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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 : 8372Y
Maven Income and Growth VCT 6 PLC
08 December 2017
Maven Income and Growth VCT 6 PLC
Interim Announcement for the six months ended 30 September 2017 (unaudited)
The Directors announce the unaudited Interim Management Report for the six months ended 30 September 2017.
Highlights
-- NAV total return of 60.68p per share at 30 September 2017, compared to 61.36p at 31 March 2017
-- NAV at 30 September 2017 of 57.58p per share after payment of the final dividend of 0.25p per share during the period
-- Six new VCT qualifying private company holdings added to the portfolio -- Two AIM quoted VCT qualifying investments completed during the period -- Large pipeline of VCT qualifying investments, with a number in advanced process
-- Exit from Crawford Scientific achieved shortly after the period end, for a total return of 4.5 times cost
-- Realisation of SPS (EU) completed after the period end, for a total return of 2.5 times cost
Overview
Since November 2015, your Company has undertaken two significant fundraisings that have transformed the asset base, increasing net asset value to GBP23.55 million at the period end. The Manager is now engaged in an active programme of capital deployment and portfolio construction, and is pleased to report on the completion of eight new VCT qualifying investments during the period, in companies operating across a wide range of sectors. In addition, the pipeline of prospective new VCT investments across Maven's nationwide office network remains strong. Shortly after the period end two exits were achieved. Crawford Scientific was sold to an institutional buyer, achieving a total return of 4.5 times cost over the three-year investment period, and SPS (EU) was realised in full through a sale to a US consolidator for a total return of 2.5 times cost.
During the first half of the financial year, Maven continued to focus on sourcing attractive qualifying investment opportunities that meet the requirements of the revised VCT legislation, details of which were provided in the 2017 Annual Report. Since the introduction of the new VCT rules in 2015, your Company has provided development capital to fourteen qualifying companies, demonstrating the Manager's flexible approach and ability to adapt to the requirements of the revised legislation. It has, however, become apparent that transactions are taking considerably longer to complete, due to the complex process of securing Advance Assurance tax clearance from HM Revenue & Customs (HMRC) for each new investment. As a result, the Manager's ability to complete a number of investments has been impacted, with some opportunities lost because of slow response times.
Given the complexity of the new rules, Maven maintains a cautious approach and continues to work closely with a specialist VCT adviser engaged by the Company to assist with the tax clearance process. There are a number of active transactions that are well-progressed and it is anticipated that there will be a strong rate of new investment activity through the second half of the financial year. This is consistent with the growth strategy outlined above, which is focused on deploying the new capital raised. This is consistent with the strategy to grow the portfolio and deploy further capital as outlined above, although Shareholders should note that, during this intensive investment phase, there is unlikely to be an uplift in the NAV as most investments will be held at cost in the period immediately after investment. It will take some years before this new portfolio reaches maturity, by which time uplifts in value may be justified and exits begin to occur for these newer assets.
As highlighted by the Board in the 2017 Annual Report, Shareholders should be aware that the requirement to support younger and earlier stage businesses may result in less predictable capital gains and income flows, with the result that the quantum and timing of future dividend payments is likely to be subject to variation. Decisions on future distributions will take into consideration the availability of surplus revenue, the adequacy of reserves, the proceeds from any further realisations and the VCT qualifying levels of the portfolio.
Portfolio Developments
Following the success of the two recent fundraisings, your Company's asset base has substantially increased. The portfolio will continue to evolve as the investment rate accelerates and cash balances are reduced. While the portfolio is in the early stages of development, it will take time for value to be created from these new assets.
The proportion of the portfolio invested in established companies continues to perform well, resulting in a number of valuation uplifts in response to positive trading results. In addition, despite the political and economic uncertainty resulting from the General Election and the UK's intended exit from the European Union (EU), there is to date no discernible impact to report, aside from the short-term benefit that a number of exporters have experienced following the devaluation of Sterling in June 2016.
Cursor Controls, a global leader in the design and niche manufacture of trackballs for cursor movement used in industrial applications, has performed well since Maven clients invested in July 2015. The business continues to deliver good levels of organic growth and performance was further enhanced in April 2016 by the acquisition of NSI, a Belgian distributor of trackballs and other associated products. The acquisition formed part of Maven's investment proposal and is expected to be significantly earnings enhancing, with a number of commercial and operational synergies identified to help drive the growth and profitability of the enlarged group. The management team is encouraged by the integration process to date, with NSI trading to plan and the core Cursor business continuing to deliver organic growth.
Manufacturer and supplier of technical plastic components and interior parts for the global automotive industry, John McGavigan, continues to exceed expectations. The year to 31 December 2016 saw a significant increase in profitability across its operations in China and Scotland, which was achieved through top line growth and enhanced by the benefits of a number of productivity improvement projects implemented earlier in the year. This momentum has continued through the current year, with the company continuing to grow and exceed budget. The order book remains strong, with a number of significant contracts secured in recent months, increasing future visibility for the business. Given the growth achieved and forecast projections, the management team has decided to move its Chinese premises in anticipation of capacity constraints in the region, and work is progressing to advance this.
Maven clients invested in Attraction World, a leading provider of worldwide theme park and attraction tickets, in 2010 to support the incumbent executive team through a management buy-out. Since investment, the company has made steady progress and the core business continues to perform well. In March 2016, the business enhanced its operating platform through the complementary acquisition of Day Out With The Kids (www.dayoutwiththekids.co.uk), an e-commerce site that focuses on UK attraction information. The development of the new acquisition is progressing to plan and the management team believes that it will prove to be a valuable addition to the business.
The UK's largest provider of promotional merchandise, SPS (EU), has achieved excellent growth under private equity ownership since Maven clients invested in February 2014. Operational improvements have enhanced profitability following the successful implementation of a new enterprise resource planning system. The complementary acquisitions of HPP and TEC, completed during the year to 31 December 2015, have been integrated successfully within the group and are both delivering a positive profit contribution. The company has invested in sales resource to help penetrate the European market, and this region is starting to contribute significantly to group performance. During the period, the business received an offer from a large American consolidator and the sale completed post the period end, generating a total return of 2.5 times cost over the life of the investment.
Crawford Scientific, the UK's leading independent provider of outsourced chromatography consumable products and services to the laboratory research and testing sectors, continues to trade ahead of plan. The business leverages its world-class technical expertise to offer end-to-end solutions for users of chromatography instruments and techniques. Crawford has consistently outperformed since the initial investment by Maven clients in August 2014, including the successful acquisition and integration of analytical services company Hall Analytical Laboratories during 2015. An offer for the business was received during the reporting period and a full exit completed shortly after the period-end at a premium to carrying value, resulting in a 4.5 times return over the three-year investment period.
DPP provides mechanical and electrical maintenance and installation services mainly to the leisure, hospitality and retail sectors in the south of England and in Wales. The company differentiates itself by operating through an employed and managed team of engineers, as opposed to engaging with a network of subcontractors. The business has made considerable progress over the past twelve months by enhancing operational procedures and reducing costs, which has led to a significant improvement in profitability. A number of new contracts were secured during the year and the outlook is positive, which is highly encouraging given the challenges experienced during 2014 when DPP lost a key customer.
During the period, the valuation of the investment in Torridon (Gibraltar) was protectively reduced to reflect circumstances at one of its trading subsidiaries and CHS Engineering Services was placed into administration. In addition, in light of current trading, other selective provisions were taken across a small number of portfolio companies.
The Manager maintains a close working relationship with investee companies operating within the oil & gas sector and it is encouraging to report that the majority of these assets are experiencing improving market conditions. Following extensive cost cutting, the Maven portfolio companies are operating with lean structures and have limited or no external debt, and are relatively well-positioned to benefit from a market recovery. The majority of Maven's investee companies in this sector are focused on operational expenditure, particularly related to health and safety. Although budgets were set conservatively at the start of the year, there is evidence of a sustained improvement in performance, with profitability showing a significant uplift over the prior year across the portfolio. The Board will continue to monitor the performance of investee companies in this sector, and may revisit some of the provisions applied in previous periods, to reflect the improving outlook.
The investments in private equity investment trusts, real estate investment trusts, fixed income investment trusts and infrastructure investment trusts have delivered positive performance over the period. The Board and the Manager are encouraged by this contribution and believe that these investments should continue to provide a steady and reliable source of income. This is particularly important in light of the restrictions introduced in the March 2016 Budget Statement, which prevent VCTs from investing in traditional instruments such as treasury bills or other government securities, for liquidity management purposes. The Board and the Manager remain highly cognisant of the importance of maintaining an effective liquidity management policy.
New Investments
During the period, your Company provided development capital to six private companies:
-- ADC Biotechnology is a developer of a proprietary Lock-Release technology, for the efficient development and manufacture of the Antibody Drug Conjugates (ADC) group of cancer therapies. ADCs, also known as 'magic bullets', combine the unique targeting capabilities of antibodies with the cancer-killing ability of cytotoxic drugs, thereby targeting cancer cells whilst minimising damage to healthy cells and tissue, and with the potential for reduced side effects. Maven VCT clients have invested alongside existing shareholders to support an experienced management team as it seeks to progress the drug development platform in this high growth sector of oncology therapeutics.
-- Cognitive Geology is a petroleum geoscience software company that recently launched Hutton, its first advanced geological data analysis tool. The product uses patented technology that emulates the behaviour of an experienced geologist while utilising modern computing capabilities. The funding will be used to support the rollout out of Hutton and further product development and commercialisation of the pipeline of innovative 3rd generation geoscience software applications, which are designed to help geologists find, appraise, and develop conventional and unconventional oil & gas reserves, both onshore and offshore, in this well-established and strongly growing market.
-- Contego Fraud Solutions is a provider of complex, multi-source compliance and fraud detection software for public and private sector clients including property, banking and financial services companies. The application performs a vast number of screening, verification and vetting assessments including Know Your Customer and Anti-Money Laundering, to fulfil both real-time customer on-boarding and on-going monitoring of regulatory requirements. The investment will support the continued growth of the business, facilitating the hiring of additional sales resources, further product development and expansion into new markets.
-- ebb3 is a technology company that develops mobile workspace solutions, addressing the need for secure access to apps, files and services on any device, in any location. The technology is specifically targeted at high-end 3D computer graphics users within the automotive (Formula 1), construction, oil & gas and education sectors, where there is a requirement for data-intensive applications that can service geographically dispersed, multi-disciplinary teams. ebb3 has high profile partnership agreements with providers such as Cisco, NetApp and NVidia, and the investment will enable the business to pursue its growth strategy in this niche part of the growing supercomputing market.
-- Horizon Cremation plans to develop and operate a portfolio of next generation crematoria across the UK, where existing facilities are either under-invested or in short supply. Horizon is seeking to build contemporary facilities that are environmentally and technologically advanced, offering enhanced professional service and care levels for families. The investment will provide capital to source and secure development sites, whilst supporting the operational expenditure and overheads of Horizon's first crematorium in North Ayrshire, Scotland, where construction commenced in May 2017. Third party finance has been secured to fund the construction and fit-out of the facility.
-- ITS Technology is a leading alternative network provider that owns and maintains fibre networks, providing faster and more reliable broadband connectivity, and related services, to customers, particularly in areas that are not well-serviced by the existing infrastructure. The business currently has twelve fibre broadband networks in operation, with a further five under construction. The investment will help to fund growth within the existing networks, build a stable recurring revenue base and also support expansion through the addition of new networks.
In addition, two qualifying AIM quoted investments were added to the portfolio through participation in secondary market placings:
-- Byotrol is a provider of specialist anti-microbial technologies for business and consumer users. The GBP4.3 million fund raising was approved at a general meeting of the company on 5 September 2017 and is to be used to accelerate growth across three new technology platforms.
-- Plant Impact is a provider of crop enhancement products that increase quality and yield, particularly for soybean and cocoa. Your Company participated in a GBP4 million fund raising, which will provide additional cash resources to support product development in this expanding market.
The following investments have been completed during the reporting period:
Hot Features
Premium
Investment
cost
Date Sector GBP'000 Website
-------------------------- ----------- ------------------ ---------- ---------------------------------------
Unlisted
ADC Biotechnology September Pharmaceuticals 298 www.adcbio.com
Limited 2017 &
biotechnology
Cognitive Geology September Software 199 www.cognitivegeology.com
Limited 2017 &
computer
services
Contego Fraud July 2017 Software 274 www.contego.com
Solutions Limited &
computer
services
ebb3 Limited May 2017 Software 200 www.ebb3.com
&
computer
services
Horizon Cremation May 2017 Support services 500 www.horizoncremation.co.uk
Limited
ITS Technology June 2017 Telecommunication 348 www.itstechnologygroup.com
Group Limited
services
-------------------------- ----------- ------------------ ---------- ---------------------------------------
Total unlisted 1,819
----------------------------------------------------------- ---------- ---------------------------------------
Quoted
Byotrol PLC September Chemicals 177 www.byotrol.co.uk
2017 & materials
Plant Impact PLC July 2017 Chemicals 246 www.plantimpact.com
& materials
-------------------------- ----------- ------------------ ---------- ---------------------------------------
Total quoted 423
----------------------------------------------------------- ---------- ---------------------------------------
Fixed income investment
trusts
Alcentra European April 2017 Investment 86 www.aefrif.com
Floating Rate companies
Income Fund Limited
Twentyfour Income April 2017 Investment 100 www.twentyfouram.com
Fund Limited companies
-------------------------- ----------- ------------------ ---------- --------------------------------------- Total fixed income investment trusts 186 ----------------------------------------------------------- ---------- --------------------------------------- Infrastructure investment trusts 3i Infrastructure August Investment 100 www.3i-infrastructure.com PLC 2017 companies HICL Infrastructure August Investment 99 www.hicl.com Company 2017 companies Limited International August Investment 99 www.internationalpublicpartnerships.com Public Partnerships 2017 companies Limited The Renewables August Investment 100 www.trig-ltd.com Infrastructure 2017 companies Group Limited -------------------------- ----------- ------------------ ---------- --------------------------------------- Total infrastructure investment trusts 398 ----------------------------------------------------------- ---------- --------------------------------------- Total investments 2,826 ----------------------------------------------------------- ---------- ---------------------------------------
At the period end, the portfolio stood at 73 unlisted and quoted investments.
Realisations
During the period, no material realisations were achieved. However, GBP7,000 of deferred consideration was received in respect of the previous disposal of Cyclotech and a total of GBP150,000 of loan stock was repaid by Constant Progress, Equator Capital and Toward Technology.
As at the date of this report, the Manager is engaged with several investee companies and prospective acquirers at various stages of the negotiation process, although there can be no certainty that these discussions will result in profitable sales.
Material Developments Since the Period End
In October 2017, Maven achieved a full exit from Crawford Scientific, through a sale to Limerston Capital Partners. The exit achieved a total return of 4.5 times the original investment with an IRR of 70% over the three year investment period. In December 2017, the holding in SPS (EU) was realised in full through a trade sale to an American acquirer achieving a total return of 2.5 times cost over the life of the investment.
In addition, follow on funding was provided to Horizon Cremation.
Principal Risks and Uncertainties
The principal risks and uncertainties facing the Company were set out in full in the Strategic Report contained within the 2017 Annual Report, and are the risks associated with investment in small and medium sized unlisted and AIM/NEX quoted companies which, by their nature, carry a higher level of risk and are subject to lower liquidity than investments in large quoted companies. The valuation of investee companies may be affected by economic conditions, the credit environment and other risks including legislation, regulation, adherence to VCT qualifying rules and the effectiveness of the internal controls operated by the Company and the Manager. These risks and procedures are reviewed regularly by the Audit and Risk Committees and reported to your Board. The Board has confirmed that all tests, including the criteria for VCT qualifying status, continue to be monitored and met.
Share Buy-backs
Shareholders have given the Board authority to buy back shares for cancellation or to be held in treasury, subject always to such transactions being in the best interests of Shareholders. It is intended that, subject to market conditions, available liquidity and the maintenance of the Company's VCT status, shares will continue to be bought back at prices representing a discount of between 10% and 20% of the prevailing NAV per share. During the period under review, 500,000 shares were bought back at a total cost of GBP260,000.
Regulatory Developments
The Chancellor's March 2017 Budget Statement did not introduce any further amendments to the legislation governing VCTs, but reiterated the announcements made in the 2016 Autumn Statement. The most noteworthy of these was that the Government will no longer be initiating a review of the provision to allow replacement capital in certain new VCT transactions, suggesting that this may be reviewed at some point in the future. Whilst the Board and the Manager were disappointed by this announcement, as the ability to include replacement capital was viewed as an important capability under the new rules, it does not impact the Company's investment strategy which has already adapted to meet the requirements of the new rules.
The Patient Capital Review has been formally extended to consider the effectiveness and value for money provided by the VCT and EIS sector. The consultation paper, 'Financing growth in innovative firms', has been published and Maven provided feedback to HM Treasury on behalf of its VCT clients.
Maven welcomes the intention of the 2017 Autumn Budget Statement to preserve the attractive fundamentals of the VCT scheme, which continue to provide a valuable bridge between private capital and the UK SME sector. The continuing availability of long-term patient capital in line with Government objectives, at what is an increasingly important time for the UK economy, gives comfort to small businesses and ensures that the best entrepreneurial companies can continue to access equity finance, and investors can benefit from their success.
However, there are some changes to the VCT scheme that the Manager considers to be unnecessary, including the requirement for the loan element of an investment to be unsecured and the increase in the qualifying holdings test from 70% to 80% at a time when most VCT managers are experiencing long delays in securing Advance Assurance for new investments. The announcement that HMRC anticipates being able to enhance their approval process during the early part of 2018 is therefore welcome, as this should help improve the rate of new investment and allow managers such as Maven to continue to build their portfolios expeditiously and comply with the new tests.
The Board and the Manager will continue to consider the implications of the Autumn Statement and take these developments into account when planning future strategy.
Outlook
The Manager is encouraged by the quality of investment opportunities that have emerged during the first half of the financial year, which have enabled a number of new transactions to be completed. Whilst it is early days for the new investee companies, initial indications suggest that they are performing broadly to plan and should, over time, represent valuable additions to the portfolio. This expansion is supported by the strength of the existing portfolio, the majority of which is invested in established businesses, completed prior to the rules change, that continue to deliver growth and generate investment income.
During the period, Maven extended its nationwide presence, expanding its network to ten locations across the UK. This regional approach ensures that the investment team is well-positioned to access potential investment opportunities through their local network of contacts.
Maven's geographic presence is delivering a strong pipeline of prospective new investments and, based on current momentum, it is anticipated that the rate of investment in the remainder of the financial year will continue to be strong. Your Board looks forward to future growth of the portfolio during the second half of the financial year.
On behalf of the Board
Maven Capital Partners UK LLP
Secretary
8 December 2017
Summary of Investment Changes
For the Six Months Ended 30 September 2017
Valuation Net investment/ Appreciation/ Valuation
31 March 2017 (disinvestment) (depreciation) 30 September
2017
GBP'000 % GBP'000 GBP'000 GBP'000 %
--------------------- -------- ------ ---------------- --------------- -------- ------
Unlisted investments
Equities 2,215 9.5 1,169 8 3,392 14.4
Loan stock 1,870 8.0 493 (70) 2,293 9.7
--------------------- -------- ------ ---------------- --------------- -------- ------
4,085 17.5 1,662 (62) 5,685 24.1
AIM/NEX investments
Equities 74 0.3 - 385 459 1.9
Listed investments
Equities 6 - 423 (422) 7 -
Investment trusts 1,313 5.6 584 53 1,950 8.3
--------------------- -------- ------ ---------------- --------------- -------- ------
Total investments 5,478 23.4 2,669 (46) 8,101 34.3
Other net assets 17,943 76.6 (2,494) - 15,449 65.7
--------------------- -------- ------ ---------------- --------------- -------- ------
Net assets 23,421 100.0 175 (46) 23,550 100.0
--------------------- -------- ------ ---------------- --------------- -------- ------
Investment Portfolio Summary
As at 30 September 2017
% of equity % of equity
Valuation Cost % of total held held by
Investment GBP'000 GBP'000 assets other clients(1)
-------------------------------- ----------- --------- ------------ ----------- -----------------
Unlisted
Horizon Cremation Limited 500 500 2.1 16.7 67.0
ITS Technology Group Limited 348 348 1.6 3.4 18.7
Lemac No.1 Limited (trading
as John McGavigan) 337 107 1.4 1.4 35.4
ADC Biotechnology Limited 298 298 1.3 2.4 13.9
Crawford Scientific Holdings
Limited 298 57 1.3 0.9 47.3
Contego Fraud Solutions
Limited 274 274 1.3 2.5 14.1
QikServe Limited 249 249 1.1 2.5 17.5
Torridon (Gibraltar) Limited 208 21 0.9 0.8 39.2
ebb3 Limited 200 200 0.8 4.7 19.8
The GP Service (UK) Limited 199 199 0.8 2.5 30.0
Cognitive Geology Limited 199 199 0.8 8.4 33.9
Rockar 2016 Limited (trading
as Rockar) 199 199 0.8 1.1 12.7
Chic Lifestyle Limited (trading
as Chic Retreats) 187 187 0.8 5.6 41.3
Glacier Energy Services
Holdings Limited 150 150 0.6 0.6 27.1
SPS (EU) Limited 131 61 0.6 0.5 42.0
Majenta Logistics Limited 125 125 0.5 1.7 48.1
Metropol Communications
Limited 125 125 0.5 1.7 48.1
Onyx Logistics Limited 125 125 0.5 1.7 48.1
Vectis Technology Limited 125 125 0.5 1.7 48.1
Martel Instruments Holdings
Limited 106 116 0.5 1.4 42.8
Ensco 969 Limited (trading
as DPP) 102 91 0.4 0.4 34.1
Whiterock Group Limited 100 100 0.4 2.2 22.8
Growth Capital Ventures
Limited 99 99 0.4 2.8 27.8
CatTech International Holdings
Limited 93 60 0.4 0.6 29.4
Fathom Systems Group Limited 89 89 0.4 1.0 59.0
Vodat Communications Group
Limited 83 60 0.4 0.7 41.0
Castlegate 737 Limited (trading
as Cursor Controls) 82 50 0.3 0.5 47.0
Flow UK Holdings Limited 75 75 0.3 0.9 34.1
JT Holdings (UK) Limited
(trading as Just Trays) 65 50 0.3 0.5 29.5
Attraction World Holdings
Limited 60 3 0.3 0.9 37.5
CB Technology Group Limited 58 58 0.3 1.2 77.8
Endura Limited 57 57 0.2 0.2 5.7
GEV Holdings Limited 56 56 0.2 0.4 35.6
Flexlife Group Limited 54 75 0.2 0.3 14.3
RMEC Group Limited 50 50 0.2 0.3 49.8
R&M Engineering Group Limited 45 60 0.2 0.7 69.9
Maven Co-invest Endeavour
Limited Partnership 44 38 0.2 0.7 99.3
(invested in Global Risk
Partners)
-------------------------------- ----------- --------- ------------ ----------- -----------------
Investment Portfolio Summary (Continued)
As at 30 September 2017
% of equity % of equity
Valuation Cost % of total held held by
Investment (continued) GBP'000 GBP'000 assets other clients(1)
--------------------------------- ----------- --------- ------------ ----------- -----------------
Unlisted (continued)
HCS Control Systems Group 43 60 0.2 0.5 36.0
ISN Solutions Group Limited 26 40 0.1 0.6 54.4
Space Student Living Limited 11 - - 1.7 78.4
Lawrence Recycling & Waste
Management Limited 10 73 - 0.8 61.2
Other unlisted investments - 246 -
--------------------------------- ----------- --------- ------------ ----------- -----------------
Total unlisted 5,685 5,155 24.1
--------------------------------- ----------- --------- ------------ ----------- -----------------
Quoted
Plant Impact PLC 214 246 0.8 0.8 1.1
Byotrol PLC 177 177 0.7 1.1 2.5
Angle PLC 37 69 0.2 0.1 0.3
Vianet Group PLC (formerly
Brulines Group PLC) 13 16 0.1 - 1.5
Plastics Capital PLC 12 10 0.1 - 1.4
esure Group PLC 7 - - - -
Gordon Dadds Group PLC (formerly
Work Group PLC) 6 101 - - 0.1
Other quoted investments - 238 -
--------------------------------- ----------- --------- ------------ ----------- -----------------
Total quoted 466 857 1.9
--------------------------------- ----------- --------- ------------ ----------- -----------------
Private equity investment
trusts
Princess Private Equity
Holding Limited 125 98 0.6 - 0.1
F&C Private Equity Trust
PLC 120 103 0.5 0.1 0.3
Apax Global Alpha Limited 116 99 0.5 - 0.1
HgCapital Trust PLC 116 100 0.5 - 0.1
Standard Life Private Equity
Trust 56 43 0.2 - -
--------------------------------- ----------- --------- ------------ ----------- -----------------
Total private equity investment
trusts 533 443 2.3
--------------------------------- ----------- --------- ------------ ----------- -----------------
Real estate investment trusts
Custodian REIT PLC 107 99 0.6 - 0.2
Schroder REIT Limited 106 99 0.5 - 0.2
Standard Life Investment
Property Income Trust 104 99 0.4 - 0.2
Limited
Target Healthcare REIT Limited 102 98 0.4 - 0.2
British Land Company PLC 99 99 0.4 - -
Regional REIT Limited 97 99 0.4 - 0.2
--------------------------------- ----------- --------- ------------ ----------- -----------------
Total real estate investment
trusts 615 593 2.7
--------------------------------- ----------- --------- ------------ ----------- -----------------
Investment Portfolio Summary (Continued)
As at 30 September 2017
% of equity % of equity
Valuation Cost % of total held held by
Investment (continued) GBP'000 GBP'000 assets other clients(1)
---------------------------------- ----------- --------- ------------ ----------- -----------------
Fixed income investment
trusts
TwentyFour Income Fund Limited 208 201 0.9 0.1 -
Alcentra European Floating
Rate Income Fund Limited 196 200 0.8 0.1 -
---------------------------------- ----------- --------- ------------ ----------- -----------------
Total fixed income investment
trusts 404 401 1.7
---------------------------------- ----------- --------- ------------ ----------- -----------------
Infrastructure investment
trusts
3i Infrastructure PLC 100 100 0.4 - -
The Renewables Infrastructure
Group Limited 100 100 0.4 - -
HICL Infrastructure Company
Limited 99 99 0.4 - -
International Public Partnerships
Limited 99 99 0.4 - -
---------------------------------- ----------- --------- ------------ ----------- -----------------
Total infrastructure investment
trusts 398 398 1.6
---------------------------------- ----------- --------- ------------ ----------- -----------------
Total investments 8,101 7,847 34.3
---------------------------------- ----------- --------- ------------ ----------- -----------------
(1) Other clients of Maven Capital Partners UK LLP.
Income Statement
For the Six Months Ended 30 September 2017
Six months ended Six months ended Year ended
30 September 30 September 31 March 2017
2017 2016
(unaudited) (unaudited) (audited)
---------------------------- ---------------------------- ----------------------------
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------------- -------- -------- -------- -------- -------- -------- -------- -------- ------------
(Losses)/gains
on investments - (46) (46) - 227 227 - 241 241
Income from
investments 105 - 105 42 - 42 142 - 142
Other income 11 - 11 - - - 7 - 7
Investment
management
fees (60) (239) (299) (34) (136) (170) (75) (300) (375)
Other expenses (84) - (84) (73) - (73) (181) - (181)
-------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Net return on
ordinary (28) (285) (313) (65) 91 26 (107) (59) (166)
activities before
taxation
Tax on ordinary - - - - - - - - -
activities
-------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Return attributable
to Equity
Shareholders (28) (285) (313) (65) 91 26 (107) (59) (166)
-------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Earnings per share
(pence) (0.07) (0.69) (0.76) (0.25) 0.35 0.10 (0.37) (0.21) (0.58)
-------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
All gains and losses are recognised in the Income Statement.
All items in the above statement are derived from continuing operations. The Company has only one class of business and one reportable segment, the results of which are set out in the Income Statement and Balance Sheet. The Company derives its income from investments made in shares, securities and bank deposits.
There are no potentially dilutive capital instruments in issue and, therefore, no diluted returns per share figures are relevant. The basic and diluted earnings per share are, therefore, identical.
The total column of this statement is the Profit and Loss Account of the Company.
The accompanying Notes are an integral part of the Financial Statements.
Statement of Changes in Equity
For the Six Months Ended 30 September 2017
Share Capital Capital Special Capital
Share premium reserve reserve distributable redemption Revenue
capital account realised unrealised reserve reserve reserve Total
Six Months Ended 30 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
September
2017
---------------------- --------- -------- --------- ----------- -------------- ----------- --------- ---------
At 31 March 2017 4,003 5,864 (1,246) 307 15,488 40 (1,035) 23,421
Net return - - (232) (53) - - (28) (313)
Dividends paid - - (103) - - - - (103)
Repurchase and
cancellation
of shares (50) - - - (260) 50 - (260)
Share issue 137 668 - - - - - 805
---------------------- --------- -------- --------- ----------- -------------- ----------- --------- ---------
At 30 September 2017 4,090 6,532 (1,581) 254 15,228 90 (1,063) 23,550
---------------------- --------- -------- --------- ----------- -------------- ----------- --------- ---------
Share Capital Capital Special Capital
Share premium reserve reserve distributable redemption Revenue
capital account realised unrealised reserve reserve reserve Total
Six Months Ended 30 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
September
2016
---------------------- --------- -------- --------- ----------- -------------- ----------- --------- ---------
At 31 March 2016 2,078 6,784 (1,189) 309 2,257 2,919 (857) 12,301
Net return - - (111) 202 - - (65) 26
Dividends paid - - - - - - (71) (71)
Repurchase and
cancellation
of shares (40) - - - (210) 40 - (210)
Share issue 763 3,754 - - - - - 4,517
Cancellation of share
premium
account - (10,538) - - 10,538 - - -
Cancellation of
capital redemption
reserve - - - - 2,919 (2,919) - -
Costs relating to
cancellation
of share
premium account and
capital
redemption reserve - - - - (15) - - (15)
---------------------- --------- -------- --------- ----------- -------------- ----------- --------- ---------
At 30 September 2016 2,801 - (1,300) 511 15,489 40 (993) 16,548
---------------------- --------- -------- --------- ----------- -------------- ----------- --------- ---------
Share Capital Capital Special Capital
Share premium reserve reserve distributable redemption Revenue
capital account realised unrealised reserve reserve reserve Total
Year Ended 31 March GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
2017
---------------------- --------- -------- --------- ----------- -------------- ----------- --------- ---------
At 31 March 2016 2,078 6,784 (1,189) 309 2,257 2,919 (857) 12,301
Net return - - (57) (2) - - (107) (166)
Dividends paid - - - - - - (71) (71)
Repurchase and
cancellation
of shares (40) - - - (211) 40 - (211) Share issue 1,965 9,618 - - - - - 11,583 Cancellation of share premium account - (10,538) - - 10,538 - - - Cancellation of capital redemption reserve - - - - 2,919 (2,919) - - Costs relating to cancellation of share premium account and capital redemption reserve - - - - (15) - - (15) ---------------------- --------- -------- --------- ----------- -------------- ----------- --------- --------- At 31 March 2017 4,003 5,864 (1,246) 307 15,488 40 (1,035) 23,421 ---------------------- --------- -------- --------- ----------- -------------- ----------- --------- ---------
The accompanying Notes are an integral part of the Financial Statements.
Balance Sheet
As at 30 September 2017
30 September 30 September 31 March
2017 2016 2017
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
------------------------------- ------------ ------------ ----------
Fixed assets
Investments at fair value
through profit or loss 8,101 4,428 5,478
Current assets
Debtors 82 37 60
Cash 15,461 12,223 18,129
------------------------------- ------------ ------------ ----------
15,543 12,260 18,189
Creditors
Amounts falling due within
one year 94 140 246
------------------------------- ------------ ------------ ----------
Net current assets 15,449 12,120 17,943
------------------------------- ------------ ------------ ----------
Net assets 23,550 16,548 23,421
------------------------------- ------------ ------------ ----------
Capital and reserves
Called up share capital 4,090 2,801 4,003
Share premium account 6,532 - 5,864
Capital reserve - realised (1,581) (1,300) (1,246)
Capital reserve - unrealised 254 511 307
Special distributable reserve 15,228 15,489 15,488
Capital redemption reserve 90 40 40
Revenue reserve (1,063) (993) (1,035)
------------------------------- ------------ ------------ ----------
Net assets attributable
to Ordinary Shareholders 23,550 16,548 23,421
------------------------------- ------------ ------------ ----------
Net asset value per Ordinary
Share (pence) 57.58 59.09 58.51
------------------------------- ------------ ------------ ----------
The Financial Statements of Maven Income and Growth VCT 6 PLC, registered number 3870187 were approved and authorised for issue by the Board of Directors on 8 December 2017 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 2017
Six months Six months Year ended
ended 30 ended 30 31 March
September September 2017
2017 2016
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
------------------------------- ------------ ------------ ----------
Net cash flows from operating
activities (408) (290) (574)
Cash flows from investing
activities
Investment income received 92 57 125
Deposit interest received 11 - 7
Purchase of investments (3,040) (838) (2,069)
Sale of investments 157 8,438 8,847
------------------------------- ------------ ------------ ----------
Net cash flows from investing
activities (2,780) 7,657 6,910
------------------------------- ------------ ------------ ----------
Cash flows from financing
activities
Equity dividends paid (103) (71) (71)
Issue of Ordinary Shares 805 4,517 11,583
Repurchase of Ordinary
Shares (182) (82) (211)
Costs relating to cancellation
of share
premium account - (15) (15)
------------------------------- ------------ ------------ ----------
Net cash flows from financing
activities 520 4,349 11,286
------------------------------- ------------ ------------ ----------
Net (decrease)/increase
in cash (2,668) 11,716 17,622
------------------------------- ------------ ------------ ----------
Cash at beginning of
period 18,129 507 507
Cash at end of period 15,461 12,223 18,129
------------------------------- ------------ ------------ ----------
The accompanying Notes are an integral part of the Financial Statements.
Notes to the Financial Statements
1. Accounting Policies
The financial information for the six months ended 30 September 2017 and the six months ended 30 September 2016 comprises non-statutory accounts within the meaning 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 2017, which have been filed at Companies Houses and which contained an Auditor's Report which was not qualified and did not contain a statement under S498(2) or S498(3) of the Companies Act 2006.
2. Reserves
Share premium account
The share premium account represents the premium above nominal value received by the Company on issuing shares net of issue costs.
Capital reserves
Gains or losses on investments realised in the year that have been recognised in the Income Statement are transferred to the capital reserve realised account on disposal. Furthermore, any prior unrealised gains or losses on such investments are transferred from the capital reserve unrealised account to the capital reserve realised account on disposal.
Increases and decreases in the fair value of investments are recognised in the Income Statement and are then transferred to the capital reserve unrealised account. The capital reserve realised account also represents capital dividends, capital investment management fees and the tax effect of capital items.
Special distributable reserve
The total cost to the Company of the repurchase and cancellation of shares is represented in the special distributable reserve account.
Capital redemption reserve
The nominal value of shares repurchased and cancelled is represented in the capital redemption reserve.
Revenue reserve
The revenue reserve represents accumulated profits retained by the Company that have not been distributed to Shareholders as a dividend.
3. Return per Ordinary Share
Six months Six months Year ended
ended 30 ended 30 31 March 2017
September September GBP'000
2017 2016
GBP'000 GBP'000
------------------------------ ------------ ------------ --------------
The return per Ordinary
Share is based on
the following figures:
Revenue return (28) (65) (107)
Capital return (285) 91 (59)
------------------------------ ------------ ------------ --------------
Total return (313) 26 (166)
------------------------------ ------------ ------------ --------------
Weighted average number
of Ordinary Shares in issue 41,331,432 26,256,342 28,546,015
Revenue return per Ordinary
Share (0.07) (0.25) (0.37)
Capital return per Ordinary
Share (0.69) 0.35 (0.21)
------------------------------ ------------ ------------ --------------
Return per Ordinary Share (0.76) 0.10 (0.58)
------------------------------ ------------ ------------ --------------
The net asset value per Ordinary Share has been calculated using the number of shares in issue at 30 September 2017 of 40,902,032.
Directors' Responsibility Statement
The Directors confirm that, to the best of their knowledge:
-- the Financial Statements for the six months ended 30 September 2017 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 2018; and
-- the Interim Management Report includes adequate disclosure of the information required by DTR 4.2.8R in relation to related party transactions and any changes therein.
Other Information
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, Fifth 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
8 December 2017
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR FSSFEAFWSEEE
(END) Dow Jones Newswires
December 08, 2017 07:25 ET (12:25 GMT)
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