associated products. The acquisition formed part of Maven's investment proposal and is expected to be significantly earnings enhancing, with a number of commercial and operational synergies identified to help drive the growth and profitability of the enlarged group. The management team is encouraged by the integration process to date, with NSI trading to plan and the core Cursor business continuing to deliver organic growth.
Manufacturer and supplier of technical plastic components and interior parts for the global automotive industry, John McGavigan, continues to exceed expectations. The year to 31 December 2016 saw a significant increase in profitability across its operations in China and Scotland, which was achieved through top line growth enhanced by the benefits of a number of productivity improvement projects implemented earlier in the year. This strong momentum has continued in the current year, with the company continuing to grow and exceed budget. The order book remains strong, with a number of significant contracts secured in recent months, increasing future visibility for the business. Given the growth achieved and forecast projections, the management team has decided to move its Chinese premises in anticipation of capacity constraints in the region, and work is progressing to advance this.
Maven clients invested in Attraction World, a leading provider of worldwide theme park and attraction tickets in 2010, supporting the incumbent executive team through a management buy-out. Since investment, Attraction World has made steady progress, and the core business continues to perform well. In March 2016, the business enhanced its operating platform through the complementary acquisition of Day Out With The Kids (www.dayoutwiththekids.co.uk), an e-commerce site that focuses on UK attraction information. The development of the new acquisition is progressing to plan and the management team believes that it will prove to be a valuable addition to the business.
The UK's largest provider of promotional merchandise, SPS (EU), has achieved excellent growth under private equity ownership since Maven clients invested in February 2014. Operational improvements have enhanced profitability following the successful implementation of a new enterprise resource planning system. The complementary acquisitions of HPP and TEC, completed during the year to 31 December 2015, have been integrated successfully within the group and are both delivering a positive profit contribution. The company has invested in sales resource to help penetrate the European market, and this region is starting to contribute significantly to group performance. The balance sheet remains healthy and the business continues to reduce its core term debt.
DPP provides mechanical and electrical maintenance and installation services mainly to the leisure, hospitality and retail sectors in the south of England and in Wales. The company differentiates itself by operating through an employed and managed team of engineers, as opposed to engaging with a network of subcontractors. The business has made considerable progress over the past twelve months by enhancing operational procedures and reducing costs, which has led to a significant improvement in profitability. A number of new contracts were secured during the year and the outlook is positive, which is highly encouraging given the challenges experienced during 2014 when DPP lost a key customer.
During the period, the valuation of the investment in Torridon (Gibraltar) was protectively reduced to reflect recent circumstances at one of its trading subsidiaries and CHS Engineering Services was placed into administration. In addition, in light of current trading, selective valuation provisions were taken across a small number of other portfolio companies.
The Manager maintains a close working relationship with investee companies operating within the oil & gas sector and it is encouraging to report that the majority of these assets are seeing early signs of improving market conditions which, after three years of steady decline, appear to have stabilised. Following extensive cost cutting, the Maven portfolio companies are operating with lean structures and have limited or no external debt. As such, they are relatively well positioned to benefit from a market recovery. The majority of Maven's investee companies in this sector are focused on operational expenditure, particularly related to health and safety. Although budgets have been set conservatively, there is evidence of growing confidence with order books and workshops recording higher activity levels. The Board will continue to monitor the performance of investee companies in this sector, maintaining a conservative approach to valuations until there is evidence of a sustained recovery.
The recent new investments in private equity investment trusts and real estate investment trusts have performed well over the period, generating valuable capital growth and income through dividend payments to your Company. The Board and the Manager are encouraged by this contribution and believe that these investments will provide a steady and reliable source of income. This is particularly important in light of the restrictions introduced in the March 2016 Budget Statement, which prevent VCTs from investing in traditional instruments such as treasury bills or other government securities for liquidity management purposes.
The Board and the Manager remain highly cognisant of the importance of maintaining an effective liquidity management policy and will continue to consider a range of other permitted income generating investment options.
New Investments
During the period, your Company provided development capital to four private companies:
-- ebb3 is a technology company that develops mobile workspace solutions, addressing the need for seamless and secure access to apps, files and services on any device, in any location. The technology is specifically targeted at high-end 3D computer graphics users within the automotive (Formula 1), construction, oil & gas and education sectors, where there is a requirement for data- intensive applications that can service geographically dispersed, multi-disciplinary teams. ebb3 has high profile partnership agreements with providers such as Cisco, NetApp and NVidia, and the investment will enable the business to pursue its growth strategy in this niche part of the growing supercomputing market.
-- Horizon Cremation plans to develop and operate a portfolio of next generation crematoria across the UK, where existing facilities are either under-invested or in short supply. Horizon is seeking to build contemporary facilities that are environmentally and technologically advanced, offering enhanced professional service and care levels for families. The investment will provide capital to source and secure development sites, whilst supporting the operational expenditure and overheads of Horizon's first crematorium in North Ayrshire, Scotland, where construction commenced in May 2017.
-- ITS Technology is a leading alternative network provider that owns and maintains fibre networks, providing faster and more reliable broadband connectivity, and related services, to customers, particularly in areas that are not well serviced by the existing infrastructure. The business currently has twelve fibre broadband networks in operation, with a further five under construction. The investment will help to fund growth within the existing networks, build a stable recurring revenue base and also support expansion through the addition of new networks.
-- Contego Fraud Solutions is a provider of complex, multi- source compliance and fraud detection software for public and private sector clients including property, banking and financial services companies. The application performs a vast number of screening, verification and vetting assessments including Know Your Customer and Anti-Money Laundering, to fulfil both real-time customer on-boarding and on-going monitoring of regulatory requirements. The investment will support the continued growth of the business, facilitating the hiring of additional sales resources, further product development and expansion into new markets.
The following investments have been completed during the reporting period:
Hot Features
Premium
Investment
cost
Date Sector GBP'000 Website
------------------------ ---------- ------------------ ---------- --------------------------
Unlisted
Contego Fraud Solutions July 2017 Software 199 www.contego.com
Limited &
computer
services
ebb3 Limited May 2017 Software 133 www.ebb3.com
&
computer
services
Horizon Cremation May 2017 Support services 292 www.horizoncremation.co.uk
Limited
ITS Technology June 2017 Telecommunication 298 www.itstechnologygroup.com
Group Limited
services
------------------------ ---------- ------------------ ---------- --------------------------
Total unlisted 922
-------------------------------------------------------- ---------- --------------------------
Total investments 922
-------------------------------------------------------- ---------- --------------------------
At the period end, the portfolio stood at 65 unlisted and quoted investments, at a total cost of GBP16.26 million.
Realisations
During the period, further recovery proceeds were released for Cyclotech and Space Student Living.
The table below gives details of all realisations achieved, and deferred considerations received, during the reporting period:
Gain/(loss)
Cost Value over
of shares at Realised 31 January
Year Complete/ disposed 31 January Sales gain/ 2017
first partial of 2017 proceeds (loss) value
invested exit GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------ ----------- ------------ ----------- ------------ ---------- ---------- -----------
Unlisted
Constant Progress
Limited 2015 Complete 400 400 400 - -
Cyclotech Limited 2007 Complete - - 35 35 35
Equator Capital
Limited 2015 Complete 400 400 400 - -
Llanllyr Water
Company Limited 2002 Complete 123 105 94 (29) (11)
Space Student
Living Limited 2011 Partial - 44 44 44 -
Toward Technology
Limited 2015 Complete 400 400 400 - -
------------------ ----------- ------------ ----------- ------------ ---------- ---------- -----------
Total unlisted 1,323 1,349 1,373 50 24
--------------------------------------------- ----------- ------------ ---------- ---------- -----------
Total disposals 1,323 1,349 1,373 50 24
--------------------------------------------- ----------- ------------ ---------- ---------- -----------
As at the date of this report, the Manager is engaged with several investee companies and prospective acquirers at various stages of the negotiation process, although there can be no certainty that these discussions will result in profitable sales.
Material Developments Since the Period End
Since 31 July 2017, one new private company asset has been added to the portfolio.
ADC Biotechnology is a developer of a proprietary Lock-Release technology, for the efficient development and manufacture of the Antibody Drug Conjugates (ADC) group of cancer therapies. ADCs, also known as 'magic bullets', combine the unique targeting capabilities of antibodies with the cancer- killing ability of cytotoxic drugs, thereby targeting cancer cells whilst minimising damage to healthy cells and tissue, and with the potential for reduced side effects. Maven VCT clients have invested alongside existing shareholders to support an experienced management team as it seeks to progress the drug development platform in this high growth sector of oncology therapeutics.
Principal Risks and Uncertainties
The principal risks and uncertainties facing the Company were set out in full in the Strategic Report contained within the 2017 Annual Report, and are the risks associated with investment in small and medium sized unlisted and AIM/NEX 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 Committees 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 continue to be bought back at prices representing a discount of between 10% and 20% of the prevailing NAV per share.
Regulatory Developments
The Chancellor's March 2017 Budget Statement did not introduce any further amendments to the legislation governing VCTs, but reiterated the announcements made in the 2016 Autumn Statement. The most noteworthy of these was that the Government will no longer be initiating a review into the provision to allow replacement capital in certain new VCT transactions, suggesting that this may be reviewed at some point in the future. Whilst the Board and the Manager were disappointed by this announcement, as the ability to include replacement capital was viewed as an important capability under the new rules, it does not impact the Company's investment strategy, which has already adapted to meet the requirements of the new rules.
In addition, in response to the increased volume of VCT applications submitted and the resultant delays experienced in obtaining clearance for proposed investments, a consultation was launched into the options to streamline the Advance Assurance service provided by HMRC. The summary responses of this consultation were released in late March 2017 and a further detailed report and analysis is expected in due course.
Outlook
The Manager is encouraged by the performance achieved during the reporting period. Notwithstanding the pressures of the uncertain economic and political backdrop referred to above, the portfolio of investee companies has generally continued to trade well, with no discernible impact on performance as a consequence of the uncertainty. This demonstrates the strength and breadth of the underlying portfolio and its ability to continue to generate positive returns for Shareholders.
Whilst it is early days for a number of the new investee companies, initial indications suggest that they are performing to plan and should, over time, represent valuable additions to the portfolio. During the period, Maven extended its nationwide presence through the opening of four new offices, expanding its network to ten locations across the UK. This regional approach ensures that the investment team is well positioned to access potential investment opportunities through their local network of contacts. Maven's geographic presence is delivering a strong pipeline of prospective new investments and, based on current momentum, it is anticipated that the rate of investment in the remainder of the financial year will be at a higher level compared to previous periods, subject to securing Advance Assurance from HMRC on a case by case basis.
On behalf of the Board
Maven Capital Partners UK LLP
Secretary
29 September 2017
Summary of Investment Changes
For the Six Months Ended 31 July 2017
Valuation
31 January Net investment/ Appreciation/ Valuation
2017 (disinvestment) (depreciation) 31 July 2017
GBP'000 % GBP'000 GBP'000 GBP'000 %
--------------------- --------------- ---------------- --------------- ---------------
Unlisted investments
Equities 6,893 33.6 89 (76) 6,906 36.1
Loan stock 9,032 44.1 (540) (422) 8,070 42.2
--------------------- ------- ------ ---------------- --------------- ------- ------
15,925 77.7 (451) (498) 14,976 78.3
AIM/NEX investments
Equities 113 0.6 - 15 128 0.7
Listed investments
Equities 10 - - 5 15 0.1
Investment
trusts 1,063 5.2 - 88 1,151 6.0
--------------------- ------- ------ ---------------- --------------- ------- ------
Total investments 17,111 83.5 (451) (390) 16,270 85.1
Other net assets 3,391 16.5 (537) - 2,854 14.9
--------------------- ------- ------ ---------------- --------------- ------- ------
Net assets 20,502 100.0 (988) (390) 19,124 100.0
--------------------- ------- ------ ---------------- --------------- ------- ------
Investment Portfolio Summary
As at 31 July 2017
% of equity
held by
Valuation Cost % of net % of equity other
GBP'000 GBP'000 assets held clients(1)
---------------------------------------------- ----------- --------- ---------- ------------- -----------
Unlisted
Lemac No. 1 Limited (trading as John
McGavigan) 1,179 376 6.1 4.9 31.9
Torridon (Gibraltar) Limited 1,101 198 5.7 2.2 37.8
SPS (EU) Limited 788 364 4.1 3.0 39.5
Majenta Logistics Limited 750 750 3.8 9.9 39.9
Vectis Technology Limited 750 750 3.8 9.9 39.9
Martel Instruments Holdings Limited 685 748 3.6 9.1 35.2
Ensco 969 Limited (trading as DPP) 653 584 3.4 2.5 32.0
CatTech International Limited 507 323 2.7 3.1 26.9
Onyx Logistics Limited 500 500 2.6 9.9 39.9
Rockar 2016 Limited (trading as Rockar) 483 483 2.5 2.7 11.1
Glacier Energy Services Holdings Limited 434 434 2.3 1.7 26.0
Vodat Communications Group Limited 413 298 2.2 3.5 38.3
The GP Service (UK) Limited 398 398 2.1 4.9 27.6
JT Holdings (UK) Limited (trading as
Just Trays) 392 298 2.1 3.3 26.7
Flow UK Holdings Limited 374 374 2.0 4.5 30.5
Castlegate 737 Limited (trading as Cursor
Controls) 370 224 1.9 2.3 45.2
Fathom Systems Group Limited 355 355 1.9 4.0 56.0
CB Technology Group Limited 347 347 1.8 7.1 71.9
GEV Holdings Limited 336 336 1.8 2.1 33.9
HCS Control Systems Group Limited 305 423 1.6 3.4 33.1
ITS Technology Group Limited 298 298 1.6 2.9 19.2
QikServe Limited 298 298 1.6 3.0 17.0
Horizon Cremation Limited 292 292 1.5 9.8 74.0
R&M Engineering Group Limited 268 357 1.4 4.0 66.6
Maven Co-invest Endeavour Limited Partnership 261 227 1.4 5.0 95.0
(invested in Global Risk Partners)
RMEC Group Limited 249 249 1.3 1.6 48.5
Metropol Communications Limited 225 225 1.2 9.9 39.9
Chic Lifestyle Limited (trading as Chic
Retreats) 224 224 1.2 6.7 40.1
Attraction World Holdings Limited 220 12 1.2 3.4 35.0
Whiterock Group Limited 209 209 1.1 4.5 20.5
Contego Fraud Solutions Limited 199 199 1.0
Flexlife Group Limited 182 249 1.0 1.0 13.6
TC Communications Holdings Limited 180 309 0.9 2.6 27.4
Lambert Contracts Holdings Limited 145 408 0.8 6.1 58.6
ebb3 Limited 133 133 0.7
ISN Solutions Group Limited 115 181 0.6 2.6 52.4
Endura Limited 114 114 0.6 0.3 5.5
Investment Portfolio Summary (Continued)
As at 31 July 2017
% of equity
held by
Valuation Cost % of net % of equity other
GBP'000 GBP'000 assets held clients(1)
------------------------------ ----------- --------- ---------- ------------- -----------
Unlisted (continued)
Growth Capital Ventures
Limited 100 100 0.5 2.8 19.9
Lawrence Recycling &
Waste Management Limited 52 367 0.3 4.0 58.0
Claven Holdings Limited 46 139 0.2 9.5 40.5
Other unlisted investments 46 1,219 0.2
------------------------------ ----------- --------- ---------- ------------- -----------
Total unlisted investments 14,976 14,372 78.3
------------------------------ ----------- --------- ---------- ------------- -----------
Quoted
Cello Group PLC 65 53 0.4 0.1 0.4
Plastics Capital PLC 29 25 0.2 0.1 1.3
Vianet Group PLC (formerly
Brulines Group PLC) 25 31 0.1 0.1 1.4
esure Group PLC 15 - 0.1 - -
Gordon Dadds Group PLC
(formerly Work Group
PLC) 9 251 - 1.1 2.0
Other quoted investments - 488 -
------------------------------ ----------- --------- ---------- ------------- -----------
Total quoted investments 143 848 0.8
------------------------------ ----------- --------- ---------- ------------- -----------
Private equity investment
trusts
Princess Private Equity
Holding Limited 124 98 0.6 - 0.1
F&C Private Equity Investment
Trust PLC 121 103 0.6 0.1 0.3
HgCapital Trust PLC 120 100 0.6 - 0.1
Apax Global Alpha Limited 116 99 0.6 - 0.1
Standard Life Private
Equity Trust PLC 52 43 0.4 - -
------------------------------ ----------- --------- ---------- ------------- -----------
Total private equity
investment trusts 533 443 2.8
------------------------------ ----------- --------- ---------- ------------- -----------
Real estate investment
trusts
Schroder REIT Limited 107 99 0.6 - 0.2
Custodian REIT PLC 106 99 0.6 - 0.2
Target Healthcare REIT
Limited 105 98 0.5 - 0.2
Standard Life Investment
Property 104 99 0.5 - 0.2
Income Trust Limited
British Land Company
PLC 101 99 0.5 - -
Regional REIT Limited 95 99 0.5 - 0.2
------------------------------ ----------- --------- ---------- ------------- -----------
Total real estate investment
trusts 618 593 3.2
------------------------------ ----------- --------- ---------- ------------- -----------
Total investments 16,270 16,256 85.1
------------------------------ ----------- --------- ---------- ------------- -----------
(1) Other clients of Maven Capital Partners UK LLP.
Income Statement
For the Six Months Ended 31 July 2017
Six months ended Six months ended Year ended
31 July 2017 31 July 2016 31 January 2017
(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
------------------------ -------- -------- -------- -------- -------- -------- -------- -------- --------
(Losses/gains)
on investments - (390) (390) - 224 224 - 1,070 1,070
Income from
investments 284 - 284 278 - 278 627 - 627
Other income 4 - 4 1 - 1 4 - 4
Investment (26) (229) (255) (29) (264) (293) (70) (632) (702)
management fees
Other expenses (108) - (108) (121) - (121) (302) - (302)
------------------------ -------- -------- -------- -------- -------- -------- -------- -------- --------
Net return on
ordinary 154 (619) (465) 129 (40) 89 259 438 697
activities before
taxation
Tax on ordinary
activities (11) 11 - (12) 12 - (51) 51 -
------------------------ -------- -------- -------- -------- -------- -------- -------- -------- --------
Return attributable
to Equity Shareholders 143 (608) (465) 117 (28) 89 208 489 697
------------------------ -------- -------- -------- -------- -------- -------- -------- -------- --------
Earnings per
share (pence) 0.35 (1.50) (1.15) 0.29 (0.07) 0.22 0.51 1.19 1.70
------------------------ -------- -------- -------- -------- -------- -------- -------- -------- --------
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 one reportable segment, the results of which are set out in the Income Statement and Balance Sheet. The Company derives its income from investments made in shares, securities and bank deposits.
There are no potentially dilutive capital instruments in issue and, therefore, no diluted returns per share figures are relevant. The basic and diluted earnings per share are, therefore, identical.
The total column of this Statement is the Profit and Loss Account of the Company.
The accompanying Notes are an integral part of the Financial Statements.
Statement of Changes In Equity
For the Six Months Ended 31 July 2017
Six months ended Share Capital Capital Special Capital
31 July 2017 Share premium reserve reserve distributable redemption Revenue
capital account realised unrealised reserve reserve reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------ --------- -------- --------- ----------- -------------- ----------- --------- ---------
At 31 January
2017 4,058 9,473 (11,894) 454 17,618 346 447 20,502
Net return - - (168) (440) - - 143 (465)
Dividends paid - - (832) - - - (81) (913)
Repurchase and - - - - - - - -
cancellation
of shares
------------------ --------- -------- --------- ----------- -------------- ----------- --------- ---------
At 31 July 2017 4,058 9,473 (12,894) 14 17,618 346 509 19,124
------------------ --------- -------- --------- ----------- -------------- ----------- --------- ---------
Six months ended Share Capital Capital Special Capital
31 July 2016 Share premium reserve reserve distributable redemption Revenue
capital account realised unrealised reserve reserve reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------ --------- -------- --------- ----------- -------------- ----------- --------- ---------
At 31 January
2016 4,109 9,473 (11,296) 821 17,842 295 526 21,770
Net return - - (179) 151 - - 117 89
Dividends paid - - (719) - - - (205) (924)
Repurchase and
cancellation
of shares (22) - - - (101) 22 - (101)
------------------ --------- -------- --------- ----------- -------------- ----------- --------- ---------
At 31 July 2016 4,087 9,473 (12,194) 972 17,741 317 438 20,834
------------------ --------- -------- --------- ----------- -------------- ----------- --------- ---------
Year ended Share Capital Capital Special Capital
31 January 2017 Share premium reserve reserve distributable redemption Revenue
capital account realised unrealised reserve reserve reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------ --------- -------- --------- ----------- -------------- ----------- --------- ---------
At 31 January
2016 4,109 9,473 (11,296) 821 17,842 295 526 21,770
Net return - - 856 (367) - - 208 697
Dividends paid - - (1,454) - - - (287) (1,741)
Repurchase and
cancellation
of shares (51) - - - (224) 51 - (224)
------------------ --------- -------- --------- ----------- -------------- ----------- --------- ---------
At 31 January
2017 4,058 9,473 (11,894) 454 17,618 346 447 20,502
------------------ --------- -------- --------- ----------- -------------- ----------- --------- ---------
The accompanying Notes are an integral part of the Financial Statements.
Balance Sheet
As at 31 July 2017
31 July 2017 31 July 2016 31 January
(unaudited) (unaudited) 2017
GBP'000 GBP'000 (audited)
GBP'000
----------------------------- ------------ ------------ ----------
Fixed assets
Investments at fair
value through profit
or loss 16,270 20,080 17,111
Current assets
Debtors 248 220 273
Cash 2,623 577 3,334
----------------------------- ------------ ------------ ----------
2,871 797 3,607
Creditors
Amounts falling due
within one year (17) (43) (216)
----------------------------- ------------ ------------ ----------
Net current assets 2,854 754 3,391
----------------------------- ------------ ------------ ----------
Net assets 19,124 20,834 20,502
----------------------------- ------------ ------------ ----------
Capital and reserves
Called up share capital 4,058 4,087 4,058
Share premium account 9,473 9,473 9,473
Capital reserve - realised (12,894) (12,194) (11,894)
Capital reserve - unrealised 14 972 454
Special distributable
reserve 17,618 17,741 17,618
Capital redemption reserve 346 317 346
Revenue reserve 509 438 447
----------------------------- ------------ ------------ ----------
Net assets attributable
to Equity Shareholders 19,124 20,834 20,502
----------------------------- ------------ ------------ ----------
Net asset value per
Ordinary Share (pence) 47.12 50.97 50.52
----------------------------- ------------ ------------ ----------
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 29 September 2017 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 2017
Six months Six months Year ended
ended ended
31 July 2017 31 July 2016 31 January
(unaudited) (unaudited) 2017
GBP'000 GBP'000 (audited)
GBP'000
---------------------------- ------------- ------------- -----------
Net cash flows from
operating activities (569) (1,098) (1,516)
Cash flows from investing
activities
Investment income
received 268 276 621
Deposit interest received 4 1 4
Purchase of investments (922) (3,625) (5,492)
Sale of investments 1,421 5,360 10,994
---------------------------- ------------- ------------- -----------
Net cash flows from
investing activities 771 2,012 6,127
---------------------------- ------------- ------------- -----------
Cash flows from financing
activities
Equity dividends paid (913) (924) (1,741)
Repurchase of Ordinary
Shares - (101) (224)
---------------------------- ------------- ------------- -----------
Net cash flows from
financing activities (913) (1,025) (1,965)
---------------------------- ------------- ------------- -----------
Net (decrease)/increase
in cash (711) (111) 2,646
---------------------------- ------------- ------------- -----------
Cash at beginning
of period 3,334 688 688
Cash at end of period 2,623 577 3,334
The accompanying Notes are an integral part of the Financial Statements.
Notes to the Financial Statements
1. Accounting Policies
The financial information for the six months ended 31 July 2017 and the six months ended 31 July 2016 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 2017, 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. Reserves
Share premium account
The share premium account represents the premium above nominal value received by the Company on issuing shares net of issue costs.
Capital reserves
Gains or losses on investments realised in the year that have been recognised in the Income Statement are transferred to the capital reserve realised account on disposal. Furthermore, any prior unrealised gains or losses on such investments are transferred from the capital reserve unrealised account to the capital reserve realised account on disposal.
Increases and decreases in the fair value of investments are recognised in the Income Statement and are then transferred to the capital reserve unrealised account. The capital reserve realised account also represents capital dividends, capital investment management fees and the tax effect of capital items.
Special distributable reserve
The total cost to the Company of the repurchase and cancellation of shares is represented in the special distributable reserve account.
Capital redemption reserve
The nominal value of shares repurchased and cancelled is represented in the capital redemption reserve.
Revenue reserve
The revenue reserve represents accumulated profits retained by the Company that have not been distributed to Shareholders as a dividend.
3. Returns per Ordinary Share Six months ended
31 July 2017
-------------------------------------- ------------------
The returns per share have been based
on the following figures:
Weighted average number of Ordinary
Shares 40,584,617
Revenue return GBP143,000
Capital return (GBP608,000)
-------------------------------------- ------------------
Total return (GBP465,000)
-------------------------------------- ------------------
Directors' Responsibility Statement
The Directors confirm that, to the best of their knowledge:
-- the Financial Statements for the six months ended 31 July 2017 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 2018; 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 2017 of 40,584,617.
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
29 September 2017
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR ZVLFLDKFBBBB
(END) Dow Jones Newswires
September 29, 2017 02:00 ET (06:00 GMT)
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