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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 : 8872G
Maven Income and Growth VCT 3 PLC
26 July 2019
Maven Income and Growth VCT 3 PLC
Interim Results for the Six Months Ended 31 May 2019
Highlights
-- NAV total return at 31 May 2019 of 144.14p per share -- NAV at 31 May 2019 of 61.97p per share -- Interim dividend of 2.00p per share
-- Three new private company holdings added to the portfolio, with a further three investments completed post the period end
-- Two new AIM quoted company holdings added to the portfolio -- Follow-on funding provided to nine portfolio companies -- Substantial pipeline of investments, with a number in advanced process -- Post the period end, realisations of the holdings in GEV and Just Trays
Overview
Your Company has made good progress in the first half of the financial year, reporting a further increase in NAV total return to Shareholders. During the period five new and nine follow-on investments were completed, consistent with the strategic objective of constructing a large and sectorally diversified portfolio of private and AIM quoted companies that offer the prospect of capital gain. Your Company continues to experience strong levels of new investment opportunities sourced from across the Maven office network and, consequently, it is anticipated that the second half of the year will see further progress in portfolio expansion and development. There have also been two notable realisations, with the sale of Just Trays and GEV completing shortly after the period end. In light of this performance, the Directors have elected to pay an interim dividend of 2.00p per share.
Your Company currently has good levels of liquidity and is actively building a large and varied portfolio of investments across a range of attractive industry sectors, notably fintech, healthcare, speciality manufacturing and software. The Manager's regional network now extends to twelve offices across the UK, with a team of executives who have extensive experience in the management of private company holdings, as well as a dedicated AIM team.
It is encouraging to report that despite the ongoing political and economic uncertainty, Maven continues to see both a strong pipeline of new opportunities, and no discernible impact on the current portfolio holdings. Regardless, Maven will continue to follow a highly selective approach to investment, only supporting companies that offer a combination of management talent and proven ability, in tandem with a compelling or disruptive business model, where the entry price and equity stake secured offers returns commensurate with the early stage nature of VCT investment. Maven has closely developed positive working relationships with other investors and VCT managers, and will continue to co-invest as part of a syndicate in order to diversify and reduce risk.
Maven also maintains an active relationship with the management team of each investee company, often appointing a new chairman as well as a senior Maven executive to the board. This approach adds additional skills and experience, whilst also allowing Maven to closely monitor performance and assist with strategic planning, to help each business grow and generate Shareholder value. Maven executives will also play an active role when an exit is being contemplated.
Dividends
As Shareholders will be aware from recent Annual and Interim Reports, decisions on distributions take into consideration the availability of surplus revenue, the realisation of capital gains, the adequacy of distributable reserves and the VCT qualifying level. These factors are kept under close and regular review by the Board and the Manager, who both recognise the importance of tax-free distributions to Shareholders.
During 2017 and 2018, your Company made a number of enhanced dividend payments, which occurred outwith the normal dividend payment pattern and were the result of a build-up of distributable reserves and the requirement to maintain ongoing compliance with the VCT regulations. Whilst your Company does not have a specific dividend target, the Directors recognise that a period of time has elapsed since the latest dividend was paid and, as a result of the notable realisations recently achieved, have elected to declare an interim dividend, which is more aligned to historic distribution levels.
Therefore, an interim dividend in respect of the year ending 30 November 2019, of 2.00p per Ordinary Share, will be paid on 30 August 2019 to Shareholders on the register at 2 August 2019. Since the Company's launch, and after receipt of this latest dividend, 84.17p per share will have been distributed in tax-free dividends. It should be noted that the effect of paying dividends reduces the NAV of the Company by the total cost of the distribution.
As the portfolio continues to evolve, and a greater proportion of holdings are invested in young companies, in line with the VCT regulations, there may continue to be fluctuations in the quantum and timing of future dividend payments, which are likely to become more closely aligned to realisation activity. The Board and the Manager will continue to monitor this carefully, in line with your Company's investment objective.
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 relief applicable for the tax year in which they are allotted, subject to an individual Shareholder's particular circumstances. If a Shareholder is in any doubt about the merits of participating in the DIS, or their own tax status, they should seek advice from a suitably qualified adviser.
Shareholders who wish to participate in the DIS in respect of future dividends, including the interim payment declared above, should ensure that a DIS mandate or CREST instruction, as appropriate, is received by the Registrar (Link Market Services) in advance of 16 August 2019, this being the next dividend election date. The mandate form, terms & conditions and full details of the scheme (including further details about tax considerations) are available from the Company's website at www.mavencp.com/migvct3. A DIS election can also be made using the Registrar's share portal at www.signalshares.com.
Portfolio Developments
During the first half of the financial year, the portfolio companies have generally traded in line with expectations and, at present, there are no specific issues to highlight with respect to the ongoing uncertainty surrounding the UK's future relationship with the EU. The Manager maintains an open dialogue with the management teams of all investee companies regarding this evolving situation and will continue to monitor developments closely.
It is encouraging to report that the established companies within the portfolio have generally continued to perform well. These companies operate in a diverse range of sectors across the UK and their ability to continue to deliver growth reflects their quality and resilience, which has, in some cases, warranted uplifts to valuations.
Renewable energy services group GEV, which specialises in wind turbine blade maintenance, has continued to make encouraging progress. Its largest growth market remains the US, where it has secured a number of new contracts including MHI Vestas, Eon, Siemens and Invenergy. Projects are also being pursued in the UK and Europe that should help to drive further growth. Given the positive performance, the management team, with the support of the Maven appointed board representative, engaged with a corporate finance adviser and initiated a process to market the business for sale. Following a competitive process, an offer from a private equity buyer was accepted and the exit completed shortly after the period end, resulting in a total return of 2.7 times cost over the holding period.
Just Trays, the UK's leading designer and manufacturer of shower trays and related accessories continues to deliver growth. The business remains committed to innovation and new product development within its core market, and now manufactures over 6,000 shower trays per week from its facility in Leeds. All shower trays are manufactured in the UK for domestic and overseas customers. Following an actively managed sales process, led by a specialist corporate finance adviser, an offer to buy the business was accepted from a trade acquiror, with the exit completing shortly after the period end. The realisation generated a total return of 2 times cost over the holding period, including a deferred element.
In 2013, your Company participated in a syndicate to invest in Global Risk Partners, backing a highly experienced management team to pursue a buy & build strategy in the speciality insurance market. Since launch, the business has achieved considerable scale, having completed and successfully integrated 52 acquisitions with gross written premiums of the enlarged business now in excess of GBP700 million. Global Risk Partners is now within the top ten insurance brokers in the UK and the outlook remains positive, with a strong pipeline of acquisition opportunities currently under review.
In light of the continued improvement in market conditions within the oil & gas sector, the majority of portfolio companies with exposure to it are recording increased levels of sales, higher profitability and strong forward order books, building on the improvements of 2018. Following a sustained period of positive trading and a recovery in profitability, the provision taken against HCS Control Systems, the specialist designer, manufacturer and assembler of subsea systems, has been reversed. The Manager will continue to monitor the progress of sector assets through the second half of the year.
Your Company is building an interesting portfolio of early stage assets that operate in growth markets, providing products and services to a wide range of end users, often through a disruptive or innovative technology-led approach. These early stage companies have generally made satisfactory progress, achieving the milestones set out at the time of the original investment.
Curo Compensation, the developer of advanced software-as-a-service (SaaS) solutions to manage the annual financial compensation cycle for corporate clients, has made good progress since the initial investment in December 2017. The company has a diverse client base including Bupa, Compass Group, Sage and Virgin Atlantic, and is focused on increasing its customer base and annual contract value. During the period, additional funding was provided to help support growth, specifically through the recruitment of a number of experienced individuals and the planned expansion into the North American market.
Your Company first invested in ITS Technology, a developer and operator of full fibre digital networks for urban and rural areas, in July 2017. Since investment, the business has achieved scale by expanding its network base and now serves over 1,400 customers.
Visual asset management services group Whiterock continues to make positive progress in line with the core objectives identified at the time of original investment. Since 2016, the business has developed its technology platform and secured a number of material contracts with international blue-chip clients, representing a strong endorsement of the product and its capabilities. Follow-on funding was provided to the company in July 2018 to support growth and the outlook for the current year is highly encouraging.
Following contract delays, a provision was taken against the holding in Cognitive Geology, with further funding provided to support the company as it develops new opportunities, albeit at a lower valuation that reflected the slower than anticipated progress.
The Board and the Manager remain optimistic in the long-term potential of these early stage assets, acknowledging that, whilst the growth path of younger companies is more difficult to predict, those that achieve scale should be capable of generating substantial Shareholder value.
The Directors and the Manager continue to pursue an active policy with respect to liquidity management and the non- qualifying holdings in investment trusts and will continue to consider a range of other income generating investment options permitted under the VCT regulations.
New Investments
During the period, your Company provided development capital to three private companies offering interesting growth opportunities:
-- Avid Technology is a leader in the design, manufacture and assembly of powertrain components and propulsion systems for the electrification of commercial, industrial and high-performance vehicles, with specific expertise in electric pumps, electric fans, power electronics, battery systems and traction motors. The company has an impressive client list, including Caterpillar and Jaguar Land Rover, and the funding will be used to increase headcount, invest in facilities and support the scaling up of the manufacturing capabilities.
-- Mojo Mortgages is an FCA authorised mortgage broker that has developed an integrated platform enabling customers to complete their mortgage search and full application process online. The company is focused on improving the user experience and, in particular, reducing the length of time a mortgage application takes to complete. The funding will be used to support marketing activities, raise the company's profile and recruit additional staff to help further develop the technology platform.
-- Symphonic Software is a developer and provider of context-aware authorisation software that controls user permissions and access to data. The company aims to change the way organisations regulate the sharing of information, allowing them to share sensitive and time-critical information securely. The system also provides centralised visibility and control over the application of internal policies across an enterprise's entire data landscape within one easy-to-use interface, whilst maintaining compliance with external regulations. The funding will be invested in sales and marketing resource and used to improve service to clients.
In addition, two new AIM quoted investments were added to the portfolio:
-- Diaceutics is a data analytics and implementation services company supporting the pharmaceutical industry. Your Company participated in the initial public offering in March 2019, when Diaceutics was admitted to trading on AIM having raised a total of GBP17.0 million. The proceeds will be used to expand existing data sets and develop the technology platform, as well as providing working capital to fund growth into international markets.
-- MaxCyte is a global medicines and life sciences company that applies its patented cell engineering technology to help patients with unmet medical needs across a broad range of conditions. Your Company participated in the GBP10 million fundraising, which completed in February 2019. The proceeds will enable the business to accelerate its growth strategy and to progress identifiable commercial opportunities.
The following investments have been completed during the reporting period:
Hot Features
Premium
Investment
cost
Purchases Date Sector GBP'000 Website
----------------------------- ------------- --------------------------- ---------- ------------------------
Unlisted
New investments
Avid Technology Group February Automobile & parts 350 www.avidtp.com
Limited 2019 www.mojomortgages.com
Life's Great Group February Software & computer 470
Limited 2019 services (financial
services)
(trading as Mojo Mortgages) Software & computer www.symphonicsoft.com
services (financial
services/healthcare)
Symphonic Software March 2019 350
Limited
----------------------------- ------------- --------------------------- ---------- ------------------------
Total new investments 1,170
------------------------------------------------------------------------- ---------- ------------------------
Follow-on investments
Cognitive Geology Limited April 2019 Software & computer 45 www.cognitivegeology.com
services (energy
services)
Contego Solutions Limited March 2019 Software & computer 250 www.northrow.com
(trading as NorthRow) services (financial
services)
Curo Compensation Limited December Software & computer 67 www.curocomp.com
2018
services (employment
services)
ebb3 Limited April 2019 Software & computer 75 www.ebb3.com
services (energy
services/
automotive/construction)
Lending Works Limited May 2019 Software & computer 43 www.lendingworks.co.uk
services (financial
services)
Lydia Limited May 2019 Software & computer 150 www.motokiki.com
(trading as Motokiki) services (automotive)
QikServe Limited May 2019 Software & computer 47 www.qikserve.com
services (hospitality)
Rockar 2016 Limited April 2019 Software & computer 29 www.rockar.com
(trading as Rockar) services (automotive)
WaterBear Education May 2019 Support services 250 www.waterbear.org.uk
Limited
----------------------------- ------------- --------------------------- ---------- ------------------------
Total follow-on investments 956
------------------------------------------------------------------------- ---------- ------------------------
Total unlisted 2,126
------------------------------------------------------------------------- ---------- ------------------------
Quoted
New investments
Diaceutics PLC March 2019 Software & computer 250 www.diaceutics.com
services (pharmaceutical)
MaxCyte Inc February Pharmaceuticals 250 www.maxcyte.com
2019 & biotechnology
----------------------------- ------------- --------------------------- ---------- ------------------------
Total quoted 500
------------------------------------------------------------------------- ---------- ------------------------
Investment
cost
Purchases (continued) Date Sector GBP'000 Website
--------------------------- ----------- --------------------- ---------- ------------------------------
Private equity investment
trusts(1)
Apax Global Alpha Limited March 2019 Investment companies 147 www.apaxglobalalpha.com
BMO Private Equity Trust March 2019 Investment companies 130 www.bmoprivateequitytrust.com
PLC
(formerly F&C Private
Equity Trust PLC)
HarbourVest Global Private February Investment companies 250 www.hvpe.com
2019
Equity Limited
HgCapital Trust PLC March 2019 Investment companies 115 www.hgcapitaltrust.com
ICG Enterprise Trust March 2019 Investment companies 270 www.icg-enterprise.co.uk
PLC
Pantheon International March 2019 Investment companies 161 www.piplc.com
PLC
Princess Private Equity March 2019 Investment companies 150 www.princess-privateequity.net
Holding Limited
Standard Life Private March 2019 Investment companies 67 www.slpet.co.uk
Equity Trust PLC
--------------------------- ----------- --------------------- ---------- ------------------------------
Total private equity
investment trusts 1,290
--------------------------------------------------------------- ---------- ------------------------------
Total investments 3,916
--------------------------------------------------------------- ---------- ------------------------------
(1) Part of liquidity management strategy.
At the period end, the portfolio stood at 72 unlisted and quoted investments, at a total cost of GBP28.07 million.
Realisations
The table below gives details of all realisations achieved during the reporting period:
Gain/(loss)
Cost of Value at over
shares 30 November Sales Realised 30 November
Year first Complete/ disposed 2018 proceeds gain/(loss) 2018 value
of
Sales invested partial GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
exit
---------------------------- ----------- ---------- -------- ----------- -------- ----------- -----------
Unlisted
Other unlisted investments 3 - 11 8 11
----------------------------------------------------- -------- ----------- -------- ----------- -----------
Total unlisted 3 - 11 8 11
----------------------------------------------------- -------- ----------- -------- ----------- -----------
Quoted
--------
Diaceutics PLC 2019 Partial - 13 4 13
9
esure Group PLC 2010 Complete - 23 23 23 -
---------------------------- ----------- ---------- -------- ----------- -------- ----------- -----------
Total quoted 9 23 36 27 13
----------------------------------------------------- -------- ----------- -------- ----------- -----------
Total disposals 12 23 47 35 24
----------------------------------------------------- -------- ----------- -------- ----------- -----------
As at the date of this report, the Manager is in dialogue with several investee companies and prospective acquirors at various stages of an exit process. However, there can be no certainty that these discussions will result in profitable realisations.
Material Developments Since the Period End
Since 31 May 2019, three new private company holdings have been added to the portfolio.
-- Digital Bridge has developed a virtual guided design assistant that uses pioneering artificial intelligence (AI) and computer vision technology to guide customers through the entire process of creating a bathroom or kitchen, from concept to completion, via its online portal. The platform has been operational within B&Q since 2017 and was rolled out to its French sister-company Castorama in early 2018. The investment will be used to increase headcount, establish an office in the US and add further apps based functionality to the existing product.
-- Honcho Markets has developed an innovative app-based platform that aims to redefine how consumers purchase insurance products by providing them with a transparent, cost-effective and engaging way of buying car, home, contents, travel or pet cover. The honcho app uses a reverse auction marketplace, which enables insurance companies to actively bid for consumers' business, ensuring a highly competitive quote. The platform will initially be launched within the motor insurance market, with a view to expanding into personal lines at a future date. The investment will be used to support the national market launch of the platform.
-- Filtered Technologies has developed a market leading learning and development solution for corporate clients, driven by AI software that uses an intelligent learning recommendation engine. The core product magpie provides a range of tailored training content suitable for both retail and corporate markets, and the existing client list includes Shell, Royal Mail, New Look and the NHS. The investment will support the further development of the technology and product, as well as enhancing the sales and marketing function to help drive future sales.
Follow-on funding was also provided to ADC Biotechnology to help support the continued growth of the business.
In addition, as previously highlighted, the exits from the holdings in GEV and Just Trays completed in June 2019.
Principal Risks and Uncertainties
The principal risks and uncertainties facing the Company were set out in full in the Strategic Report contained within the 2018 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 larger 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 always to such transactions being in the best interests of Shareholders. It is intended that, subject to market conditions, available liquidity and the maintenance of the Company's VCT status, shares will continue to be bought back at prices representing a discount of between 5% and 10% of the prevailing NAV per share. During the period under review, 370,000 shares were bought back at a total cost of GBP209,000.
Regulatory Update
Your Company is making good progress towards satisfying the requirement of the Finance Act 2018 to hold 80% of its investments in qualifying holdings and it is anticipated that this will be achieved ahead of the mandatory compliance date of 30 November 2019.
In July 2018, the Financial Reporting Council published an update of the UK Corporate Governance Code (the Code), which focused on the application and reporting of the updated Principles. The 2018 Code applies to all companies with a Premium Listing and is applicable for all accounting periods beginning on or after 1 January 2019. In February 2019, the Association of Investment Companies (AIC) issued a revised version of the AIC Code of Corporate Governance, which takes into consideration the Code and has the same application date. The Board is considering the future reporting obligations under the new Codes.
On 10 June 2019 the Shareholder Rights Directive II (SRD II) was adopted as an update to the 2007 EU Directive, which aimed to ensure a better protection of the rights of shareholders in listed companies. The amendments are focused on further strengthening the position of shareholders to ensure that the decisions of the directors are made for the long-term stability of a company. SRD II aims to increase transparency regarding the investment strategy, directors' remuneration and voting process in general meetings, whilst also involving shareholders in corporate governance.
Outlook
Your Company is making good progress towards its objective of building a large and diverse portfolio of high quality private and AIM quoted growth companies. The pipeline of opportunities currently in process is very healthy, indicating that the rate of new investment in the second half of the year will be strong. The Manager remains focused on identifying and investing in some of the most attractive younger growth companies across the UK, whilst also supporting existing holdings that are making demonstrable commercial progress. Your Company is, therefore, well positioned to achieve its strategic objective and, notwithstanding the political and economic uncertainty, the Manager is optimistic that the developing investee company portfolio will continue to deliver Shareholder value.
On behalf of the Board
Maven Capital Partners UK LLP
Secretary
26 July 2019
Summary of Investment Changes
For the Six Months Ended 31 May 2019
Valuation Net investment/ Appreciation/ Valuation
30 November 2018 (disinvestment)(1) (depreciation) 31 May 2019
GBP'000 % GBP'000 GBP'000 GBP'000 %
--------------------- ------------------- ------------------- --------------- ----------------
Unlisted investments
Equities 9,893 23.3 1,970 505 12,368 29.1
Loan stock 9,910 23.4 195 (89) 10,016 23.6
--------------------- ---------- ------- ------------------- --------------- -------- ------
19,803 46.7 2,165 416 22,384 52.7
AIM/NEX investments
Equities 324 0.8 437 87 848 2.0
Listed investments
Equities 23 0.1 (23) - - -
Investment trusts 958 2.3 1,290 100 2,348 5.5
--------------------- ---------- ------- ------------------- --------------- -------- ------
Total investments 21,108 49.9 3,869 603 25,580 60.2
Other net assets 21,301 50.1 (4,365) - 16,936 39.8
--------------------- ---------- ------- ------------------- --------------- -------- ------
Net assets 42,409 100.0 (496) 603 42,516 100.0
--------------------- ---------- ------- ------------------- --------------- -------- ------
(1) includes assets transferred between AIM/NEX and unlisted during the period.
Investment Portfolio Summary
As at 31 May 2019
% of equity
Valuation Cost % of total % of equity held by
Investment GBP'000 GBP'000 assets held other clients(1)
------------------------------------ ----------- --------- ------------ ------------- ------------------
Unlisted
GEV Holdings Limited 1,647 672 3.9 4.1 31.9
Ensco 969 Limited (trading as
DPP) 1,283 1,133 3.1 4.8 29.7
Vodat Communications Group Limited 1,024 567 2.5 4.2 22.6
CatTech International Limited 982 627 2.3 6.0 24.0
Martel Instruments Holdings Limited 918 1,026 2.2 12.4 31.8
Rockar 2016 Limited (trading
as Rockar) 893 578 2.1 3.0 12.6
Maven Co-invest Endeavour Limited
Partnership 833 417 2.0 8.1 91.9
(invested in Global Risk Partners)
JT Holdings (UK) Limited (trading
as Just Trays) 806 496 1.9 5.3 24.7
HCS Control Systems Group Limited 746 746 1.8 6.1 30.4
CB Technology Group Limited 728 558 1.7 11.2 67.7
The GP Service (UK) Limited(2) 721 690 1.7 9.4 40.2
ITS Technology Group Limited 695 695 1.6 5.3 31.2
Horizon Cremation Limited 688 688 1.6 3.7 18.6
Glacier Energy Services Holdings
Limited 686 686 1.6 2.6 25.0
TC Communications Holdings Limited 645 980 1.5 8.3 21.7
Contego Solutions Limited (trading
as NorthRow) 597 597 1.4 3.7 14.6
Flow UK Holdings Limited 597 597 1.4 7.0 28.0
R&M Engineering Group Limited 572 761 1.3 8.3 62.3
QikServe Limited 563 563 1.3 3.1 13.5
RMEC Group Limited 557 446 1.3 2.7 47.4
Fathom Systems Group Limited 537 710 1.3 7.8 52.2
ebb3 Limited 489 326 1.2 7.4 48.2
Life's Great Group Limited 470 470 1.1 7.3 18.5
(trading as Mojo Mortgages)
Lending Works Limited 392 392 0.9 3.3 16.3
WaterBear Education Limited 370 370 0.9 8.7 35.0
Avid Technology Group Limited 350 350 0.8 5.6 16.3
Symphonic Software Limited 350 350 0.8 4.2 10.2
Bright Network (UK) Limited 348 348 0.8 4.9 25.1
Whiterock Group Limited 346 320 0.8 5.1 24.9
Attraction World Holdings Limited 341 23 0.8 6.7 31.7
Lydia Limited (trading as Motokiki) 300 300 0.7 10.7 35.7
Growth Capital Ventures Limited 268 256 0.6 6.1 32.4
Investment Portfolio Summary (Continued)
As at 31 May 2019
% of equity
Valuation Cost % of total % of equity held by
Investment GBP'000 GBP'000 assets held other clients(1)
------------------------------------ ----------- --------- ------------ ------------- ------------------
Unlisted (continued)
Boiler Plan (UK) Limited 250 250 0.6 7.2 40.5
eSafe Global Limited 248 248 0.6 4.6 27.4
Curo Compensation Limited 222 216 0.5 2.4 16.6
ADC Biotechnology Limited 210 430 0.5 2.6 14.4
ISN Solutions Group Limited 205 321 0.5 4.5 50.5
BioAscent Discovery Limited 199 199 0.5 5.0 35.0
Cognitive Geology Limited 104 223 0.2 3.6 16.3
Optoscribe Limited 99 99 0.2 1.0 9.0
FLXG Scotland Limited 54 369 0.1 2.4 11.9
(formerly Flexlife Group Limited)
Space Student Living Limited 51 - 0.1 11.5 68.6
Other unlisted investments - 4,188 -
------------------------------------ ----------- --------- ------------ ------------- ------------------
Total unlisted 22,384 24,281 52.7
------------------------------------ ----------- --------- ------------ ------------- ------------------
Quoted
Diaceutics PLC 279 241 0.6 0.5 0.5
MaxCyte Inc 235 250 0.5 0.3 0.3
Synnovia PLC (formerly Plastics
Capital PLC) 110 122 0.3 0.3 1.1
Byotrol PLC 108 197 0.3 1.2 2.3
Cello Health PLC 71 54 0.2 0.1 0.4
Vianet Group PLC (formerly Brulines
Group PLC) 31 31 0.1 0.1 1.4
Gordon Dadds Group PLC 12 201 - - 0.1
(formerly Work Group PLC)
Other quoted investments 2 434 -
------------------------------------ ----------- --------- ------------ ------------- ------------------ Total quoted 848 1,530 2.0 ------------------------------------ ----------- --------- ------------ ------------- ------------------
Investment Portfolio Summary (Continued)
As at 31 May 2019
% of equity
Valuation Cost % of total % of equity held by other
Investment GBP'000 GBP'000 assets held clients(1)
---------------------------------- ----------- --------- ------------ ------------- ---------------
Private equity investment trusts
ICG Enterprise Trust PLC 343 334 0.9 - -
HarbourVest Global Private Equity
Limited 280 250 0.7
HgCapital Trust PLC 275 249 0.6 - -
Princess Private Equity Holding
Limited 268 270 0.6 - -
Apax Global Alpha Limited 260 250 0.6 - -
BMO Private Equity Trust PLC 233 253 0.5 0.1 0.1
(formerly F&C Private Equity
Trust PLC)
Pantheon International PLC 191 180 0.5 - -
Standard Life Private Equity
Trust PLC 124 110 0.3 - 0.1
---------------------------------- ----------- --------- ------------ ------------- ---------------
Total private equity investment
trusts 1,974 1,896 4.7
---------------------------------- ----------- --------- ------------ ------------- ---------------
Real estate investment trusts
Regional REIT Limited 102 89 0.2 - 0.1
Target Healthcare REIT Limited 102 96 0.2 - 0.1
Schroder REIT Limited 99 107 0.2 - 0.1
Custodian REIT PLC 71 71 0.2 - -
---------------------------------- ----------- --------- ------------ ------------- ---------------
Total real estate investment
trusts 374 363 0.8
---------------------------------- ----------- --------- ------------ ------------- ---------------
Total investments 25,580 28,070 60.2
---------------------------------- ----------- --------- ------------ ------------- ---------------
(1) Other clients of Maven Capital Partners UK LLP.
(2) Atul Devani is executive chairman of this company.
Income Statement
For the Six Months Ended 31 May 2019
Six months ended Six months ended Year ended
31 May 2019 31 May 2018 30 November 2018
(unaudited) (unaudited) (audited)
Revenue Capital Revenue Capital Revenue Capital
Total Total Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
GBP'000 GBP'000 GBP'000
----------------------- ------------------------- ----------------------------- ---------------------------
Gains on investments - 603 603 - 312 312 - 521 521
Income from investments 359 - 359 621 - 621 984 - 984
Other income 30 - 30 12 - 12 35 - 35
Investment management
fees (108) (435) (543) (102) (410) (512) (214) (854) (1,068)
Other expenses (133) - (133) (132) - (132) (398) - (398)
----------------------- ------- ------- ------- ------ --------- ---------- ------- --------- ---------
Net return on ordinary
activities before
taxation 148 168 316 399 (98) 301 407 (333) 74
----------------------- ------- ------- ------- ------ --------- ---------- ------- --------- -------
Tax on ordinary
activities (12) 12 - (36) 36 - (71) 71 -
----------------------- ------- ------- ------- ------ --------- ---------- ------- --------- -------
Return attributable
to Equity Shareholders 136 180 316 363 (62) 301 336 (262) 74
----------------------- ------- ------- ------- ------ --------- ---------- ------- --------- -------
Earnings per share
(pence) 0.20 0.26 0.46 0.65 (0.11) 0.54 0.54 (0.42) 0.12
----------------------- ------- ------- ------- ------ --------- ---------- ------- --------- -------
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
For the Six months Ended 31 May 2019
Six months ended 31 May 2019 (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 30 November 2018 6,897 31,285 (9,784) (3,058) 15,323 890 856 42,409
Net return - - (388) 568 - - 136 316
Repurchase and
cancellation
of shares (37) - - - (209) 37 - (209)
-------------------- --------- --------- ---------- ----------- -------------- ----------- --------- ---------
At 31 May 2019 6,860 31,285 (10,172) (2,490) 15,114 927 992 42,516
-------------------- --------- --------- ---------- ----------- -------------- ----------- --------- ---------
Six months ended 31 May 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 30 November 2017 4,702 18,035 (5,989) (62) 15,749 819 761 34,015
Net return - - 2,686 (2,748) - - 363 301
Dividends paid - - (3,155) - - - - (3,155)
Repurchase and
cancellation
of shares (25) - - - (165) 25 - (165)
Net proceeds of
share
issue 2,174 12,747 - - - - - 14,921
Net proceeds of DIS
issue 35 190 - - - - - 225
-------------------- --------- --------- ---------- ----------- -------------- ----------- --------- ---------
At 31 May 2018 6,886 30,972 (6,458) (2,810) 15,584 844 1,124 46,142
-------------------- --------- --------- ---------- ----------- -------------- ----------- --------- ---------
Year ended 30 November 2018 (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 30 November 2017 4,702 18,035 (5,989) (62) 15,749 819 761 34,015
Net return - - 2,734 (2,996) - - 336 74
Dividends paid - - (6,529) - - - (241) (6,770)
Repurchase and
cancellation
of shares (71) - - - (426) 71 - (426)
Net proceeds of
share
issue 2,174 12,793 - - - - - 14,967
Net proceeds of DIS
issue 92 457 - - - - - 549
-------------------- --------- --------- ---------- ----------- -------------- ----------- --------- ---------
At 30 November 2018 6,897 31,285 (9,784) (3,058) 15,323 890 856 42,409
-------------------- --------- --------- ---------- ----------- -------------- ----------- --------- ---------
The accompanying Notes are an integral part of the Financial Statements.
Balance Sheet
As at 31 May 2019
31 May 2019 31 May 2018 30 November
2018
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
------------------------------------ ------------ ------------ -----------
Fixed assets
Investments at fair value through
profit or loss 25,580 19,953 21,108
Current assets
Debtors 294 940 358
Cash 16,694 25,320 20,979
------------------------------------ ------------ ------------ -----------
16,988 26,260 21,337
Creditors
Amounts falling due within one
year (52) (71) (36)
------------------------------------ ------------ ------------ -----------
Net current assets 16,936 26,189 21,301
------------------------------------ ------------ ------------ -----------
Net assets 42,516 46,142 42,409
------------------------------------ ------------ ------------ -----------
Capital and reserves
Called up share capital 6,860 6,886 6,897
Share premium account 31,285 30,972 31,285
Capital reserve - realised (10,172) (6,458) (9,784)
Capital reserve - unrealised (2,490) (2,810) (3,058)
Special distributable reserve 15,114 15,584 15,323
Capital redemption reserve 927 844 890
Revenue reserve 992 1,124 856
------------------------------------ ------------ ------------ -----------
Net assets attributable to Ordinary
Shareholders 42,516 46,142 42,409
------------------------------------ ------------ ------------ -----------
Net asset value per Ordinary Share
(pence) 61.97 67.01 61.49
------------------------------------ ------------ ------------ -----------
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
Chairman
26 July 2019
The accompanying Notes are an integral part of the Financial Statements.
Cash Flow Statement
For the Six Months Ended 31 May 2019
Six months ended Six months ended Year ended
-----------------------------------------
31 May 2019 31 May 2018 30 November 2018
-----------------------------------------
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
----------------------------------------- ---------------- ---------------- ----------------
Net cash flows from operating activities (207) 1 (335)
Cash flows from investing activities
Purchase of investments Sale of
investments
(3,916) (1,326) (3,904)
47 6,020 7,652
----------------------------------------- ---------------- ---------------- ----------------
Net cash flows from investing activities (3,869) 4,694 3,748
----------------------------------------- ---------------- ---------------- ----------------
Cash flows from financing activities
Equity dividends paid - (3,155) (6,770)
Issue of Ordinary Shares - 14,699 15,516
Repurchase of Ordinary Shares (209) (165) (426)
----------------------------------------- ---------------- ---------------- ----------------
Net cash flows from financing activities (209) 11,379 8,320
----------------------------------------- ---------------- ---------------- ----------------
Net (decrease)/increase in cash (4,285) 16,074 11,733
----------------------------------------- ---------------- ---------------- ----------------
Cash at beginning of period 20,979 9,246 9,246
Cash at end of period 16,694 25,320 20,979
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 2019 and the six months ended 31 May 2018 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 2018, which have been filed at Companies House and which contained an Auditor's report which was not qualified and did not contain a statement under S498(2) or S498(3) of the Companies Act 2006.
2. Reserves
Share premium account
The share premium account represents the premium above nominal value received by the Company on issuing shares net of issue costs.
Capital reserves
Gains or losses on investments realised in the year that have been recognised in the Income Statement are transferred to the capital reserve realised account on disposal. Furthermore, any prior unrealised gains or losses on such investments are transferred from the capital reserve unrealised account to the capital reserve realised account on disposal.
Increases and decreases in the fair value of investments are recognised in the Income Statement and are then transferred to the capital reserve unrealised account. The capital reserve realised account also represents capital dividends, capital investment management fees and the tax effect of capital items.
Special distributable reserve
The total cost to the Company of the repurchase and cancellation of shares is represented in the special distributable reserve.
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. Return per Ordinary Share Six months ended
31 May 2019
-------------------------------------------- -----------------
The returns per share have been based on the
following figures: 68,894,840
Weighted average number of Ordinary Shares
GBP136,000
Revenue return GBP180,000
Capital return
-------------------------------------------- -----------------
Total return GBP316,000
-------------------------------------------- -----------------
Directors' Responsibility Statement
Each Director believes that, to the best of their knowledge:
-- the Financial Statements for the six months ended 31 May 2019 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 2019; 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 May 2019 which was 68,603,462. A summary of investment changes for the six months under review and an investment portfolio summary as at 31 May 2019 are included above. A full copy of the Interim Report and Financial Statements will be printed and issued to Shareholders in due course. 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
26 July 2019
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 BQLFLKDFFBBD
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July 26, 2019 06:25 ET (10:25 GMT)
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