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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Maven I&G 4 S | LSE:MAVS | London | Ordinary Share | GB00B1FPZ567 | S 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% | 94.125 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2019 to May 2024
TIDMMAV4 TIDMMAVS
RNS Number : 3840M
Maven Income & Growth VCT 4 PLC
15 August 2011
Maven Income and Growth VCT 4 PLC
Interim Results
The Directors announce the unaudited interim results for the six months ended 30 June 2011.
Interim Management Review
Overview
Financial markets were relatively stable during the six months to 30 June 2011, despite political disruption in the Middle East and continued economic uncertainty in Europe. However in early August world markets experienced serious volatility due to renewed concerns over the level of sovereign debt and the downgrading of the USA credit rating by Standard & Poor's following the protracted process to reach agreement in Congress on increasing the national debt ceiling.
The trading environment for small businesses in the UK remains fragile, due to the continued risk of short to medium term increases in interest rates and inflation, high levels of consumer debt and the threat of another recession. The majority of Maven's investments are however trading well, generating cash and benefitting from modest levels of external debt which helps mitigate the risk of corporate failure in a protracted downturn. The Manager remains cautiously positive about the medium term prospects for the private equity market and believes that the remainder of 2011 will provide continuing opportunities for well managed generalist VCTs.
Highlights for the six months:
-- Total Return on Ordinary Shares of 115.8p per share at 30 June 2011, up 3.4% over the period
-- Net Asset value (NAV) of Ordinary Shares at 97.0p per share
-- Total Return on S Ordinary Shares of 106.15p per share at 30 June 2011, up 2.2% over the period
-- Net Asset value (NAV) of S Ordinary Shares at 99.1p per share
-- Interim dividend proposed of 1.5p per Ordinary Share and 1.5p per S Ordinary Share
-- Three substantial new investments during period, and one completed after the period end
-- Disposal of Walker Technical Resources after period end, for a gross return of 2.9x cost and 70% IRR
Dividends
The board has declared an interim dividend of 1.5p per Ordinary share and 1.5p per S Ordinary share to be paid on 28 September 2011 to Shareholders on the Register at 26 August 2011.
The Company paid dividends totalling 3.5p per Ordinary share and 1.5p per S Ordinary share in respect of the year ended 31 December 2010. This is equivalent to 4.7p and 2.0p gross from a taxable UK equity and represents a yield of 5.8% per annum on the Ordinary shares and 2.1% per annum on the S Ordinary shares based on their net cost after initial tax relief.
Principal risks and uncertainties
The Board has reviewed the principal risks and uncertainties facing the Company for the second half of its financial year. These are unchanged from those it faced at the start of the year, which are set out in the annual report, and are the risks involved in investment in small and unquoted companies. In order to reduce the exposure to investment risk, the Company has invested in a diversified portfolio of established UK private company investments.
The Company is also required to meet the HMRC 70% qualifying and other tests on a continuous basis. The Board regularly reviews the VCT qualifying status of the portfolio and we are pleased to confirm that all criteria continue to be met.
Manager's Strategy
The Manager's focus is on driving shareholder value through the continued growth of a broadly based portfolio of established and high-yielding UK private companies with strong balance sheets and robust business models, generating a sustainable income stream from these assets and ultimately achieving profitable exits. In tandem with the continued selective realisation of AIM assets, this strategy should continue to provide both a revenue base capable of supporting regular dividends and the liquidity required to fund further income generating later-stage investments.
Maven deal teams operate from regional offices in Glasgow, London, Aberdeen, Edinburgh, Manchester and Birmingham and continue to see a high level of attractive investment opportunities across the country as growth businesses seek out alternative sources of funding in the face of the continued scarcity of bank finance. The Maven investment process is highly selective and employs strict quality and yield generation criteria such that during 2010 Maven executives saw 382 private company transactions across the UK and invested ultimately in seven later stage companies.
Investment Activity
During the period ended 30 June 2011, GBP921,000 was invested in three new private company assets and your Company has also invested in four follow-on investments where additional funding has helped to continue the growth of existing portfolio companies.
One further private company investment, in Autotech Controls Limited, was made after the period end.
Details of all investments completed during the period are noted in the table below:
Hot Features
Premium
Investment cost
Investment Date Sector GBP'000 Website
Ordinary S Ordinary
Shares Shares
Unlisted
Oil equipment www.atrgroup.co.u
ATR Holdings Feb-11 services 5 1 k
No website
Claven Holdings Feb-11 Financial services 26 13 available
Glacier Energy
Services Oil equipment
Group Mar-11 services 119 99 www.glacier.co.uk
Space Student No website
Living Jun-11 Support services 154 124 available
TC www.tccommunicati
Communications May-11 Support services 43 27 ons.co.uk
Torridon www.elite-insuran
Capital Apr-11 Financial services 86 74 ce.co.uk
Tosca Penta Telecommunication No website
Exodus Limited Jun-11 services 250 175 available
Total Unlisted
investment 683 513
--------- -----------
AIM
Financials www.brookwelllimi
Brookwell Feb-11 services 52 11 ted.com
Marechale Financials www.marechalecapi
Capital Feb-11 services 3 1 tal.com
Total AIM
investment 55 12
--------- -----------
Total 738 525
========= ===========
There was one successful private company realisation, Dalglen 1150 (Walker Technical Resources) completed just after the period end, realising proceeds of GBP998,000 and an overall capital gain of GBP478,000 which, including the redemption premium and income received over the life of the investment, represented a 2.9x gross return on the investment cost.
The table below gives details of realisations during the reporting period:
Ordinary Share Pool S Share Pool
Realised Realised
gain/ gain/
(loss) (loss)
Cost of Value at over Cost of Value at over
Date Complete/ shares 31 Realised December shares 31 Realised December
first partial disposed December Sales gain/ 2010 disposed December Sales gain 2010
invested exit of 2010 proceeds (loss) Valuation of 2010 proceeds /(loss) Valuation
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------ --------- ---------- --------- --------- --------- --------- ---------- --------- --------- --------- --------- ----------
Unlisted
Atlantic
Foods 2008 Partial - - - - - 37 37 41 4 4
Attraction
World 2010 Partial 39 39 39 - - 29 29 29 - -
Essential
Viewing
Systems 2001 Complete 192 166 239 47 73 - - - - -
Oliver
Kay 2007 Partial 2 2 2 - - - - - - -
Others 70 30 30 (40) - 35 15 15 (20) -
303 237 310 7 73 101 81 85 (16) 4
--------- --------- --------- --------- ---------- --------- --------- --------- --------- ----------
AIM
Betbrokers 2008 Complete 66 - - (66) - 132 - - (132) -
Individual
Restaurant
Company 2006 Complete 47 5 4 (43) (1) - - - - -
OPG Power
Ventures 2008 Complete 39 52 56 17 4 38 52 55 17 3
Software
Radio
Technology 2005 Partial 8 10 11 3 1 - - - - -
System C
Healthcare 2005 Complete 150 100 194 44 94 - - - - -
310 167 265 (45) 98 170 52 55 (115) 3
--------- --------- --------- --------- ---------- --------- --------- --------- --------- ----------
613 404 575 (38) 171 271 133 140 (131) 7
========= ========= ========= ========= ========== ========= ========= ========= ========= ==========
Four AIM securities were purchased by a closed ended investment company established to acquire investments which are underperforming or trading below entry price. These transactions incurred realised losses of GBP127,000 (cost GBP181,000) and GBP42,000 (cost GBP53,000) for the Ordinary Share Pool and S Share Pool respectively. The overall net loss was incurred after the impact of disposals where Maven had lost confidence in a specific holding or a mandatory sale process or bid event was in evidence.
At the period end, the portfolio comprised of 41 private company and 16 AIM investments, at a total cost of GBP12.4 million and with a VCT qualifying level of 75.4%.
Portfolio Developments
During the six month period most investee companies have been trading at or ahead of budget, and in a number of cases it has been appropriate to increase valuations accordingly.
The three new private company investments which were added to the portfolio during the period were:
-- Glacier Energy Services, an oil & gas services group with two specialist trading subsidiaries, Roberts Pipeline Machining (Roberts) and Wellclad. Roberts designs and manufactures on-site portable cutting machines for blue chip oil & gas clients. Wellclad provides services to the European offshore and sub-sea equipment market. Glacier will focus on growth within its core UK market as well as promoting its technologies to the international energy services market.
-- Space Student Living, a provider of contracted management services across the student housing sector, offering a fully integrated accommodation solution which covers a range of activities from the initial identification of sites, through overseeing the planning and development phases, to ultimately managing the accommodation under long term contract.
-- Exodus, a new company established by Penta Capital to implement a buy-and-build strategy in the B2B telecoms service sector based on the converging of mobile, fixed-line, broadband, internet and IT technology businesses. Penta is an established private equity firm with which Maven previously co-invested in the successful 2010 MBO of esure.
Maven Income and Growth VCT 4 has co-invested in the four new transactions with Maven Income and Growth VCT, Maven Income and Growth VCT 2, Maven Income and Growth VCT 3, Maven Income and Growth VCT 5 (formerly Bluehone AiM VCT2), Talisman First Venture Capital Trust and Ortus VCT, and is expected to continue to co-invest with these as well as other clients of the Manager. The advantage of this ability to co-invest with other Maven VCTs is that the Company is able to underwrite a wider range and larger size of transaction than would be the case on a stand alone basis.
Realisations
There was one successful disposal from the unlisted portfolio after the period end. The investment in Dalglen 1150 (Walker Technical Resources) was realised in July for proceeds of GBP998,000 (including income and redemption premium amounting to GBP172,000) which equates to a 2.9x gross return on initial investment cost, generating a gain of GBP478,000 on exit with an IRR of 70%. The exit was via a secondary buyout funded by Gresham Private Equity, just two years after Maven originally led the MBI in June 2009. Walker provides some of the most advanced composite repairs technology available for the global oil & gas industry and has consistently traded ahead of budget, more than doubling earnings since the initial investment by Maven client VCTs.
In line with the strategy of reducing exposure to the quoted markets in favour of profitable later-stage private companies, the Maven team has continued to pursue the structured realisation of the AIM portfolio and has taken the opportunity to sell holdings where either there was limited future upside or sales were enforced by other corporate events.
Share Capital
In the period to 29 April 2011 the Manager raised further funds for the Company, through the Maven Linked VCT Offer 2. The maximum amount which the Company could raise via a top-up offer was restricted to 10% of its listed share capital thereby avoiding the higher costs associated with issuing a full prospectus and allows the Company to spread the annual running costs over a larger asset base. The net proceeds of the top-up offer can be used for a variety of purposes and effectively preserve for investment purposes an equivalent sum of the valuable 'old money' pool, which operates under more advantageous VCT regulations, for investment in new later-stage private company opportunities. An additional GBP395,843 was raised, at a cost of only 5% of total funds raised, and 431,672 new shares were issued.
Distributable Reserve
On 13 June 2011, the Court order approving the reduction in share premium account, as voted for by shareholders at the General Meeting on 1 February 2011, became effective. The purpose of the reduction was to provide the Company with greater flexibility in returning funds to shareholders, whether through the payment of dividends, share buy-backs or other means.
Outlook
Although at the time of writing the economic outlook remains uncertain, the Manager is encouraged by the performance and resilience of the portfolio and expects several new private company transactions to conclude in the near future.
There is also continuing M&A activity within the portfolio and a number of investee companies are in discussion with potential trade or private equity acquirers, although there can of course be no certainty that these discussions will result in profitable realisations. The Manager aims to achieve a regular turnover in the portfolio, generating cash inflows which can be used for both new investment and maintaining an attractive level of tax free dividends to Shareholders.
Maven Capital Partners UK LLP
Manager
15 August 2011
Directors' Responsibility Statement
We confirm that to the best of our knowledge:
-- The Financial Statements have been prepared in accordance with applicable accounting standards and with the Statement of Recommended Practice "Financial Statements of Investment Trust Companies" issued in January 2009
-- The Interim Management Report includes a fair review of the information required by DTR 4.2.7 R 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
-- The Interim Management Report includes adequate disclosure of the information required by DTR 4.2.8 R in relation to related party transactions and any changes to them.
On behalf of the Board
Maven Capital Partners UK LLP
Secretary
15 August 2011
MAVEN INCOME AND GROWTH VCT 4 PLC
INCOME
STATEMENT
For the six months ended 30 June
2011 (unaudited)
Ordinary Shares S Ordinary Shares TOTAL
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 - 423 423 - 104 104 - 527 527
Income from
investments 186 - 186 120 - 120 306 - 306
Other income - - - - - - - - -
Investment
management
fees (36) (146) (182) (12) (48) (60) (48) (194) (242)
Other
expenses (99) - (99) (56) - (56) (155) - (155)
-------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Net Return on
ordinary
activities
before
taxation 51 277 328 52 56 108 103 333 436
Tax on
ordinary
activities (5) 5 - (5) 5 - (10) 10 -
-------------- -------- -------- -------- -------- -------- -------- --------
Return
attributable
to equity
shareholders 46 282 328 47 61 108 93 343 436
-------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Earnings per
share
(pence) 0.5 3.3 3.8 1.0 1.2 2.2 1.5 4.5 6.0
-------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
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 S Ordinary
Shareholders' Funds Ordinary Shares Shares TOTAL
GBP'000 GBP'000 GBP'000
Opening Shareholders' funds 7,964 4,801 12,765
Net Return for year 328 108 436
Net proceeds of share issue 377 - 377
Repurchase and cancellation of
shares (110) (18) (128)
Dividends paid - revenue - - -
Dividends paid - capital (219) (25) (244)
---------------- -----------
Closing Shareholders' funds 8,340 4,866 13,206
---------------- ----------- --------
The accompanying notes are an
integral part of the financial
statements.
The accompanying notes are an integral part of the financial statements.
MAVEN INCOME AND GROWTH VCT 4 PLC
INCOME
STATEMENT
For the six months ended 30 June
2010 (unaudited)
Ordinary Shares S Ordinary Shares TOTAL
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 - 66 66 - 117 117 - 183 183
Income from
investments 83 - 83 37 - 37 120 - 120
Other income - - - - - - - - -
Investment
management
fees (3) (12) (15) (7) (28) (35) (10) (40) (50)
Other
expenses (79) - (79) (47) - (47) (126) - (126)
-------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Net Return on
ordinary
activities
before
taxation 1 54 55 (17) 89 72 (16) 143 127
Tax on
ordinary
activities - - - - - - - - -
-------------- -------- -------- -------- -------- --------
Return
attributable
to equity
shareholders 1 54 55 (17) 89 72 (16) 143 127
-------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Earnings per
share
(pence) - 0.7 0.7 (0.3) 1.8 1.5 (0.3) 2.5 2.2
-------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
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 Ordinary S Ordinary
in Shareholders' Funds Shares Shares TOTAL
GBP'000 GBP'000 GBP'000
Opening Shareholders' funds 6,996 4,693 11,689
Net Return for year 55 72 127
Net proceeds of issue of
shares 606 - 606
Repurchase and cancellation
of shares (52) (26) (78)
Dividends paid - revenue (42) (25) (67)
Dividends paid - capital (169) - (169)
--------- -----------
Closing Shareholders' funds 7,394 4,714 12,108
--------- ----------- --------
The accompanying notes are an integral part of the financial statements.
MAVEN INCOME AND GROWTH VCT 4 PLC
INCOME
STATEMENT
For the year ended 31 December
2010
Ordinary Shares S Ordinary Shares TOTAL
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 - 799 799 - 278 278 - 1,077 1,077
Income from
investments 229 - 229 121 - 121 350 - 350
Other income - - - - - - - - -
Investment
management
fees (14) (57) (71) (14) (55) (69) (28) (112) (140)
Other
expenses (201) - (201) (122) - (122) (323) - (323)
-------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Net Return on
ordinary
activities
before
taxation 14 742 756 (15) 223 208 (1) 965 964
Tax on
ordinary
activities (1) 1 - - - - (1) 1 -
-------------- -------- -------- -------- -------- --------
Return
attributable
to equity
shareholders 13 743 756 (15) 223 208 (2) 966 964
-------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Earnings per
share
(pence) 0.2 9.0 9.2 (0.3) 4.5 4.2 (0.1) 13.5 13.4
-------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
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
Ordinary S Ordinary
Shares Shares TOTAL
GBP'000 GBP'000 GBP'000
Opening Shareholders' funds 6,996 4,693 11,689
Net Return for year 756 208 964
Net proceeds of share issue 605 - 605
Repurchase and cancellation
of shares (98) (26) (124)
Dividends paid - revenue (42) (25) (67)
Dividends paid - capital (253) (49) (302)
Closing Shareholders' funds 7,964 4,801 12,765
----------------------------- --------- ----------- --------
The accompanying notes are an integral part of the financial statements.
MAVEN INCOME AND GROWTH
VCT 4 PLC
BALANCE SHEET
As at 30
June 2011
30 June 2011 30 June 2010 31 December 2010
(unaudited) (unaudited) (audited)
Ordinary S Ord Ordinary S Ord Ordinary S Ord
Shares Shares Total Shares Shares Total Shares Shares Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------- --------- -------- -------- --------- -------- -------- --------- -------- --------
Fixed assets
Investments at
fair value
through
profit or
loss 7,489 4,480 11,969 6,470 3,265 9,735 6,956 4,002 10,958
Current assets
Debtors 229 132 361 163 73 236 167 78 245
Cash and
overnight
deposits 833 284 1,117 819 1,407 2,226 890 753 1,643
--------------- --------- -------- -------- --------- -------- -------- --------- -------- --------
1,062 416 1,478 982 1,480 2,462 1,057 831 1,888
Creditors:
amounts
falling due
within one
year (211) (30) (241) (58) (31) (89) (49) (32) (81)
-------- --------- -------- --------- -------- --------
Net current
assets 851 386 1,237 924 1,449 2,373 1,008 799 1,807
--------------- --------- -------- -------- --------- -------- -------- --------- -------- --------
Total net
assets 8,340 4,866 13,206 7,394 4,714 12,108 7,964 4,801 12,765
--------------- --------- -------- -------- --------- -------- -------- --------- -------- --------
Capital and
reserves
Called-up
share capital 860 491 1,351 840 494 1,334 832 494 1,326
Share premium - - - 538 4,227 4,765 538 4,227 4,765
Distributable
reserve 7,319 4,186 11,505 6,585 (26) 6,559 6,539 (26) 6,513
Capital
Redemption
Reserve 16 3 19 12 3 15 19 3 22
Capital
reserves -
realised 560 (135) 425 1,286 159 1,445 1,085 106 1,191
Capital
reserves -
unrealised (648) 239 (409) (2,042) (176) (2,218) (1,236) (38) (1,274)
Revenue
reserve 233 82 315 175 33 208 187 35 222
Net assets
attributable
to Ordinary
Shareholders 8,340 4,866 13,206 7,394 4,714 12,108 7,964 4,801 12,765
--------------- --------- -------- -------- --------- -------- -------- --------- -------- --------
Net asset
value per
ordinary
share (pence) 97.0 99.1 88.1 95.5 95.7 97.3
--------------- --------- -------- -------- --------- -------- -------- --------- -------- --------
The Financial Statements were approved by the Board of Directors and were signed on its behalf by
ID Cormack
Director
15 August 2011
MAVEN INCOME AND GROWTH VCT 4 PLC
CASH FLOW STATEMENT
For the six months ended
30 June 2011
Six months to 30 June
Six months to 30 June 2011 2010 Year to 31 December 2010
(unaudited) (unaudited) (audited)
Ordinary S Ord Ordinary S Ord Ordinary S Ord
Shares Shares Total Shares Shares Total Shares Shares Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------- ---------- -------- -------- --------- -------- -------- --------- -------- --------
Operating activities
Investment income
received 125 66 191 87 33 120 226 109 335
Investment
management fees
paid (111) (66) (177) (36) (49) (85) (82) (77) (159)
Secretarial fees
paid (39) (24) (63) (35) (24) (59) (48) (33) (81)
Cash paid to and on
behalf of
Directors (18) (11) (29) (20) (13) (33) (39) (26) (65)
Other cash
payments/receipts (63) (36) (99) (48) (27) (75) (111) (63) (174)
--------------------- ---------- -------- -------- --------- -------- -------- --------- -------- --------
Net cash (outflow)
from operating
activities (106) (71) (177) (52) (80) (132) (54) (90) (144)
Taxation
Corporation tax - - - - - - (22) (5) (27)
Financial investment
Purchase of
investments (738) (527) (1,265) (773) (650) (1,423) (1,401) (1,829) (3,230)
Sale of investments 629 154 783 525 341 866 1,399 945 2,344
--------------------- ---------- -------- -------- --------- -------- -------- --------- -------- --------
Net cash (outflow)
from financial
investment (109) (373) (482) (248) (309) (557) (2) (884) (886)
Equity dividends
paid (219) (25) (244) (211) (25) (236) (295) (74) (369)
--------------------- ---------- -------- -------- --------- -------- -------- --------- -------- --------
Net cash (outflow)
before financing (434) (469) (903) (511) (414) (925) (373) (1,053) (1,426)
Financing
Issue of ordinary
shares 377 - 377 606 - 606 605 - 605
Repurchase of
Ordinary Shares - - - (32) (11) (43) (98) (26) (124)
Net cash
inflow/(outflow)
from financing 377 - 377 574 (11) 563 507 (26) 481
---------------------
(Decrease)/increase
in cash (57) (469) (526) 63 (425) (362) 134 (1,079) (945)
--------------------- ---------- -------- -------- --------- -------- -------- --------- -------- --------
The accompanying notes are an integral part of the financial statements.
Accounting
1. Policies
The financial information for the six months ended 30 June
2011 and the six months ended 30 June 2010 comprises non-statutory
accounts within the meaning of section 435 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 2010, which have been filed
at Companies House and which contained an Auditors' 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 Distributable reserves reserves redemption Revenue
Movement in
2. reserves Account reserve realised unrealised Reserve reserve
ORDINARY
SHARES GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
As at 31 December
2010 538 6,539 1,085 (1,236) 19 187
Losses on
sales of
investments - - (165) - - -
Net increase
in value of
investments - - - 588 - -
Investment
management
fees - - (146) - - -
Dividends
paid - - (219) - - -
Tax effect
of capital
items - - 5 - - -
Share Issue
- 1 February
2011 75 - - - - -
Share Issue -
5 April 2011 207 - - - - -
Share Issue
- 3 May 2011 51 - - - - -
Cancellation
of share premium
account (871) 871 - - - -
Cancellation
of capital
redemption
reserve - 19 - - (19) -
Repurchase
and cancellation
of shares - (110) - - 16 -
Retained net
revenue for
period - - - - - 46
As at 30 June
2011 - 7,319 560 (648) 16 233
======== ============== ========= =========== =========== ===========
Share Capital Capital Capital
Premium Distributable reserves reserves redemption Revenue
Movement in
reserves Account reserve realised unrealised Reserve reserve
S ORDINARY
SHARES GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
As at 31 December
2010 4,227 (26) 106 (38) 3 35
Losses on
sales of
investments - - (173) - - -
Net increase
in value of
investments - - - 277 - -
Investment
management
fees - - (48) - - -
Dividends
paid - - (25) - - -
Tax effect
of capital
items - - 5 - - -
Cancellation
of share premium
account (4,227) 4,227 - - - -
Cancellation
of capital
redemption
reserve - 3 - - (3) -
Repurchase
and cancellation
of shares - (18) - - 3 -
Retained net
revenue for
period - - - - - 47
As at 30 June
2011 - 4,186 (135) 239 3 82
======== ============== ========= =========== =========== ===========
Six months ended
Return per ordinary
3. share 30 June 2011
ORDINARY SHARES
The returns per share
have been based on
the following figures:
Weighted average number
of Ordinary shares 8,551,362
Revenue Return GBP46,000
Capital Return GBP282,000
Total Return GBP328,000
------------------------ -------------- --------- ----------- ----------- -----------
S ORDINARY SHARES
The returns per share
have been based on
the following figures:
Weighted average number
of S Ordinary shares 4,937,166
Revenue Return GBP47,000
Capital Return GBP61,000
Total Return GBP108,000
----------------------------- -------------- --------- ----------- ----------- -----------
Maven Income and Growth VCT 4 PLC
Ordinary Shares
SUMMARY OF INVESTMENT CHANGES
For the six months ended
30 June 2011
Valuation Net investment Appreciation Valuation
31 December 2010 (disinvestment) (depreciation) 30 June 2011
GBP'000 % GBP'000 GBP'000 GBP'000 %
Unlisted
investments
Equities 1,849 23.2 (160) 400 2,089 25.0
Preference 17 0.2 (2) (2) 13 0.2
Loan stocks 4,380 55.0 535 (54) 4,861 58.3
-------- ------- ---------------- --------------- -------- ------
6,246 78.4 373 344 6,963 83.5
AIM
investments
Equities 710 8.9 (263) 79 526 6.3
Total
investments 6,956 87.3 110 423 7,489 89.8
Other net
assets 1,008 12.7 (157) - 851 10.2
Total Assets 7,964 100.0 (47) 423 8,340 100.0
======== ======= ================ =============== ======== ======
Maven Income and Growth VCT 4 S Ordinary Shares
SUMMARY OF INVESTMENT CHANGES
For the six months ended 30 June 2011
Valuation Net investment Appreciation Valuation
31 December
2010 (disinvestment) (depreciation) 30 June 2011
GBP'000 % GBP'000 GBP'000 GBP'000 %
Unlisted
investments
Equities 1,207 25.1 67 254 1,528 31.4
Preference 1 - - - 1 -
Loan stocks 2,632 54.8 361 (154) 2,839 58.3
-------- ------ ---------------- --------------- -------- ------
3,840 79.9 429 100 4,368 89.7
AIM
investments
Equities 162 3.4 (55) 4 112 2.3
Total
investments 4,002 83.3 374 104 4,480 92.0
Other net
assets 799 16.7 (413) - 386 8.0
Total Assets 4,801 100.0 (39) 104 4,866 100.0
======== ====== ================ =============== ======== ======
Investment Portfolio Summary
% of
S % of equity
Ordinary Ordinary equity held
Investment Name Shares Shares held by
% of % of
total total by other
Valuation Cost assets Valuation Cost assets Fund clients
Unlisted
Investments
Dalglen 1150
Limited (trading
as Walker
Technical
Resources) 659 249 8.0 264 99 5.4 7.5 55.6
Torridon Capital
Limited 374 190 4.6 316 161 6.5 2.5 37.5
Westway Services
Limited 292 113 3.6 292 113 6.0 2.5 19.5
Homelux Nenplas
Limited 537 149 6.4 - - - 3.0 37.0
Lawrence Recycling
and Waste
Management
Limited 278 278 3.3 185 185 3.8 6.0 56.0
Camwatch Limited 289 320 3.5 163 183 3.3 4.6 38.3
Tosca Penta Exodus
Limited 250 250 3.0 175 175 3.6 1.0 4.4
Ailsa Craig Capital
Limited 249 249 3.0 169 169 3.5 29.8 61.7
TC Communications
Holdings Limited 248 242 3.0 155 151 3.2 13.5 59.8
Dunning Capital
Limited 249 249 3.0 149 149 3.1 46.8 33.2
Shiskine Capital
Limited 249 249 3.0 149 149 3.1 46.8 33.2
Adler & Allan
Holdings Limited 260 187 3.1 130 93 2.7 1.0 6.0
Flexlife Group
Limited 199 199 2.4 134 134 2.8 1.1 10.8
Atlantic Foods
Group Limited 258 199 3.1 74 74 1.5 1.1 7.7
Attraction World
Holdings Limited 187 126 2.2 140 94 2.9 4.3 34.1
Nessco Group
Holdings Limited 124 124 1.5 199 199 4.1 4.2 33.6
Steminic Limited 220 220 2.6 101 101 2.1 4.3 47.3
Beckford Capital
Limited 160 160 1.9 160 160 3.3 24.1 75.9
TPL (Midland)
Limited (formerly
Transys Holdings) 192 259 2.3 115 155 2.4 4.6 67.1
Oliver Kay Holdings
Limited 294 207 3.5 - - - 1.3 18.7
Space Student
Living Limited 154 154 1.8 124 124 2.5 3.1 26.9
Martel Instruments
Holdings Limited 271 227 3.2 - - - 4.2 40.0
CHS Engineering
Services Limited 152 152 1.8 114 114 2.3 3.0 20.4
Tosca Penta
Investments
Limited (trading
as esure Holdings
Limited) 128 88 1.5 127 87 2.6 0.1 0.2
Training For Travel
Group Limited 114 149 1.4 133 174 2.7 3.7 26.3
Glacier Energy
Services Group
Limited 119 119 1.4 99 99 2.0 2.1 22.9
Blackford Capital
Limited - - - 200 200 4.1 15.6 67.6
Staffa Capital
Limited - - - 200 200 4.1 15.3 49.0
Intercede
(Scotland) 1
Limited (trading
as Electroflow
Controls Limited) 70 70 0.8 99 99 2.0 1.8 26.7
ATR Holdings
Limited 86 52 1.0 49 29 1.0 6.1 47.0
Venmar Limited
(trading as XPD8
Solutions Limited) 63 109 0.8 71 124 1.5 3.6 31.4
Claven Holdings
Limited 68 26 0.8 34 13 0.7 6.9 43.1
Enpure Holdings
Limited 100 100 1.2 - - - 0.4 2.1
Lemac No. 1 Limited
(trading as John
McGavigan Limited) 50 50 0.6 40 40 0.8 6.8 30.8
Others 20 1111 0.2 8 167 0.1
6,963 6,626 83.5 4,368 4,014 89.7
---------- --------- ------- ---------- --------- -------
AIM/PLUS
Plastics Capital
PLC 173 197 2.2 43 50 0.9 0.9 2.8
Chime
Communications
PLC 110 71 1.3 40 26 0.8 0.1 0.3
Datong PLC 60 151 0.7 - - - 0.9 1.1
Brookwell 36 52 0.4 8 11 0.2 - -
Work Group PLC 37 151 0.4 - - - 0.7 2.6
Hambledon Mining
PLC 33 83 0.4 - - - 0.2 0.1
Hasgrove PLC 25 49 0.3 - - - 0.2 1.5
Praesepe PLC
(formerly Aldgate
Capital PLC) 12 49 0.1 12 50 0.2 0.1 0.4
DM PLC 16 83 0.2 8 41 0.2 0.6 0.8
Others 24 633 0.3 1 46 -
526 1,519 6.3 112 224 2.3
---------- --------- ------- ---------- --------- -------
Total 7,489 8,145 89.8 4,480 4,238 92.0
========== ========= ======= ========== ========= =======
Other information
Copies of this announcement will be available to the public at the registered office of the Company, 149 St Vincent Street, Glasgow, on the Company's website at www.mavencp.com/migvct3, and at the National Storage Mechanism.
By Order of the Board
MAVEN CAPITAL PARTNERS UK LLP, SECRETARY
15 August 2011
ENDS
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 included in or forms part of this announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR UVUSRAKAWAAR
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