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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Maven Income & Growth Vct 4 Plc | LSE:MAV4 | London | Ordinary Share | GB00B043QW84 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 57.00 | 56.00 | 58.00 | 57.00 | 57.00 | 57.00 | 831 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Mgmt Invt Offices, Open-end | 602k | -2.07M | -0.0151 | -37.75 | 78.04M |
From May 2019 to May 2024
TIDMMAV4 TIDMTTM
RNS Number : 2946I
Maven Income & Growth VCT 4 PLC
26 August 2016
Maven Income and Growth VCT 4 PLC
Interim Results for the Six Months Ended 30 June 2016 (Unaudited)
The Directors announce the unaudited interim results for the six months ended 30 June 2016.
Highlights
-- NAV total return of 140.53p per share at 30 June 2016, compared to 140.16p at 31 December 2015
-- NAV at 30 June 2016 of 98.33p per share after payment of the final dividend of 3.05p per share
-- New investment completed in The GP Service (UK) -- Exit from Dantec Hose, generating a total return multiple of 2.1 times cost -- Interim dividend declared of 2.20p per share (2015: 2.20p)
Overview
In the period under review NAV total return increased to 140.53p per share. This is in line with your Company's continuing objective of delivering long term capital appreciation whilst also generating a maintainable level of income for Shareholders.
Your Board and the Manager recognise the importance of dividends to Shareholders and, following the profitable realisations achieved in the period, the Board is pleased to declare an interim dividend of 2.20p per share for the period to 30 June 2016.
The portfolio now extends to more than 60 private and AIM quoted company holdings, many of which are paying a regular yield, offering a combination of income and revenue returns with the aim of underpinning Shareholder value in the years ahead.
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 latest 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, specifically prohibiting participation in management buy-outs or acquisitions, and supporting older companies unless certain criteria are met. Whilst this means that your Company can no longer finance certain transactions, the 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 2.20p per Ordinary Share, comprising 0.6p of revenue and 1.6p of capital, to be paid on 30 September 2016 to Shareholders on the Register at 2 September 2016. Since the Company's launch, and after receipt of the interim dividend, holders of Ordinary Shares will have received 44.4p 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 certain investments in businesses with an exposure to the oil & gas sector.
Nenplas, a manufacturer and distributor of plastic extrusions for a variety of manufacturing 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.
Crawford Scientific, a leading supplier of chromatography products and services, has traded ahead of plan since Maven clients' initial investment in August 2014. During 2015 the business acquired and successfully integrated analytical services company Hall Analytical Laboratories which, alongside strong trading within the core Crawford business, has contributed to out-performance against the original investment case. The business has fully repaid the debt used to fund the Hall acquisition and the management team is continuing to grow each of Crawford's service and product lines, with organic growth forecast to increase both turnover and earnings in the year to 31 August 2016.
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 planned and reactive mechanical, 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 continue to 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 Holdings 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, one new private company was added to the portfolio:
-- The GP Service (UK) (GPS) is a provider of on-line services for general medical consultations and prescriptions, delivered through a web-based platform (www.thegpservice.co.uk), which offers GP consultations via a video link with prescriptions issued to a pharmacy of the user's choice. The investment will enable GPS 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.
In addition, finance was provided to Maven Capital (Marlow), a company formed to fund the acquisition and subsequent refurbishment of a vacant office building in Marlow, Buckinghamshire.
The following investments have been completed during the reporting period:
Hot Features
Premium
Investment
cost
Date Sector GBP'000 Website
----------------------------------- ---------------- ---------- ----------------------------------
Unlisted
Maven Capital April 2016 Real estate 650 No website
(Marlow) Limited available www.thegpservice.co.uk
The GP Service
(UK) Limited
April 2016 Health 398
-------------------- ------------- ---------------- ---------- ----------------------------------
Total unlisted investment 1,048
----------------------------------------------------- ----------------------------------------------
UK treasury bills
Treasury Bill
12 September 2016 March 2016 UK government 3,093
-------------------- ------------- ---------------- ----------------------------------------------
Total UK treasury bills investment 3,093
----------------------------------------------------- ----------------------------------------------
Total investment 4,141
----------------------------------------------------- ----------------------------------------------
At the period end, the portfolio stood at 64 unlisted and quoted investments, at a total cost of GBP26.8 million.
Realisations
A number of profitable realisations were achieved in the period. 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. The business was acquired by an overseas trade buyer and the sale completed in February 2016, achieving a return of 2.1 times cost over the life of the investment.
In January 2016 deferred consideration of GBP159,000 was received in respect of the exit from Westway Services Holdings, which completed in December 2015.
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:
Cost Gain/(loss)
of shares Value Realised over 31
Year Complete/ disposed at 31 Sales gain/ December
first Partial of December proceed (loss) 2015 value
invested exit GBP'000 2015 GBP'000 GBP'000 GBP'000
-------------------- --------- --------- ---------- --------- -------- -------- -----------
Unlisted
Camwatch Limited 2007 Complete - - 4 4 4
Espresso Group
Limited 2001 Complete - - 14 14 14
Kelvinlea Limited 2013 Partial 75 75 75 - -
LCL Hose Limited 2011 Complete 398 607 614 216 7
(trading as Dantec
Hose)(1)
Maven Capital 2013 Complete 4 75 120 116 45
(Claremont House)
Limited
Maven Co-invest
Exodus Limited 2011 Complete - - 7 7 7
Partnership and
Tosca Penta Exodus
Mezzanine Limited
Partnership
(invested in Six
Degrees Group)
Westway Services
Holdings 2014 Complete - - 159 159 159
---------- --------- -------- -------- -----------
(2014) Limited
-------------------- --------- --------- ---------- --------- -------- -------- -----------
Total unlisted disposals 477 757 993 516 236
------------------------------------------ ---------- --------- -------- -------- -----------
Quoted
Ideagen PLC 2005 Partial 11 17 18 7 1
-------------------- --------- --------- ---------- --------- -------- -------- -----------
Total quoted disposals 11 17 18 7 1
------------------------------------------ ---------- --------- -------- -------- -----------
UK treasury bills
Treasury Bill
14 March 2016 2015 Complete 1,496 1,499 1,500 4 1
Treasury Bill
21 March 2016 2015 Complete 1,998 1,998 2,000 2 2
Treasury Bill
20 June 2016 2015 Complete 1,995 1,995 1,999 4 4
-------------------- --------- --------- ---------- --------- -------- -------- -----------
Total UK treasury bills
disposals 5,489 5,492 5,499 10 7
------------------------------------------ ---------- --------- -------- -------- -----------
Total disposals 5,977 6,266 6,510 533 244
------------------------------------------ ---------- --------- -------- -------- -----------
(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
Since 30 June 2016, one new private company asset has been added to the portfolio. In July, the Manager completed a transaction, investing alongside NVM Private Equity, in Rockar, an innovative motor retailer with a sector-disruptive technology platform. The investment will enable Rockar to enhance its product offering and finance new dealerships in major shopping centres, working in partnership with brands including Hyundai and other well-known automotive manufacturers.
Principal Risks and Uncertainties
The principal risks and uncertainties facing the Company were set out in full in the Strategic Report contained within the 2015 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 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 be bought back at prices representing a discount of up to 15% to the prevailing NAV per share. During the period under review 296,000 shares were bought back at a total cost of GBP266,000.
Regulatory Developments
As detailed in the 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 and aligning it with EU State Aid Rules for smaller company investment. The new rules impose specific restrictions on the types of company and transaction that 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 now being 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 Maven, along with other leading VCT managers, has been engaged in a consultation process which, through the industry representative body, the Association of Investment Companies (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 purpose 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. MAR 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, but all relevant policies and procedures have been updated as appropriate.
Outlook
Shareholders will be aware of the result of the referendum 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 seeing a potential short-term benefit from the devaluation of sterling against several major currencies which has occurred at the date of this report.
The Directors are mindful that the limitations applied by the introduction of the revised legislation have imposed a number of restrictions on the types of business and transaction in which VCTs can invest. This will require the Manager to focus on the provision of development capital or investing in younger businesses with growth capital requirements, at the expense of the management buy-out or acquisition based transactions that have traditionally offered more predictable returns. Your Board remains confident that the experienced investment resource available to the Manager across its national office network remains capable of sourcing high quality opportunities which will comply with the amended rules, whilst continuing to meet Maven's rigorous in-house investment criteria.
Notwithstanding these recent changes in VCT legislation, your Board remains committed to deliver against its core objectives of achieving long term capital appreciation and generating maintainable levels of income for Shareholders from a portfolio of private company holdings which offer the ability to pay a regular yield to your Company along with the prospect of realising a capital gain at exit.
On behalf of the Board
Maven Capital Partners UK LLP
Secretary
26 August 2016
Summary of Investment Changes
For the Six Months Ended 30 June 2016
Valuation Valuation
31 December Net investment/ Appreciation/ 30 June
2015 (disinvestment) (depreciation) 2016
GBP'000 % GBP'000 GBP'000 GBP'000 %
Unlisted investments
Equities 9,762 28.8 (360) 388 9,790 30.0
Preference
shares - - - - - -
Loan stock 17,106 50.5 415 (127) 17,394 53.2
------------- ------------ ----------------- ---------------- --------- --------
26,868 79.3 55 261 27,184 83.2
AIM/ISDX
investments
Equities 738 2.2 (18) (39) 681 2.1
Listed investments
Equities 23 0.1 - 3 26 0.1
UK treasury
bills 5,492 16.2 (2,406) 12 3,098 9.5
------------- ------------ ----------------- ---------------- --------- --------
Total investments 33,121 97.8 (2,369) 237 30,989 94.9
Other net
assets 755 2.2 940 - 1,695 5.1
Net assets 33,876 100.0 (1,429) 237 32,684 100.0
============= ============ ================= ================ ========= ========
Investment Portfolio Summary
As at 30 June 2016
% of equity
% of % of held by
Valuation Cost total equity other
Investment GBP'000 GBP'000 assets held clients(1)
------------------------------- ----------- --------- -------- -------- -----------
Unlisted
Torridon (Gibraltar)
Limited (formerly Torridon
Capital Limited) 1,853 682 5.8 3.7 36.3
Lemac No. 1 Limited (trading
as John McGavigan) 1,352 698 4.2 9.1 27.7
SPS (EU) Limited 1,211 790 3.8 6.6 35.9
Nenplas Holdings Limited 1,106 323 3.5 4.0 28.5
Crawford Scientific Holdings
Limited 1,086 612 3.4 7.2 41.0
Ensco 969 Limited (trading
as DPP) 1,011 1,217 3.1 4.6 29.9
Glacier Energy Services
Holdings Limited 957 957 2.9 3.7 23.9
HCS Control Systems Group
Limited 836 836 2.6 6.8 29.7
Lambert Contracts Holdings
Limited 821 821 2.5 12.3 52.4
Majenta Logistics Limited 800 800 2.4 10.6 39.2
Onyx Logistics Limited 800 800 2.4 10.6 39.2
Vectis Technology Limited 800 800 2.4 10.6 39.2
Metropol Communications
Limited 730 730 2.2 10.6 39.2
CatTech International
Limited 701 498 2.1 4.8 25.3
JT Holdings (UK) Limited
(trading as Just Trays) 686 522 2.1 5.8 24.2
Fathom Systems Group
Limited 681 681 2.1 7.7 52.3
GEV Holdings Limited 672 672 2.1 4.3 31.7
Maven Capital (Marlow)
Limited 650 650 2.0 - 100.0
Assecurare Limited 600 600 1.8 12.0 37.8
Broadwave Engineering
Limited 600 600 1.8 12.0 37.8
Flow UK Holdings Limited 598 598 1.8 7.3 27.7
Vodat Communications
Group Limited 592 592 1.8 6.9 34.9
R&M Engineering Group
Limited 581 774 1.8 8.7 61.9
Maven Capital (Llandudno)
LLP 575 575 1.8 - 100.0
CB Technology Group Limited 559 559 1.7 11.4 67.6
TC Communications Holdings
Limited 554 777 1.7 8.1 21.9
Constant Progress Limited 500 500 1.5 9.8 40.0
Equator Capital Limited 500 500 1.5 9.8 40.0
Toward Technology Limited 500 500 1.5 9.8 40.0
CHS Engineering Services
Limited 497 497 1.5 4.2 19.1
Flexlife Group Limited 482 482 1.5 1.9 12.7
RMEC Group Limited 463 463 1.4 2.9 47.2
The GP Service (UK) Limited 398 398 1.2 4.9 27.6
Castlegate 737 Limited
(trading as Cursor Controls) 369 299 1.1 3.0 44.5
Maven Co-invest Endeavour
Limited Partnership (invested
in Global Risk Partners)(2) 360 360 1.1 10.3 89.7
Investment Portfolio Summary (continued)
As at 30 June 2016
% of
% of % of equity
Valuation Cost total equity held
Investment (continued) GBP'000 GBP'000 assets held by other
clients(1)
--------------------------- ----------- --------- -------- -------- -----------
Unlisted (continued)
Martel Instruments
Holdings Limited 310 347 0.9 4.2 40.0
Attraction World Holdings
Limited 278 98 0.9 6.2 32.2
Claven Holdings Limited 232 170 0.7 9.6 40.4
Endura Limited2 229 229 0.7 0.7 5.2
ISN Solutions Group
Limited 207 327 0.6 4.6 50.4
Traceall Global Limited 197 197 0.6 5.9 9.1
Space Student Living
Limited 134 - 0.4 10.6 69.4 Lawrence Recycling and Waste Management Limited 109 770 0.3 8.4 53.6 Kelvinlea Limited 7 7 - 13.1 36.9 Other unlisted investments - 1,430 - --------------------------- ----------- --------- -------- -------- ----------- Total unlisted investments 27,184 25,738 83.2 --------------------------- ----------- --------- -------- -------- ----------- Quoted Ideagen PLC 276 184 0.9 0.3 2.5 Vectura Group PLC 179 100 0.6 - - OMG PLC 98 80 0.3 0.2 - Plastics Capital PLC 76 85 0.2 0.2 1.2 Angle PLC 28 27 0.1 0.1 0.5 esure Group PLC 26 - 0.1 - - Deltex Medical Group PLC 10 33 - 0.1 - Work Group PLC 8 151 - 0.7 2.5 Other quoted investments 6 393 - --------------------------- ----------- --------- -------- -------- ----------- Total quoted investments 707 1,053 2.2 --------------------------- ----------- --------- -------- -------- ----------- UK treasury bills Treasury Bill 12 September 2016 3,098 3,093 9.5 --------------------------- ----------- --------- -------- -------- ----------- Total UK treasury bills investments 3,098 3,093 9.5 --------------------------- ----------- --------- -------- -------- ----------- Total investments 30,989 29,884 94.9 --------------------------- ----------- --------- -------- -------- -----------
(1)Other clients of Maven Capital Partners UK LLP
(2)These investments are managed by Penta Capital LLP of which a Director of the Company, Steven Scott, is a partner.
Analysis of Unlisted and Quoted Portfolio
As at 30 June 2016
Unlisted valuation Quoted valuation Total
GBP'000 % GBP'000 % valuation
Industry sector GBP'000 %
---------------------------------- --------------------------- ------------------ ---------- -----
Support services 5,502 19.7 37 0.2 5,539 19.9
Energy services 3,319 11.9 - - 3,319 11.9
Insurance 2,813 10.1 - - 2,813 10.1
Construction & building materials 1,926 6.9 - - 1,926 6.9
Telecommunication services 1,822 6.5 3 - 1,825 6.5
Diversified industrials 1,353 4.9 - - 1,353 4.9
Automobiles & parts 1,352 4.8 - - 1,352 4.8
Technology 1,300 4.7 - - 1,300 4.7
Pharmaceuticals & biotechnology 1,086 3.9 179 0.6 1,265 4.5
Real estate 1,232 4.4 - - 1,232 4.4
Software & computer services 795 2.9 375 1.3 1,170 4.2
Speciality & other finance 1,032 3.7 26 0.1 1,058 3.8
Engineering & machinery 969 3.5 - - 969 3.5
Electronic & electrical equipment 870 3.1 - - 870 3.1
Household goods & textiles 686 2.4 76 0.3 762 2.7
Food producers & processors 500 1.8 - - 500 1.8
Health 398 1.5 10 - 408 1.5
General retailers 229 0.8 - - 229 0.8
Investment companies - - 1 - 1 -
---------------------------------- --------------- ---------- -------- -------- ---------- -----
Total 27,184 97.5 707 2.5 27,891 100.0
---------------------------------- --------------- ---------- -------- -------- ---------- -----
Valuation
Deal type Number GBP'000 %
-------------------- -------- --------- -----
Unlisted
Management buy-out 14 8,623 30.9
Acquisition finance 10 5,837 20.9
Development capital 15 4,146 14.9
Replacement capital 5 3,723 13.3
Buy-in/management
buy-out 3 2,256 8.1
Buy & build 2 1,465 5.3
Mezzanine 1 575 2.1
Management buy-in 1 559 2.0
-------------------- -------- --------- -----
Total unlisted 51 27,184 97.5
-------------------- -------- --------- -----
Quoted 13 707 2.5
-------------------- -------- --------- -----
Total unlisted
and quoted 64 27,891 100.0
-------------------- -------- --------- -----
Income Statement
For the Six Months Ended 30
June 2016
Six months ended Six months ended Year ended 31
30 June 2016 30 June 2015 December 2015
(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 - 237 237 - 1,423 1,423 - 2,866 2,866
Income from
investments 421 - 421 675 - 675 1,710 - 1,710
Investment
management
fees (89) (354) (443) (116) (462) (578) (275) (1,097) (1,372)
Other
expenses (124) - (124) (42) - (42) (200) - (200)
-------------- --------------- ----------------- ------------- -------------- ------------- ----------- ------------ ------------ -------------
Net Return
on ordinary
activities
before
taxation 208 (117) 91 517 961 1,478 1,235 1,769 3,004
Tax on
ordinary
activities (20) 20 - (46) 46 - (219) 219 -
-------------- ----------------- ------------- ------------
Return
attributable
to Equity
Shareholders 188 (97) 91 471 1,007 1,478 1,016 1,988 3,004
-------------- --------------- ----------------- ------------- -------------- ------------- ----------- ------------ ------------ -------------
Earnings per
share
(pence) 0.57 0.29 0.86 1.41 3.02 4.43 3.03 5.94 8.97
-------------- --------------- ----------------- ------------- -------------- ------------- ----------- ------------ ------------ -------------
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
30 June 2016
Year ended
Six months Six months
ended 30 ended 30 31 December
June 2016 June 2015 2015
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Opening Shareholders'
funds 33,876 31,138 31,138
Net return for period 91 1,478 3,004
Net proceeds of share
issue - 1,986 1,986
Net proceeds of DIS
issue - 24 16
Merger costs - (20) (20)
Repurchase and cancellation
of shares (266) (382) (525)
Dividends paid - revenue (500) (237) (574)
Dividends paid - capital (517) (745) (1,149)
Closing Shareholders'
funds 32,684 33,242 33,876
---------------------------------- ----------------- ----------------- -----------------
The accompanying Notes are an integral part of the Financial Statements.
Balance Sheet
As at 30 June 2016
30 June 30 June 31 December
2016 2015 2015
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
----------------------- ----------------------- ----------------------- ------------------------------
Fixed assets
Investments at fair value
through profit or loss 30,989 29,589 33,121
Current assets
Debtors 365 730 418
Cash 1,373 3,319 762
------------------------ ----------------------- ----------------------- ------------------------------
1,738 4,049 1,180
Creditors
Amounts falling due
within
one year (43) (396) (425)
----------------------- ------------------------------
Net current assets 1,695 3,653 755
------------------------- ----------------------- ----------------------- ------------------------------
Net assets 32,684 33,242 33,876
------------------------- ----------------------- ----------------------- ------------------------------
Capital and reserves
Called up share capital 3,324 3,370 3,354
Share premium account 19,449 19,457 19,449
Capital reserve -
realised (1,015) (2,375) (697)
Capital reserve -
unrealised 1,105 2,502 1,401
Distributable reserve 8,830 9,239 9,096
Capital redemption
reserve 320 274 290
Revenue reserve 671 775 983
Net assets attributable
to Ordinary Shareholders 32,684 33,242 33,876
-------------------------- ----------------------- ----------------------- ------------------------------
Net asset value per
Ordinary
Share (pence) 98.33 98.63 101.01
-------------------------- ----------------------- ----------------------- ------------------------------
The Financial Statements were approved by the Board of Directors on 26 August 2016 and were signed on its behalf by:
Ian Cormack
Director
The accompanying Notes are an integral part of the Financial Statements.
Cash Flow Statement
For the Six Months
Ended Six months
30 June 2016 ended
Six months
ended 30 June 2015 Year ended
31 December
30 June 2016 (restated)* 2015
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
--------------------- ------------------------------------ ---------------------------------- -----------------------------------
Net cash flows from
operating
activities (954) (733) (1,376)
Cash flows from
investing
activities
Investment income
received 459 680 1,747
Deposit interest
received 1 - 1
Purchase of
investments (4,141) (8,597) (24,377)
Sale of investments 6,529 9,778 23,468
Net cash flows from
investing
activities 2,848 1,861 839
--------------------- ------------------------------------ ---------------------------------- -----------------------------------
Cash flows from
financing
activities
Equity dividends
paid (1,017) (982) (1,723)
Issue of Ordinary
Shares - 2,010 2,002
Merger costs - (20) (20)
Repurchase of
Ordinary
Shares (266) (382) (525)
--------------------- ------------------------------------ ---------------------------------- -----------------------------------
Net cash flows from
financing
activities (1,283) 626 (266)
--------------------- ------------------------------------ ---------------------------------- -----------------------------------
Net
increase/(decrease)
in cash 611 1,754 (803)
--------------------- ------------------------------------ ---------------------------------- -----------------------------------
Cash at beginning of
period 762 1,565 1,565
Cash at end of
period 1,373 3,319 762
*The June 2015 cash flow has been restated for the presentation requirements of FRS 102.
The accompanying Notes are an integral part of the Financial Statements.
Notes to the Financial Statements
Accounting
1. Policies
The financial information for the six months ended
30 June 2016 and the six months ended 30 June 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 December 2015, 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.
Share Capital Capital Capital
premium reserve reserve Distributable redemption Revenue
Movement in
2. reserves account realised unrealised reserve reserve reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------- ---------------- --------------- --------------- --------------------- --------------------- ---------------
At 31 December
2015 19,449 (697) 1,401 9,096 290 983
Gains on sale
of
investments - 533 - - - -
Net decrease
in value of
investments - - (296) - - -
Investment
management
fees - (354) - - - -
Dividends paid - (517) - - - (500)
Tax effect of
capital items - 20 - - - -
Repurchase and
cancellation
of shares - - - (266) 30 -
Net return on
ordinary
activities
after taxation - - - - - 188
-------------------
As 30 June 2016 19,449 (1,015) 1,105 8,830 320 671
------------------- ---------------- --------------- --------------- --------------------- --------------------- ---------------
Return per Ordinary
3. Share
Six months ended
30 June 2016
The returns per share have been
based on the following figures:
Weighted average number of Ordinary
Shares 33,400,464
Revenue return GBP188,000
Capital return (GBP97,000)
Total return GBP91,000
------------------- ---------------- --------------- --------------- --------------------- --------------------- ---------------
Directors' Responsibility Statement
The Directors confirm that, to the best of their knowledge:
-- the Financial Statements for the six months ended 30 June 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 December 2016; and
-- the Interim Management Report includes adequate disclosure of the information required by DTR 4.2.8R in relation to material related party transactions and any changes therein.
Other Information
The latest NAV per Ordinary Share has been calculated using the number of Ordinary Shares in issue at 30 June 2016 of 33,239,502.
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 registered office of the Company at Kintyre House, 205 West George Street, Glasgow G2 2LW; at the office of the Manager, Maven Capital Partners UK LLP, 5th Floor, 1-2 Royal Exchange Buildings, London EC3V 3LF; and, in due course, on the Company's website at www.mavencp.com/migvct4.
Neither the content of the Company's website nor the contents of any website accessible from hyperlinks in this announcement, 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
26 August 2016
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR EALPKASPKEFF
(END) Dow Jones Newswires
August 26, 2016 11:08 ET (15:08 GMT)
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