Share Name Share Symbol Market Type Share ISIN Share Description
Maven Income And Growth Vct 6 Plc LSE:MIG6 London Ordinary Share GB00B1BV3Z44 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 47.30p 45.80p 48.80p 47.30p 47.30p 47.30p 0 01:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 0.0 -0.1 -0.3 - 13

Maven Income and Growth VCT 6 PLC Half-year Report

07/12/2018 11:35am

UK Regulatory (RNS & others)


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Maven Income and Growth VCT 6 PLC

07 December 2018

Maven Income and Growth VCT 6 PLC

Interim Announcement for the six months ended 30 September 2018 (unaudited)

The Directors announce the unaudited Interim Management Report for the six months ended 30 September 2018.

Highlights

-- NAV total return at 30 September 2018 of 59.34p per share, compared to 60.01p per share at the year end

   --      NAV at 30 September 2018 of 54.49p per share, compared to 55.16p per share at the year end 
   --      GBP5.49 million invested in 15 VCT qualifying new and follow-on investments 

-- Four new VCT qualifying private company holdings added to the portfolio, with a further two completed after the period end

-- Five new VCT qualifying AIM quoted investments completed, with a further one completed after the period end

   --      Follow-on funding provided to six portfolio companies 
   --      Encouraging pipeline of new VCT qualifying investments, with a number in advanced process 

-- Post the period end, the sale of Cursor Controls completed for a total return of 2.7 times cost

Overview

During the period under review, your Company has made further significant progress in the construction of a broadly based portfolio of private equity and AIM investments, with the deployment of GBP5.49 million in 15 new and follow-on VCT qualifying investments, which the Manager considers offer the prospect of capital gains as these investments mature and are realised. A further GBP1.56 million was invested post the period end and the investment pipeline for the second half of the year remains strong, with a number of additional new investments in progress.

This deployment of capital represents a continuation of the strategy introduced in 2014, with the objective of significantly expanding the number of holdings in the portfolio following the completion of several fundraisings, which substantially increased the size of your Company and the resources available to it. All new private company investments will initially be held at cost, and any uplifts in valuation will only be considered when there is evidence of sustained commercial progress against the key milestones set at the time of original investment. Although this may cause a slight lag or delay in NAV total return progression, the medium to long-term prospects for your Company remain encouraging, given the much larger and diverse investee company portfolio currently being developed.

It is pleasing to report that trading performance across the portfolio as a whole remains generally positive, 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 original investment. The pipeline of investment opportunities remains strong and it is anticipated that there will be a good level of additional completions and deployment during the second half of the year.

The strategy remains to invest in carefully selected UK smaller unlisted and AIM quoted companies, operating across a diverse range of industries that offer either compelling proprietary technology or a disruptive business model capable of scalable growth. The addition of several new holdings in AIM quoted companies reflects the quality of opportunities currently available in this market. Maven also has a preference for supporting proven management teams with successful track records in previous businesses. The expansion of Maven's investment team to include a number of executives with specific sector expertise, particularly focused towards younger, high growth businesses, is further benefiting the initial asset screening and selection process.

Portfolio Developments

During the period, the majority of companies in the investee portfolio performed in line with expectations, despite the continued uncertainty within the UK economy surrounding the UK's intended exit from the European Union. It is encouraging to report that, following four years of exceptionally challenging market conditions, trading within the majority of the oil & gas portfolio has continued to improve. Maven executives remain in close and regular dialogue with the management teams of the companies with exposure to this sector, and are monitoring performance carefully.

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, has continued to deliver good levels of organic growth. Performance was enhanced by the acquisition of Belgium based distributor NSI in April 2016, which delivered further commercial and operational synergies to support growth and increase profitability. During the period under review, the business received an offer from a UK listed acquirer and a sale completed post the period end at a premium to carrying value, generating a total return of 2.7 times cost over the three-year investment period.

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.

Specialist electronics manufacturer CB Technology has made considerable progress over the past year, gaining a number of notable new clients, adding to the existing strong customer base. The company, which assembles and tests high-end printed circuit boards for use in industrial and semiconductor markets, has experienced a marked improvement in activity levels during the full year to 31 March 2018. Headcount has been increased to accommodate the record order book and the management team is optimistic on the outlook for the year ahead.

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 Ted Baker, 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 ebb3, Growth Capital Ventures, ITS Technology, Pelatro, The GP Service and Whiterock. 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 against which a new valuation level can be validated.

The investment trust portfolio has continued to trade well and generate healthy levels of income. This is particularly important in light of the restriction 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. The Board and the Manager remain highly cognisant of the importance of maintaining an effective liquidity management policy and will continue to consider a range of other permitted income generating investment options.

As well as reflecting the positive trading performance highlighted above, your Board has also taken a provision against the holding in Fathom Systems, which operates in the subsea sector of the oil & gas market where recovery is lagging the general market improvement. In addition, full provisions were taken against the value of the holdings in Lambert Contracts and Chic Lifestyle prior to them being placed into administration.

New Investments

During the period, your Company provided development capital to four VCT qualifying private companies operating in growth markets:

-- BioAscent Discovery is a drug discovery services business that was founded 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 state-of-the-art facility, housing client compound libraries which can range in size up to several 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 and integrated drug discovery offering.

-- 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 & 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.

-- 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.

-- Optoscribe has developed an integrated platform of optical and photonic technologies that use high-power lasers to direct-write optical waveguides, which minimise energy dissipation and have applications in a wide range of markets including telecom, datacom, and mobile networks. Optoscribe's innovative techniques can form these guides in precise 3D orientations, and thereby simplify manufacturing processes by delivering highly efficient and scalable products. The barriers to entry into this market are significant and as such, the company's existing intellectual property (including patents) and technical know-how gives it a defensible market position. The investment will enable the management team to scale manufacturing capacity and support further business development activity.

In addition, five qualifying AIM quoted companies were added to the portfolio:

-- Avacta is the developer of proprietary Affimer technology, which is a novel engineered alternative to antibodies. Affimer proteins can be developed as therapeutic molecules for use in a wide range of other life science applications in research and diagnostics. Your Company participated in the July 2018 fundraising, which raised a total of GBP11.6 million (gross) and the proceeds provide Avacta with the financial runway to hit important near-term milestones over the next two years.

-- Creo Medical is a medical device company focused on the development of minimally invasive surgical devices in the emerging field of surgical endoscopy. Your Company participated in the July 2018 share placing, which raised a total of GBP48.5 million (gross). The proceeds will enable Creo Medical to accelerate its commercialisation strategy, complete the development of its existing surgical suite and develop new products, as well as attract partners and facilitate the potential for strategic merger and acquisition activity.

-- Diurnal is a speciality pharmaceutical company that is developing high quality products for the global market for the life-long treatment of rare and chronic endocrine conditions including Congenital Adrenal Hyperplasia and Adrenal Insufficiency. Your Company participated in the GBP10.5 million (gross) fundraising, which completed in April 2018, and the proceeds are being used to support the development and commercialisation of its adrenal products.

-- KRM22 is a technology and software investment company with a specific focus on risk management in capital markets. Your Company participated in the Initial Public Offering in April 2018, when it was admitted to trading on AIM having raised a total of GBP10.3 million. The proceeds will be used to make investments in line with KRM22's Investing Policy and to provide working capital for the future growth and development of the business.

-- Scancell is the developer of novel immunotherapies for the treatment of cancer based on its patented ImmunoBody(R) and Moditope(R) technology platforms. Your Company participated in the GBP8.7 million total fundraising, which completed in May 2018, and the proceeds are being used to progress the development of its cancer treatments.

The following investments have been completed during the reporting period:

 
                                                             Investment 
                                                                   cost 
                                  Date               Sector     GBP'000                          Website 
                          ------------  -------------------  ---------- 
Unlisted 
BioAscent Discovery          June 2018      Pharmaceuticals         697                www.bioascent.com 
 Limited                                                  & 
                                              biotechnology 
Bright Network (UK)          July 2018           Software &         696          www.brightnetwork.co.uk 
 Limited                                  computer services 
ebb3 Limited                 September           Software &         200                     www.ebb3.com 
                                  2018    computer services 
Growth Capital Ventures      June 2018           Investment          61  www.growthcapitalventures.co.uk 
 Limited                                          companies 
ITS Technology Group         June 2018    Telecommunication         193       www.itstechnologygroup.com 
 Limited                                           services 
Lending Works Limited       April 2018           Software &         498           www.lendingworks.co.uk 
                                          computer services 
Optoscribe Limited           September    Telecommunication         627               www.optoscribe.com 
                                  2018             services 
The GP Service (UK)          June 2018               Health          80           www.thegpservice.co.uk 
 Limited 
Whiterock Group Limited      July 2018           Technology         201           www.whiterockgroup.net 
------------------------  ------------  -------------------  ----------  ------------------------------- 
Total unlisted                                                    3,253 
-----------------------------------------------------------  ----------  ------------------------------- 
Quoted 
 Quoted 
Avacta Group PLC           August 2018      Pharmaceuticals         493                   www.avacta.com 
                                                          & 
                                              biotechnology 
Creo Medical Group         August 2018      Pharmaceuticals         393              www.creomedical.com 
 PLC                                                      & 
                                              biotechnology 
Diurnal Group PLC           April 2018      Pharmaceuticals         246                www.diurnal.co.uk 
                                                          & 
                                              biotechnology 
KRM22 PLC                   April 2018           Software &         463                    www.krm22.com 
                                          computer services 
Pelatro PLC                August 2018           Software &         148                  www.pelatro.com 
                                          computer services 
Scancell Holdings           April 2018      Pharmaceuticals         492               www.scancell.co.uk 
 PLC                                                      & 
                                              biotechnology 
Total quoted                                                      2,235 
                                                                         ------------------------------- 
 
Total investments                                                 5,488 
                                                             ----------  ------------------------------- 
 

At the period end, the portfolio stood at 75 unlisted and quoted investments, at a total cost of GBP14.88 million.

Realisations

The table below gives details of all realisations achieved during the reporting period:

 
                                                          Cost of       Value                              Gain/(loss) 
                                                           shares          at                                     over 
                                            Complete/    disposed    31 March       Sales       Realised      31 March 
                              Year first      partial          of        2018    proceeds    gain/(loss)    2018 value 
                                invested         exit     GBP'000     GBP'000     GBP'000        GBP'000       GBP'000 
       Quoted 
       Creo Medical Group 
        PLC                         2018      Partial          44          44          68             24            24 
       KRM22 PLC                    2018      Partial          23          23          35             12            12 
       Pelatro PLC                  2017      Partial          24          28          30              6             2 
                            ------------  -----------  ----------  ----------  ----------  -------------  ------------ 
       Total quoted                                            91          95         133             42            38 
                                                       ----------  ----------  ----------  -------------  ------------ 
 
       Real estate 
       investment 
       trusts 
       Custodian REIT 
        PLC                         2016      Partial          35          38          38              3             - 
                            ------------  -----------  ----------  ----------  ----------  -------------  ------------ 
 Total real estate 
  investment trusts                                            35          38          38              3             - 
                                                       ----------  ----------  ----------  -------------  ------------ 
 
       Total disposals                                        126         133         171             45            38 
                                                       ----------  ----------  ----------  -------------  ------------ 
 

Subsequent to the reporting period, the Manager has been in dialogue 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 exits.

Material Developments Since the Period End

Since 30 September 2018, three new private and AIM quoted company holdings have been added to the portfolio.

-- Boiler Plan has developed an innovative online platform for the purchase, installation and financing of domestic boilers. The platform supports the entire boiler sales process, handling everything from the choice of appliance, the initial home survey, finance payment options, installation by a qualified engineer and the ongoing maintenance and aftercare service. The investment will be used to roll out operations into new UK territories and also to support the marketing programme.

-- Motokiki has developed the UK's first independent price comparison website for vehicle tyres, providing consumers with market-wide, free and impartial information on tyre prices, availability and fitting costs. Motokiki is led by a highly experienced management team, including CEO and co-founder Debra Williams, who previously achieved notable success as managing director of Confused.com and CEO of Tesco Compare. The Maven VCT investment will be used to support sales and marketing initiatives, raise brand awareness, grow the customer base and develop new strategic partnerships.

-- C4X Discovery is a drug discovery company, that aims to exploit innovative technologies to design and create best-in-class small-molecule candidates targeting a range of high value therapeutic areas. Your Company participated in the GBP10.1 million (gross) AIM fundraising, which completed in October 2018 with the proceeds being used to strengthen the balance sheet, provide working capital, and increase commercial capabilities.

In October 2018, the holding in Cursor Controls was sold at a premium to carrying value. The sale to discoverIE Group plc, a UK listed international designer, manufacturer and supplier of innovative components for electronic applications, achieved a total return multiple of 2.7 times cost over the three year investment period.

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 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 may be bought back at prices representing a discount of between 10% and 20% of the prevailing NAV per share.

Regulatory Developments

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.

In July 2018, the Financial Reporting Council published an update of the UK Corporate Governance Code, which focuses on the application and reporting of the updated Principles. The Code applies to all companies with a Premium Listing and is applicable for all accounting periods beginning on or after 1 January 2019.

Following the wide reaching legislative changes introduced by the Finance Act 2015, with further amendments included in the Finance Act 2018, the Chancellor's October 2018 Budget Statement did not propose any new amendments to the legislation governing VCTs.

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. Your Board and the Manager remain committed to building a large and broadly based portfolio of valuable private and AIM quoted companies that are capable of delivering positive Shareholder returns in the years ahead.

On behalf of the Board

Maven Capital Partners UK LLP

Secretary

7 December 2018

Summary of Investment Changes

For the Six Months Ended 30 September 2018

 
                              Valuation   Net investment/    Appreciation/             Valuation 
                          31 March 2018   (disinvestment)   (depreciation)     30 September 2018 
                       GBP'000        %           GBP'000          GBP'000     GBP'000         % 
---------------------  -------  -------  ----------------  ---------------  ----------  -------- 
Unlisted investments 
Equities                 3,931     17.4             3,151               35       7,117      31.9 
Loan stock               2,623     11.6               102             (52)       2,673      12.0 
---------------------  -------  -------  ----------------  ---------------  ----------  -------- 
                         6,554     29.0             3,253             (17)       9,790      43.9 
AIM/NEX investments 
Equities                 1,030      4.6             2,102             (21)       3,111      13.9 
 
  Listed investments 
Equities                     5        -                 -                2           7         - 
Investment trusts        1,693      7.5              (38)               51       1,706       7.6 
---------------------  -------  -------  ----------------  ---------------  ----------  -------- 
Total investments        9,282     41.1             5,317               15      14,614      65.4 
 
  Other net assets      13,296     58.9           (5,608)                -       7,688      34.6 
---------------------  -------  -------  ----------------  ---------------  ----------  -------- 
Net assets              22,578    100.0             (291)               15      22,302     100.0 
---------------------  -------  -------  ----------------  ---------------  ----------  -------- 
 
 

Investment Portfolio Summary

As at 30 September 2018

 
                                                                               % of equity     % of equity 
                                           Valuation       Cost    % of total         held   held by other 
  Investment                                 GBP'000    GBP'000        assets                   clients(1) 
Unlisted 
Horizon Cremation Limited                      1,000      1,000           4.5          4.9            17.3 
BioAscent Discovery Limited                      697        697           3.1         17.4            22.6 
Bright Network (UK) Limited                      696        696           3.1          9.7            20.3 
Optoscribe Limited                               627        627           2.9          6.1             3.9 
ITS Technology Group Limited                     542        542           2.5          4.3            31.4 
Lending Works Limited                            498        498           2.3          4.7            14.9 
WaterBear Education Limited                      498        498           2.3         18.9            24.8 
eSafe Systems Limited                            498        498           2.2          9.5            22.5 
Curo Compensation Limited                        497        497           2.2          6.4             9.0 
QikServe Limited                                 473        473           2.1          3.6            17.6 
ebb3 Limited                                     400        400           1.8         16.1            32.9 
Rockar 2016 Limited (trading as 
 Rockar)                                         357        227           1.6          1.2            14.4 
Whiterock Group Limited                          314        301           1.4          3.7            26.3 
ADC Biotechnology Limited                        298        298           1.3          2.2            12.7 
The GP Service (UK) Limited                      292        279           1.3          3.9            45.7 
Contego Fraud Solutions Limited                  274        274           1.2          2.4            13.3 
(trading as NorthRow) 
Cognitive Geology Limited                        199        199           0.9          2.5            10.0 
Growth Capital Ventures Limited                  168        161           0.8          3.8            34.7 
Glacier Energy Services Holdings 
 Limited                                         150        150           0.7          0.6            27.1 
Castlegate 737 Limited (trading 
 as Cursor Controls)                             115         50           0.5          0.5            47.0 
Vodat Communications Group Limited               108         60           0.5          0.4            26.4 
GEV Holdings Limited                             105         56           0.5          0.4            35.6 
Ensco 969 Limited (trading as DPP)               103         91           0.5          0.4            34.1 
Martel Instruments Holdings Limited              103        116           0.5          1.4            42.8 
CatTech International Holdings Limited            94         60           0.4          0.6            29.4 
Fathom Systems Group Limited                      89         89           0.4          1.0            59.0 
JT Holdings (UK) Limited (trading 
 as Just Trays)                                   76         50           0.3          0.5            29.5 
Maven Co-invest Endeavour Limited 
 Partnership                                      76         38           0.3          0.7            99.3 
(invested in Global Risk Partners) 
CB Technology Group Limited                       76         58           0.3          1.2            77.8 
Flow UK Holdings Limited                          75         75           0.3          0.9            34.1 
Attraction World Holdings Limited                 60          3           0.3          0.9            37.5 
RMEC Group Limited                                50         50           0.2          0.3            49.8 
R&M Engineering Group Limited                     45         60           0.2          0.7            69.9 
HCS Control Systems Group Limited                 43         60           0.2          0.5            36.0 
Torridon (Gibraltar) Limited                      40          -           0.2          0.8            39.2 
ISN Solutions Group Limited                       26         40           0.1          0.6            54.4 
Space Student Living Limited                      11          -             -          1.7            78.4 
FLXG Scotland Limited                             10         46             -          0.3            14.0 
(formerly Flexlife Group Limited) 
Lawrence Recycling & Waste Management 
 Limited                                           3         73             -          0.8            61.2 
Other unlisted investments                         4        432             - 
                                         -----------  ---------  ------------  -----------  -------------- 
Total unlisted                                 9,790      9,822          43.9 
---------------------------------------  -----------  ---------  ------------  -----------  -------------- 
 

Investment Portfolio Summary (Continued)

As at 30 September 2018

 
                                                                                % of equity     % of equity 
                                            Valuation       Cost    % of total         held   held by other 
  Investment (continued)                      GBP'000    GBP'000        assets                   clients(1) 
                                          -----------  ---------  ------------  ----------- 
 
  Quoted 
Pelatro PLC                                       724        616           3.2          2.9               - 
Creo Medical Group PLC                            619        349           2.9          0.2               - 
KRM22 PLC                                         475        440           2.2          3.6               - 
Avacta Group PLC                                  472        493           2.1          1.7               - 
Scancell Holdings PLC                             431        492           1.9          1.1               - 
Diurnal Group PLC                                 143        246           0.6          0.2               - 
Byotrol PLC                                       141        177           0.6          1.1             2.5 
Angle PLC                                          46         69           0.2          0.1             0.2 
Faron Pharmaceuticals Oy                           28        222           0.1          0.1               - 
Vianet Group PLC (formerly Brulines 
 Group PLC)                                        14         16           0.1            -             1.5 
Plastics Capital PLC                               11         10             -            -             1.4 
Gordon Dadds Group PLC                              7        101             -            -             0.1 
(formerly Work Group PLC) 
esure Group PLC                                     7          -             -            -               - 
Other quoted investments                            -        229             - 
----------------------------------------  -----------  ---------  ------------  -----------  -------------- 
Total quoted                                    3,118      3,460          13.9 
----------------------------------------  -----------  ---------  ------------  -----------  -------------- 
 
  Private equity investment trusts 
HgCapital Trust PLC                               138        100           0.6            -             0.1 
Princess Private Equity Holding Limited           126         98           0.6            -             0.1 
F&C Private Equity Trust PLC                      119        102           0.5          0.1             0.3 
Apax Global Alpha Limited                         106         99           0.4            -             0.1 
Standard Life Private Equity Trust                 55         43           0.2            -               - 
----------------------------------------  -----------  ---------  ------------  -----------  -------------- 
Total private equity investment trusts            544        442           2.3 
----------------------------------------  -----------  ---------  ------------  -----------  -------------- 
 
Real estate investment trusts 
Schroder REIT Limited                             113         99           0.6            -             0.2 
Target Healthcare REIT Limited                    100         98           0.4            -             0.2 
Regional REIT Limited                              89         99           0.4            -             0.2 
Custodian REIT PLC                                 72         64           0.3            -             0.2 
---------------------------------------- 
Total real estate investment trusts               374        360           1.7 
----------------------------------------                                                     -------------- 
 
Fixed income investment trusts 
TwentyFour Income Fund Limited                    201        201           0.9          0.1               - 
Alcentra European Floating Rate Income 
 Fund Limited                                     195        200           0.9          0.1               - 
----------------------------------------  -----------  ---------  ------------  -----------  -------------- 
Total fixed income investment trusts              396        401           1.8 
----------------------------------------  -----------  ---------  ------------  -----------  -------------- 
 
Infrastructure investment trusts 
The Renewables Infrastructure Group 
 Limited                                          101        100           0.5            -               - 
3i Infrastructure PLC                             100        100           0.5            -               - 
HICL Infrastructure Company Limited                96         99           0.4            -               - 
International Public Partnerships 
 Limited                                           95         99           0.4            -               - 
                                                                                -----------  -------------- 
Total infrastructure investment trusts            392        398           1.8 
                                                                                -----------  -------------- 
 
Total investments                              14,614     14,883          65.4 
----------------------------------------  -----------  ---------  ------------  -----------  -------------- 
 

(1) Other clients of Maven Capital Partners UK LLP.

Income Statement

For the Six Months Ended 30 September 2018

 
                                      Six months ended              Six months ended                    Year ended 
                                     30 September 2018             30 September 2017                 31 March 2018 
                                           (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/(losses) on 
 investments                     -        15        15         -      (46)      (46)         -      (98)      (98) 
Income from investments         72         -        72       105         -       105       276         -       276 
Other income                    12         -        12        11         -        11        25         -        25 
Investment management 
 fees                         (57)     (227)     (284)      (60)     (239)     (299)     (118)     (473)     (591) 
Other expenses                (86)         -      (86)      (84)         -      (84)     (194)         -     (194) 
                          --------  --------  --------  --------  --------  --------  --------  --------  -------- 
Net return on ordinary        (59)     (212)     (271)      (28)     (285)     (313)      (11)     (571)     (582) 
activities before 
 taxation 
Tax on ordinary                  -         -         -         -         -         -         -         -         - 
activities 
                          --------  --------  --------  --------  --------  --------  --------  --------  -------- 
Return attributable 
 to 
 Equity Shareholders          (59)     (212)     (271)      (28)     (285)     (313)      (11)     (571)     (582) 
                          --------  --------  --------  --------  --------  --------  --------  --------  -------- 
 
 
  Earnings per share 
  (pence)                   (0.14)    (0.52)    (0.66)    (0.07)    (0.69)    (0.76)    (0.03)    (1.39)    (1.42) 
                          --------  --------  --------  --------  --------  --------  --------  --------  -------- 
 
 

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 30 September 2018

 
 
 
                                      Share    Capital      Capital         Special      Capital 
 Six Months Ended 30        Share   premium    reserve      reserve   distributable   redemption    Revenue 
 September                capital   account   realised   unrealised         reserve      reserve    reserve      Total 
 2018 (unaudited)         GBP'000   GBP'000    GBP'000      GBP'000         GBP'000      GBP'000    GBP'000    GBP'000 
                        ---------  --------  ---------  -----------  --------------  -----------  ---------  --------- 
At 31 March 2018            4,093     6,543    (2,090)        (239)          15,227           90    (1,046)     22,578 
Net return                      -         -      (182)         (30)               -            -       (59)      (271) 
Costs in relation to 
 DIS                            -       (5)          -            -               -            -          -        (5) 
At 30 September 2018        4,093     6,538    (2,272)        (269)          15,227           90    (1,105)     22,302 
                        ---------  --------  ---------  -----------  --------------  -----------  ---------  --------- 
 
 
                                               Share   Capital     Capital        Special     Capital 
                                             premium   reserve     reserve  distributable  redemption 
                                             account  realised  unrealised 
                                     Share   GBP'000   GBP'000     GBP'000        reserve     reserve    Revenue 
                                   capital                                                               reserve 
 Six Months Ended 30 September     GBP'000                                        GBP'000     GBP'000    GBP'000      Total 
  2017 
  (unaudited)                                                                                                       GBP'000 
                                 ---------  --------  --------  ----------  -------------  ----------  ---------  --------- 
At 31 March 2017                     4,003     5,864   (1,246)         307         15,488          40    (1,035)     23,421 
Net return                               -         -     (232)        (53)              -           -       (28)      (313) 
Dividends paid                           -         -     (103)           -              -           -          -      (103) 
Repurchase and cancellation 
 of shares                            (50)         -         -           -          (260)          50          -      (260) 
Share issue                            137       668         -           -              -           -          -        805 
At 30 September 2017                 4,090     6,532   (1,581)         254         15,228          90    (1,063)     23,550 
                                 ---------  --------  --------  ----------  -------------  ----------  ---------  --------- 
 
 
                                      Share    Capital      Capital         Special      Capital 
                            Share   premium    reserve      reserve   distributable   redemption    Revenue 
                          capital   account   realised   unrealised         reserve      reserve    reserve      Total 
 Year Ended 31 March      GBP'000   GBP'000    GBP'000      GBP'000         GBP'000      GBP'000    GBP'000    GBP'000 
 2018 (audited) 
                        ---------  --------  ---------  -----------  --------------  -----------  ---------  --------- 
At 31 March 2017            4,003     5,864    (1,246)          307          15,488           40    (1,035)     23,421 
Net return                      -         -       (25)        (546)               -            -       (11)      (582) 
Dividends paid                  -         -      (819)            -               -            -          -      (819) 
Repurchase and 
 cancellation 
 of shares                   (50)         -          -            -           (261)           50          -      (261) 
Net proceeds of share 
 issue                        137       668          -            -               -            -          -        805 
Net proceeds of DIS 
 issue                          3        11          -            -               -            -          -         14 
At 31 March 2018            4,093     6,543    (2,090)        (239)          15,227           90    (1,046)     22,578 
                        ---------  --------  ---------  -----------  --------------  -----------  ---------  --------- 
 

The accompanying Notes are an integral part of the Financial Statements.

Balance Sheet

As at 30 September 2018

 
                                       30 September  30 September  31 March 2018 
                                               2018          2017 
                                        (unaudited)   (unaudited)      (audited) 
                                            GBP'000       GBP'000        GBP'000 
                                       ------------  ------------ 
Fixed assets 
Investments at fair value through 
 profit or loss                              14,614         8,101          9,282 
 
  Current assets 
Debtors                                          85            82            241 
Cash                                          7,627        15,461         13,093 
-------------------------------------  ------------  ------------  ------------- 
                                              7,712        15,543         13,334 
Creditors 
Amounts falling due within one year            (24)          (94)           (38) 
-------------------------------------  ------------  ------------  ------------- 
Net current assets                            7,688        15,449         13,296 
-------------------------------------  ------------  ------------  ------------- 
Net assets                                   22,302        23,550         22,578 
-------------------------------------  ------------  ------------  ------------- 
 
 
  Capital and reserves 
Called up share capital                       4,093         4,090          4,093 
Share premium account                         6,538         6,532          6,543 
Capital reserve - realised                  (2,272)       (1,581)        (2,090) 
Capital reserve - unrealised                  (269)           254          (239) 
Special distributable reserve                15,227        15,228         15,227 
Capital redemption reserve                       90            90             90 
Revenue reserve                             (1,105)       (1,063)        (1,046) 
-------------------------------------  ------------  ------------  ------------- 
Net assets attributable to Ordinary 
 Shareholders                                22,302        23,550         22,578 
-------------------------------------  ------------  ------------  ------------- 
 
  Net asset value per Ordinary Share 
  (pence)                                     54.49         57.58          55.16 
-------------------------------------  ------------  ------------  ------------- 
 

The Financial Statements were approved and authorised for issue by the Board of Directors on 7 December 2018 and were signed on its behalf by:

Brian May

Chairman

The accompanying Notes are an integral part of the Financial Statements.

Cash Flow Statement

For the Six Months Ended 30 September 2018

 
                                         Six months ended  Six months ended  Year ended 31 
                                             30 September      30 September     March 2018 
                                                     2018              2017 
                                              (unaudited)       (unaudited)      (audited) 
                                                  GBP'000           GBP'000        GBP'000 
                                         ----------------  ---------------- 
Net cash flows from operating 
 activities                                         (394)             (408)          (779) 
Cash flows from investing activities 
Investment income received                             90                92            243 
Deposit interest received                              12                11             25 
Purchase of investments                           (5,488)           (3,040)        (6,000) 
Sale of investments                                   319               157          1,736 
---------------------------------------  ----------------  ----------------  ------------- 
Net cash flows from investing 
 activities                                       (5,067)           (2,780)        (3,996) 
---------------------------------------  ----------------  ----------------  ------------- 
 
  Cash flows from financing activities 
Equity dividends paid                                   -             (103)          (819) 
Issue of Ordinary Shares                                -               805            819 
Repurchase of Ordinary Shares                           -             (182)          (261) 
Costs relating to DIS                                 (5)                 -              - 
Net cash flows from financing 
 activities                                           (5)               520          (261) 
                                                                             ------------- 
 
Net decrease in cash                              (5,466)           (2,668)        (5,036) 
---------------------------------------  ----------------  ----------------  ------------- 
 
  Cash at beginning of period                      13,093            18,129         18,129 
Cash at end of period                               7,627            15,461         13,093 
---------------------------------------  ----------------  ----------------  ------------- 
 

The accompanying Notes are an integral part of the Financial Statements.

Notes to the Financial Statements

   1.    Accounting Policies 

The financial information for the six months ended 30 September 2018 and the six months ended 30 September 2017 comprises non-statutory accounts within the meaning of the Companies Act 2006. The financial information contained in this report has been prepared on the basis of the accounting policies set out in the Annual Report and Financial Statements for the year ended 31 March 2018, which have been filed at Companies Houses and which contained an Auditor's Report which was not qualified and did not contain a statement under S498 (2) or S498 (3) of the Companies Act 2006.

   2.    Reserves 

Share premium account

The share premium account represents the premium above nominal value received by the Company on issuing shares, net of issue costs.

Capital reserves

Gains or losses on investments realised in the year that have been recognised in the Income Statement are transferred to the capital reserve realised account on disposal. Furthermore, any prior unrealised gains or losses on such investments are transferred from the capital reserve unrealised account to the capital reserve realised account on disposal.

Increases and decreases in the fair value of investments are recognised in the Income Statement and are then transferred to the capital reserve unrealised account. The capital reserve realised account also represents capital dividends, capital investment management fees and the tax effect of capital items.

Special distributable reserve

The total cost to the Company of the repurchase and cancellation of shares is represented in the special distributable reserve.

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 September 
                                                                                                    2018 
--------------------------------------------  ---------------------------------------------------------- 
 
 The return per share have been based on the 
  following figures:                                                                          40,927,657 
  Weighted average number of Ordinary Shares 
 
  Revenue return                                                                             (GBP59,000) 
  Capital return                                                                            (GBP212,000) 
--------------------------------------------  ---------------------------------------------------------- 
 Total return                                                                               (GBP271,000) 
--------------------------------------------  ---------------------------------------------------------- 
 

Directors' Responsibility Statement

The Directors confirm that, to the best of their knowledge:

-- the Financial Statements for the six months ended 30 September 2018 have been prepared in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland;

-- the Interim Management Report includes a fair review of the information required by DTR 4.2.7R in relation to the indication of important events during the first six months, and of the principal risks and uncertainties facing the Company during the second six months, of the year ending 31 March 2019; and

-- the Interim Management Report includes adequate disclosure of the information required by DTR 4.2.8R in relation to related party transactions and any changes therein.

Other Information

A full copy of the Interim Report and Financial Statements will be printed and issued to Shareholders. Copies of this announcement will be available to the public at the office of Maven Capital Partners UK LLP, Kintyre House, 205 West George Street, Glasgow G2 2LW; at the registered office of the Company, Fifth Floor, 1-2 Royal Exchange Buildings, London EC3V 3LF; and, in due course, on the Company's website at www.mavencp.com/migvct6.

Neither the content of the Company's website nor the contents of any website accessible from hyperlinks in this announcement, on the Company's website or any other website is incorporated into, or forms part of, this announcement.

By order of the Board

Maven Capital Partners UK LLP

Secretary

7 December 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 FSDFFWFASEDE

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