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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Maven Income & Growth Vct Plc | LSE:MIG1 | London | Ordinary Share | GB0004122858 | 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% | 38.00 | 37.00 | 39.00 | 38.00 | 38.00 | 38.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Trust,ex Ed,religious,charty | 3.13M | 1.39M | 0.0093 | 40.86 | 56.75M |
From Apr 2019 to Apr 2024
TIDMMIG1
RNS Number : 6549N
Maven Income & Growth VCT PLC
28 October 2016
Maven Income and Growth VCT PLC
Interim results for the six months ended 31 August 2016 (unaudited)
The Directors are pleased to announce the unaudited Interim Management Report for the six months ended 31 August 2016.
Highlights
-- NAV total return of 137.33p per share at 31 August 2016, compared to 135.16p at 29 February 2016
-- NAV at 31 August 2016 of 66.63p per share after payment of the second interim and final dividends totalling 3.60p per share
-- Interim dividend declared of 2.40p per share (2015: 2.40p) -- New investments completed in The GP Service (UK) and Rockar -- Strong pipeline of new rule qualifying private equity investments
Overview
In the period under review NAV total return increased to 137.33p per share. This is in line with your Company's continuing objective of delivering long term capital appreciation whilst also generating maintainable levels of income for Shareholders.
Your Board and the Manager recognise the importance of dividends to Shareholders and, in recognition of the continued positive performance of the portfolio, the Board is pleased to declare an interim dividend of 2.40p per share for the period to 31 August 2016.
The portfolio now extends to 57 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 investments in The GP Service (UK) and Rockar and your Board is encouraged by the pipeline of VCT qualifying opportunities identified by the Manager, with a number of potential new transactions currently in process.
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 which VCTs are able to invest in. The rules specifically prohibit participation in management buy-outs or acquisitions, and limit the ability to support older companies unless defined criteria are met. Whilst this means that your Company can no longer finance certain transactions, the Manager's investment team has a strong track record of investing development capital in companies which meet the revised VCT qualification criteria.
Dividends
The Board has declared an interim dividend of 2.40p per Ordinary Share, comprising 0.35p of revenue and 2.05p of capital, to be paid on 25 November 2016 to Shareholders on the Register at 28 October 2016. Since the Company's launch, and after receipt of the interim dividend, Shareholders will have received 73.10p per share in tax-free dividends. The effect of paying the dividend will be to reduce the NAV of the Company by the total cost of the distribution.
On 24 August 2015 the Board announced that, under the Terms and Conditions of the Company's Dividend Investment Scheme (DIS), the Directors had resolved that, in light of the investment restrictions proposed in the Government's July 2015 Budget, the DIS was to be suspended with immediate effect. This would allow the Directors and the Manager to review the changes to the VCT legislation and to consider the potential impact of these on the Company's future investment strategy. As a result, until further notice, all future dividends will be paid to Shareholders by either cheque or direct bank transfer using existing mandate instructions.
Portfolio Developments
The private equity portfolio has generally performed well, with positive trading results having led to valuation uplifts for a number of companies operating across a range of sectors.
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 remains a highly cash generative and valuable portfolio asset.
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. The company has delivered impressive growth over recent years and, as a result, Elite now has 30 lines of insurance, with the UK business representing 62% of total sales. The business focuses on high margin niche lines, requiring considerable expertise and underwriting skills as well as holding strong distribution relationships.
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 trend has continued through 2016, with further organic growth in both China and Scotland enhanced by the benefits of a number of productivity improvement projects. The order book remains strong, providing increased visibility of future revenues for the business.
Crawford Scientific, a leading supplier of chromatography products and services, has traded ahead of plan since Maven clients' initial investment in August 2014. During 2015 the business acquired and successfully integrated analytical services company Hall Analytical Laboratories which, alongside strong trading within the core Crawford business, has contributed to out-performance against the original investment case. The business has fully repaid the debt used to fund the Hall acquisition and the management team is continuing to grow each of Crawford's service and product lines, with organic growth forecast to increase both turnover and earnings in the current year.
The UK's largest provider of promotional merchandise, SPS (EU), has experienced excellent growth under private ownership since Maven clients invested in February 2014. Operational improvements have enhanced profitability, whilst organic growth has been supplemented through two complementary acquisitions, High Profile Plastic and TEC, both of which were completed in the year to 31 December 2015. The business is forecasting to deliver further growth in the current financial year and make operational efficiencies, as a result of the implementation of a new enterprise resource planning system.
DPP provides 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.
As well as reflecting positive trading performance across the portfolio, your Board and the Manager continue to be mindful of the possible effects of the enduring low oil price on those companies that operate in the oil & gas market. The Manager has worked closely with these companies as they have implemented overhead reduction programmes, targeted at reducing the cost base and closing non-core operations with a view to conserving cash and positioning the businesses for recovery. Across the energy services sector budgets have been set conservatively based on the expectation that the remainder of 2016 will continue to be challenging, with recovery starting to feed through in 2017 as the oil price stabilises and the pent up demand for essential maintenance and repair work is released. In response to these market conditions, the valuation of HCS Control Systems Group has 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 remain 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 energy services 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 experience of the sector. The investment will enable Rockar to enhance its product offering and finance new dealerships in major shopping centres, working in partnership with global automotive brands including Hyundai and Jaguar Land Rover. Maven clients invested in Rockar alongside NVM Private Equity.
The following investments were completed during the reporting period:
Hot Features
Premium
Investment cost
Date Sector GBP'000 Website
----------------------------------- ---------------- --------------- ----------------------
Unlisted
Rockar 2016 Limited July 2016 Automobiles 483 www.rockar.com
(trading as Rockar) & parts
The GP Service April 2016 Health 497 www.thegpservice.co.uk
(UK) Limited
-------------------- ------------- ---------------- --------------- ----------------------
Total unlisted investment 980
----------------------------------------------------- ---------------------------------------
UK treasury bills
Treasury Bill 12
September 2016 March 2016 UK government 4,341
-------------------- ------------- ---------------- ---------------------------------------
Total UK treasury bills investment 4,341
----------------------------------------------------- ---------------------------------------
Total investment 5,321
----------------------------------------------------- ---------------------------------------
At the period end, the portfolio stood at 57 unlisted and quoted investments, at a total cost of GBP26.9 million.
Realisations
The table below gives details of all realisations achieved, and deferred considerations received, during the reporting period:
Cost Value Gain/(loss)
of shares at 29 over
Year disposed February Sales Realised 29 February
first Complete/ of 2016 proceeds gain/(loss) 2016 value
invested partial exit GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------- ---------- ------------- ----------- ---------- ---------- ------------- ------------
Unlisted
Crawford Scientific 2014 Partial 60 75 60 - (15)
Holdings Limited1
Ensco 969 Limited 2013 Partial 15 15 15 - -
(trading as DPP)
Kelvinlea Limited 2013 Partial 88 88 88 - -
LCL Hose Limited 2011 Complete - - 7 7 7
(trading as Dantec
Hose)
Westway Services
Holdings 2014 Complete - - 14 14 14
---------- ------------- ----------- ---------- ---------- ------------- ------------
(2014) Limited
------------------------- ---------- ------------- ----------- ---------- ---------- ------------- ------------
Total unlisted
disposals 163 178 184 21 6
------------------------- -------------------------------------- ---------- ---------- ------------- ------------
Quoted
Tangent Communications
PLC 2007 Complete 98 21 30 (68) 9
------------------------- ---------- ------------- ----------- ---------- ---------- ---------------------------
Total quoted disposals 98 21 30 (68) 9
------------------------- -------------------------------------- ---------- ---------- ---------------------------
UK treasury bills
Treasury Bill
14 March 2016 2015 Complete 1,995 2,000 2,000 5 -
Treasury Bill
21 March 2016 2015 Complete 2,247 2,249 2,250 3 1
Treasury Bill
20 June 2016 2015 Complete 2,245 2,248 2,250 5 2
------------------------- ---------- ------------- ----------- ---------- ---------- ------------- ------------
Total UK treasury bills disposals 6,487 6,497 6,500 13 3
---------------------------------------------------- ----------- ---------- ---------- ------------- ------------
Total disposals 6,748 6,696 6,713 (34) 18
------------------------- -------------------------------------- ---------- ---------- ---------------------------
1 Proceeds exclude yield and redemption premiums received, which are disclosed as revenue for financial reporting purposes. The
table includes the redemption of loan notes by a number of investee companies.
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.
Material Developments Since the Period End
Since 31 August 2016, one new private company asset has been added to the portfolio. In October 2016, the Manager completed an investment in Chic Retreats, an inventory management software platform for the independent boutique hotel market.
Other than minor repayments of loan notes by Crawford Scientific Holdings and DPP, no realisations have taken place subsequent to the period end.
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 Committee and reported to your Board. The Board has confirmed that all tests, including the criteria for VCT qualifying status, continue to be monitored and met.
Share Buy-backs
Shareholders have given the Board authority to buy back shares for cancellation or to be held in treasury, subject always to such transactions being in the best interests of Shareholders. It is intended that, subject to market conditions, available liquidity and the maintenance of the Company's VCT status, shares will be bought back at prices representing a discount of between 5% and 10% to the prevailing NAV per share. During the period under review 40,000 shares were bought back at a total cost of GBP26,000.
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 businesses and transactions that 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 for VCTs. With effect from 6 April 2016, VCTs are only permitted to make qualifying investments and certain limited investments for liquidity purposes, with other non- qualifying investments 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.
Since the announcement of the new rules, along with other leading VCT managers, Maven has been engaged in a consultation process led by the industry representative body the Association of Investment Companies (AIC). The AIC has been in discussion with HM Treasury to present the case for permitting an element of replacement capital in certain circumstances in new VCT transactions. This dialogue is ongoing and Shareholders will be kept up to date with any new developments.
On 3 July 2016 the EU's Market Abuse Regulation (MAR) came into force, replacing the Market Abuse Directive (MAD) in the UK, and is now applicable to all UK Listed and AIM quoted companies. The aim of MAR is to enhance market integrity and investor protection and, although on similar lines to MAD, its scope has been expanded to include financial instruments traded on multilateral trading facilities, organised trading facilities and certain 'over-the-counter' activities, and will also introduce new rules on the disclosure of inside information, insider lists and share dealings by persons discharging managerial responsibilities. Maven anticipates that compliance with MAR will not have a significant impact on the activities of its VCT clients, and all relevant policies and procedures have been updated as appropriate.
Outlook
Shareholders will be aware of the result of the Referendum held on 23 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 the coming months, 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 to 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 resource available to the Manager across its national office network remains capable of sourcing high quality opportunities which comply with the amended rules, whilst continuing to meet its investment quality criteria.
Notwithstanding the impact of the recent legislative changes, your Board remains committed to delivering its core objectives of achieving long term capital appreciation and generating maintainable levels of income for Shareholders. The current portfolio of private company holdings 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
28 October 2016
Summary of Investment Changes - For the Six Months Ended 31 August 2016
Valuation Net investment/ Appreciation/ Valuation
29 February 31 August
2016 (disinvestment) (depreciation) 2016
GBP'000 % GBP'000 GBP'000 GBP'000 %
-------------- ------------ -------------- --------------------------- --------------------------- ------------ -------------
Unlisted
investments
Equities 11,445 31.0 674 1,166 13,285 36.8
Preference
shares 1 - - - 1 -
Loan stock 16,203 43.9 122 (69) 16,256 45.0
---------------- ------------ -------------- --------------------------- --------------------------- ------------ -------------
27,649 74.9 796 1,097 29,542 81.8
AIM/ISDX
investments
Equities 661 1.8 (30) 103 734 2.0
Listed
investments
Equities 20 0.1 - 2 22 0.1
UK treasury
bills 6,497 17.6 (2,159) 12 4,350 12.1
Total
investments 34,827 94.4 (1,393) 1,214 34,648 96.0
Net current
assets 2,062 5.6 (622) - 1,440 4.0
Net assets 36,889 100.0 (2,015) 1,214 36,088 100.0
================ ============ ============== =========================== =========================== ============ =============
Investment Portfolio Summary as at 31 August 2016
% of % of equity
Valuation Cost total % of equity held by
Investment GBP'000 GBP'000 assets held other clients(1)
------------------------------- ------------- ----------- ----------- --------------- ---------------------------
Unlisted
Nenplas Holdings Limited 2,902 848 7.9 10.6 21.9
Torridon (Gibraltar) Limited
(formerly Torridon Capital
Limited) 2,665 400 7.4 4.5 35.5
Lemac No. 1 Limited (trading
as John McGavigan) 1,876 699 5.2 9.1 27.7
SPS (EU) Limited 1,230 803 3.4 6.7 35.8
Martel Instruments Holdings
Limited 1,104 1,234 3.1 14.9 29.3
Crawford Scientific Holdings
Limited 958 522 2.7 6.9 41.3
CatTech International Limited 883 627 2.4 6.0 24.0
HCS Control Systems Group
Limited 846 846 2.3 6.9 29.6
Maven Capital (Llandudno)
LLP 801 801 2.2 - 100.0
Ensco 969 Limited (trading
as DPP) 756 756 2.1 4.9 29.6
GEV Holdings Limited 728 728 2.0 4.6 31.4
Fathom Systems Group Limited 711 711 2.0 8.0 52.0
Glacier Energy Services
Holdings
Limited 688 688 1.9 2.7 25.0
JT Holdings (UK) Limited
(trading
as Just Trays) 686 522 1.9 5.8 24.2
ELE Advanced Technologies
Limited 656 192 1.8 11.3 -
Assecurare Limited 650 650 1.8 12.9 36.9
Broadwave Engineering Limited 650 650 1.8 12.9 36.9
Constant Progress Limited 650 650 1.8 12.7 37.1
Equator Capital Limited 650 650 1.8 12.7 37.1
Toward Technology Limited 650 650 1.8 12.7 37.1
Lambert Contracts Holdings
Limited 616 838 1.7 12.6 52.1
Flow UK Holdings Limited 598 598 1.7 7.3 27.7
CB Technology Group Limited 579 579 1.6 11.8 67.2
R&M Engineering Group Limited 572 762 1.6 8.6 62.0
Vodat Communications Group
Holdings 567 567 1.6 6.6 35.2
The GP Service (UK) Limited 497 497 1.4 6.2 26.3
Rockar 2016 Limited (trading
as Rockar) 483 483 1.3 2.7 11.1
Majenta Logistics Limited 480 480 1.3 6.4 43.4
RMEC Group Limited 463 463 1.3 2.9 47.2
CHS Engineering Services
Limited 453 453 1.3 4.0 19.4
Flexlife Group Limited 448 448 1.2 1.8 12.8
Maven Co-invest Endeavour
Limited Partnership
(invested
in Global Risk Partners) 436 436 1.2 12.4 87.6
Castlegate 737 Limited
(trading
as Cursor Controls) 400 324 1.1 3.3 44.2
Claven Holdings Limited 356 215 1.0 14.7 35.3
Vectis Technology Limited 330 330 0.9 6.4 43.4
Attraction World Holdings
Limited 278 21 0.8 6.2 32.2
TC Communications Holdings
Limited 241 413 0.7 3.5 26.5
Endura Limited 229 229 0.6 0.7 5.2
ISN Solutions Group Limited 205 323 0.6 4.6 50.4
Space Student Living Limited 144 - 0.4 11.5 68.6
Metropol Communications
Limited 144 144 0.4 6.4 43.4
Onyx Logistics Limited 144 144 0.4 6.4 43.4
Lawrence Recycling
and Waste Management Limited 135 951 0.4 10.4 51.6
Other unlisted investments 4 2,380 -
------------------------------- ------------- ----------- ----------- --------------- ---------------------------
Total unlisted investments 29,542 25,705 81.8
------------------------------- ------------- ----------- ----------- --------------- ---------------------------
% of % of equity
Valuation Cost total % of equity held by
Investment GBP'000 GBP'000 assets held other clients(1)
Quoted
Cello Group PLC 319 310 0.9 0.4 0.1
Plastics Capital PLC 278 260 0.7 0.7 0.7
Angle PLC 106 114 0.3 0.3 0.3
Vianet Group PLC 29 37 0.1 0.1 1.4
esure Group PLC 22 - 0.1 - -
Other quoted investments 2 513 -
------------------------------- ------------- ----------- ----------- --------------- ---------------------------
Total quoted investments 756 1,234 2.1
------------------------------- ------------- ----------- ----------- --------------- ---------------------------
UK treasury bills
Treasury Bill 12 September
2016 4,350 4,341 12.1
------------------------------- ------------- ----------- ----------- --------------- ---------------------------
Total UK treasury bills
investments 4,350 4,341 12.1
------------------------------- ------------- ----------- ----------- --------------- ---------------------------
Total investments 34,648 31,280 96.0
------------------------------- ------------- ----------- ----------- --------------- ---------------------------
1 Other clients of Maven
Capital
Partners UK LLP.
Income Statement
For the Six Months Ended 31 August 2016
Six months Six months Year ended
ended ended 29 February
31 August 2016 31 August 2015 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
-------------- -------------------- -------------------- ------------------- -------------------- -------------------- ------------------- -------------------- -------------------- -----------------
Investment
income and
deposit
interest 423 - 423 957 - 957 2,024 - 2,024
Investment
management
fees (70) (278) (348) (70) (279) (349) (138) (552) (690)
Other
expenses (100) - (100) (22) - (22) (261) - (261)
Gains on
investments - 1,214 1,214 - 768 768 - 2,792 2,792
-------------- -------------------- -------------------- ------------------- -------------------- -------------------- ------------------- -------------------- -------------------- -----------------
Net return
on ordinary
activities
before
taxation 253 936 1,189 865 489 1,354 1,625 2,240 3,865
Tax on
ordinary
activities (37) 24 (13) (168) 56 (112) (282) 111 (171)
-------------- -------------------- -------------------- ------------------- -------------------- -------------------- ------------------- -------------------- -------------------- -----------------
Return
attributable
to Equity
Shareholders 216 960 1,176 697 545 1,242 1,343 2,351 3,694
-------------- -------------------- -------------------- ------------------- -------------------- -------------------- ------------------- -------------------- -------------------- -----------------
Earnings per
share
(pence) 0.40 1.77 2.17 1.28 1.00 2.28 2.47 4.32 6.79
-------------- -------------------- -------------------- ------------------- -------------------- -------------------- ------------------- -------------------- -------------------- -----------------
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 31 August 2016
Six months Six months
ended ended Year ended
31 August 31 August 29 February
2016 2015 2016
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
----------------------------- -------------------- -------------------- ------------------
Opening Shareholders'
funds 36,889 36,291 36,291
Net return for period 1,176 1,242 3,694
Net proceeds of share
issue - 262 263
Net proceeds of DIS
issue - 53 46
Repurchase and cancellation
of shares (26) - (193)
Dividends paid -
revenue (650) (381) (980)
Dividends paid -
capital (1,301) (1,523) (2,232)
------------------------------ -------------------- -------------------- ------------------
Closing Shareholders'
funds 36,088 35,944 36,889
============================== ==================== ==================== ==================
The accompanying Notes are an integral part of the Financial Statements.
Balance Sheet
As at 31 August 2016
31 August 31 August 29 February
2016 2015 2016
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
---------------------------- ---------------------------- ---------------------------- ----------------------------
Fixed assets
Investments at fair
value through profit
or loss 34,648 32,971 34,827
Current assets
Debtors 563 861 793
Cash 1,101 2,342 1,580
---------------------------- ---------------------------- ---------------------------- ----------------------------
1,664 3,203 2,373
Creditors
Amounts falling due
within one year 224 230 311
----------------------------
Net current assets 1,440 2,973 2,062
---------------------------- ---------------------------- ---------------------------- ----------------------------
Net assets 36,088 35,944 36,889
---------------------------- ---------------------------- ---------------------------- ----------------------------
Capital and reserves
Called up share capital 5,416 5,449 5,420
Share premium account 10,253 10,259 10,253
Capital reserve - realised (10,804) (10,211) (9,215)
Capital reserve -
unrealised 4,043 2,694 2,795
Special distributable
reserve 26,391 26,610 26,417
Capital redemption reserve 231 198 227
Revenue reserve 558 945 992
---------------------------- ---------------------------- ---------------------------- ----------------------------
Net assets attributable
to Equity Shareholders 36,088 35,944 36,889
---------------------------- ---------------------------- ---------------------------- ----------------------------
Net Asset Value per
Ordinary share (pence) 66.63 65.96 68.06
---------------------------- ---------------------------- ---------------------------- ----------------------------
The Financial Statements of Maven Income and Growth VCT PLC, registered number 3908220, were approved and authorised for issue by the Board of Directors on 28 October 2016 and were signed on its behalf by:
John Pocock
Director
The accompanying Notes are an integral part of the Financial Statements.
Cash Flow Statement
For the Six Months Ended 31 August 2016
Six months
ended
Six months 31 August
ended 2015 Year ended
31 August 29 February
2016 (restated)* 2016
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
---------------------------- -------------------------- ----------------------- --------------------
Net cash flows from
operating activities (554) (453) (1,003)
Cash flows from investing
activities
Investment income received 561 947 2,038
Purchase of investments (5,321) (13,950) (27,066)
Sale of investments 6,812 13,205 26,525
Net cash flows from
investing activities 2,052 202 1,497
----------------------------- -------------------------- ----------------------- --------------------
Cash flows from financing
activities
Equity dividends paid (1,951) (1,904) (3,212)
Issue of Ordinary Shares - 4,019 4,013
Repurchase of Ordinary
Shares (26) - (193)
-----------------------------
Net cash flows from
financing activities (1,977) 2,115 608
----------------------------- -------------------------- ----------------------- --------------------
Net (decrease)/increase
in cash (479) 1,864 1,102
----------------------------- -------------------------- ----------------------- --------------------
Cash at beginning of
period 1,580 478 478
Cash at end of period 1,101 2,342 1,580
* The 2015 cash flow has been restated for the presentational requirements of FRS 102.
The accompanying Notes are an integral part of the Financial Statements.
Notes to the Financial Statements
For the Six Months Ended 31 August 2016
1. Accounting Policies
The financial information for the six months ended 31 August 2016 and the six months ended 31 August 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 29 February 2016, 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.
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 29
February
2016 10,253 (9,215) 2,795 26,417 227 992
Losses on
sale
of
investments - (34) - - - -
Net increase
in
value of
investments - - 1,248 - - -
Investment
management
fees - (278) - - - -
Dividends
paid - (1,301) - - - (650)
Tax effect of
capital items - 24 - - - -
Repurchase
and
cancellation
of
shares - - - (26) 4 -
Net return on
ordinary
activities
after
taxation - - - - - 216
-------------- --------------------- --------------------- --------------------- --------------------- --------------------- ---------------------
At 31 August
2016 10,253 (10,804) 4,043 26,391 231 558
-------------- --------------------- --------------------- --------------------- --------------------- --------------------- ---------------------
3. Returns per Ordinary Share
Six months
ended
31 August 2016
------------------------------------- -----------------
The returns per share have been
based on the following figures:
Weighted average number of Ordinary
Shares 54,188,319
Revenue return GBP216,000
Capital return GBP960,000
Directors' Responsibility Statement
The Directors confirm that, to the best of their knowledge:
-- the Financial Statements for the six months ended 31 August 2016 have been prepared in accordance with FRS102, The Financial Reporting Standard applicable to the UK and Republic or 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 28 February 2017; and
-- the Interim Management Report includes adequate disclosure of the information required by DTR 4.2.8R in relation to material related party transactions and any changes therein.
Other information
The NAV per Ordinary Share has been calculated using the number of Ordinary Shares in issue at 31 August 2016 of 54,157,884.
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 and at the registered office of the Company, 5th Floor, 1-2 Royal Exchange Buildings, London EC3V 3LF.
Neither the content of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.
On behalf of the Board
Maven Capital Partners UK LLP
Secretary
28 October 2016
This information is provided by RNS
The company news service from the London Stock Exchange
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(END) Dow Jones Newswires
October 28, 2016 02:00 ET (06:00 GMT)
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