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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Maven Income And Growth Vct 6 Plc | LSE:MIG6 | London | Ordinary Share | GB00B1BV3Z44 | 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% | 47.30 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMMIG6
RNS Number : 8616Q
Maven Income and Growth VCT 6 PLC
02 December 2016
Maven Income and Growth VCT 6 PLC
Interim Announcement for the six months ended 30 September 2016 (unaudited)
The Directors announce the unaudited Interim Management Report for the six months ended 30 September 2016.
Highlights
-- NAV total return of 61.94p per share at 30 September 2016, compared to 61.81p at 31 March 2016
-- NAV at 30 September 2016 of 59.09p per share after payment of the final dividend of 0.25p -- Offer for Subscription closed, having raised GBP12.9 million -- Further Offer for Subscription announced on 23 September 2016 -- New investments completed in The GP Service (UK) and Rockar
-- Large pipeline of new VCT rules qualifying private equity investments, with a number in advanced process
Overview
In the period under review NAV total return increased to 61.94p per share. This is in line with your Company's continuing objective of achieving long term capital appreciation whilst also generating maintainable levels of income for Shareholders.
The success of the Offer for Subscription, which closed on 30 June 2016 and raised a total of GBP12.9 million, has transformed the scale and capital structure of the Company. Net assets have increased to GBP16.5 million, providing a solid foundation to support new investments and provide follow-on funding to existing portfolio companies which meet the revised VCT qualification criteria.
The portfolio now extends to 50 unlisted and AIM quoted company holdings, many of which are paying a regular yield, offering a combination of revenue and capital returns with the aim of underpinning Shareholder value in the years ahead. During the reporting period Maven completed new investments in The GP Service (UK) and Rockar and your Board is encouraged by the pipeline of VCT qualifying opportunities identified by the Manager. A number of potential new transactions are at an advanced stage and an investment in Chic Lifestyle completed shortly after the period end.
During the period under review 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 in which VCTs are able to invest. The rules specifically prohibit participation in management buy-outs or acquisitions, and limit the ability to support older companies unless certain criteria are met. Whilst this means that your Company can no longer finance certain transactions, Maven has a long established history of investing development capital in companies which meet the revised VCT qualification criteria.
Share Capital, Distributable Reserves and Dividends
As detailed in the 2016 Annual Report, the proposed restructuring of the share capital of the Company was approved by Shareholders at the General Meeting held on 17 February 2016. This enabled your Company to create a capital redemption reserve and increase its share premium account which, subject to the sanction of the Court, could be cancelled to create additional distributable reserves to support the payment of dividends and a share buy-back programme.
Subsequent to the closure of the Offer for Subscription on 1 July 2016, the Company applied to the Court for the cancellation of the amounts standing in respect of the share premium account and the capital redemption reserve. A court order in relation to the cancellation of the Company's share premium account and capital redemption reserve was granted and registered at Companies House on 24 August 2016, with the resulting changes to the reserves being reflected in the Financial Statements as at 30 September 2016 incorporated in this Interim Report.
The Board has not declared an interim dividend but, subject to the generation of capital gains from any further disposals and the availability of surplus revenue, intends to propose a final dividend when it considers the results for the full year to 31 March 2017. Discussions are in progress regarding potential exits from a number of portfolio companies, although there can be no certainty that these discussions will lead to profitable sales.
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. 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 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 has been 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. This positive momentum has been sustained through the current year, with the operations in both China and Scotland delivering a good level of organic growth and a significant increase in profitability, assisted by a number of productivity improvement projects implemented earlier in the year. The order book remains strong and the cash position is secure, providing increased visibility of the future prospects 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 widen each of Crawford's service and product lines, with organic growth forecast to lead to increased turnover and earnings in the current year.
Torridon (Gibraltar) is an established general insurer, which trades through its subsidiary Elite Insurance. The business is registered in Gibraltar and is authorised to write 12 general insurance business classes in 14 EU/EEA States. Elite has delivered impressive growth over recent years and, as a result, now has 30 lines of insurance, with the UK business representing 62% of total sales. Elite focuses on high margin niche lines, requiring considerable expertise and underwriting skills, as well as holding strong distribution relationships.
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 further growth in the current financial year and operational efficiencies, as a result of the implementation of a new enterprise resource planning system.
DPP provides mechanical and electrical maintenance and installation services mainly to the leisure, hospitality and retail sectors in the south of England and Wales. The company differentiates itself from competitors by employing a large and highly responsive team of skilled engineers. Following the loss of a significant customer in 2014, the company restructured its operations and has now secured a number of new contracts, allowing the business to materially improve its trading performance over the past twelve months.
Maven clients first invested in Just Trays, the UK's leading manufacturer of shower trays and related accessories, in June 2014. Subsequently, the business has increased its customer base and extended its product range, with a number of innovative new products to be launched in the current financial year. Just Trays repaid its bank debt in full during 2015 and is planning to invest in automation in the coming year, which should help improve the production facility and increase operating margins.
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. Whilst the oil price has recovered from the lows witnessed earlier in the year, budgets remain conservative across the energy services sector, based on the expectation that the remainder of 2016 will be challenging, with recovery starting to feed through in the second half of 2017 as the oil price stabilises and the pent up demand for essential maintenance and repair work is released. In response to these market conditions, the valuations of Glacier Energy Services and HCS Control Systems Group have been reduced to cost. The Board and the Manager believe that the valuations of the remaining portfolio assets with exposure to the energy services sector are fair and reasonable and, following a number of profitable realisations in prior reporting periods, your Company's exposure to this sector has significantly reduced. The remaining assets are focused on the operational expenditure segment of the industry, rather than being dependent on large capital expenditure programmes or exploration projects.
New Investments
During the period, two new private company assets were added to the portfolio:
-- The GP Service (UK) is a provider of on-line services for general medical consultations and prescriptions, delivered through a web-based platform. The investment will enable The GP Service to accelerate the roll-out of its service across new geographic locations and to develop a range of products and services where there are strong market drivers.
-- Rockar is an innovative motor retailer with a disruptive technology platform led by a team with extensive sector experience. The investment will enable Rockar to enhance its product offering and finance new dealerships in high foot-fall shopping centres, working in partnership with leading global automotive brands including Hyundai and Jaguar Land Rover. Maven clients invested in Rockar alongside NVM Private Equity.
Further changes to the rules, announced in the March 2016 budget statement, imposed restrictions on the ability of VCTs to make certain new non-qualifying investments, for liquidity purposes including treasury bills and other government securities. In response to these changes, the Directors agreed to invest a total of GBP440,000 across five private equity investment trusts (PEITs). This represents a permitted investment under the amended legislation and gives your Company further exposure to an asset class that the Manager is familiar with, having knowledge of the respective portfolios and fund managers. The PEITs have been carefully selected and recommended by Maven and have income characteristics that will help support future dividend payments by your Company. There is also a prospect that the PEIT sector may be re-rated following recent acquisition activity, including the successful HarbourVest Partners bid for SVG Capital, creating the potential for capital gains to be achieved over the longer term.
More generally, the Board is highly cognisant of the importance of maintaining an effective liquidity management policy and the Directors are currently reviewing a range of income generating options with a view to maximising the returns from monies held prior to investment.
The following investments have been completed during the reporting period:
Hot Features
Premium
Investment
cost
Date Sector GBP'000 Website
---------------------- ------------ ------------- ----------- -----------------------
Unlisted
Rockar 2016 Limited July 2016 Automobiles 199 www.rockar.com
(trading as Rockar) & parts
The GP Service April 2016 Health 199 www.thegpservice.co.uk
(UK) Limited
---------------------- ------------ ------------- ----------- -----------------------
Total unlisted
investment 398
--------------------------------------------------- ----------- -----------------------
Investment trusts
Apax Global Alpha September
Limited 2016 99
F&C Private Equity September
Trust PLC 2016 103
HG Capital Trust September
PLC 2016 100
Princess Private
Equity Holding September
Limited 2016 98
Standard Life
European Private September
Equity Trust PLC 2016 40
---------------------- --------------------------- ----------- -----------------------
Total investment
trusts 440
--------------------------------------------------- ----------- -----------------------
Total investment 838
--------------------------------------------------- ----------- -----------------------
At the period end, the portfolio stood at 50 unlisted and AIM quoted investments, at a total cost of GBP3.5 million.
Realisations
During the period Crawford Scientific and DPP made partial repayments of loan notes and a final distribution was received from Kelvinlea.
Subsequent to the period end, the Manager has been engaged with several investee companies and prospective acquirers at various stages of a potential exit process.
This realisation activity reflects the increasing maturity of a number of holdings, but it should be noted that there can be no certainty that these discussions will lead to profitable exits.
The table below gives details of all realisations achieved, and deferred considerations received, during the reporting period:
Gain/(loss)
Value over
Cost at 31
of shares 31 Realised March
Year Complete/ disposed March Sales gain/ 2016
first partial of 2016 proceeds (loss) value
invested exit GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------- ----------- ----------- ----------- --------- ---------- --------- ------------
Unlisted
Crawford Scientific
Holdings Limited(1) 2014 Partial 13 17 13 - (4)
Ensco 969
Limited (trading
as DPP) 2013 Partial 8 8 8 - -
Kelvinlea
Limited 2013 Complete 10 10 15 5 5
LCL Hose Limited
(trading as
Dantec Hose) 2011 Complete - - 1 1 1
Westway Services
Holdings (2014)
Limited 2014 Complete - - 1 1 1
---------------------- ----------- ----------- ----------- --------- ---------- --------- ------------
Total unlisted
disposals 31 35 38 7 3
------------------------------------------------ ----------- --------- ---------- --------- ------------
UK treasury
bills
Treasury Bill
20 June 2016 2015 Complete 300 300 300 - -
Treasury Bill
12 September
2016 2016 Complete 8,082 8,082 8,100 18 18
---------------------- ----------- ----------- ----------- --------- ---------- --------- ------------
8,382 8,382 8,400 18 18
---------------------------------------------- ----------- --------- ---------- --------- ------------
Total disposals 8,413 8,417 8,438 25 21
------------------------------------------------ ----------- --------- ---------- --------- ------------
(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 September 2016, one new private company asset has been added to the portfolio. In October 2016, your Company completed the investment in Chic Lifestyle, an inventory management platform for the travel market, which allows small-scale independent operators to control the live distribution of boutique hotel rooms and luxury villas, and manage reservations in real time through leading traffic generators.
In November a new investment was completed in Growth Capital Ventures, a leading developer and operator of an on-line co-investment platform for the alternative finance sector.
In December 2016 Maven achieved an exit from Nenplas through a trade sale to a German acquirer, achieving a return of 2.9 times cost over the life of the investment.
Principal Risks and Uncertainties
The principal risks and uncertainties facing the Company were set out in full in the Strategic Report contained within the 2016 Annual Report, and are the risks associated with investment in small and medium sized unlisted and AIM/ISDX quoted companies which, by their nature, carry a higher level of risk and are subject to lower liquidity than investments in large quoted companies. The valuation of investee companies may be affected by economic conditions, the credit environment and other risks including legislation, regulation, adherence to VCT qualifying rules and the effectiveness of the internal controls operated by the Company and the Manager. These risks and procedures are reviewed regularly by the Audit and Risk Committees and reported to your Board. The Directors have confirmed that all tests, including the criteria for VCT qualifying status, continue to be monitored and met.
Share Buy-backs
Shareholders have given the Board authority to buy back shares for cancellation or to be held in treasury, subject always to such transactions being in the best interests of Shareholders. It is intended that, subject to market conditions, available liquidity and the maintenance of the Company's VCT status, shares will be bought back at prices representing a discount of between 10% and 20% to the prevailing NAV per share.
During the period under review 400,000 shares were bought back at a total cost of GBP210,000.
Regulatory Developments
As detailed in the 2016 Annual Report, the July 2015 Budget received Royal Assent on 18 November 2015, bringing into statute a number of material changes to the legislation governing the UK VCT scheme, aligning it with EU State Aid Rules for smaller company investment. The new rules impose specific restrictions on the types of transactions and companies which VCTs are able to pursue in order to retain qualifying status. As a further amendment, the March 2016 Budget statement announced that there would be changes to the rules governing non-qualifying investments by VCTs. With effect from 6 April 2016 VCTs were only permitted to make qualifying investments and certain limited investments for liquidity purposes, with other types of non-qualifying investments prohibited. Given the complexity of the new rules, and in order to ensure ongoing compliance, the Company continues to engage the services of an adviser to assist in interpreting the revised legislation in relation to all proposed transactions.
The Chancellor's 2016 Autumn Statement did not introduce further amendments to the VCT legislation. However, it did highlight 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 would be reviewed over the longer term.
The Statement also announced that, in response to the increase in the volume of applications submitted to HM Revenue & Customs (HMRC) and the resultant delays being experienced in obtaining advanced assurance for the purpose of proposed investments, a consultation would be initiated into the options to streamline and prioritise the advanced assurance service provided by HMRC. The Manager welcomes this development, as the time taken at present to secure VCT advance assurance is causing delays to the completion of new investments.
Board of Directors
As intimated in the 2016 Annual Report, Jonathan Carr stood down as Director and Chairman at the conclusion of the Annual General Meeting (AGM) held on 31 August 2016 and, following his successful re-election as a Director, Brian May succeeded Jonathan as Chairman. Fraser Gray was appointed as a Director on 1 July 2016 and was formally elected by Shareholders at the AGM.
Your Board and the Manager would like to take this opportunity to thank Jonathan for the valued contribution he has made since the launch of your Company and wish him every success for the future.
Offer for Subscription
On 23 September 2016, the Company announced its intention to launch an Offer for Subscription for New Ordinary Shares, for up to GBP6 million (with an over-allotment facility for a further GBP2 million), with shares to be issued in both the 2016/17 and 2017/18 tax years. Notwithstanding the introduction of the new VCT rules, the Board is aware that the Manager has a large and diverse pipeline of new investment opportunities that should meet the requirements of the revised VCT legislation. The Directors believe that launching an Offer represents an opportunity to further increase the Company's assets in anticipation of the development of a larger and more diversified portfolio of investments in the years ahead. A Prospectus containing full details of the proposed Offer is being prepared for publication in late 2016.
Outlook
Shareholders will be aware of the result of the referendum in June 2016, in which the electorate expressed the wish that the UK should leave the EU. Although the full impact of this decision will become clearer over time, the businesses in which your Company has invested will maintain or adapt their growth strategies as appropriate, with many exporters already seeing a short-term benefit from the devaluation of Sterling against several major currencies that has occurred at the date of this report.
The Directors are mindful that the introduction of the revised VCT legislation has imposed a number of restrictions on the types of businesses and transactions in which VCTs can invest. This will require the Manager to focus on the provision of development capital or investing in businesses with growth finance requirements, at the expense of management buy-out or acquisition based transactions which have traditionally offered more predictable returns. Your Board is confident that the experienced investment team employed by the Manager across its national office network, remains capable of sourcing opportunities which continue to meet its investment quality criteria.
Your Board remains committed to delivering the Company's core objectives of achieving long term capital appreciation and generating maintainable levels of income for Shareholders. The Director's consider that the current portfolio of private company holdings, alongside the pipeline of new investments, offers the ability to maintain a regular yield for your Company and support future Shareholder returns.
On behalf of the Board
Maven Capital Partners UK LLP
Secretary
2 December 2016
Investment Portfolio Summary
As at 30 September 2016
% of % of equity
Valuation Cost total % of held by
Investment GBP'000 GBP'000 assets equity held other
clients(1)
-------------------------------- ----------- --------- ----------- --------------- --------------
Unlisted
Torridon (Gibraltar) Limited
(formerly Torridon Capital
Limited) 416 21 2.6 0.8 39.2
Lemac No.1 Limited (trading
as John McGavigan) 288 107 1.7 1.4 35.4
Nenplas Holdings Limited 276 81 1.7 1.0 31.5
The GP Service (UK) Limited 199 199 1.2 2.5 30.0
Rockar 2016 Limited (trading
as Rockar) 199 199 1.2 1.1 12.7
Glacier Energy Services
Holdings Limited 149 149 0.9 0.6 27.1
Crawford Scientific Holdings
Limited 134 61 0.8 0.9 47.3
Majenta Logistics Limited 125 125 0.7 1.7 48.1
Metropol Communications
Limited 125 125 0.7 1.7 48.1
Onyx Logistics Limited 125 125 0.7 1.7 48.1
Vectis Technology Limited 125 125 0.7 1.7 48.1
Martel Instruments Holdings
Limited 106 116 0.6 1.4 42.8
Traceall Global Limited 99 98 0.6 2.9 12.1
Ensco 969 Limited (trading
as DPP) 97 97 0.6 0.4 34.1
CatTech International Holdings
Limited 94 60 0.6 0.6 29.4
SPS (EU) Limited 93 61 0.6 0.5 42.0
Fathom Systems Group Limited 89 89 0.5 1.0 59.0
Vodat Communications Group
Limited 83 60 0.5 0.7 41.0
Flow Communications UK Limited 75 75 0.5 0.9 34.1
Flexlife Group Limited 75 75 0.5 0.3 14.3
CHS Engineering Services
Limited 72 72 0.4 0.6 22.7
JT Holdings (UK) Limited
(trading as Just Trays) 65 50 0.4 0.5 29.5
Castlegate 737 Limited (trading
as Cursor Controls) 61 50 0.4 0.5 47.0
HCS Control Systems Group
Limited 60 60 0.4 0.5 36.0 CB Technology Group Limited 58 58 0.4 1.2 77.8 Endura Limited 57 57 0.3 0.2 5.7 GEV Holdings Limited 56 56 0.3 0.4 35.6 Assecurare Limited 50 50 0.3 1.0 48.8 Broadwave Engineering Limited 50 50 0.3 1.0 48.8 Constant Progress Limited 50 50 0.3 1.0 48.8 Equator Capital Limited 50 50 0.3 1.0 48.8 Toward Technology Limited 50 50 0.3 1.0 48.8 RMEC Group Limited 50 50 0.3 0.3 49.8 R&M Engineering Group Limited 45 60 0.3 0.7 69.9 Attraction World Holdings Limited 42 3 0.3 0.9 37.5 Maven Co-invest Endeavour Limited Partnership (invested in Global Risk Partners) 38 38 0.2 0.8 99.2 ISN Solutions Group Limited 26 40 0.2 0.6 54.4 Space Student Living Limited 21 - 0.1 1.7 78.4 Lawrence Recycling & Waste Management Limited 10 73 0.1 0.8 61.2 Other unlisted investments - 78 - -------------------------------- ----------- --------- ----------- --------------- -------------- Total unlisted 3,883 3,043 23.5 -------------------------------- ----------- --------- ----------- --------------- -------------- Quoted Angle PLC 75 69 0.4 0.2 0.4 Vianet Group PLC (formerly Brulines Group PLC) 12 16 0.1 - 1.5 Plastics Capital PLC 11 10 0.1 - 1.4 esure Group PLC 8 - - - - Work Group PLC 3 101 - 0.4 2.7 Other quoted investments 1 238 - -------------------------------- ----------- --------- ----------- --------------- -------------- Total quoted 110 434 0.6 -------------------------------- ----------- --------- ----------- --------------- -------------- Investment trusts HG Capital Trust PLC 103 100 0.6 - 0.1 Apax Global Alpha Limited 99 99 0.6 - 0.1 Princess Private Equity Holding Limited 96 98 0.6 - 0.1 F&C Private Equity Trust PLC 95 103 0.6 - 0.3 Standard Life European Private Equity Trust PLC 42 40 0.2 - 0.1 -------------------------------- ----------- --------- ----------- --------------- -------------- Total investment trusts 435 440 2.6 -------------------------------- ----------- --------- ----------- --------------- -------------- Total investments 4,428 3,917 26.7 -------------------------------- ----------- --------- ----------- --------------- --------------
(1) Other clients of Maven Capital Partners UK LLP.
Income Statement
For the Six Months Ended 30 September 2016
Six months ended Six months ended Year ended
30 September 30 September 31 March 2016
2016 2015
(unaudited) (unaudited) (audited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ------------------ ------------------- -------------------
Gains on
investments - 227 227 - 63 63 - 274 274
Income from
investments
and deposit
interest 42 - 42 118 - 118 211 - 211
Investment
management
fees (34) (136) (170) (12) (47) (59) (29) (114) (143)
Other
expenses (73) - (73) (18) - (18) (101) - (101)
-------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ------------------ ------------------- -------------------
Net return
on ordinary
activities
before
taxation (65) 91 26 88 16 104 81 160 241
Tax on
ordinary
activities - - - (5) 5 - (12) 12 -
-------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ------------------ ------------------- -------------------
Return
attributable
to Equity
Shareholders (65) 91 26 83 21 104 69 172 241
-------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ------------------ ------------------- -------------------
Return per
Ordinary
Share
(pence) (0.25) 0.35 0.10 1.15 0.29 1.44 0.84 2.10 2.94
-------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ------------------ ------------------- -------------------
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 September 2016
Six months Six months Year ended
ended 30 ended 30
September September
2016 2015
(unaudited) (unaudited) 31 March
2016
(audited)
GBP'000 GBP'000 GBP'000
----------------------------- -------------------- -------------------- -------------------
Opening Shareholders'
funds 12,301 4,187 4,187
Net return for period 26 104 241
Net proceeds of share
issue 4,517 - 8,111
Repurchase and cancellation
of shares (210) - (132)
Costs relating to (15) - - cancellation of share premium account and capital redemption reserve Dividends paid - revenue (71) - - Dividends paid - capital - (51) (106) ----------------------------- -------------------- -------------------- ------------------- Closing Shareholders' funds 16,548 4,240 12,301 ----------------------------- -------------------- -------------------- -------------------
The accompanying Notes are an integral part of the Financial Statements.
Balance Sheet
As at 30 September 2016
30 September 30 September 31 March
2016 2015 2016
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
------------------------------ ---------------------------- ------------------------- -------------------------
Fixed assets
Investments at fair
value through profit
or loss 4,428 3,938 11,801
Current assets
Debtors 37 61 43
Cash 12,223 268 507
------------------------------ ---------------------------- ------------------------- -------------------------
12,260 329 550
Creditors
Amounts falling due
within one year 140 27 50
------------------------------ ---------------------------- ------------------------- -------------------------
Net current assets 12,120 302 500
------------------------------ ---------------------------- ------------------------- -------------------------
Net assets 16,548 4,240 12,301
------------------------------ ---------------------------- ------------------------- -------------------------
Capital and reserves
Called up share capital 2,801 3,617 2,078
Share premium account - 53 6,784
Capital reserve - realised (1,300) (1,269) (1,189)
Capital reserve - unrealised 511 293 309
Special distributable
reserve 15,489 2,389 2,257
Capital redemption
reserve 40 - 2,919
Revenue reserve (993) (843) (857)
------------------------------ ---------------------------- ------------------------- -------------------------
Net assets attributable
to Equity Shareholders 16,548 4,240 12,301
------------------------------ ---------------------------- ------------------------- -------------------------
Net asset value per
Ordinary Share (pence) 59.09 58.63 59.21
------------------------------ ---------------------------- ------------------------- -------------------------
The Financial Statements of Maven Income and Growth VCT 6 PLC, registered number 3870187, were approved by the Board on 2 December 2016 and were signed on its behalf by:
Brian May
Director
The accompanying Notes are an integral part of the Financial Statements.
Cash Flow Statement
For the six months ended 30 September 2016
Six months
ended
Six months 30 September
ended 2015 Year ended
30 September 31 March
2016 (unaudited) 2016
(unaudited) (restated)* (audited)
GBP'000 GBP'000 GBP'000
-------------------------------- ------------------------- ------------------------- -------------------
Net cash flow from
operating activities (290) (94) (230)
Taxation
Corporation tax - - -
Cash flows from investing
activities
Investment income received 57 122 222
Purchase of investments (838) (2,199) (11,035)
Sale of investments 8,438 1,697 2,884
-------------------------------- ------------------------- ------------------------- -------------------
Net cash flows from
financing activities 7,657 (380) (7,929)
-------------------------------- ------------------------- ------------------------- -------------------
Cash flows from financing
activities
Equity dividends paid (71) (51) (106)
Issue of Ordinary Shares 4,517 - 8,111
Repurchase of Ordinary
Shares (82) - (132)
Costs relating to cancellation (15) - -
of share premium account
and capital redemption
reserve
-------------------------------- ------------------------- ------------------------- -------------------
Net cash flows from
financing activities 4,349 (51) 7,873
-------------------------------- ------------------------- ------------------------- -------------------
Increase/(decrease)
in cash 11,716 (525) (286)
-------------------------------- ------------------------- ------------------------- -------------------
Cash at beginning of
period 507
Cash at end of period 12,223
*The 2015 cash flow has been restated for the presentational requirements of FRS102
The accompanying Notes are an integral part of the Financial Statements.
Notes to the Financial Statements
For the Six Months Ended 30 September 2016
1. Accounting Policies
The financial information for the six months ended 30 September 2016 and the six months ended 30 September 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 March 2016.
The results for the year ended 31 March 2016 are extracted from the full accounts for that year, which received an unqualified report from the Auditor and have been filed with the Registrar of Companies.
2. Movement in Reserves
Share Capital Capital Special Capital
premium reserve reserve distributable redemption Revenue
account realised unrealised reserve reserve reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------ ----------------- ---------- ------------ --------------- ------------- ---------
At 31 March 2016 6,784 (1,189) 309 2,257 2,919 (857)
Gains on sale of - 25 - - - -
investments
Net increase in - - 202 - - -
value of investments
Investment management - (136) - - - -
fees
Dividends paid - - - - - (71)
Tax effect on capital - - - - - -
items
Share issue 3,754 - - - - -
Cancellation of
share premium account (10,538) - - 10,538 - - Costs relating - - - (15) - - to cancellation of share premium account and capital redemption reserve Cancellation of capital redemption reserve - - - 2,919 (2,919) - Repurchase and cancellation of shares - - - (210) 40 - Net return on ordinary activities after taxation - - - - - (65) ------------------------ ----------------- ---------- ------------ --------------- ------------- --------- At 30 September 2016 - (1,300) 511 15,489 40 (993) ------------------------ ----------------- ---------- ------------ --------------- ------------- ---------
3. Returns per Ordinary Share
Six months Six months
ended ended Year ended
30 September 30 September 31 March
2016 2015 2016
GBP'000 GBP'000 GBP'000
------------------------------ --------------------------------- -------------- -----------------------
The return per Ordinary
Share is based on
the following figures:
Revenue return (65) 83 69
Capital return 91 21 172
------------------------------ --------------------------------- -------------- -----------------------
Total return 26 104 241
------------------------------ --------------------------------- -------------- -----------------------
Weighted average number
of Ordinary Shares in
issue 26,256,342 7,232,852 8,175,723
Revenue return per Ordinary
Share (0.25) 1.15 0.84
Capital return per Ordinary
Share 0.35 0.29 2.10
------------------------------ --------------------------------- -------------- -----------------------
Return per Ordinary
Share 0.10 1.44 2.94
------------------------------ --------------------------------- -------------- -----------------------
The Net Asset Value per Ordinary Share has been calculated using the number of shares in issue at 30 September 2016 of 28,007,239.
Directors' Responsibility Statement
The Directors confirm that, to the best of their knowledge:
-- the Financial Statements for the six months ended 30 September 2016 have been prepared in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and 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 March 2017; and
-- the Interim Management Report includes adequate disclosure of the information required by DTR 4.2.8R in relation to related party transactions and any changes therein.
Other Information
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 Maven Capital Partners UK LLP, Kintyre House, 205 West George Street, Glasgow G2 2LW; at the registered office of the Company, 5th Floor, 1-2 Royal Exchange Buildings, London EC3V 3LF; and, in due course, on the Company's website at www.mavencp.com/migvct6.
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
2 December 2016
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR FSSFIEFMSESE
(END) Dow Jones Newswires
December 02, 2016 10:02 ET (15:02 GMT)
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