Share Name Share Symbol Market Type Share ISIN Share Description
Maven Income & Growth Vct 4 Plc LSE:MAV4 London Ordinary Share GB00B043QW84 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 63.00 62.00 64.00 63.00 63.00 63.00 0.00 00:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 0.0 1.0 0.2 393.8 48

Maven Income & Growth VCT 4 PLC Half-year Report

20/09/2019 12:44pm

UK Regulatory (RNS & others)

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RNS Number : 1511N

Maven Income & Growth VCT 4 PLC

20 September 2019

Maven Income and Growth VCT 4 PLC

Interim Results for the Six Months Ended 30 June 2019 (Unaudited)

The Directors announce the unaudited interim results for the six months ended 30 June 2019


   --      NAV total return at 30 June 2019 of 146.33p per share 
   --      NAV at 30 June 2019 of 72.73p per share 
   --      Interim dividend of 2.00p per share declared 

-- Five new private company holdings added to the portfolio, with four further investments completed post the period end

   --      Two new AIM quoted company holdings added to the portfolio 
   --      Substantial pipeline of prospective new investments, with a number in advanced process 
   --      Realisation of the holding in GEV for a total return of 2.7 times cost 
   --      Realisation of the holding in Just Trays for a total return of 2.0 times cost 


Good progress has been made by your Company in the first half of the financial year and the Board is pleased to report a further increase in NAV total return. This was driven principally by valuation uplifts, reflecting the positive performance of a number of portfolio companies, and two significant realisations that completed in June 2019. It was also a busy period for investment activity, with seven new and nine follow-on transactions completed, consistent with the strategic objective of constructing a large and diversified portfolio of private and AIM quoted companies that offer the prospect of capital gain. The Manager continues to experience strong levels of new investment opportunities sourced from across the Maven office network, and it is anticipated that the second half of the year will see further progress in portfolio expansion and development. In light of this performance, the Directors have declared an interim dividend of 2.00p per share.

The Company is continuing to build a large and varied portfolio of investments across a range of attractive industry sectors, notably software, fintech, healthcare and speciality manufacturing. 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. Maven has developed positive working relationships with other VCT managers and investors, and will continue to co-invest as part of a syndicate in order to build as broadly based a portfolio as possible.

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. Maven will continue to apply 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 opportunity offers prospective returns commensurate with the early-stage nature of VCT investment.

Maven also maintains an active relationship with the management team of every investee company, often appointing a new chairman as well as a senior Maven executive to the board. This approach helps to add skills and experience, whilst also allowing the Manager to closely monitor performance and assist with strategic planning, to help each business grow and generate shareholder value.

Dividends and Distributable Reserves

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 of the portfolio. 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 an extended period of time has elapsed since the latest dividend was paid and have elected to pay an interim dividend of 2.00p per Ordinary Share, which is more aligned to historic distribution levels.

The interim dividend in respect of the year ending 31 December 2019 will be paid on 4 October 2019 to Shareholders on the register at 6 September 2019. Since the Company's launch, and after receipt of this latest dividend, 75.60p per share will have been distributed in tax-free dividends. It should be noted that the effect of paying dividends is to reduce 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 as required by the VCT regulations, there are likely to be fluctuations in the quantum and timing of future dividend payments, which may become more closely associated with realisation activity. The Board and the Manager will continue to monitor this carefully, in line with your Company's investment objective.

As highlighted in the 2018 Annual Report, the Directors proposed a Special Resolution at the Annual General Meeting held on 15 May 2019 to seek approval from Shareholders to cancel the share premium account and the capital redemption reserve of the Company, pursuant to the Companies Act 2006, to create a further pool of distributable reserves that could be used for future dividends or any purpose for which the Company's profits available for distribution could be applied. This Resolution was duly passed, and an application was made to the Scottish Court to have this change to the Balance Sheet sanctioned, confirmation of which was announced by the Company on 21 August 2019.

Dividend Investment Scheme (DIS)

Your Company has in place a DIS, through which Shareholders may elect to have their dividend payments used to subscribe 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 20 September 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 A DIS election can also be made using the Registrar's share portal at

Portfolio Developments

During the first half of the financial year, the majority of the companies in the portfolio have generally traded in line with expectations. Your Company is building a diverse 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. With regard to the more established companies it is encouraging to report that the majority have continued to perform well, and help to provide balance to the overall portfolio composition.

CB Technology, an assembler and tester of high-end printed circuit boards used in industrial and semiconductor markets, continues to make good progress, building on the positive performance achieved in the previous year. Following a period of investment, the business is well positioned to further expand its client base, with a strong order book providing good visibility on the outturn for the financial year to March 2020.

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 and reinsurance markets. The business has achieved considerable scale since launch, having completed and successfully integrated 56 acquisitions, with the enlarged group now achieving gross written premium in excess of GBP700 million per annum. Global Risk Partners is now the second largest independent insurance broker in the UK and the outlook remains positive, with a strong pipeline of acquisition opportunities currently under review. This is a valuable holding within the portfolio, with the underlying business well placed for future growth and having the potential to become an attractive acquisition target.

In light of the continued improvement in market conditions within the oil & gas sector, the majority of portfolio companies with exposure are recording increased levels of sales, higher profitability and improving 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, a 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.

Curo Compensation, a 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. 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 encouraging.

Following contract delays, further funding was provided to Cognitive Geology to support the company as it develops new opportunities, albeit the investment was completed at a lower valuation, reflective of the slower than anticipated progress.

The Board and the Manager remain optimistic in the long-term potential of the 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 five fast-growing private companies that offer investors the prospect of significant capital growth:

-- 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.

-- DigitalBridge 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 Castorama, a French company that is also part of the Kingfisher Group, in early 2018. The investment will be used to increase headcount, establish an office in the US and add further 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 a transparent, cost-effective and engaging way of buying car, home, contents, travel or pet cover. The app uses a reverse auction marketplace, which enables insurance companies to actively and transparently bid for consumers' business, ensuring a quote that puts the customer's interests first and reduces premiums. The platform will initially be launched within the highly competitive motor insurance market, with a view to expanding into personal lines at a future date.

-- 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 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 securely share sensitive and time-critical information. 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 help the team to improve client service levels.

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 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 applying 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 identify new commercial opportunities.

The following investments have been completed during the reporting period:

   Purchases                            Date                  Sector     GBP'000                   Website 
------------------------------  ------------  ----------------------  ----------  ------------------------ 
 New unlisted 
 Avid Technology Group              February      Automobile & parts         350   
  Limited                               2019 
 Honcho Markets Limited            June 2019     Software & computer          64 
                                                (financial services) 
 Life's Great Group Limited         February     Software & computer         470 
  (trading as Mojo Mortgages)           2019                services 
                                                (financial services) 
 Shortbite Limited                 June 2019     Software & computer         225 
  (trading as DigitalBridge)                                services 
                                                 (consumer services) 
 Symphonic Software Limited       March 2019     Software & computer         350 
                                                 services (financial 
------------------------------  ------------  ----------------------  ----------  ------------------------ 
 Total new unlisted                                                        1,459 
--------------------------------------------------------------------  ----------  ------------------------ 
 Follow-on unlisted 
 ADC Biotechnology Limited         June 2019       Pharmaceuticals &         174   
 Cognitive Geology Limited        April 2019     Software & computer          73 
                                                   (energy services) 
 Contego Solutions Limited        March 2019     Software & computer         250 
  (trading as NorthRow)                                     services 
                                                (financial services) 
 ebb3 Limited                     April 2019     Software & computer          75     
                                                    services (energy 
 Lending Works Limited              May 2019     Software & computer          62 
                                                (financial services) 
 Lydia Limited                      May 2019     Software & computer         150 
  (trading as Motokiki)                                     services 
 QikServe Limited                   May 2019     Software & computer          64 
 Rockar 2016 Limited              April 2019     Software & computer          50 
  (trading as Rockar)                                       services 
 WaterBear Education                May 2019        Support services         250 
------------------------------  ------------  ----------------------  ----------  ------------------------ 
 Total follow-on unlisted                                                  1,148 
--------------------------------------------------------------------  ----------  ------------------------ 
 Total unlisted                                                            2,607 
--------------------------------------------------------------------  ----------  ------------------------ 
 Diaceutics PLC                   March 2019     Software & computer         250 
 MaxCyte Inc                        February       Pharmaceuticals &         250  
                                        2019           biotechnology 
------------------------------  ------------  ----------------------  ----------  ------------------------ 
 Total quoted                                                                500 
--------------------------------------------------------------------  ----------  ------------------------ 
 Purchases (continued)               Date                  Sector     GBP'000                         Website 
---------------------------  ------------  ----------------------  ----------  ------------------------------ 
 Private equity investment 
 Apax Global Alpha Limited     March 2019    Investment companies         133 
 BMO Private Equity Trust      March 2019    Investment companies          11 
  (formerly F&C Private 
  Equity Trust PLC) 
Harbourvest Global Private       February    Investment companies         114           
 Equity Limited                      2019 
 HgCapital Trust PLC           March 2019    Investment companies         115 
 ICG Enterprise Trust          March 2019    Investment companies         168 
 Pantheon International        March 2019    Investment companies          93          
 Princess Private Equity       March 2019    Investment companies         150 
  Holding Limited 
 Standard Life Private           February    Investment companies          36        
  Equity Trust PLC                   2019 
---------------------------  ------------  ----------------------  ----------  ------------------------------ 
 Total private equity 
  investment trusts                                                       820 
-----------------------------------------------------------------  ----------  ------------------------------ 
 Total investments                                                      3,927 
-----------------------------------------------------------------  ----------  ------------------------------ 

(1) Part of liquidity management strategy.

At the period end, the portfolio stood at 79 unlisted and quoted investments, at a total cost of GBP36.87 million.


During the period under review, two notable exits were completed. Renewable energy services group GEV, which specialises in wind turbine blade maintenance, had made encouraging progress since investment in December 2014. GEV achieved significant growth in its largest market, the US, including securing contracts with MHI Vestas, Eon, Siemens and Invenergy, as well as projects in the UK and Europe. 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 was accepted from Bridges Fund Management, a private equity buyer, with the transaction completing in June 2019, which resulted in a total return of 2.7 times cost being achieved over the holding period.

In June 2019, your Company also realised its holding in Just Trays, the UK's leading designer and manufacturer of shower trays and related accessories. Since completion of the investment in 2014, Just Trays had continued to deliver growth in line with its strategic objective. Following a formal sales process, led by a specialist corporate finance adviser, an offer to buy the business was accepted from Kartell UK Limited, a trade acquiror. The realisation generated a total return of 2.0 times cost over the holding period, including a deferred element.

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

                                                          Cost of   Value at                             Gain/(loss) 
                                                           shares         31                                 over 31 
                                             Complete/   disposed   December       Sales       Realised     December 
                               Year first      partial         of       2018    proceeds    gain/(loss)   2018 value 
 Sales                           invested         exit    GBP'000    GBP'000     GBP'000        GBP'000      GBP'000 
---------------------------  ------------  -----------  ---------  ---------  ----------  -------------  ----------- 
GEV Holdings Limited(1)              2014     Complete      1,165      2,063       2,374          1,209          311 
JT Holdings (UK) 
 (trading as Just 
 Trays)                              2014     Complete        977      1,481       1,192            215        (289) 
Other unlisted investments                                      2          -          17             15           17 
------------------------------------------------------  ---------  ---------  ----------  -------------  ----------- 
Total unlisted                                              2,144      3,544       3,583          1,439           39 
------------------------------------------------------  ---------  ---------  ----------  -------------  ----------- 
 Diaceutics PLC                      2019      Partial         10         10          13              3            3 
---------------------------  ------------  -----------  ---------  ---------  ----------  -------------  ----------- 
Total quoted                                                   10         10          13              3            3 
------------------------------------------------------  ---------  ---------  ----------  -------------  ----------- 
Total disposals                                             2,154      3,554       3,596          1,442           42 
------------------------------------------------------  ---------  ---------  ----------  -------------  ----------- 

(1) Proceeds exclude yield and redemption premiums received, which are disclosed as revenue for financial reporting purposes.

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 30 June 2019, four new private company holdings have been added to the portfolio.

-- Altra Consultants was established in 2017 and is building an international multi-line insurance broking firm, which currently has three specialist teams operating in trade credit, financial & political risk and specie. The business was founded by two experienced industry executives, who worked together in the past and have an impressive track record, having previously grown a successful insurance broking business from inception through to profitable exit. The VCT funding will be used to support future growth as the business expands into new market areas.

-- Delio has developed a highly configurable software solution that helps global financial institutions enhance and improve their client reporting systems. Delio works with banks, wealth managers, family offices, angel networks and investment funds to deliver customised technology platforms that optimise the distribution, transacting and reporting of client investment opportunities. Since launch in 2015, the business has developed a strong blue-chip customer base that includes Barclays, Coutts and ING. The funding will be used to support the growth of the business as it expands into international markets.

-- 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 clients list includes Shell, Royal Mail, Procter & Gamble, Siemens, Sainsbury's 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.

-- Relative Insight has developed a linguistic platform that analyses the way in which a brand's target audience communicates, primarily through social media and online platforms, and turns this language into data that provides insight into how best to interact and appeal to the target market. The platform has the capacity to process large quantities of data to help clients create more effective sales, marketing and influencing campaigns. The company has a high-quality client base, which includes global brands such as Disney, John Lewis and Unilever as well as creative and media agencies such as Pearson, R/GA and Weber Shandwick. The funding will be used to scale the business in the UK and to build a presence in the US.

In addition, follow-on development capital funding was provided to Mojo Mortgages.

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 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.

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 is working with management teams across the portfolio on contingency planning for the possibility of the UK leaving the EU without a formal agreement having been reached.

Share Buy-backs

Shareholders have given the Board authority to buy back shares for cancellation or to be held in treasury, subject always to such transactions being in the best interests of Shareholders. It is intended that, subject to market conditions, available liquidity and the maintenance of the Company's VCT status, shares will continue to be bought back at prices representing a discount of up to 15% of the prevailing NAV per share. During the period under review, 732,000 shares were bought back at a total cost of GBP474,000.

Regulatory Update

Your Company is making good progress towards 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 your Company's mandatory compliance date of 31 December 2019, this being the end of its current financial year.

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 Corporate Governance Code, which takes into consideration the Code and has the same application date. The Board is considering the implications of both the Code and the AIC Code and will consider its 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 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 directors are made for the long-term stability of their company. SRD II aims to increase transparency regarding the investment strategy, directors' remuneration and the voting process in general meetings, whilst also involving shareholders in corporate governance.

Offer for Subscription and Merger

On 23 August 2019, the Board, along with the directors of Maven Income and Growth VCT 3 PLC, announced an intention to raise up to GBP15 million, in aggregate, by way of joint Offers for Subscription (Offers). Shares will be issued in the 2019/20 and 2020/21 tax years and it is intended that an applicant will be able to invest in one or both of the Offers. The Board is confident that, given the strength of the current pipeline of investment opportunities, Maven will continue to be able identify and complete VCT qualifying transactions in line with the Company's investment strategy.

On 28 August 2019, the Board announced that it had entered into discussions regarding a possible merger of the Company with Maven Income and Growth VCT 6 PLC (Maven VCT 6). While there is no guarantee that these discussions will lead to an agreement to merge the companies, if the Merger is to proceed, the intention is that it will be undertaken through a scheme of reconstruction under S110 of the Insolvency Act 1986 with Maven VCT 6, as the acquired entity, being the subject of a solvent liquidation. A transaction solely on this basis, which is the recognised method for mergers of venture capital trusts, would not be governed by The City Code on Takeovers and Mergers. For the Merger is to proceed, it will require the formal approval of shareholders in both companies and, if approved, it is expected to achieve costs savings through the establishment of a larger combined entity.

The launch of the Offers, as described above, is not contingent upon the successful completion of the Merger. Subject to the respective boards reaching agreement, it is anticipated that the relevant Prospectus and Circulars required for the Offers and the Merger under the Listing Rules and companies' legislation will be despatched to shareholders of all three companies in early November 2019, with general meetings taking place in early December 2019 and completion of the Merger taking place in mid-December 2019.


Your Company is continuing to make good progress in the development of a large and diverse portfolio of high quality private and AIM quoted growth companies. The Manager remains focused on identifying and investing in some of the most attractive younger growth companies across the UK. The pipeline of opportunities currently in progress is very healthy indicating that the rate of new investment in the second half of the year will be strong. The Board considers that your Company remains well positioned to achieve its strategic objective, notwithstanding the current political and economic uncertainty associated with the UK's withdrawal from the EU.

On behalf of the Board

Maven Capital Partners UK LLP


20 September 2019

Summary of Investment Changes

For the Six Months Ended 30 June 2019

                                   Valuation       Net investment/     Appreciation/          Valuation 
                            31 December 2018    (disinvestment)(1)    (depreciation)       30 June 2019 
                            GBP'000        %               GBP'000           GBP'000   GBP'000        % 
----------------------  -----------  -------  --------------------  ----------------  --------  ------- 
 Unlisted investments 
 Equities                    15,960     29.0                    76               578    16,614     30.1 
 Loan stock                  15,362     28.0                 (980)             (301)    14,081     25.5 
----------------------  -----------  -------  --------------------  ----------------  --------  ------- 
                             31,322     57.0                 (904)               277    30,695     55.6 
 AIM/NEX investments 
 Equities                     1,240      2.3                   415               324     1,979      3.6 
 Listed investments 
 Investment trusts            1,350      2.5                   820               174     2,344      4.3 
----------------------  -----------  -------  --------------------  ----------------  --------  ------- 
 Total investments           33,912     61.8                   331               775    35,018     63.5 
   Other net assets          21,042     38.2                 (902)                 -    20,140     36.5 
----------------------  -----------  -------  --------------------  ----------------  --------  ------- 
 Net assets                  54,954    100.0                 (571)               775    55,158    100.0 
----------------------  -----------  -------  --------------------  ----------------  --------  ------- 

(1) Includes assets transferred between AIM/NEX and unlisted during the period.

Investment Portfolio Summary

As at 30 June 2019

                                                                                                         % of equity 
                                            Valuation        Cost     % of total            % of             held by 
   Investment                                 GBP'000     GBP'000         assets     equity held    other clients(1) 
---------------------------------------  ------------  ----------  -------------  --------------  ------------------ 
 Ensco 969 Limited (trading as 
  DPP)                                          1,862       1,720            3.4             7.0                27.5 
 Vodat Communications Group Limited             1,608       1,131            2.9             6.6                20.2 
 Rockar 2016 Limited (trading 
  as Rockar)                                    1,551       1,005            2.8             5.2                10.4 
 Glacier Energy Services Holdings 
  Limited                                       1,391       1,391            2.5             5.4                22.2 
 CatTech International Holdings 
  Limited                                       1,286       1,004            2.3             7.8                22.2 
 CB Technology Group Limited                    1,256       1,013            2.3            18.5                60.5 
 Maven Co-invest Endeavour Limited 
  Partnership                                   1,174         814            2.1            11.4                88.6 
 (invested in Global Risk Partners)(2) 
 The GP Service (UK) Limited                    1,168       1,142            2.1            15.5                34.1 
 HCS Control Systems Group Limited              1,141       1,141            2.1            10.2                26.3 
 ITS Technology Group Limited                   1,083       1,083            2.0             8.2                28.3 
 Horizon Cremation Limited                      1,063       1,063            1.9             5.8                16.4 
 Martel Instruments Holdings Limited              980       1,016            1.8            13.3                31.0 
 Flow UK Holdings Limited                         972         972            1.8            11.8                23.2 
 QikServe Limited                                 904         904            1.6             4.9                11.7 
 RMEC Group Limited                               886         711            1.6             4.5                45.6 
 R&M Engineering Group Limited                    849       1,042            1.5            12.7                57.8 
 Whiterock Group Limited                          804         604            1.5             9.3                20.7 
 Fathom Systems Group Limited                     783       1,037            1.4            11.7                48.3 
 Contego Solutions Limited (trading 
  as NorthRow)                                    772         772            1.4             5.0                13.2 
 ebb3 Limited                                     739         464            1.3            11.0                44.6 
 TC Communications Holdings Limited               734         958            1.3            10.7                19.3 
 Maven Capital (Marlow) Limited                   650         650            1.2               -               100.0 
 Lending Works Limited                            560         560            1.0             4.7                14.9 
 Bright Network (UK) Limited                      547         547            1.0             7.6                22.4 
 ADC Biotechnology Limited                        530         727            1.0             6.0                14.7 
 Attraction World Holdings Limited                489         319            0.9             9.6                28.8 
 WaterBear Education Limited                      489         489            0.9            11.3                32.3 
 Life's Great Group Limited (trading 
  as Mojo                                         470         470            0.9             7.3                18.5 
 Growth Capital Ventures Limited                  420         409            0.8             9.6                28.9 
 Curo Compensation Limited                        408         397            0.7             4.4                14.6 
 Boiler Plan (UK) Limited                         400         400            0.7            11.6                36.1 
 eSafe Global Systems Limited                     373         373            0.7             7.1                24.9 
 Avid Technology Group Limited                    350         350            0.6             5.6                16.3 
 Symphonic Software Limited                       350         350            0.6             4.2                10.2 
 BioAscent Discovery Limited                      348         348            0.6             8.7                31.3 
 ISN Solutions Group Limited                      322         442            0.6             7.2                47.8 
 Lydia Limited (trading as Motokiki)              300         300            0.5            10.7                35.7 
 Shortbite Limited (trading as 
  DigitalBridge)                                  225         225            0.4            15.0                85.0 
 Cognitive Geology Limited                        169         361            0.3             5.8                14.1 
 Optoscribe Limited                               100         100            0.2             1.0                 9.0 
 Space Student Living Limited                      78          44            0.2            17.7                62.4 
 Honcho Markets Limited                            65          64            0.1             1.5                23.0 
 FLXG Scotland Limited (formerly 
  Flexlife Group                                   44         332            0.1             2.9                11.4 
 Other unlisted investments                         2       3,768 
---------------------------------------  ------------  ----------  -------------  --------------  ------------------ 
 Total unlisted                                30,695      33,012           55.6 
---------------------------------------  ------------  ----------  -------------  --------------  ------------------ 

Investment Portfolio Summary (Continued)

As at 30 June 2019

                                                                                                           % of equity 
                                       Valuation        Cost     % of total            % of equity             held by 
   Investment                            GBP'000     GBP'000         assets                   held    other clients(1) 
----------------------------------  ------------  ----------  -------------  ---------------------  ------------------ 
 Ideagen PLC (formerly Datum 
  PLC)                                       838         184            1.4                    0.3                 1.2 
 Diaceutics PLC                              269         241            0.5                    0.5                 0.5 
 Oxford Metrics PLC (formerly 
  OMG PLC)                                   219          80            0.4                    0.2                   - 
 MaxCyte Inc                                 213         250            0.4                    0.3                 0.3 
 Byotrol PLC                                  98         197            0.2                    1.2                 2.3 
 Synnovia PLC (formerly Plastics 
  Capital PLC)                                97         112            0.2                    0.3                 1.1 
 Ventura Group PLC                            96         100            0.2                      -                   - 
 Cello Health PLC                             59          55            0.1                    0.1                 0.4 
 Vianet Group PLC (formerly 
  Group PLC)                                  33          28            0.1                    0.1                 1.4 
 Angle PLC                                    29          27            0.1                      -                 0.2 
 Gordon Dadds Group PLC (formerly 
  Work Group PLC)                             23         168              -                    0.1                   - 
 Other quoted investments                      5         182              - 
----------------------------------  ------------  ----------  -------------  ---------------------  ------------------ 
 Total quoted                              1,979       1,624            3.6 
----------------------------------  ------------  ----------  -------------  ---------------------  ------------------ 
  Private equity investment trusts 
 Harbourvest Global Private Equity 
  Limited                                    285         250            0.5                      -                 0.1 
 HgCapital Trust PLC                         276         249            0.5                      -                 0.1 
 Princess Private Equity Holding 
  Limited                                    264         270            0.5                    0.1                 0.1 
 Apax Global Alpha Limited                   264         250            0.5                      -                 0.1 
 ICG Enterprise Trust PLC                    257         250            0.5                      -                 0.1 
 BMO Private Equity Trust PLC 
  (formerly F&C Private Equity 
  Trust PLC)                                 222         215            0.4                    0.3                 0.1 
 Pantheon International PLC                  184         180            0.3                      -                 0.1 
 Standard Life Private Equity 
  Trust PLC                                  147         135            0.3                      -                 0.1 
----------------------------------  ------------  ----------  -------------  ---------------------  ------------------ 
 Total private equity investment 
  trusts                                   1,899       1,799            3.5 
----------------------------------  ------------  ----------  -------------  ---------------------  ------------------ 
 Real estate investment trusts 
----------------------------------  ------------  ----------  -------------  ---------------------  ------------------ 
 Regional REIT Limited                       178         162            0.3                      -                 0.1 
 Target Healthcare REIT Limited              101          96            0.2                      -                 0.1 
 Schroder REIT Limited                        95         107            0.2                      -                 0.1 
 Custodian REIT PLC                           71          71            0.1                      -                   - 
----------------------------------  ------------  ----------  -------------  ---------------------  ------------------ 
 Total real estate investment 
  trusts                                     445         436            0.8 
----------------------------------  ------------  ----------  -------------  ---------------------  ------------------ 
 Total investments                        35,018      36,871           63.5 
----------------------------------  ------------  ----------  -------------  ---------------------  ------------------ 

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

(2) Managed by Penta Capital LLP of which Steven Scott, a Director of the Company, is a partner.

Income Statement

For the Six Months Ended 30 June 2019

                                      Six months ended              Six months ended                    Year ended 
                                          30 June 2019                  30 June 2018              31 December 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 on investments             -       775       775         -       390       390         -     1,082     1,082 
Income from investments        818         -       818       325         -       325       697         -       697 
Other income                    48         -        48         9         -         9        29         -        29 
Investment management 
 fees                        (164)     (657)     (821)      (92)     (367)     (459)     (205)     (819)   (1,024) 
Other expenses               (142)         -     (142)     (124)         -     (124)     (423)         -     (423) 
========================  ========  ========  ========  ========  ========  ========  ========  ========  ======== 
Net return on ordinary 
 activities before 
 taxation                      560       118       678       118        23       141        98       263       361 
------------------------  --------  --------  --------  --------  --------  --------  --------  --------  -------- 
 Tax on ordinary 
  activities                  (50)        50         -       (9)         9         -      (12)        12         - 
========================  ========  ========  ========  ========  ========  ========  ========  ========  ======== 
Return attributable 
 to Equity Shareholders        510       168       678       109        32       141        86       275       361 
------------------------  --------  --------  --------  --------  --------  --------  --------  --------  -------- 
Earnings per share 
 (pence)                      0.67      0.22      0.89      0.23      0.07      0.30      0.16      0.50      0.66 
------------------------  --------  --------  --------  --------  --------  --------  --------  --------  -------- 

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 June 2019

 Six months ended 30        Share     Share    Capital      Capital         Special      Capital    Revenue      Total 
 June 2019 (unaudited)    capital   premium    reserve      reserve   distributable   redemption    reserve    GBP'000 
                          GBP'000   account   realised   unrealised         reserve      reserve    GBP'000 
                                    GBP'000    GBP'000      GBP'000         GBP'000      GBP'000 
----------------------  ---------  --------  ---------  -----------  --------------  -----------  ---------  --------- 
At 31 December 2018         7,657    48,568    (9,020)      (1,186)           7,675          472        788     54,954 
 Net return                     -         -        835        (667)               -            -        510        678 
Dividends paid                  -         -          -            -               -            -          -          - 
Repurchase and 
 of shares                   (73)         -          -            -           (474)           73          -      (474) 
----------------------  ---------  --------  ---------  -----------  --------------  -----------  ---------  --------- 
At 30 June 2019             7,584    48,568    (8,185)      (1,853)           7,201          545      1,298     55,158 
----------------------  ---------  --------  ---------  -----------  --------------  -----------  ---------  --------- 
 Six months ended 30        Share     Share    Capital      Capital         Special      Capital    Revenue      Total 
 June 2018 (unaudited)    capital   premium    reserve      reserve   distributable   redemption    reserve    GBP'000 
                          GBP'000   account   realised   unrealised         reserve      reserve    GBP'000 
                                    GBP'000    GBP'000      GBP'000         GBP'000      GBP'000 
----------------------  ---------  --------  ---------  -----------  --------------  -----------  ---------  --------- 
At 31 December 2017         3,708    22,745    (2,111)      (1,825)           8,271          384        702     31,874 
 Net return                     -         -      (166)          198               -            -        109        141 
Dividends paid                  -         -    (6,545)            -               -            -          -    (6,545) 
Repurchase and 
 of shares                   (25)         -          -            -           (189)           25          -      (189) 
Net proceeds of share 
 issue                      2,023    13,947          -            -               -            -          -     15,970 
Net proceeds of DIS 
 issue                         67       424          -            -               -            -          -        491 
----------------------  ---------  --------  ---------  -----------  --------------  -----------  ---------  --------- 
At 30 June 2018             5,773    37,116    (8,822)      (1,627)           8,082          409        811     41,742 
----------------------  ---------  --------  ---------  -----------  --------------  -----------  ---------  --------- 
 Year ended 31              Share     Share    Capital      Capital         Special      Capital    Revenue      Total 
 December                 capital   premium    reserve      reserve   distributable   redemption    reserve    GBP'000 
 2018 (audited)           GBP'000   account   realised   unrealised         reserve      reserve    GBP'000 
                                    GBP'000    GBP'000      GBP'000         GBP'000      GBP'000 
----------------------  ---------  --------  ---------  -----------  --------------  -----------  ---------  --------- 
At 31 December 2017         3,708    22,745    (2,111)      (1,825)           8,271          384        702     31,874 
 Net return                     -         -      (364)          639               -            -         86        361 
Dividends paid                  -         -    (6,545)            -               -            -          -    (6,545) 
Repurchase and 
 of shares                   (88)         -          -            -           (596)           88          -      (596) 
Issue of shares on 
 merger                     1,947    11,483          -            -               -            -          -     13,430 
Net proceeds of share 
 issue                      2,023    13,947          -            -               -            -          -     15,970 
Net proceeds of DIS 
 issue                         67       393          -            -               -            -          -        460 
----------------------  ---------  --------  ---------  -----------  --------------  -----------  ---------  --------- 
At 31 December 2018         7,657    48,568    (9,020)      (1,186)           7,675          472        788     54,954 
----------------------  ---------  --------  ---------  -----------  --------------  -----------  ---------  --------- 

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

Balance Sheet

As at 30 June 2019

                                     30 June 2019  30 June 2018  31 December 
                                      (unaudited)   (unaudited)         2018 
                                          GBP'000       GBP'000    (audited) 
-----------------------------------  ------------  ------------  ----------- 
Fixed assets 
 Investments at fair value through 
 profit or loss                            35,018        20,723       33,912 
 Current assets 
Debtors                                       529           939          537 
Cash                                       19,797        20,385       20,553 
===================================  ============  ============  =========== 
                                           20,326        21,324       21,090 
Amounts falling due within 
 one year                                   (186)         (305)         (48) 
===================================  ============  ============  =========== 
Net current assets                         20,140        21,019       21,042 
===================================  ============  ============  =========== 
Net assets                                 55,158        41,742       54,954 
===================================  ============  ============  =========== 
 Capital and reserves 
Called up share capital                     7,584         5,773        7,657 
Share premium account                      48,568        37,116       48,568 
Capital reserve - realised                (8,185)       (8,822)      (9,020) 
Capital reserve - unrealised              (1,853)       (1,627)      (1,186) 
Special distributable reserve               7,201         8,082        7,675 
Capital redemption reserve                    545           409          472 
Revenue reserve                             1,298           811          788 
===================================  ============  ============  =========== 
Net assets attributable to 
 Ordinary Shareholders                     55,158        41,742       54,954 
===================================  ============  ============  =========== 
Net asset value per Ordinary 
 Share (pence)                              72.73         72.31        71.77 
===================================  ============  ============  =========== 

The Financial Statements were approved by the Board of Directors on 20 September 2019 and were signed on its behalf by:

Peter Linthwaite


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

Cash Flow Statement

For the Six Months Ended 30 June 2019

                                         Six months ended           Six months ended         Year ended 
                                 30 June 2019 (unaudited)   30 June 2018 (unaudited)   31 December 2018 
                                                  GBP'000                    GBP'000          (audited) 
------------------------------  -------------------------  -------------------------  ----------------- 
Net cash flows from operating 
 activities                                           173                      (491)            (1,004) 
 Cash flows from investing 
  activities                                      (3,927)                    (1,766)           (15,547) 
 Purchase of investments                            3,472                      1,413              2,798 
 Sale of investments 
------------------------------  -------------------------  -------------------------  ----------------- 
Net cash flows from investing 
 activities                                         (455)                      (353)           (12,749) 
------------------------------  -------------------------  -------------------------  ----------------- 
 Cash flows from financing 
Equity dividends paid                                   -                    (6,545)            (6,545) 
Issue of Ordinary Shares                                -                     16,376             16,430 
Issue of Ordinary Shares - 
 merger                                                 -                          -             13,430 
Repurchase of Ordinary Shares                       (474)                      (189)              (596) 
------------------------------  -------------------------  -------------------------  ----------------- 
Net cash flows from financing 
 activities                                         (474)                      9,642             22,719 
------------------------------  -------------------------  -------------------------  ----------------- 
Net (decrease)/increase in 
 cash                                               (756)                      8,798              8,966 
------------------------------  -------------------------  -------------------------  ----------------- 
 Cash at beginning of period                       20,553                     11,587             11,587 
Cash at end of period                              19,797                     20,385             20,553 

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

Notes to the Financial Statements

   1.    Accounting policies 

The financial information for the six months ended 30 June 2019 and the six months ended 30 June 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 31 December 2018, which have been filed at Companies House and contained an Auditor's Report that was not qualified and did not contain a statement under S498(2) or S498(3) of the Companies Act 2006.

   2.    Reserves 

Share premium account

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

Capital reserves

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

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

Special distributable reserve

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

Capital redemption reserve

The nominal value of shares repurchased and cancelled is represented in the capital redemption reserve.

Revenue reserve

The revenue reserve represents accumulated profits retained by the Company that have not been distributed to Shareholders as a dividend.

3. Return per Ordinary Share

                                              Six months ended 
                                                  30 June 2019 
--------------------------------------------  ---------------- 
The returns per share have been based on the        76,312,142 
 following figures:                                 GBP510,000 
 Weighted average number of Ordinary Shares         GBP168,000 
 Revenue return 
 Capital return 
--------------------------------------------  ---------------- 
Total return                                        GBP678,000 
--------------------------------------------  ---------------- 

Directors' Responsibility Statement

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

-- the Financial Statements for the six months ended 30 June 2019 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 December 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 registered office of the Company at Kintyre House, 205 West George Street, Glasgow G2 2LW; at the office of the Manager, Maven Capital Partners UK LLP, 5th Floor, 1-2 Royal Exchange Buildings, London EC3V 3LF; and, in due course, on the Company's website at

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

By order of the Board

Maven Capital Partners UK LLP


20 September 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 or visit



(END) Dow Jones Newswires

September 20, 2019 07:44 ET (11:44 GMT)

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