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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Maven Income & Growth Vct 4 Plc | LSE:MAV4 | London | Ordinary Share | GB00B043QW84 | 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% | 57.00 | 56.00 | 58.00 | 57.00 | 57.00 | 57.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Mgmt Invt Offices, Open-end | 602k | -2.07M | -0.0151 | -37.75 | 78.04M |
From Apr 2019 to Apr 2024
TIDMMAV4 TIDMTTM
RNS Number : 8704A
Maven Income & Growth VCT 4 PLC
14 September 2018
Maven Income and Growth VCT 4 PLC
Interim Results for the Six Months Ended 30 June 2018 (Unaudited)
The Directors announce the unaudited interim results for the six months ended 30 June 2018.
Highlights
-- NAV total return at 30 June 2018 of 145.91p per share
-- NAV at 30 June 2018 of 72.31p per share after payment of interim dividends of 13.70p per share during the period
-- Offer for Subscription fully subscribed with GBP20 million of new capital raised -- Net asset value increased to GBP41.74 million at the period end
-- Three new VCT qualifying private company holdings added to the portfolio, with a further two completed post the period end
-- Follow-on funding provided to four portfolio companies -- Profitable realisation of Endura for 1.55 times cost -- Proposal to merge with Maven Income and Growth VCT 2 PLC
Overview
Your Company has achieved positive performance in the first half of the financial year, with one realisation of note, being the sale of Endura to Pentland Brands. Performance across the portfolio as a whole was generally encouraging, with no discernible impact from the current political uncertainty, and a number of portfolio companies making good progress against the commercial milestones set at the time of the original investment.
Whilst NAV total return per share has increased from 145.87p at 31 December 2017 to 145.91p at 30 June 2018, Shareholders will note that the absolute NAV per share has declined from 85.97p to 72.31p. This is primarily as a consequence of the payment of enhanced interim dividends totalling 13.70p during the period, which reflected a build-up of distributable reserves and were required in order to maintain your Company's ongoing compliance with the VCT regulations. These payments represent a highly tax-efficient means of making distributions to Shareholders.
The recent successful fundraising, which closed at full capacity in April 2018, has increased the size of your Company significantly and provides additional resources to build a diverse and broadly based portfolio of attractive VCT qualifying assets that are capable of supporting long term growth in Shareholder value.
Against an objective to continue to grow and diversify the investee company portfolio, it is encouraging to note that three new private company holdings were added during the period, with follow-on funding also provided to four existing portfolio companies to support their continued growth. Given the pipeline of live opportunities, and level of new business introductions currently being assessed across Maven's nationwide network of offices, it is anticipated that there will be a healthy rate of new investment activity during the second half of the financial year. In addition, there are likely to be further follow-on investments as earlier stage portfolio companies develop and require additional capital to deliver their business plans.
The strategy remains to invest in carefully selected fast growing UK smaller companies, operating across a diverse range of industries that offer either compelling proprietary technology or a disruptive business model capable of scalable growth. Maven also has a preference for supporting a proven management team with a successful track record in a previous business. The expansion of Maven's investment team to include a number of executives with specific sector expertise, particularly in early stage technology, is benefiting the initial asset screening and selection process.
Dividends
As a result of recent profitable realisations, and to ensure ongoing compliance with the VCT regulations, the Director's considered it necessary to distribute an enhanced level of interim dividends.
Accordingly, the first interim dividend in respect of the year ending 31 December 2018, of 8.90p per Ordinary Share, was paid on 13 April 2018 to Shareholders on the register at close of business on 16 March 2018. The second interim dividend, of 4.80p per Ordinary Share, was paid on 22 June 2018 to Shareholders on the register at close of business on 25 May 2018. The effect of paying these dividends was to reduce the NAV of the Company by the total cost of the distributions.
Since the Company's launch, and after receipt of the most recent dividend, Shareholders have received 73.60p per share in tax-free income. Decisions on future distributions will take into consideration the adequacy of reserves, the proceeds from any further realisations and the VCT qualifying levels of the portfolio, all of which are kept under close and regular review by the Board and the Manager.
Fund Raising
On 22 September 2017, the Directors of your Company launched an Offer for Subscription for new Ordinary Shares of up to GBP15 million, with an over-allotment facility of up to GBP5 million.
On 24 April 2018, your Board was pleased to announce that the Offer closed at full subscription, having raised GBP20 million in total, including the full utilisation of the over-allotment facility. During the period, the Company issued 16,714,707 new Ordinary Shares under the Offer for the 2017/2018 tax year, with a further 3,513,830 new Ordinary Shares issued for the 2018/2019 tax year. This additional liquidity will enable the Manager to continue to expand the portfolio by investing in dynamic, earlier stage VCT qualifying businesses that have the potential to deliver an uplift in Shareholder value.
Dividend Investment Scheme (DIS)
Your Company has in place a DIS, through which Shareholders may elect to have their dividend payments used to apply for new Ordinary Shares issued by the Company under the standing authority requested from Shareholders at Annual General Meetings. Shares issued under the DIS should qualify for VCT tax reliefs applicable for the tax year in which they are allotted.
Shareholders who have not previously applied to participate in the DIS and who wish to do so in respect of future dividends, should ensure that a mandate form, or CREST instruction if appropriate, is submitted to the Registrar (Link Asset Services). Terms & conditions and full details of the scheme are available from the Company's website, together with a mandate form for participation in the DIS. Alternatively a DIS election can be made through the Link Asset Services share portal at www.signalshares.com.
Portfolio Developments
During the period, the majority of the private companies in the investee portfolio have performed in line with expectations, despite the continued uncertainty within the UK economy surrounding the UK's intended exit from the European Union. Although there are, at present, no specific issues to highlight, the Manager will continue to monitor the situation closely.
It is encouraging to report on the continued improvement in trading within the oil & gas portfolio since the year end. After three years of exceptionally challenging market conditions, the companies with exposure to the sector are reporting an upturn in activity and profitability compared to the prior year, with forward order books projecting a continuation of this trend.
The improvement in financial and operational performance reflects the cost cutting and restructuring measures implemented by portfolio companies, with close support from Maven executives, at the onset of the downturn. As a result, each investee company is operating with a lean cost structure and either modest or no external debt, which should provide stability assuming that the recovery continues to strengthen.
Elsewhere in the portfolio, a number of the established private company holdings have had their valuations increased to reflect improved performance.
Cursor Controls, a global leader in the design and manufacture of trackballs, trackpads and keyboards for use in specialist industrial applications, including health, defence and marine, continues to deliver good levels of organic growth. Performance was enhanced by the acquisition of Belgium distributor NSI in April 2016. The enlarged group continues to trade well, with further commercial and operational synergies identified to support future growth and profitability. The balance sheet remains strong and the business continues to pay down its term debt.
Diversified renewable energy services group GEV has experienced strong growth over the past year, particularly in the US through its largest division GEV Wind Power, which specialises in wind turbine blade maintenance. The US market opportunity is sizeable and the business is well positioned to capitalise on this over the coming year, having secured contracts with leading providers including MHI Vestas, Eon, Siemens and Invenergy. The management team is also forecasting strong performance in the UK and Europe in the year ahead.
In 2013, your Company participated in a syndicate, led by Penta Capital, to invest in Global Risk Partners, backing a highly experienced management team to pursue a buy & build strategy in the Lloyd's speciality insurance broking and managing general agent markets. Since the investment was made, significant progress has been achieved, including the addition of a commercial and private client division as well as the completion and integration of 28 separate acquisitions. The business is now understood to be one of the ten largest insurance brokers in the UK, and is continuing to grow. There is a strong pipeline of acquisition opportunities currently under review and further increases in profitability anticipated to feed through from margin improvement.
Since Maven clients' investment in Just Trays in 2014, the UK's leading designer and manufacturer of shower trays and related accessories has delivered steady performance. In line with a core business objective of new product development and innovation, the company has expanded its customer base and production volumes, as well as extending its product range, and was recently awarded a second 'Gold Award for Innovation in Design' at the prestigious Designer Kitchen and Bathroom Awards.
Vodat Communications supplies data networks, IP telephony, wi-fi solutions and fixed line connectivity to retail customers, with a solid blue chip customer base including Fat Face, Beaverbrooks and Welcome Break. Maven clients supported the management buy-out in 2012 and, since investment, the business has achieved positive growth and added a number of new customer contracts. In November 2017, Vodat completed the complementary acquisition of Axonex, a provider of specialist IT solutions, services and support specialising in unified communications, data centre, security and network infrastructure. The acquisition, which was funded through cash and bank debt, has created a number of cross selling opportunities to help deliver further growth for the enlarged group.
In addition, follow-on funding was provided to Growth Capital Ventures, ITS Technology, QikServe and The GP Service. Given their stage of development, the requirement to provide further capital to earlier stage qualifying companies was anticipated at the time of initial investment and was reflected in the reduced total commitment size by the Maven VCTs, and by the strategy of co-investing alongside other VCT houses. In terms of valuation, all new development capital investments will continue to be held at cost, or cost less provision, until there is clear evidence of measurable progress or a quantifiable event from which a new valuation level can be validated.
The investment trust portfolio has continued to trade well and generate income. This is particularly important in light of the restrictions introduced by the Finance Act 2016, which prevents non-qualifying investments in traditional instruments such as treasury bills or other government securities for liquidity management purposes. With increased cash resources now available following the fund raising, 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 permitted income generating investment options.
As well as reflecting the positive trading performance highlighted above, your Board has also fully provided against the value of the holding in Lambert Contracts prior to it being placed into administration. A full provision has also been taken against the value of the holding in Chic Lifestyle.
New Investments
During the period, your Company provided development capital to three VCT qualifying private companies operating in growth markets:
-- Lending Works has developed a peer-to-peer (P2P) platform that matches private and institutional lenders to individual borrowers, and has grown to become the third largest P2P consumer lender in the UK. The company is well regarded by customers and partners as a responsible and ethical market leader, being the first major P2P platform to be fully authorised by the FCA, and the first to be authorised to provide an ISA offering. The investment by the Maven VCTs will enable the company to accelerate future growth.
-- WaterBear Education has established a private music college specialising in offering university accredited undergraduate and post-graduate courses for the creative arts, primarily catering for musicians, singers, songwriters and those wishing to gain a well-rounded music industry education. The business is led by a high calibre management team with extensive experience of both the industry and music education, having previously founded the British and Irish Modern Music Institute, which has grown to be a market leader in its sector. The investment has been used to establish and launch the college, with Bachelor of Arts and Master of Arts university accredited courses available for student intake from September 2018.
-- BioAscent Discovery is a drug discovery services business that was found by former pharmaceutical executives with over 30 years' experience of delivering clinical drug candidates. The business operates from the former Merck Sharpe and Dohme R&D site in Newhouse, Scotland, which is a secure state-of-the-art facility, housing client compound libraries ranging in size from a few thousand to a few hundred thousand compounds. The funding will be used to add complementary chemistry and biology services to the existing compound management service to create a highly differentiated, high-value integrated drug discovery offering.
The following investments have been completed during the reporting period:
Hot Features
Premium
Investment
cost
Date Sector GBP'000 Website
----------------------------- ----------- --------------------- ---------- -------------------------------
Unlisted
----------------------------- ----------- --------------------- ---------- -------------------------------
WaterBear Education February Support Services 120 www.waterbear.org.uk
Limited 2018
QikServe Limited March 2018 Software & 105 www.qikserve.com
computer services
Lending Works Limited April 2018 Software & computer 299 www.lendingworks.co.uk
services
BioAscent Discovery June 2018 Pharmaceuticals 199 www.bioascent.com
Limited and biotechnology
Growth Capital Ventures June 2018 Investment Companies 92 www.growthcapitalventures.co.uk
Limited
ITS Technology Group June 2018 Telecommunication 221 www.itstechnologygroup.com
Limited Services
The GP Service (UK) June 2018 Health 160 www.thegpservice.co.uk
Limited
----------------------------- ----------- --------------------- ---------- -------------------------------
Total unlisted 1,196
----------------------------------------------------------------- ---------- -------------------------------
Private equity investment
trusts(1)
----------------------------- ----------- --------------------- ---------- -------------------------------
Apax Global Alpha Limited June 2018 Investment Companies 103 www.apaxglobalalpha.com
F&C Private Equity June 2018 Investment Companies 123 www.fandc.com
Trust PLC
Princess Private Equity June 2018 Investment Companies 119 www.princess-privateequity.net
Holding Limited
----------------------------- ----------- --------------------- ---------- -------------------------------
Total private equity
investment trusts 345
----------------------------------------------------------------- ---------- -------------------------------
Real estate Investment
trusts(1)
----------------------------- ----------- --------------------- ---------- -------------------------------
Custodian REIT PLC May 2018 Investment Companies 71 www.custodianreit.com
Schroder REIT Limited May 2018 Investment Companies 212 www.srei.co.uk
Target Healthcare REIT May 2018 Investment Companies 96 www.targethealthcarereit.co.uk
Limited
Regional REIT Limited June 2018 Investment Companies 89 www.regionalreit.com
----------------------------- ----------- --------------------- ---------- -------------------------------
Total real estate investment
trusts 468
----------------------------------------------------------------- ---------- -------------------------------
Total investments 2,009
(1) Part of liquidity management strategy
At the period end, the portfolio stood at 69 unlisted and quoted investments, at a total cost of GBP22.35 million.
Realisations
In February 2018, the holding in Endura was exited for a total return of 1.55 times cost over the holding period. Maven clients first invested in Endura, a leading designer and manufacturer of high performance cycling apparel and accessories, in 2014 as part of a syndicate. The company focusses on the mid to premium end of the market and sells its products in over thirty countries worldwide with the support of a number of world class sponsors. The sale to UK-based Pentland Brands, which has a stable of global sports, outdoor and fashion brands including Berghaus, Canterbury, Speedo and Ellesse, represents an excellent strategic fit for Endura and will enable it to continue to expand its global brand and market presence.
In January 2018, following the sale of Elite Insurance, its key trading subsidiary, Torridon (Gibraltar) repaid all of the outstanding Maven client loan notes.
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.
The table below gives details of all realisations achieved, and deferred considerations received, during the reporting period:
Cost of Value at Gain/(loss)
shares 31 over 31
disposed December Sales Realised December
Year first Complete/ of 2017 proceeds gain/(loss) 2017 value
invested partial GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
exit
-------------------------- ------------- ------------ --------- --------- ---------- ------------- -----------
Unlisted
-------------------------- ------------- ------------ --------- --------- ---------- ------------- -----------
CHS Engineering Services
Limited 2010 Partial 2 - 2 - 2
Endura Limited 2014 Complete 229 343 355 126 12
SPS (EU) Holdings
Limited 2014 Complete - - 18 18 18
Torridon (Gibraltar)
Limited(1) 2010 Partial 335 359 326 (9) (33)
-------------------------- ------------- ------------ --------- --------- ---------- ------------- -----------
Total unlisted 566 702 701 135 (1)
------------------------------------------------------- --------- --------- ---------- ------------- -----------
Private equity investment
trusts(2)
-------------------------- ------------- ------------ --------- --------- ---------- ------------- -----------
Apax Global Alpha
Limited 2016 Complete 99 113 103 4 (10)
British Land Company
PLC 2016 Complete 99 114 107 8 (7)
F&C Private Equity
Trust PLC 2016 Partial 103 119 122 19 3
Princess Private
Equity Holding Limited 2016 Complete 98 129 119 21 (10)
-------------------------- ------------- ------------ --------- --------- ---------- ------------- -----------
Total private equity
investment trusts 399 475 451 52 (24)
------------------------------------------------------- --------- --------- ---------- ------------- -----------
Real estate Investment
trusts(2)
-------------------------- ------------- ------------ --------- --------- ---------- ------------- -----------
Custodian REIT PLC 2016 Partial 100 109 108 8 (1)
Regional REIT Limited 2016 Partial 99 94 88 (11) (6)
Schroder REIT Limited 2018 Partial 204 207 212 8 5
Standard Life Investment
Property Income Trust
Limited 2016 Completed 99 105 101 2 (4)
Target Healthcare
REIT Limited 2016 Partial 98 98 96 (2) (2)
-------------------------- ------------- ------------ --------- --------- ---------- ------------- -----------
Total real estate
investment trusts 600 613 605 5 (8)
------------------------------------------------------- --------- --------- ---------- ------------- -----------
Total disposals 1,565 1,790 1,757 192 (33)
(1) Proceeds exclude yield and redemption premiums received, which are disclosed as revenue for financial reporting purposes.
(2) Part of liquidity management strategy.
Material Developments Since the Period End
Since 30 June 2018, two new private company holdings have been added to the portfolio.
-- Bright Network is a developer and provider of a media technology platform that enables medium and large sized companies to identify, reach and recruit good quality university graduates and young professionals. The platform currently supports a network of over 150,000 high calibre candidates and has a customer base of over 250 leading employers, including Bloomberg, Marks and Spencer and Vodafone. The Maven client investment will support the development of the technology as well as providing funding to further business development and marketing activities.
-- Optoscribe has developed a suite of optical and photonic technologies that use high-power lasers to direct-write optical waveguides that are used to minimise energy dissipation in a wide range of applications in the telecom, datacom and mobile network markets. Optoscribe's innovative techniques are able to form these guides in precise 3D orientations, and simplify manufacturing processes by delivering highly efficient and scalable products. The barriers to entry into this market are significant and, therefore, the company's existing intellectual property (including patents) and technical know-how provides a defensible market position. The investment will enable the management team to scale manufacturing capacity and will support further business development activity.
In addition, follow-on development capital funding was provided to Whiterock to assist with its further growth.
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 up to 15% of the prevailing NAV per share. During the period under review, 250,000 share were bought back at a total cost of GBP189,000.
Regulatory Developments
As previously outlined, VCT legislation continues to move towards supporting higher risk investments, with recent changes including the introduction of a 'risk to capital' based test, increased measures designed to assist the financing of knowledge-intensive companies and certain sector exclusions. The Finance Act 2018, which received Royal Assent in March 2018, introduced a new requirement that, for accounting dates from 6 April 2019 (from 31 December 2019 in the case of the Company) the percentage of funds a VCT must hold in qualifying investments will increase from 70% to 80%. In order to assist with this, the add-back period on sales will be increased from six to twelve months with effect from 6 April 2019. The Board and the Manager will continue to consider these developments when planning future strategy.
The General Data Protection Regulation came into force on 25 May 2018, replacing the Data Protection Act 1998. This regulation enforces the principle of 'privacy by design and by default' and enshrines new rights for individuals, including the right to be forgotten and to data portability. The Manager has worked with the third parties that process Shareholders' personal data to ensure that their rights under the new regulation are respected.
Proposed Merger
On 13 September 2018, the Company announced that it had entered formal negotiations on a proposed merger with Maven Income and Growth VCT 2 PLC. A circular relating to this is expected to be published in October 2018, prior to the convening of a general meeting at which Shareholders' approval will be sought on the proposal.
Outlook
Based on the current level of new transaction activity, it is expected that a meaningful number of new investments will be completed during the second half of the financial year, consistent with the Company's strategy of further expanding and diversifying the portfolio. The success of the recent Offer for Subscription has provided further funds to ensure the delivery of this strategy, and your Board and the Manager remain committed to building a large and broadly based portfolio of valuable private companies that are capable of delivering consistently positive Shareholder returns in the years ahead.
On behalf of the Board
Maven Capital Partners UK LLP
Secretary
14 September 2018
Summary of Investment Changes
For the Six Months Ended 30 June 2018
Valuation Net investment/ Appreciation/ Valuation
31 December 2017 (disinvestment) (depreciation) 30 June 2018
GBP'000 % GBP'000 GBP'000 GBP'000 %
---------------------- ------------------------ ---------------- --------------- --------------------
Unlisted investments
Equities 7,367 23.1 734 443 8,544 20.5
Loan stock 10,437 32.7 (239) (210) 9,988 23.9
---------------------- ------------- --------- ---------------- --------------- ----------- -------
17,804 55.8 495 233 18,532 44.4
AIM/NEX investments
Equities 1,086 3.4 - 184 1,270 3.0
Listed investments
Equities 23 0.1 - (3) 20 -
Investment trusts 1,168 3.7 (243) (24) 901 2.2
---------------------- ------------- --------- ---------------- --------------- ----------- -------
Total investments 20,081 63.0 252 390 20,723 49.6
Other net assets 11,793 37.0 9,226 - 21,019 50.4
---------------------- ------------- --------- ---------------- --------------- ----------- -------
Net assets 31,874 100.0 9,478 390 41,742 100.0
---------------------- ------------- --------- ---------------- --------------- ----------- -------
Investment Portfolio Summary
As at 30 June 2018
% of equity
held by
Valuation Cost % of total % of equity other
Investment GBP'000 GBP'000 assets held clients(1)
-------------------------------------- ----------- --------- ------------ ------------- -----------
Unlisted
Ensco 969 Limited (trading as DPP) 1,202 1,060 2.8 4.6 29.9
Vodat Communications Group Limited 1,069 592 2.5 4.4 22.4
GEV Holdings Limited 986 672 2.4 4.3 31.7
Glacier Energy Services Holdings
Limited 957 957 2.3 3.7 23.9
JT Holdings (UK) Limited (trading
as Just Trays) 796 522 1.9 5.8 24.2
CatTech International Limited 779 498 1.9 4.8 25.3
CB Technology Group Limited 730 559 1.7 11.4 67.6
Maven Co-invest Endeavour Limited
Partnership 720 360 1.7 7.0 93.0
(invested in Global Risk Partners)(2)
Fathom Systems Group Limited 681 681 1.6 7.7 52.3
Maven Capital (Marlow) Limited 650 650 1.6 - 100.0
Castlegate 737 Limited (trading
as Cursor Controls) 645 299 1.5 3.0 44.5
Horizon Cremation Limited 626 626 1.5 3.4 18.8
ITS Technology Group Limited 619 619 1.5 4.9 30.8
HCS Control Systems Group Limited 603 836 1.4 6.8 29.7
Flow UK Holdings Limited 598 598 1.4 7.3 27.7
The GP Service (UK) Limited 584 558 1.4 7.7 41.8
R&M Engineering Group Limited 581 774 1.4 8.7 61.9
TC Communications Holdings Limited 554 777 1.3 8.1 21.9
RMEC Group Limited 463 463 1.1 2.9 47.2
QikServe Limited 453 453 1.1 3.1 15.8
Rockar 2016 Limited (trading as
Rockar) 403 403 1.0 2.2 13.4
Attraction World Holdings Limited 400 98 1.0 6.2 32.2
ADC Biotechnology Limited 338 338 0.8 2.5 12.4
Contego Solutions Limited (trading
as NorthRow) 323 323 0.8 2.8 12.8
Martel Instruments Holdings Limited 310 347 0.7 4.2 40.0
Lending Works Limited 299 299 0.7 2.8 16.8
Growth Capital Ventures Limited 252 241 0.6 5.8 32.7
eSafe Systems Limited 224 224 0.5 4.3 27.8
Torridon (Gibraltar) Limited 221 347 0.5 3.7 36.3
ISN Solutions Group Limited 207 327 0.5 4.6 50.4
BioAscent Discovery Limited 199 199 0.5 5.0 35.0
Cognitive Geology Limited 159 159 0.4 2.0 10.5
Investment Portfolio Summary (continued)
As at 30 June 2018
% of equity
% of held by
Valuation Cost % of total equity other
Investment GBP'000 GBP'000 assets held clients(1)
----------------------------------- ----------- --------- ------------ -------- -----------
Unlisted (continued)
Whiterock Group Limited 159 159 0.4 3.5 21.5
ebb3 Limited 150 150 0.4 3.5 21.0
Curo Compensation Limited 149 149 0.4 1.9 13.5
WaterBear Education Limited 120 120 0.3 4.5 39.2
Lawrence Recycling and 109 770 0.3 8.4 53.6
Waste Management Limited
D Mack Limited 80 504 0.2 4.8 25.2
Space Student Living Limited 67 - 0.2 10.6 69.4
FLXG Scotland Limited 65 298 0.2 1.9 12.4
(formerly Flexlife Group Limited)
Other unlisted investments 2 2,411 -
----------------------------------- ----------- --------- ------------ -------- -----------
Total unlisted 18,532 20,420 44.4
----------------------------------- ----------- --------- ------------ -------- -----------
Quoted
Ideagen PLC 687 184 1.7 0.3 1.5
Byotrol PLC 187 197 0.4 1.2 2.4
Oxford Metrics PLC (formerly OMG
PLC) 177 80 0.4 0.2 -
Plastics Capital PLC 94 85 0.2 0.2 1.2
Vectura Group PLC 87 100 0.2 - -
Angle PLC 25 27 0.1 - 0.2
esure Group PLC 20 - - - -
Gordon Dadds Group PLC 10 151 - - 0.1
(formerly Work Group PLC)
Deltex Medical Group PLC 2 33 - 0.1 -
Other quoted investments 1 221 -
----------------------------------- ----------- --------- ------------ -------- -----------
Total quoted 1,290 1,078 3.0
----------------------------------- ----------- --------- ------------ -------- -----------
Private equity investment trusts
HgCapital Trust PLC 137 100 0.4 - 0.1
Princess Private Equity Holding
Limited 121 120 0.4 - 0.1
F&C Private Equity Investment
Trust PLC 121 123 0.3 0.1 0.3
Apax Global Alpha Limited 104 103 0.1 - 0.1
Standard Life Private Equity Trust
PLC 54 43 0.1 - -
----------------------------------- ----------- --------- ------------ -------- -----------
Total private equity investment
trusts 537 489 1.3
----------------------------------- ----------- --------- ------------ -------- -----------
Investment Portfolio Summary (continued)
As At 30 June 2018
% of equity
% of held by
Valuation Cost % of total equity other
Investment GBP'000 GBP'000 assets held clients(1)
------------------------------------ ----------- --------- ------------ -------- -----------
Real estate investment trusts
Schroder REIT Limited 106 107 0.2 - 0.2
Target Healthcare REIT Limited 97 96 0.2 - 0.2
Regional REIT Limited 88 89 0.2 - 0.2
Custodian REIT PLC 73 71 0.3 - 0.2
Total real estate investment trusts 364 363 0.9
-----------
Total investments 20,723 22,350 49.6
------------------------------------ ----------- --------- ------------ -------- -----------
(1) Other clients of Maven Capital Partners UK LLP.
(2) Investments managed by Penta Capital LLP of which a Director of the Company, Steven Scott, is a partner.
Income Statement
For the Six Months Ended 30 June 2018
Six months ended Six months ended Year ended
30 June 2018 30 June 2017 31 December 2017
(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 - 390 390 - 173 173 - 984 984
Income from investments 325 - 325 469 - 469 1,182 - 1,182
Other income 9 - 9 5 - 5 11 - 11
Investment management (92) (367) (459) (85) (339) (424) (201) (806) (1,007)
fees
Other expenses (124) - (124) (116) - (116) (283) - (283)
------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Net return on ordinary 118 23 141 273 (166) 107 709 178 887
activities before
taxation
Tax on ordinary
activities 9 9 - (23) 23 - (128) 128 -
------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Return attributable
to Equity Shareholders 109 32 141 250 (143) 107 581 306 887
------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Earnings per share
(pence) 0.23 0.07 0.30 0.76 (0.44) 0.32 1.75 0.92 2.67
------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
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 earnings per share figures are relevant. The basic and diluted earnings per share are, therefore, identical.
The accompanying Notes are an integral part of the Financial Statements.
Statement of Changes in Equity
Six Months Ended 30 June 2018 (unaudited)
Share Capital Capital Special Capital
Share premium reserve reserve distributable redemption Revenue
capital account realised unrealised reserve reserve reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------ --------- -------- --------- ----------- ------------------ ----------- --------- ---------
At 31 December
2017 3,708 22,745 (2,111) (1,825) 8,271 384 702 31,874
Net return - - (166) 198 - - 109 141
Dividends paid - - (6,545) - - - - (6,545)
Repurchase and
cancellation of
shares (25) - - - (189) 25 - (189)
Net proceeds of
share
issue 2,023 13,947 - - - - - 15,970
Net proceeds of
DIS
issue 67 424 - - - - - 491
------------------ --------- -------- --------- ----------- ------------------ ----------- --------- ---------
At 30 June 2018 5,773 37,116 (8,822) (1,627) 8,082 409 811 41,742
------------------ --------- -------- --------- ----------- ------------------ ----------- --------- ---------
Six Months Ended 30 June 2017 (unaudited)
Share Capital Capital Special Capital
Share premium reserve reserve distributable redemption Revenue
capital account realised unrealised reserve reserve reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------------- --------- -------- --------- ----------- ----------------- ----------- --------- ---------
At 31 December
2016 3,290 19,449 (1,571) 1,874 8,528 354 644 32,568
Net return - - (13) (130) - - 250 107
Dividends paid - - (934) - - - (66) (1,000)
Repurchase and
cancellation of
shares (23) - - - (204) 23 - (204)
----------------- --------- -------- --------- ----------- ----------------- ----------- --------- ---------
At 30 June 2017 3,267 19,449 (2,518) 1,744 8,324 377 828 31,471
----------------- --------- -------- --------- ----------- ----------------- ----------- --------- ---------
Year Ended 31 December 2017 (audited)
Share Capital Capital Special Capital
Share premium reserve reserve distributable redemption Revenue
capital account realised unrealised reserve reserve reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------ --------- -------- --------- ----------- ------------------ ----------- --------- ---------
At 31 December
2016 3,290 19,449 (1,571) 1,874 8,528 354 644 32,568
Net return - - 4,005 (3,699) - - 581 887
Dividends paid - - (4,545) - - - (523) (5,068)
Repurchase and
cancellation of
shares (30) - - - (257) 30 - (257)
Net proceeds of
share
issue 437 3,211 - - - - - 3,648
Net proceeds of
DIS
issue 11 85 - - - - - 96
------------------ --------- -------- --------- ----------- ------------------ ----------- --------- ---------
At 31 December
2017 3,708 22,745 (2,111) (1,825) 8,271 384 702 31,874
------------------ --------- -------- --------- ----------- ------------------ ----------- --------- ---------
The accompanying Notes are an integral part of the Financial Statements.
Balance Sheet
As at 30 June 2018
30 June 2018 30 June 2017 31 December 2017
(unaudited) (unaudited)
GBP'000 GBP'000 (audited)
GBP'000
------------------------------------- ------------ ------------ ----------------
Fixed assets
Investments at fair value through
profit or loss 20,723 28,942 20,081
Current assets
Debtors 939 422 456
Cash 20,385 2,151 11,587
------------------------------------- ------------ ------------ ----------------
21,324 2,573 12,043
Creditors
Amounts falling due within one
year (305) (44) (250)
------------------------------------- ------------ ------------ ----------------
Net current assets 21,019 2,529 11,793
------------------------------------- ------------ ------------ ----------------
Net assets 41,742 31,471 31,874
------------------------------------- ------------ ------------ ----------------
Capital and reserves
Called up share capital 5,773 3,267 3,708
Share premium account 37,116 19,449 22,745
Capital reserve - realised (8,822) (2,518) (2,111)
Capital reserve - unrealised (1,627) 1,744 (1,825)
Special distributable reserve 8,082 8,324 8,271
Capital redemption reserve 409 377 384
Revenue reserve 811 828 702
------------------------------------- ------------ ------------ ----------------
Net assets attributable to Ordinary
Shareholders 41,742 31,471 31,874
------------------------------------- ------------ ------------ ----------------
Net asset value per Ordinary Share
(pence) 72.31 96.35 85.97
------------------------------------- ------------ ------------ ----------------
The Financial Statements were approved by the Board of Directors on 14 September 2018 and were signed on its behalf by:
Ian Cormack
Director
The accompanying Notes are an integral part of the Financial Statements.
Cash Flow Statement
For the Six Months Ended 30 June 2018
Six months ended Six months ended Year ended
30 June 2018 (unaudited) 30 June 2017 (unaudited) 31 December 2017
GBP'000 GBP'000 (audited)
GBP'000
------------------------------ ------------------------- ------------------------- -----------------
Net cash flows from operating
activities (777) (783) (1,320)
Cash flows from investing
activities
Investment income received 277 400 1,072
Deposit interest received 9 5 11
Purchase of investments (1,766) (964) (2,615)
Sale of investments 1,413 303 11,626
------------------------------ ------------------------- ------------------------- -----------------
Net cash flows from investing
activities (67) (256) 10,094
------------------------------ ------------------------- ------------------------- -----------------
Cash flows from financing
activities
Equity dividends paid (6,545) (1,000) (5,068)
Issue of Ordinary Shares 16,376 - 3,744
Repurchase of Ordinary Shares (189) (204) (257)
------------------------------ ------------------------- ------------------------- -----------------
Net cash flows from financing
activities 9,642 (1,204) (1,581)
------------------------------ ------------------------- ------------------------- -----------------
Net increase/(decrease) in
cash 8,798 (2,243) 7,193
------------------------------ ------------------------- ------------------------- -----------------
Cash at beginning of period 11,587 4,394 4,394
Cash at end of period 20,385 2,151 11,587
------------------------------ ------------------------- ------------------------- -----------------
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 June 2018 and the six months ended 30 June 2017 comprises non-statutory accounts within the meaning of S435 of the Companies Act 2006. The financial information contained in this report has been prepared on the basis of the accounting policies set out in the Annual Report and Financial Statements for the year ended 31 December 2017, 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 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 ended
30 June 2018
------------------------------------------------------- ----------------
The returns per share have been based on the following
figures:
Weighted average number of Ordinary Shares 48,156,412
GBP109,000
Revenue return
Capital return GBP32,000
------------------------------------------------------- ----------------
Total return GBP141,000
------------------------------------------------------- ----------------
Directors' Responsibility Statement
The Directors confirm that, to the best of their knowledge:
-- the Financial Statements for the six months ended 30 June 2018 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 31 December 2018; 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
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 registered office of the Company at Kintyre House, 205 West George Street, Glasgow G2 2LW; at the office of the Manager, Maven Capital Partners UK LLP, 5th Floor, 1-2 Royal Exchange Buildings, London EC3V 3LF; and, in due course, on the Company's website at www.mavencp.com/migvct4.
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.
By order of the Board
Maven Capital Partners UK LLP
Secretary
14 September 2018
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
IR EALNLFAAPEFF
(END) Dow Jones Newswires
September 14, 2018 10:37 ET (14:37 GMT)
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