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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Maven Income And Growth Vct 3 Plc | LSE:MIG3 | London | Ordinary Share | GB0031153769 | 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% | 48.00 | 47.00 | 49.00 | 48.00 | 47.00 | 48.00 | 0.00 | 08:00:26 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Investors, Nec | -828k | -2.82M | -0.0245 | -19.59 | 55.07M |
From Apr 2019 to Apr 2024
TIDMMIG3
RNS Number : 0491P
Maven Income and Growth VCT 3 PLC
25 August 2017
Maven Income and Growth VCT 3 PLC
Interim Results for the Six Months Ended 31 May 2017
Highlights
-- NAV total return of 143.52p per share at 31 May 2017, compared to 143.40p at 30 November 2016
-- NAV at 31 May 2017 of 86.82p per share after payment of the final dividend of 3.75p per share
-- First interim dividend of 2.71p per share paid on 14 July 2017 -- Second interim dividend of 5.14p per share to be paid on 15 September 2017
-- Four new VCT qualifying private company holdings added to the portfolio, with a further two completed post the period end
-- Large pipeline of VCT qualifying investments, with a number in advanced process -- Realisation of Nenplas for a 5.0 times money multiple return
Overview
During the reporting period, further progress has been achieved by your Company, with the completion of four new VCT qualifying investments in fast growing private companies operating across a number of diverse sectors, with a further two new investments completed after the period end. In addition, the Company benefitted from the successful exit from the holding in Nenplas which achieved a 5.0 times money multiple return over the life of the investment. The majority of the businesses in the investee portfolio have continued to trade well, with NAV total return increasing slightly to 143.52p per share.
The Directors and the Manager recognise the importance of tax-free distributions to Shareholders and the Board was pleased to declare interim dividends totalling 7.85p per share.
In the first half of the financial year, Maven continued to focus on sourcing attractive VCT qualifying investment opportunities that meet the requirements of the revised VCT legislation, as detailed in the 2016 Annual Report. Since the introduction of the new VCT rules in 2015, Maven has provided development capital to ten qualifying private companies, demonstrating its flexible approach and ability to adapt to the requirements of the revised legislation. It has, however, become apparent that new transactions are taking considerably longer to complete, due to the requirement to secure Advance Assurance tax clearance from HM Revenue & Customs (HMRC) for each new investment.
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 VCT tax clearance process, only completing investments once Advance Assurance has been secured. The investment team continues to progress all other aspects of live transactions in order to facilitate a swift completion once approval is granted. There are a number of active new transactions which are well-progressed and it is anticipated that there will be a good rate of investment activity through the second half of the financial year.
Dividends
As highlighted by the Board in the 2016 Annual Report, Shareholders should be aware that the move 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 fluctuation. Due to a number of recent profitable realisations, and in order to ensure your Company's ongoing compliance with the VCT regulations, on 15 June 2017 the Directors considered it appropriate to declare the early payment of a first interim dividend, and a second interim dividend was announced on 10 August 2017.
The first interim dividend in respect of the year ending 30 November 2017, of 2.71p per Ordinary Share and comprising 0.50p of revenue and 2.21p of capital, was paid on 14 July 2017 to Shareholders on the register at close of business on 23 June 2017. The second interim dividend of 5.14p per share, comprising capital only, will be paid on 15 September 2017 to Shareholders on the register at close of business on 18 August 2017. Since the Company's launch, and after receipt of both interim dividends, Shareholders will have received 64.55p 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.
Decisions on future distributions will take into consideration the availability of surplus revenue, the proceeds from any further realisations and the VCT qualifying levels of the portfolio. While these two interim dividends will represent an aggregate amount in excess of any previous year, it is the Board's intention to maintain distributions for subsequent years at similar level to that of the year ended 30 November 2016, although this will be dependant on investment realisations.
Portfolio Developments
The portfolio of private company holdings has generally performed well, resulting in the valuations of a number of companies being increased. It is reassuring to note that, despite the political and economic uncertainty resulting from the recent 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 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 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 by the acquisition, in April 2016, of Belgian based distributor of trackballs and other associated products, NSI. 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 enhanced by the benefits of a number of productivity improvement projects implemented earlier in the year. This strong momentum has continued in 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 the visibility of the future prospects for the business. Given the growth achieved and the 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, supporting 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 Attraction World 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, over time, it will prove to be a valuable addition to the business.
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 solution 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. The business continues to make good progress across all divisions and is on track to deliver further growth in the current year. Strong financial performance and cash generation has enabled the company to make additional voluntary repayments of Maven client loan notes during the period.
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 successfully integrated 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. The balance sheet remains healthy and the business continues to reduce its core term debt.
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. The company has no external bank debt and was able to make a voluntary partial repayment of Maven client loan notes during the period.
In light of current trading, the valuations of the investments in CHS Engineering Services, Claven, Flexlife and Lambert Contracts have been protectively reduced.
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 seeing early signs of improving market conditions. After three years of steady decline in the sector, conditions appear to have stabilised. Following extensive cost cutting, the Maven portfolio companies are operating with lean structures and have limited or no external debt. As such, they are relatively well positioned to benefit from a market recovery. The majority of Maven's investee companies in this market are focused on operational expenditure, particularly related to health and safety. Although budgets have been set conservatively, there is evidence of growing confidence, with order books and workshops recording higher activity levels. The Board will continue to monitor the performance of investee companies in this sector, maintaining a conservative approach to valuations until there is evidence of a sustained recovery.
The recent new investments in private equity investment trusts and real estate investment trusts have performed well over the period, generating valuable capital growth and income through dividend payments. The Board and the Manager are encouraged by this contribution and believe that these investments will provide a steady and reliable source of income for your Company. This is particularly important in light of the restrictions introduced in the March 2016 Budget Statement, which prevent VCTs 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 and will continue to consider a range of other permitted income generating investment options.
New Investments
During the period, your Company provided development capital to four private companies operating across a range of sectors:
-- Whiterock Group, a provider of innovative cloud-based 360(o) visualisation solutions that enable clients to navigate every detail of hard-to-access assets and facilities, such as oil rigs, nuclear reactors and government buildings. The investment will enable the company to roll out the software and provide additional capacity to deliver on its strong pipeline of current opportunities.
-- ebb3, a technology company that develops mobile workspace solutions to address the need for seamless and 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.
-- QikServe, a developer of a patented software product aimed at multi-outlet hospitality operators such as restaurants, hotels and casinos. This enables customers to order and pay for food and drinks, and to participate in customer loyalty schemes, via an app on a smartphone or tablet device. QikServe is currently the only globally accredited mobile ordering system that is fully integrated with world-leading electronic point of sale provider, Oracle Hospitality. The investment will enable the company to further develop its technology and expand into international markets, particularly the US.
-- 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 subsequent development sites, whilst supporting the operational expenditure and overheads of the first crematorium in North Ayrshire, Scotland, where construction commenced in May 2017.
The following investments have been completed during the reporting period:
Hot Features
Premium
Investment
cost
Date Sector GBP'000 Website
Unlisted
ebb3 Limited May 2017 Software 183 www.ebb3.com
&
computer
services
Horizon Cremation May 2017 Support 458 horizoncremation.co.uk
Limited services
QikServe Limited December Software 397 www.qikserve.com
2016 &
computer
services
Whiterock Group December Technology 208 www.whiterockgroup.net
Limited 2016
======================== =========== ============= ========== ======================
Total unlisted 1,246
==================================================== ========== ======================
Private equity
investment trust December Investment 2 www.slcapital.com
Standard Life Private 2016 companies
Equity Trust PLC
======================== =========== ============= ========== ======================
Total private equity
investment trust 2
==================================================== ========== ======================
Total investments 1,248
==================================================== ========== ======================
At the period end, the portfolio stood at 68 unlisted and quoted investments, at a total cost of GBP28.27million.
Realisations
In December 2016, Maven achieved a full exit from plastics manufacturer Nenplas, through a trade sale to a German acquirer at a premium to carrying value. The exit achieved a total return of 5.0 times for investors in the 2006 buy-out of Homelux Nenplas. This is the second profitable realisation for Maven clients following the demerger process in March 2013, which achieved a partial exit for the Maven VCTs through the sale of the Homelux DIY products division to US firm QEP.
Further realisations were achieved through the partial repayment of loan notes by Crawford Scientific and DPP, and the release of recovery proceeds for Space Student Living.
As at the date of this report, the Manager is engaged with several other investee companies and prospective acquirers at various stages of the negotiations process, although there can be no certainty that these discussions will result in profitable sales.
The table below gives details of all realisations achieved, and deferred considerations received, during the reporting period:
Gain/(loss)
Cost Value over
of shares at 30 30 November
Year Complete/ disposed November Sales Realised 2016
first partial of 2016 proceeds gain/(loss) value
invested exit GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Unlisted
Assecurare Limited 2014 Complete 600 600 600 - -
Broadwave Engineering
Limited 2014 Complete 600 600 600 - -
Crawford Scientific
Holdings Limited1 2014 Partial 29 37 29 - (8)
Cyclotech Limited 2007 Complete - - 56 56 56
Ensco 969 Limited
(trading as DPP)(1) 2013 Partial 74 74 74 - -
Llanllyr Water
Company Limited 2002 Complete 5 4 5 - 1
Nenplas Holdings
Limited(1) 2013 Complete 766 2,598 2,663 1,897 65
Space Student
Living Limited 2011 Partial - 72 72 72 - ====================== =========== ============ ========== ========= ========== ============= ============ Total unlisted 2,074 3,985 4,099 2,025 114 ================================================= ========== ========= ========== ============= ============ Total disposals 2,074 3,985 4,099 2,025 114 ================================================= ========== ========= ========== ============= ============
(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.
Material Developments Since the Period End
Since 31 May 2017, two new private company asset had been added to the portfolio.
ITS Technology, 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 12 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.
Contego Fraud Solutions, a provider of a complex, multi-source compliance and fraud detection software platform for public and private sector clients, including property, banking and financial services. 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.
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/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 & 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 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 362,000 shares were bought back at a total cost of GBP285,000.
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.
In addition, in response to the increased volume of applications submitted and the resultant delays experienced in obtaining clearance for proposed investments, a consultation was launched into the options to streamline the Advance Assurance service provided by HMRC. The summary responses of this consultation were released in late March 2017 and a further detailed report and analysis is expected in due course.
Offer for Subscription
As announced to the market on 19 July 2017, the Directors of your Company, together with the Directors of Maven Income and Growth VCT 4 PLC, have announced their intention to raise up to GBP30 million, in aggregate, by way of Offers for Subscription of new Ordinary Shares, with over-allotment facilities of up to, in aggregate, a further GBP10 million. It is anticipated that shares will be issued in the 2017/18 and 2018/19 tax years.
The Board of your Company is confident that, given the strength of the current pipeline of private company introductions, the Manager will continue to be able to identify and complete VCT qualifying transactions in line with each Company's investment strategy.
A Prospectus with full details of the Offers is intended for publication in September 2017.
Dividend Investment Scheme
The Directors have also resolved to re-introduce the Dividend Investment Scheme (DIS), which was suspended on 24 August 2015 due to the restrictions imposed by the Government's Summer 2015 Budget. Now that there is more clarity regarding the investment criteria that apply to VCTs, and with the Company having stated its intention to launch an Offer for Subscription, the DIS has been reinstated, as announced on 10 August 2017.
This means that, unless Shareholders advise otherwise, those Shareholders who had previously elected to participate in the DIS will revert to receiving new shares with effect from 15 September 2017, being the payment date of the second interim dividend. Shares issued under the DIS qualify for VCT tax reliefs applicable for the tax year in which they are allotted. Full details of the scheme, together with a mandate form, are available from the Company's website. Shareholders who had not previously applied to participate in the DIS and who wish to do so for future dividends should ensure that a mandate form, or CREST instruction if appropriate, is submitted.
Outlook
The Manager is encouraged by the performance achieved during the reporting period. Notwithstanding the uncertain economic and political backdrop following the UK's decision to leave the EU, and the more recent General Election, the portfolio of investee companies has generally continued to trade well with no discernible impact on performance as a consequence of the political uncertainty. This demonstrates the strength and breadth of the underlying portfolio and its ability to continue to generate positive returns for Shareholders.
Whilst it is early days for a number of the new investee companies initial indications suggest that they are performing to plan and should, over time, represent valuable additions to the portfolio. Maven extended its nationwide presence through the opening of four new offices during the period, expanding the network to ten locations across the UK. This regional approach ensures that the investment team is best positioned to access potential investment opportunities through their local network of contacts. The Manager's geographic presence is delivering a strong pipeline of prospective investment opportunities and, based on current momentum, it is anticipated that the rate of investment in the remainder of the financial year will be at a higher level compared to the previous year, subject to securing Advance Assurance from HMRC.
On behalf of the Board
Maven Capital Partners UK LLP
Secretary
25 August 2017
Summary of Investment Changes
For the Six Months Ended 31 May 2017
Valuation Net investment/ Appreciation/ Valuation
30 November (disinvestment) (depreciation) 31 May 2017
2016
GBP'000 % GBP'000 GBP'000 GBP'000 %
--------------------- ------- ------ ---------------- --------------- ------- ------
Unlisted investments
Equities 13,363 36.1 (1,762) 847 12,448 35.3
Loan stock 17,940 48.5 (1,091) (905) 15,944 45.3
===================== ======= ====== ================ =============== ======= ======
31,303 84.6 (2,853) (58) 28,392 80.6
AIM/NEX investments
Equities 230 0.6 17 247 0.7
Listed investments
Equities 16 - - 6 22 0.1
Investment trusts 1,041 2.8 2 97 1,140 3.2
===================== ======= ====== ================ =============== ======= ======
Total investments 32,590 88.0 (2,851) 62 29,801 84.6
Other net assets 4,430 12.0 991 - 5,421 15.4
===================== ======= ====== ================ =============== ======= ======
Net assets 37,020 100.0 (1,860) 62 35,222 100.0
===================== ======= ====== ================ =============== ======= ======
Investment Portfolio Summary
As at 31 May 2017
% of equity
Valuation Cost % of total % of equity held by
Investment GBP'000 GBP'000 assets held other
clients(1)
---------------------------------------------- ----------- --------- ------------ ------------- -----------
Unlisted
Torridon (Gibraltar) Limited 2,665 400 7.7 4.5 35.5
Lemac No. 1 Limited (trading as John
McGavigan) 2,527 806 7.2 10.5 26.3
SPS (EU) Limited 1,513 801 4.3 6.5 36.0
Crawford Scientific Holdings Limited 1,171 438 3.3 6.5 41.7
Ensco 969 Limited (trading as DPP) 1,133 1,133 3.2 4.8 29.7
CatTech International Limited 982 627 2.8 6.0 24.0
Martel Instruments Holdings Limited 918 1,026 2.6 12.4 31.8
Majenta Logistics Limited 800 800 2.3 10.6 39.2
Metropol Communications Limited 800 800 2.3 10.6 39.2
Onyx Logistics Limited 800 800 2.3 10.6 39.2
Vectis Technology Limited 800 800 2.3 10.6 39.2
Vodat Communications Group Limited 784 567 2.2 6.6 35.2
Fathom Systems Group Limited 710 710 2.0 7.8 52.2
Glacier Energy Services Holdings Limited 686 686 1.9 2.6 25.0
GEV Holdings Limited 672 672 1.9 4.1 31.9
JT Holdings (UK) Limited (trading as
Just Trays) 650 496 1.8 5.3 24.7
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
TC Communications Holdings Limited 645 980 1.8 8.3 21.7
Flow Communications UK Limited 597 597 1.7 7.0 28.0
R&M Engineering Group Limited 572 761 1.6 8.3 62.3
CB Technology Group Limited 558 558 1.6 11.2 67.7
HCS Control Systems Group Limited 539 746 1.5 6.1 30.4
The GP Service (UK) Limited(2) 496 496 1.4 6.0 26.5
Rockar 2016 Limited (trading as Rockar) 481 481 1.4 2.6 11.1
Maven Co-invest Endeavour Limited Partnership 479 417 1.4 8.1 91.9
(invested in Global Risk Partners)
Horizon Cremation Limited 458 458 1.3 15.3 68.4
RMEC Group Limited 446 446 1.3 2.7 47.4
Flexlife Group Limited 436 597 1.2 2.4 12.3
Investment Portfolio Summary (Continued)
As at 31 May 2017
% of equity
Valuation Cost % of total % of equity held by
Investment GBP'000 GBP'000 assets held other
clients(1)
------------------------------ ----------- --------- ------------ ------------- -----------
Attraction World Holdings
Limited 432 23 1.2 6.7 31.7
Castlegate 737 Limited
(trading as Cursor Controls) 432 324 1.2 3.2 44.3
QikServe Limited 397 397 1.1 4.0 16.0
Lambert Contracts Holdings
Limited 298 838 0.8 12.6 52.1
Chic Lifestyle Limited
(trading as Chic Retreats) 291 291 0.8 8.4 38.4
Endura Limited 230 230 0.7 0.7 5.2
Whiterock Group Limited 208 208 0.6 4.4 20.6
ISN Solutions Group Limited 205 321 0.6 4.5 50.5
ebb3 Limited 183 183 0.5 4.1 20.4
Growth Capital Ventures
Limited 159 159 0.5 4.4 26.1
Lawrence Recycling & Waste
Management Limited 130 914 0.4 10.0 52.0
Space Student Living Limited 72 - 0.2 11.5 68.6
Claven Holdings Limited 64 195 0.2 13.3 36.7
Llanllyr Water Company
Limited(3) 23 27 0.1 - -
Other unlisted investments - 2,199 -
============================== =========== ========= ============ ============= ===========
Total unlisted 28,392 26,358 80.6
============================== =========== ========= ============ ============= ===========
Investment Portfolio Summary (Continued)
As at 31 May 2017
% of equity
Valuation Cost % of total % of equity held by
Investment GBP'000 GBP'000 assets held other
clients(1)
-------------------------------- ----------- --------- ------------ ------------- -----------
Quoted
Plastics Capital PLC 140 122 0.4 0.3 1.1
Cello Group PLC 72 54 0.2 0.1 0.4
Vianet Group PLC (formerly
Brulines Group PLC) 27 31 0.1 0.1 1.4
esure Group PLC 22 - 0.1 - -
Work Group PLC 6 201 - 0.9 2.2
Other quoted investments 2 463 -
================================ =========== ========= ============ ============= ===========
Total quoted 269 871 0.8
================================ =========== ========= ============ ============= ===========
Private equity investment
trusts
F&C Private Equity Investment
Trust PLC 126 103 0.3 0.1 0.3
Princess Private Equity
Holding Limited 121 98 0.3 - 0.1
Apax Global Alpha Limited 110 99 0.3 - 0.1
HgCapital Trust PLC 108 100 0.3 - 0.1
Standard Life Private
Equity Trust PLC 52 43 0.2 - -
================================ =========== ========= ============ ============= ===========
Total private equity investment
trusts 517 443 1.4
================================ =========== ========= ============ ============= ===========
Real estate investment
trusts
Schroder REIT Limited 111 99 0.3 - 0.2
Custodian REIT PLC 105 99 0.3 - 0.2
British Land Company PLC 105 99 0.3 - -
Target Healthcare REIT
PLC 103 98 0.3 - 0.2
Standard Life Investment
Property 100 99 0.3 - 0.2
Income Trust Limited
Regional REIT Limited 99 99 0.3 - 0.2
================================ =========== ========= ============ ============= ===========
Total real estate investment
trusts 623 593 1.8
================================ =========== ========= ============ ============= ===========
Total investments 29,801 28,265 84.6
================================ =========== ========= ============ ============= ===========
(1) Other clients of Maven Capital Partners UK LLP.
(2) Atul Devani, Chairman of the Company, is executive chairman of this company.
(3) Secured loan notes in respect of deferred consideration.
Income Statement
For the Six Months Ended 31 May 2017
Six months ended Six months ended Year ended
to to
31 May 2017 31 May 2016 30 November
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
Gains on investments - 62 62 - 766 766 - 2,066 2,066
Income from
investments 530 - 530 637 - 637 1,328 - 1,328
Other income 6 - 6 1 - 1 4 - 4
Investment (90) (362) (452) (94) (377) (471) (186) (743) (929)
management fees
Other expenses (124) - (124) (132) - (132) (408) - (408)
====================== ======== ======== ======== ======== ======== ======== ======== ======== ========
Net return on
ordinary activities
before taxation 322 (300) 22 412 389 801 738 1,323 2,061
Tax on ordinary
activities (56) 56 - (81) 75 (6) (147) 147 -
====================== ======== ======== ======== ======== ======== ======== ======== ======== ========
Return attributable
to Equity
Shareholders 266 (244) 22 331 464 795 591 1,470 2,061
====================== ======== ======== ======== ======== ======== ======== ======== ======== ========
Earnings per
share (pence) 0.65 (0.60) 0.05 0.80 1.13 1.93 1.44 3.57 5.01
====================== ======== ======== ======== ======== ======== ======== ======== ======== ========
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 31 May 2017
Share Capital Capital Special Capital
Share premium reserve reserve distributable redemption Revenue
Six months ended capital account realised unrealised reserve reserve reserve Total
31 May 2017 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
(unaudited)
====================== ========= ======== ========= =========== ============== =========== ========= =========
At 30 November
2016 4,093 13,820 (2,115) 3,499 16,251 752 720 37,020
Net return - - 1,719 (1,963) - - 266 22
Dividends paid - - (921) - - - (614) (1,535)
Repurchase and
cancellation of
shares (36) - - - (285) 36 - (285)
====================== ========= ======== ========= =========== ============== =========== ========= =========
At 31 May 2017 4,057 13,820 (1,317) 1,536 15,966 788 372 35,222
====================== ========= ======== ========= =========== ============== =========== ========= =========
Share Capital Capital Special Capital
Share premium reserve reserve distributable redemption Revenue
Six months ended capital account realised unrealised reserve reserve reserve Total
31 May 2016 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
(unaudited)
====================== ========= ======== ========= =========== ============== =========== ========= =========
At 30 November
2015 4,132 13,820 (2,064) 3,315 16,563 713 1,157 37,636
Net return - - 1,530 (1,066) - - 331 795
Dividends paid - - (925) - - - (617) (1,542)
Repurchase and
cancellation of
shares (19) - - - (146) 19 - (146)
====================== ========= ======== ========= =========== ============== =========== ========= =========
At 31 May 2016 4,113 13,820 (1,459) 2,249 16,417 732 871 36,743
====================== ========= ======== ========= =========== ============== =========== ========= =========
Share Capital Capital Special Capital
Share premium reserve reserve distributable redemption Revenue
Year ended 30 capital account realised unrealised reserve reserve reserve Total
November 2016 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
(audited)
================= ========= ======== ========= =========== ============== =========== ========= =========
At 30 November
2015 4,132 13,820 (2,064) 3,315 16,563 713 1,157 37,636
Net return - - 1,286 184 - - 591 2,061
Dividends paid - - (1,337) - - - (1,028) (2,365)
Repurchase and
cancellation of
shares (39) - - - (312) 39 - (312)
================= ========= ======== ========= =========== ============== =========== ========= =========
At 30 November
2016 4,093 13,820 (2,115) 3,499 16,251 752 720 37,020
================= ========= ======== ========= =========== ============== =========== ========= =========
The accompanying Notes are an integral part of the Financial Statements.
Balance Sheet
As at 31 May 2017
31 May 2017 31 May 2016 30 November
2016
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
=============================== ============ ============ ===========
Fixed assets
Investments at fair value
through profit or loss 29,801 36,313 32,590
Current assets
Debtors 409 407 394
Cash 5,032 165 4,269
=============================== ============ ============ ===========
5,441 572 4,663
Creditors
Amounts falling due within
one year (20) (142) (233)
=============================== ============ ============ ===========
Net current assets 5,421 430 4,430
=============================== ============ ============ ===========
Net assets 35,222 36,743 37,020
=============================== ============ ============ ===========
Capital and reserves
Called up share capital 4,057 4,113 4,093
Share premium account 13,820 13,820 13,820
Capital reserve - realised (1,317) (1,459) (2,115)
Capital reserve - unrealised 1,536 2,249 3,499
Special distributable reserve 15,966 16,417 16,251
Capital redemption reserve 788 732 752
Revenue reserve 372 871 720
=============================== ============ ============ ===========
Net assets attributable
to Ordinary Shareholders 35,222 36,743 37,020
=============================== ============ ============ ===========
Net asset value per Ordinary
Share (pence) 86.82 89.34 90.45
=============================== ============ ============ ===========
The Financial Statements of Maven Income and Growth VCT 3 PLC, registered number 04283350, were approved by the Board and were signed on its behalf by:
Atul Devani
Director
25 August 2017
The accompanying Notes are an integral part of the Financial Statements.
Cash Flow Statement
For the Six Months Ended 31 May 2017
Six months Six months Year ended
ended ended
31 May 2017 31 May 2016 30 November
2016
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
============================ ============ ============ ============
Net cash flows from
operating activities (602) (628) (1,453)
Cash flows from investing
activities
Investment income received 516 644 1,348
Deposit interest received 6 1 4
Purchase of investments (1,436) (9,329) (11,105)
Sale of investments 4,099 10,333 17,320
============================ ============ ============ ============
Net cash flows from
investing activities 3,185 1,649 7,567
============================ ============ ============ ============
Cash flows from financing
activities
Equity dividends paid (1,535) (1,542) (2,365)
Repurchase of Ordinary
Shares (285) (180) (346)
============================ ============ ============ ============
Net cash flows from
financing activities (1,820) (1,722) (2,711)
============================ ============ ============ ============
Net increase/(decrease)
in cash 763 (701) 3,403
============================ ============ ============ ============
Cash at beginning of
period 4,269 866 866
Cash at end of period 5,032 165 4,269
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 31 May 2017 and the six months ended 31 May 2016 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 30 November 2016, which have been filed at Companies House and which contained an Auditor's Report that 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.
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.
3. Returns per Ordinary Share
Six months Six months Year ended
ended 31 ended 31
May 2017 May 2016
(unaudited) (unaudited) 30 November
2016
GBP'000 GBP'000 (audited)
GBP'000
============================== ============ ============ ============
The return per Ordinary
Share is based on
the following figures:
Revenue return 266 331 591
Capital return (244) 464 1,470
============================== ============ ============ ============
Total return 22 795 2,061
============================== ============ ============ ============
Weighted average number
of Ordinary Shares 40,891,143 41,198,731 41,121,125
Revenue return per Ordinary
Share 0.65p 0.80p 1.44p
Capital return per Ordinary
Share (0.60p) 1.13p 3.57p
============================== ============ ============ ============
Return per Ordinary Share 0.05p 1.93p 5.01p
============================== ============ ============ ============
The net asset value per Ordinary Share has been calculated using the number of shares in issue at 31 May 2017 of 40,568,853.
Directors' Responsibility Statement
Each Director believes that, to the best of their knowledge:
-- the Financial Statements for the six months ended 31 May 2017 have been prepared in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland;
-- the Interim Management Report includes a fair review of the information required by DTR 4.2.7R in relation to the indication of important events during the first six months, and of the principal risks and uncertainties facing the Company during the second six months, of the year ending 30 November 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
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 at 1 - 2 Royal Exchange Buildings, London, EC3V 3LF; and on the Company's website at: www.mavencp.com/migvct3
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
25 August 2017
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR XELFLDVFLBBE
(END) Dow Jones Newswires
August 25, 2017 09:29 ET (13:29 GMT)
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