Half Yearly Report

 

TIDMORT 
 
RNS Number : 6994B 
Ortus VCT PLC 
30 October 2009 
 
? 
Ortus VCT PLC 
(formerly Guinness Flight Venture Capital Trust PLC) 
Interim Report 
Six months ended 31 August 2009 
 
 
Investment Manager's Review 
Merger with Gateway VCT 
The merger with Gateway VCT completed immediately following the period end on 3 
September 2009. The few dissenting shareholders were bought out under the merger 
terms at a cost of GBP7,000. Following the merger, the total number of Ordinary 
shares in issue had increased to 38,110,992 after 10,972,864 shares were issued 
to the former Gateway shareholders. The Company changed its name to Ortus VCT at 
the same time. 
 
 
The immediate benefit to Ortus is to increase the liquidity of the Fund which 
will enable the Company to invest in new yielding private company transactions 
alongside other clients of the Manager. The increased yield from these 
investments should reduce and eventually eliminate the deficit on the Revenue 
Account and result in a return to the payment of dividends to shareholders in 
due course. 
 
 
On the date of the merger, David Liddell and James Stewart stood down as 
directors of the Company. The Board expresses its sincere thanks to both, who 
have been directors since the inception of the Company, for their sage advice 
and commitment over the years. 
 
 
Whilst the financial statements included in this report are for the six months 
ended 31 August 2009, we have updated the portfolio analysis on page 3, the 
Summary of Investment Changes on page 6, and the Investment Portfolio Summary on 
page 8 to reflect the post-merger position. 
 
 
Performance 
The general decline in worldwide financial markets continued until early March 
but since then some recovery has been evident and the markets have made steady 
progress. Following the merger, almost 84% by value of the NAV is invested in 
unlisted companies which are not subject to the same variations as the quoted 
markets. There are some early signs of trade buyers re-emerging in a few sectors 
together with indications of an improvement in the AIM market. 
 
 
The NAV per Ordinary Share at 31 August 2009 was 40.9p, marginally reduced from 
41.3p at 28 February 2009. The decline in the NAV of 0.8% since February is 
mainly due to the expenses of the merger which have been accounted for in the 
period. 
 
 
Following the period end on 21 September, Funeral Services Partnership was 
realised for proceeds of GBP290,000 compared to the cost of GBP250,000. Interest 
amounting of GBP94,000 was also received from the investment resulting in a cash 
multiple of 1.5 times the original cost of the investment. 
 
 
Dividend policy 
The Board will not consider recommending the payment of a dividend until there 
has been a further significant reduction in the utilisation of the borrowing 
facility with Bank of Scotland and the deficit on the Revenue Account has been 
reduced. 
 
 
Investment activity 
The Company made no new investments during the reporting period but did provide 
a modest amount to one investee company to fund legal advice in connection with 
a trade dispute. 
 
 
Ortus will co-invest with Aberdeen Income and Growth VCT, Aberdeen Growth VCT I, 
Aberdeen Growth Opportunities VCT, Aberdeen Growth Opportunities VCT 2 and 
Talisman First Venture Capital Trust as well as other clients of the Manager. 
The advantage is that, together, the funds are able to underwrite a wider range 
and size of transaction than would be the case on a stand alone basis. 
 
 
Portfolio developments 
There were two realisations during the reporting period: Fine Art Logistics was 
sold and the final realisation was made from Sports Holdings, both being 
achieved at their balance sheet values at 28 February 2009. Since the period 
end, as noted above, the investment in Funeral Services Partnership has been 
realised and there have been partial realisations from two of the AIM holdings 
acquired as a result of the merger. 
 
 
Manager 
On 9 June 2009, the senior members of the Private Equity Division at Aberdeen 
Asset Managers formed Maven Capital Partners UK LLP and completed a management 
buy-out. This team was previously wholly responsible for the management of all 
Aberdeen VCTs and continues in that role with substantially the same staff who 
operate from a network of offices across the UK. There will be no change in the 
level of investment management, administrative and company secretarial services 
which are provided and the Company has, therefore, novated the investment 
management agreement to Maven. 
 
 
VAT recovery 
Discussions continue with Aberdeen Asset Managers (AAM) regarding the recovery 
of VAT paid on management fees up to 30 September 2008. AAM is in discussion 
with HMRC and the Board and Maven, as Manager, will continue to seek settlement 
of the amounts due. The Company has received a VAT refund totalling GBP208,000 
from Investec covering the period when it acted as Manager until 2004 together 
with the amount included in the Annual Report of GBP71,000 from Inflexion 
covering the period from 2004 until 2007. 
 
 
VCT qualifying status 
The VCT qualifying status of your Company is reviewed regularly by your Board 
and monitored on a continuous basis by the Manager to ensure that all of the 
criteria required to maintain VCT status are being achieved. 
 
 
Risks and uncertainties 
The Board has reviewed the principal risks and uncertainties facing the Company 
in the second half of its financial year. These are substantially unchanged from 
those it faced at the start of the year, which are the risks involved in 
investment in small and unquoted companies, and the economic environment facing 
all businesses irrespective of size, caveated by the fact that the Company has 
now merged with Gateway VCT, the benefits of which are summarised above. The 
Company remains compliant with the regulations governing venture capital trusts. 
The Manager closely monitors the position of the Company to ensure that it 
complies with the various tests at all times. In order to reduce the exposure to 
investment risk, the Company has invested in a portfolio of investments in 
unlisted and AIM quoted companies across a range of industrial sectors in the 
United Kingdom and the Manager intends to increase the number and diversity of 
sectors in due course. 
 
 
Outlook 
In general, the performance of the quoted markets has been volatile and, 
notwithstanding recent increases in market indices generally, we believe 
conditions will remain fragile for some time. Over the next twelve months the 
Manager intends to take profit opportunities as liquidity permits from the AIM 
portfolio. Realisations from the unlisted portfolio may also arise but these are 
much less predictable although also much more significant in terms of the 
amounts involved. The Board has a medium term objective of increasing the number 
of unlisted assets within the portfolio with an emphasis on a paid yield; the 
achievement of this will depend in the short term on the timing of realisations 
from both elements of the portfolio.  Private company assets are available at 
more attractive entry multiples than the recent past and the Manager continues 
to utilise its national network to acquire suitable assets with attractive 
yields. This approach will improve the revenue available for distribution to 
Shareholders in due course. 
 
 
Maven Capital Partners UK LLP 
Manager 
30 October 2009 
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+ 
|      Summary of Investment Changes       |          |         |           |            |          |           | 
|                                          |          |         |           |            |          |           | 
|                                          |          |         |           |            |          |           | 
+------------------------------------------+----------+---------+-----------+------------+----------+-----------+ 
|      for the year ended 28 February      |          |         |           |            |          |           | 
|                  2009                    |          |         |           |            |          |           | 
|                                          |          |         |           |            |          |           | 
|                                          |          |         |           |            |          |           | 
+------------------------------------------+----------+---------+-----------+------------+----------+-----------+ 
|                | Valuation  |    New     |Proceeds  |Profit/  |Valuation  | Increase/  |  Assets  |Valuation  | 
|                |            |Investment  | on sale  | (Loss)  |           |(decrease)  |acquired  |           | 
|                |            |            |          |on sale  |           |    in      |    in    |           | 
|                |            |            |          |  over   |           | valuation  |  merger  |           | 
|                |            |            |          |opening  |           |            |          |           | 
|                |            |            |          |  value  |           |            |          |           | 
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+ 
|                |    28      |            |          |         |  31 Aug   |            |          |  4 Sept   | 
|                |  Feb 2009  |            |          |         |   2009    |            |          |   2009    | 
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+ 
|                |  GBP'000   |  GBP'000   | GBP'000  |GBP'000  |  GBP'000  |  GBP'000   | GBP'000  |           | 
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+ 
| Vyre           |       3651 |            |          |         |      3651 |            |          |     3,651 | 
| Limited        |            |            |          |         |           |            |          |           | 
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+ 
| Espresso       |       2795 |            |          |         |      2795 |            |          |     2,795 | 
| Broadband      |            |            |          |         |           |            |          |           | 
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+ 
| LG & DE        |       2050 |            |          |         |      2050 |            |          |     2,050 | 
| Limited        |            |            |          |         |           |            |          |           | 
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+ 
| Higher         |       1650 |            |          |         |      1650 |            |          |     1,650 | 
| Nature         |            |            |          |         |           |            |          |           | 
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+ 
| Networks       |            |            |          |         |           |            |      400 |       400 | 
| by             |            |            |          |         |           |            |          |           | 
| Wireless       |            |            |          |         |           |            |          |           | 
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+ 
| Ashford        |        326 |            |          |         |       326 |            |          |       326 | 
| Colour         |            |            |          |         |           |            |          |           | 
| Press          |            |            |          |         |           |            |          |           | 
| Limited        |            |            |          |         |           |            |          |           | 
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+ 
| Funeral        |        299 |            |          |         |       305 |          6 |          |       305 | 
| Services       |            |            |          |         |           |            |          |           | 
| Partnership    |            |            |          |         |           |            |          |           | 
| Limited        |            |            |          |         |           |            |          |           | 
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+ 
| Nessco         |        100 |            |          |         |       100 |            |      199 |       299 | 
| Limited        |            |            |          |         |           |            |          |           | 
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+ 
| Lab M          |        292 |            |          |         |       292 |            |          |       292 | 
| Holdings       |            |            |          |         |           |            |          |           | 
| (formerly      |            |            |          |         |           |            |          |           | 
| IDG)           |            |            |          |         |           |            |          |           | 
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+ 
| Training       |            |            |          |         |           |            |      228 |       228 | 
| for            |            |            |          |         |           |            |          |           | 
| Travel         |            |            |          |         |           |            |          |           | 
| Group          |            |            |          |         |           |            |          |           | 
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+ 
| Dalglen        |            |            |          |         |           |            |      226 |       226 | 
| 1148           |            |            |          |         |           |            |          |           | 
| (PSP/AHC)      |            |            |          |         |           |            |          |           | 
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+ 
| Baby           |        200 |            |          |         |       200 |            |          |       200 | 
| Innovations    |            |            |          |         |           |            |          |           | 
| Marketing      |            |            |          |         |           |            |          |           | 
| Internationais |            |            |          |         |           |            |          |           | 
| LDA            |            |            |          |         |           |            |          |           | 
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+ 
| Dalglen        |            |            |          |         |           |            |      199 |       199 | 
| 1150           |            |            |          |         |           |            |          |           | 
| (Walker        |            |            |          |         |           |            |          |           | 
| Technical      |            |            |          |         |           |            |          |           | 
| Resources)     |            |            |          |         |           |            |          |           | 
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+ 
| TC             |            |            |          |         |           |            |      199 |       199 | 
| Communications |            |            |          |         |           |            |          |           | 
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+ 
| Lawrence       |            |            |          |         |           |            |      151 |       151 | 
| Recycling      |            |            |          |         |           |            |          |           | 
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+ 
| Countcar       |        130 |            |          |         |       114 |       (16) |          |       114 | 
| Limited        |            |            |          |         |           |            |          |           | 
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+ 
| MC 440         |            |            |          |         |           |            |       99 |        99 | 
| (Westway       |            |            |          |         |           |            |          |           | 
| Cooling)       |            |            |          |         |           |            |          |           | 
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+ 
| Jacobs         |            |            |          |         |           |            |       74 |        74 | 
| Rimell         |            |            |          |         |           |            |          |           | 
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+ 
| Other          |         85 |         10 |       49 |         |        35 |       (11) |          |        35 | 
| (less          |            |            |          |         |           |            |          |           | 
| than           |            |            |          |         |           |            |          |           | 
| GBP100,000)    |            |            |          |         |           |            |          |           | 
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+ 
| Fine Art       |        300 |            |      300 |         |           |            |          |         0 | 
| Logistics      |            |            |          |         |           |            |          |           | 
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+ 
| Total          |     11,878 |         10 |      349 |         |    11,518 |       (21) |    1,775 |    13,293 | 
| Unlisted       |            |            |          |         |           |            |          |           | 
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+ 
|                |            |            |          |         |           |            |          |           | 
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+ 
| Vectura        |            |            |          |         |           |            |      935 |       935 | 
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+ 
| Medigene       |            |            |          |         |           |            |      216 |       216 | 
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+ 
| Pilat          |            |            |          |         |           |            |      120 |       120 | 
| Media          |            |            |          |         |           |            |          |           | 
| Global         |            |            |          |         |           |            |          |           | 
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+ 
| Essentially    |            |            |          |         |           |            |       71 |        71 | 
| Group          |            |            |          |         |           |            |          |           | 
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+ 
| Deltex         |            |            |          |         |           |            |       68 |        68 | 
| Medical        |            |            |          |         |           |            |          |           | 
| Group          |            |            |          |         |           |            |          |           | 
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+ 
| Galapagos      |            |            |          |         |           |            |       65 |        65 | 
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+ 
| OPG Power      |            |            |          |         |           |            |       57 |        57 | 
| Ventures       |            |            |          |         |           |            |          |           | 
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+ 
| Sarantel       |            |            |          |         |           |            |       55 |        55 | 
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+ 
| OMG            |            |            |          |         |           |            |       47 |        47 | 
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+ 
| Praesepe       |            |            |          |         |           |            |       21 |        21 | 
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+ 
| Angle          |            |            |          |         |           |            |       17 |        17 | 
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+ 
| ID Data        |          4 |            |          |         |           |        (4) |        - |         0 | 
| Group plc      |            |            |          |         |           |            |          |           | 
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+ 
| Total AIM      |          4 |          - |        - |       - |         - |        (4) |    1,672 |     1,672 | 
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+ 
|                |            |            |          |         |           |            |          |           | 
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+ 
| Treasury       |            |            |          |         |           |            |      882 |       882 | 
| 5.75% 31       |            |            |          |         |           |            |          |           | 
| December       |            |            |          |         |           |            |          |           | 
| 2009           |            |            |          |         |           |            |          |           | 
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+ 
|                |            |            |          |         |           |            |          |           | 
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+ 
| Total          |     11,882 |         10 |      349 |       - |    11,518 |       (25) |    4,329 |    15,847 | 
| Portfolio      |            |            |          |         |           |            |          |           | 
+----------------+------------+------------+----------+---------+-----------+------------+----------+-----------+ 
 
 
 
 
 
 
 
 
 
 
+---------------------------+-----------+---------+---------+---------+----------+ 
| Ortus VCT PLC             |           |         |         |         |          | 
+---------------------------+-----------+---------+---------+---------+----------+ 
| Investment Portfolio      |           |         |         |         |          | 
| Summary                   |           |         |         |         |          | 
+---------------------------+-----------+---------+---------+---------+----------+ 
| as at 4 September 2009    |           |         |         |         |          | 
+---------------------------+-----------+---------+---------+---------+----------+ 
|                           |           |         |         |         |          | 
+---------------------------+-----------+---------+---------+---------+----------+ 
| Investment                |Valuation  |  Cost   |  % of   |  % of   |  % of    | 
|                           |  GBP'000  |GBP'000  |  total  | equity  |  equity  | 
|                           |           |         | assets  |  held   | held by  | 
|                           |           |         |         |         |  other   | 
|                           |           |         |         |         | clients  | 
+---------------------------+-----------+---------+---------+---------+----------+ 
| Unlisted                  |           |         |         |         |          | 
+---------------------------+-----------+---------+---------+---------+----------+ 
| Vyre Limited              |     3,651 |     314 |   23.4% |   29.9% |        - | 
+---------------------------+-----------+---------+---------+---------+----------+ 
| Espresso Group Limited    |     2,795 |     461 |   17.9% |    7.2% |        - | 
+---------------------------+-----------+---------+---------+---------+----------+ 
| LG & DE Limited           |     2,050 |     405 |   13.1% |   20.5% |        - | 
+---------------------------+-----------+---------+---------+---------+----------+ 
| Higher Nature             |     1,650 |     500 |   10.6% |   11.2% |        - | 
+---------------------------+-----------+---------+---------+---------+----------+ 
| Networks by Wireless      |       400 |     400 |    2.6% |   12.8% |        - | 
| Limited                   |           |         |         |         |          | 
+---------------------------+-----------+---------+---------+---------+----------+ 
| Ashford Colour Press      |       326 |     326 |    2.1% |    8.7% |        - | 
| Limited                   |           |         |         |         |          | 
+---------------------------+-----------+---------+---------+---------+----------+ 
| Funeral Services          |       306 |     250 |    2.0% |    1.9% |    28.1% | 
| Partnership Limited       |           |         |         |         |          | 
+---------------------------+-----------+---------+---------+---------+----------+ 
| Nessco Group Holdings     |       298 |     298 |    1.9% |    3.9% |    33.9% | 
| Limited                   |           |         |         |         |          | 
+---------------------------+-----------+---------+---------+---------+----------+ 
| Lab M Holdings Limited    |       292 |   1,000 |    1.9% |   17.6% |        - | 
+---------------------------+-----------+---------+---------+---------+----------+ 
| Training For Travel Group |       228 |     228 |    1.5% |    2.3% |    27.7% | 
| Limited                   |           |         |         |         |          | 
+---------------------------+-----------+---------+---------+---------+----------+ 
| PSP /AHC (Dalglen 1148    |       226 |     226 |    1.4% |   23.3% |    51.7% | 
| Limited)                  |           |         |         |         |          | 
+---------------------------+-----------+---------+---------+---------+----------+ 
| Baby Innovations          |       200 |     200 |    1.3% |    0.8% |        - | 
| Marketing Internationais  |           |         |         |         |          | 
| LDA                       |           |         |         |         |          | 
+---------------------------+-----------+---------+---------+---------+----------+ 
| Dalglen (1150) Ltd t/a    |       199 |     199 |    1.3% |    4.3% |    58.8% | 
| Walker Technical          |           |         |         |         |          | 
| Resources                 |           |         |         |         |          | 
+---------------------------+-----------+---------+---------+---------+----------+ 
| TC Communications         |       199 |     199 |    1.3% |    4.1% |    31.2% | 
| Holdings Limited          |           |         |         |         |          | 
+---------------------------+-----------+---------+---------+---------+----------+ 
| Lawrence Recycling &      |       151 |     151 |    1.0% |    2.0% |    48.0% | 
| Waste Management Limited  |           |         |         |         |          | 
+---------------------------+-----------+---------+---------+---------+----------+ 
| Countcar Limited          |       114 |     100 |    0.7% |    0.8% |    25.8% | 
+---------------------------+-----------+---------+---------+---------+----------+ 
| Westway Cooling Limited   |        99 |      99 |    0.6% |    0.8% |    21.2% | 
+---------------------------+-----------+---------+---------+---------+----------+ 
| Jacobs Rimell             |        74 |      74 |    0.5% |  100.0% |        - | 
+---------------------------+-----------+---------+---------+---------+----------+ 
| Churchyard Limited        |        35 |      60 |    0.2% |   50.0% |        - | 
+---------------------------+-----------+---------+---------+---------+----------+ 
| Others                    |         0 |   2,980 |         |         |          | 
+---------------------------+-----------+---------+---------+---------+----------+ 
| Total Unlisted            |    13,293 |   8,470 |         |         |          | 
+---------------------------+-----------+---------+---------+---------+----------+ 
|                           |           |         |         |         |          | 
+---------------------------+-----------+---------+---------+---------+----------+ 
| AIM                       |           |         |         |         |          | 
+---------------------------+-----------+---------+---------+---------+----------+ 
| Vectura Group Plc         |       935 |     935 |    6.0% |    0.4% |        - | 
+---------------------------+-----------+---------+---------+---------+----------+ 
| Medigene                  |       216 |     216 |    1.4% |    0.2% |        - | 
+---------------------------+-----------+---------+---------+---------+----------+ 
| Pilat Media Global Plc    |       120 |     120 |    0.8% |    0.8% |        - | 
+---------------------------+-----------+---------+---------+---------+----------+ 
| Essentially Group PLC     |        71 |      71 |    0.5% |    0.6% |     2.1% | 
+---------------------------+-----------+---------+---------+---------+----------+ 
| Deltex Medical Group Plc  |        68 |      68 |    0.4% |    0.8% |        - | 
+---------------------------+-----------+---------+---------+---------+----------+ 
| Galapagos                 |        65 |      65 |    0.4% |       - |        - | 
+---------------------------+-----------+---------+---------+---------+----------+ 
| OPG Power Ventures        |        57 |      57 |    0.4% |    0.1% |     0.4% | 
+---------------------------+-----------+---------+---------+---------+----------+ 
| Sarantel Group Plc        |        55 |      55 |    0.4% |    3.2% |        - | 
+---------------------------+-----------+---------+---------+---------+----------+ 
| OMG Plc                   |        47 |      47 |    0.3% |    0.3% |        - | 
+---------------------------+-----------+---------+---------+---------+----------+ 
| Praesepe Plc (formerly    |        21 |      21 |    0.1% |    0.1% |     0.9% | 
| Aldgate Capital Plc)      |           |         |         |         |          | 
+---------------------------+-----------+---------+---------+---------+----------+ 
| Angle Plc                 |        16 |      16 |    0.1% |    0.5% |        - | 
+---------------------------+-----------+---------+---------+---------+----------+ 
| ID Data Group plc         |       -   |     894 |       - |    0.1% |        - | 
+---------------------------+-----------+---------+---------+---------+----------+ 
| Total AIM                 |     1,671 |   2,565 |         |         |          | 
+---------------------------+-----------+---------+---------+---------+----------+ 
|                           |           |         |         |         |          | 
+---------------------------+-----------+---------+---------+---------+----------+ 
|                           |           |         |         |         |          | 
+---------------------------+-----------+---------+---------+---------+----------+ 
| Listed Fixed Income       |           |         |         |         |          | 
+---------------------------+-----------+---------+---------+---------+----------+ 
| Treasury 5.75% 31 Dec     |       882 |     882 |    5.6% |    8.5% |    50.8% | 
| 2009                      |           |         |         |         |          | 
+---------------------------+-----------+---------+---------+---------+----------+ 
|                           |           |         |         |         |          | 
+---------------------------+-----------+---------+---------+---------+----------+ 
| Total                     |    15,846 |  11,917 |         |         |          | 
+---------------------------+-----------+---------+---------+---------+----------+ 
|                           |           |         |         |         |          | 
+---------------------------+-----------+---------+---------+---------+----------+ 
|                           |           |         |         |         |          | 
+---------------------------+-----------+---------+---------+---------+----------+ 
| Total Assets              |    15,606 |         |         |         |          | 
+---------------------------+-----------+---------+---------+---------+----------+ 
 
 
 
 
 
 
 
 
Income Statement 
For the six months ended 31 August 2009 
 
 
 
 
+-------------+---------+---------+---------+-------+---------+----------+----------+ 
| Six months to 31 August 2009    |         |       |         |          |          | 
+---------------------------------+---------+-------+---------+----------+----------+ 
| (unaudited) |         |         |         |       |                               | 
+-------------+---------+---------+---------+-------+-------------------------------+ 
|             |         |         |         |       |         |          |          | 
+-------------+---------+---------+---------+-------+---------+----------+----------+ 
|             |         |         |         |       |Revenue  |  Capital |    Total | 
+-------------+---------+---------+---------+-------+---------+----------+----------+ 
|             |         |         |         |Notes  | GBP'000 |  GBP'000 |  GBP'000 | 
|             |         |         |         |       |         |          |          | 
+-------------+---------+---------+---------+-------+---------+----------+----------+ 
| Gains/(losses) on investments   |         |       |     -   |     (11) |     (11) | 
+---------------------------------+---------+-------+---------+----------+----------+ 
| Investment income and deposit interest    |       |      47 |      -   |      47  | 
+-------------------------------------------+-------+---------+----------+----------+ 
| Investment management fees      |         |  4    |     33  |      99  |     132  | 
+---------------------------------+---------+-------+---------+----------+----------+ 
| Incentive fees        |         |         |       |     (8) |       2  |      (6) | 
+-----------------------+---------+---------+-------+---------+----------+----------+ 
| Finance costs         |         |         |       |     (4) |     (11) |     (15) | 
+-----------------------+---------+---------+-------+---------+----------+----------+ 
| Other expenses        |         |         |  5    |    (69) |    (175) |    (244) | 
+-----------------------+---------+---------+-------+---------+----------+----------+ 
| (Loss)/Profit on ordinary activities before       |     (1) |     (96) |     (97) | 
| taxation                                          |         |          |          | 
+---------------------------------------------------+---------+----------+----------+ 
|             |         |         |         |       |         |          |          | 
+-------------+---------+---------+---------+-------+---------+----------+----------+ 
| Tax on ordinary activities      |         |       |      -  |       -  |       -  | 
+---------------------------------+---------+-------+---------+----------+----------+ 
| (Loss)/Profit on ordinary activities after        |     (1) |     (96) |     (97) | 
| taxation                                          |         |          |          | 
+---------------------------------------------------+---------+----------+----------+ 
|             |         |         |         |       |         |          |          | 
+-------------+---------+---------+---------+-------+---------+----------+----------+ 
| Earnings per share (pence)      |         |       |      -  |   (0.29) |   (0.29) | 
+-------------+---------+---------+---------+-------+---------+----------+----------+ 
 
 
 
 
 
 
+-------------+---------+---------+---------+-------+---------+---------+---------+ 
| Six months to 31 August 2008    |         |       |         |         |         | 
+---------------------------------+---------+-------+---------+---------+---------+ 
| (unaudited) |         |         |         |       |                             | 
+-------------+---------+---------+---------+-------+-----------------------------+ 
|             |         |         |         |       |         |         |         | 
+-------------+---------+---------+---------+-------+---------+---------+---------+ 
|             |         |         |         |       |Revenue  | Capital |   Total | 
+-------------+---------+---------+---------+-------+---------+---------+---------+ 
|             |         |         |         |Notes  | GBP'000 | GBP'000 | GBP'000 | 
|             |         |         |         |       |         |         |         | 
+-------------+---------+---------+---------+-------+---------+---------+---------+ 
| Gains/(losses) on investments   |         |       |       - |      61 |      61 | 
+---------------------------------+---------+-------+---------+---------+---------+ 
| Investment income and deposit interest    |       |      56 |       - |      56 | 
+-------------------------------------------+-------+---------+---------+---------+ 
| Investment management fees      |         |       |    (31) |    (93) |   (124) | 
+---------------------------------+---------+-------+---------+---------+---------+ 
| Incentive fees        |         |         |       |    (38) |    (16) |    (54) | 
+-----------------------+---------+---------+-------+---------+---------+---------+ 
| Finance costs         |         |         |       |     (4) |    (11) |    (15) | 
+-----------------------+---------+---------+-------+---------+---------+---------+ 
| Other expenses        |         |         |       |    (98) |       - |    (98) | 
+-----------------------+---------+---------+-------+---------+---------+---------+ 
| (Loss)/Profit on ordinary activities before       |   (115) |    (59) |   (174) | 
| taxation                                          |         |         |         | 
+---------------------------------------------------+---------+---------+---------+ 
|             |         |         |         |       |         |         |         | 
+-------------+---------+---------+---------+-------+---------+---------+---------+ 
| Tax on ordinary activities      |         |       |       - |       - |       - | 
+---------------------------------+---------+-------+---------+---------+---------+ 
| (Loss)/Profit on ordinary activities after        |   (115) |    (59) |   (174) | 
| taxation                                          |         |         |         | 
+---------------------------------------------------+---------+---------+---------+ 
|             |         |         |         |       |         |         |         | 
+-------------+---------+---------+---------+-------+---------+---------+---------+ 
| Earnings per share (pence)      |         |       |  (0.43) |  (0.21) |  (0.64) | 
+-------------+---------+---------+---------+-------+---------+---------+---------+ 
 
 
 
 
+-------------+---------+---------+---------+-------+---------+---------+---------+ 
| Year to 28 February 2009        |         |       |         |         |         | 
+---------------------------------+---------+-------+---------+---------+---------+ 
| (unaudited) |         |         |         |       |                             | 
+-------------+---------+---------+---------+-------+-----------------------------+ 
|             |         |         |         |       |         |         |         | 
+-------------+---------+---------+---------+-------+---------+---------+---------+ 
|             |         |         |         |       |Revenue  | Capital |   Total | 
+-------------+---------+---------+---------+-------+---------+---------+---------+ 
|             |         |         |         |Notes  | GBP'000 | GBP'000 | GBP'000 | 
|             |         |         |         |       |         |         |         | 
+-------------+---------+---------+---------+-------+---------+---------+---------+ 
| Gains/(losses) on investments   |         |       |       - | (2,043) |  (2043) | 
+---------------------------------+---------+-------+---------+---------+---------+ 
| Investment income and deposit interest    |       |     120 |       - |     120 | 
+-------------------------------------------+-------+---------+---------+---------+ 
| Investment management fees      |         |       |    (36) |   (107) |   (143) | 
+---------------------------------+---------+-------+---------+---------+---------+ 
| Incentive fees        |         |         |       |    (24) |    (16) |    (40) | 
+-----------------------+---------+---------+-------+---------+---------+---------+ 
| Finance costs         |         |         |       |    (19) |    (58) |    (77) | 
+-----------------------+---------+---------+-------+---------+---------+---------+ 
| Other expenses        |         |         |       |   (198) |       - |   (198) | 
+-----------------------+---------+---------+-------+---------+---------+---------+ 
| (Loss)/Profit on ordinary activities before       |   (157) | (2,224) | (2,381) | 
| taxation                                          |         |         |         | 
+---------------------------------------------------+---------+---------+---------+ 
|             |         |         |         |       |         |         |         | 
+-------------+---------+---------+---------+-------+---------+---------+---------+ 
| Tax on ordinary activities      |         |       |       - |       - |       - | 
+---------------------------------+---------+-------+---------+---------+---------+ 
| (Loss)/Profit on ordinary activities after        |   (157) | (2,224) | (2,381) | 
| taxation                                          |         |         |         | 
+---------------------------------------------------+---------+---------+---------+ 
|             |         |         |         |       |         |         |         | 
+-------------+---------+---------+---------+-------+---------+---------+---------+ 
| Earnings per share (pence)      |         |       |  (0.58) |  (8.20) |  (8.78) | 
+-------------+---------+---------+---------+-------+---------+---------+---------+ 
 
 
 
 
A Statement of Total Recognised Gains and Losses has not been prepared, as 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 derives its income from investments 
made in shares, securities and bank deposits. 
 
 
The total column of this Statement is the Profit and Loss Account of the 
Company. 
 
 
 
 
 
 
Reconciliation of movements in Shareholders' Funds 
 
 
+------------------+------------------+------------------+------------------+ 
|                  | Six months ended | Six months ended | Year ended       | 
|                  |                  |                  |                  | 
+------------------+------------------+------------------+------------------+ 
|                  | 31 August 2009   | 31 August 2008   | 28 February 2009 | 
+------------------+------------------+------------------+------------------+ 
|                  |         GBP'000  |          GBP'000 |          GBP'000 | 
+------------------+------------------+------------------+------------------+ 
| Opening          |          11,209  |          13,590  |          13,590  | 
| Shareholders'    |                  |                  |                  | 
| funds            |                  |                  |                  | 
+------------------+------------------+------------------+------------------+ 
| (Loss)/Profit on |             (97) |            (174) |          (2,381) | 
| ordinary         |                  |                  |                  | 
| activities       |                  |                  |                  | 
+------------------+------------------+------------------+------------------+ 
| Closing          |          11,112  |          13,416  |          11,209  | 
| Shareholders'    |                  |                  |                  | 
| funds            |                  |                  |                  | 
+------------------+------------------+------------------+------------------+ 
 
 
 
 
Balance Sheet 
As at 31 August 2009 
 
 
+--------------------------------------+-------+--------------+--------------+------------+ 
|                                      |       |    31 August |    31 August |         28 | 
|                                      |       |         2009 |         2008 |   February | 
|                                      |       |              |              |       2009 | 
+--------------------------------------+-------+--------------+--------------+------------+ 
|                                      |       |  (unaudited) |  (unaudited) |  (audited) | 
|                                      |       |              |              |            | 
+--------------------------------------+-------+--------------+--------------+------------+ 
|                                      |Notes  |     GBP'000  |     GBP'000  |    GBP'000 | 
|                                      |       |              |              |            | 
+--------------------------------------+-------+--------------+--------------+------------+ 
|                                      |       |              |              |            | 
+--------------------------------------+-------+--------------+--------------+------------+ 
| Fixed assets                         |       |              |              |            | 
+--------------------------------------+-------+--------------+--------------+------------+ 
| Investments at fair value through    |       |      11,518  |      14,480  |    11,882  | 
| profit or loss                       |       |              |              |            | 
+--------------------------------------+-------+--------------+--------------+------------+ 
|                                      |       |              |              |            | 
+--------------------------------------+-------+--------------+--------------+------------+ 
| Current assets                       |       |              |              |            | 
+--------------------------------------+-------+--------------+--------------+------------+ 
| Debtors                              |       |         105  |          72  |        87  | 
+--------------------------------------+-------+--------------+--------------+------------+ 
| Cash and overnight deposits          |       |         404  |          39  |       206  | 
+--------------------------------------+-------+--------------+--------------+------------+ 
|                                      |       |         509  |         111  |       293  | 
+--------------------------------------+-------+--------------+--------------+------------+ 
| Creditors: amounts falling due       |       |        (915) |      (1,175) |      (966) | 
| within one year                      |       |              |              |            | 
+--------------------------------------+-------+--------------+--------------+------------+ 
| Net current liabilities              |       |        (406) |      (1,064) |      (673) | 
+--------------------------------------+-------+--------------+--------------+------------+ 
| Total net assets                     |       |      11,112  |      13,416  |    11,209  | 
+--------------------------------------+-------+--------------+--------------+------------+ 
|                                      |       |              |              |            | 
+--------------------------------------+-------+--------------+--------------+------------+ 
| Capital and reserves                 |       |              |              |            | 
+--------------------------------------+-------+--------------+--------------+------------+ 
| Called up share capital              |       |       2,714  |       2,714  |     2,714  | 
+--------------------------------------+-------+--------------+--------------+------------+ 
| Special reserve                      |   2   |      24,022  |      24,022  |    24,022  | 
+--------------------------------------+-------+--------------+--------------+------------+ 
| Capital redemption reserve           |   2   |         255  |         255  |       255  | 
+--------------------------------------+-------+--------------+--------------+------------+ 
| Capital reserve - realised           |   2   |     (18,908) |     (12,813) |   (18,523) | 
+--------------------------------------+-------+--------------+--------------+------------+ 
| Capital reserve - unrealised         |   2   |       3,930  |          96  |     3,641  | 
+--------------------------------------+-------+--------------+--------------+------------+ 
| Revenue reserve                      |   2   |        (901) |        (858) |      (900) | 
+--------------------------------------+-------+--------------+--------------+------------+ 
| Net assets attributable to ordinary          |      11,112  |       13,416 |    11,209  | 
| shareholders                                 |              |              |            | 
+----------------------------------------------+--------------+--------------+------------+ 
|                                      |       |              |              |            | 
+--------------------------------------+-------+--------------+--------------+------------+ 
|                                      |       |              |              |            | 
+--------------------------------------+-------+--------------+--------------+------------+ 
| Net Asset Value per Ordinary share   |       |       40.95  |       49.43  |     41.30  | 
| (pence)                              |       |              |              |            | 
+--------------------------------------+-------+--------------+--------------+------------+ 
 
 
The financial statements were approved and authorised for issue by the Board of 
Directors on 30 October 2009 and were signed on its behalf by: 
 
 
R Pierce, Director 
30 October 2009 
 
 
The accompanying notes are an integral part of the financial statements. 
 
 
 
 
Cash flow Statement 
For the six months ended 31 August 2009 
 
 
 
 
+--------------------------+---------+----------+---------+----------+---------+--------------+ 
|                          |         |      Six |         |      Six |         |   Year ended | 
|                          |         |   months |         |   months |         |              | 
|                          |         |       to |         |       to |         |              | 
+--------------------------+---------+----------+---------+----------+---------+--------------+ 
|                          |         |       31 |         |       31 |         |  28 February | 
|                          |         |   August |         |   August |         |         2009 | 
|                          |         |     2009 |         |     2008 |         |              | 
+--------------------------+---------+----------+---------+----------+---------+--------------+ 
|                          | GBP'000 |  GBP'000 | GBP'000 |  GBP'000 | GBP'000 |      GBP'000 | 
+--------------------------+---------+----------+---------+----------+---------+--------------+ 
|                          |         |          |         |          |         |              | 
+--------------------------+---------+----------+---------+----------+---------+--------------+ 
|                          |         |          |         |          |         |              | 
+--------------------------+---------+----------+---------+----------+---------+--------------+ 
| Net cash outflow from    |         |     (91) |         |    (258) |         |        (350) | 
| operating activities     |         |          |         |          |         |              | 
+--------------------------+---------+----------+---------+----------+---------+--------------+ 
|                          |         |          |         |          |         |              | 
+--------------------------+---------+----------+---------+----------+---------+--------------+ 
| Financial investment     |         |          |         |          |         |              | 
+--------------------------+---------+----------+---------+----------+---------+--------------+ 
| Purchase of investments  |    (10) |          |    (99) |          |   (100) |              | 
+--------------------------+---------+----------+---------+----------+---------+--------------+ 
| Sale of investments      |     363 |          |     613 |          |   1,108 |              | 
+--------------------------+---------+----------+---------+----------+---------+--------------+ 
| Net cash                 |         |     353  |         |    (523) |         |       1,008  | 
| inflow/(outflow) from    |         |          |         |          |         |              | 
| financial investment     |         |          |         |          |         |              | 
+--------------------------+---------+----------+---------+----------+---------+--------------+ 
|                          |         |          |         |          |         |              | 
+--------------------------+---------+----------+---------+----------+---------+--------------+ 
| Net cash                 |         |     262  |         |     256  |         |         658  | 
| inflow/(outflow) before  |         |          |         |          |         |              | 
| financing                |         |          |         |          |         |              | 
+--------------------------+---------+----------+---------+----------+---------+--------------+ 
|                          |         |          |         |          |         |              | 
+--------------------------+---------+----------+---------+----------+---------+--------------+ 
| Financing                |         |          |         |          |         |              | 
+--------------------------+---------+----------+---------+----------+---------+--------------+ 
| Bank loan interest paid  |    (15) |          |    (32) |          |   (111) |              | 
+--------------------------+---------+----------+---------+----------+---------+--------------+ 
| Net cash outflow from    |         |     (15) |         |     (32) |         |        (111) | 
| financing                |         |          |         |          |         |              | 
+--------------------------+---------+----------+---------+----------+---------+--------------+ 
|                          |         |          |         |          |         |              | 
+--------------------------+---------+----------+---------+----------+---------+--------------+ 
| Decrease in cash         |         |     247  |         |     224  |         |         547  | 
+--------------------------+---------+----------+---------+----------+---------+--------------+ 
 
 
 
 
+--------------------------+-------------------+-----------------+----------------------+ 
|                          |    At 28 February |      Cash flows |    At 31 August 2009 | 
|                          |              2009 |                 |                      | 
+--------------------------+-------------------+-----------------+----------------------+ 
|                          |           GBP'000 |         GBP'000 |              GBP'000 | 
+--------------------------+-------------------+-----------------+----------------------+ 
|                          |                   |                 |                      | 
+--------------------------+-------------------+-----------------+----------------------+ 
| Cash and overnight       |               206 |            198  |                 404  | 
| deposits                 |                   |                 |                      | 
+--------------------------+-------------------+-----------------+----------------------+ 
|                          |                   |                 |                      | 
+--------------------------+-------------------+-----------------+----------------------+ 
| Bank loan                |             (684) |             49  |                (635) | 
+--------------------------+-------------------+-----------------+----------------------+ 
|                          |                   |                 |                      | 
+--------------------------+-------------------+-----------------+----------------------+ 
| Net funds                |             (478) |            247  |                (231) | 
+--------------------------+-------------------+-----------------+----------------------+ 
 
 
 
 
 
 
Notes to the Financial Statements 
 
 
  1.  Accounting Policies 
 
The financial information for the six months ended 31 August 2009 and the six 
months ended 31 August 2008 comprises non-statutory accounts within the meaning 
of section 240 of the Companies Act 1985. 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 28 February 2009. 
The results for the year ended 28 February 2009 are extracted from the full 
accounts for that year, which received an unqualified report from the Auditors 
and have been filed with the Registrar of Companies. 
 
 

             2.  Movement in reserves 
 
 
+---------------------+-----------+------------+------------+------------+---------+ 
|                     |           |  Capital   |  Capital   |  Capital   |         | 
+---------------------+-----------+------------+------------+------------+---------+ 
|                     |  Special  |redemption  |  reserve   |  reserve   |Revenue  | 
+---------------------+-----------+------------+------------+------------+---------+ 
|                     |  reserve  |  reserve   |  realised  |unrealised  |reserve  | 
+---------------------+-----------+------------+------------+------------+---------+ 
|                     |  GBP'000  |  GBP'000   |  GBP'000   |  GBP'000   |GBP'000  | 
+---------------------+-----------+------------+------------+------------+---------+ 
|                     |           |            |            |            |         | 
+---------------------+-----------+------------+------------+------------+---------+ 
|                     |           |            |            |            |         | 
+---------------------+-----------+------------+------------+------------+---------+ 
| At 28 February 2009 |   24,022  |       255  |   (18,523) |     3,641  |   (900) | 
+---------------------+-----------+------------+------------+------------+---------+ 
| Losses on sales of  |        -  |         -  |      (300) |         -  |      -  | 
| investments         |           |            |            |            |         | 
+---------------------+-----------+------------+------------+------------+---------+ 
| Decrease in         |        -  |         -  |         -  |       289  |      -  | 
| unrealised          |           |            |            |            |         | 
| depreciation        |           |            |            |            |         | 
+---------------------+-----------+------------+------------+------------+---------+ 
| Investment          |        -  |         -  |        99  |         -  |      -  | 
| management fees     |           |            |            |            |         | 
+---------------------+-----------+------------+------------+------------+---------+ 
| Incentive fees      |        -  |         -  |         2  |         -  |      -  | 
+---------------------+-----------+------------+------------+------------+---------+ 
| Finance costs       |        -  |         -  |       (11) |         -  |      -  | 
+---------------------+-----------+------------+------------+------------+---------+ 
| Merger costs        |           |            |      (175) |            |         | 
+---------------------+-----------+------------+------------+------------+---------+ 
| Retained net        |        -  |         -  |         -  |         -  |     (1) | 
| revenue for period  |           |            |            |            |         | 
+---------------------+-----------+------------+------------+------------+---------+ 
| As at 31 August     |   24,022  |       255  |   (18,908) |     3,930  |   (901) | 
| 2009                |           |            |            |            |         | 
+---------------------+-----------+------------+------------+------------+---------+ 
 
 
 
 
3.   Return per ordinary shares 
 
 
+---------------------------------------------------+--------------------+ 
|                                                   | Six months ended   | 
+---------------------------------------------------+--------------------+ 
|                                                   | 31 August 2009     | 
+---------------------------------------------------+--------------------+ 
|                                                   |                    | 
+---------------------------------------------------+--------------------+ 
| The returns per share have been based on the      |                    | 
| following figures:                                |                    | 
+---------------------------------------------------+--------------------+ 
|                                                   |         27,138,128 | 
+---------------------------------------------------+--------------------+ 
| Revenue Return                                    |         (GBP1,000) | 
+---------------------------------------------------+--------------------+ 
| Capital Return                                    |        (GBP96,000) | 
+---------------------------------------------------+--------------------+ 
 
 
 
 
 
 
4Investment Management Fees 
+----------------------------------------------------+----------+---------+ 
|                                                    | Revenue  | Capital | 
+----------------------------------------------------+----------+---------+ 
|                                                    | GBP'000  | GBP'000 | 
+----------------------------------------------------+----------+---------+ 
| Fees for period                                    |     (19) |    (57) | 
+----------------------------------------------------+----------+---------+ 
| VAT recovered during period                        |   52     |   156   | 
+----------------------------------------------------+----------+---------+ 
|                                                    |   33     |   99    | 
+----------------------------------------------------+----------+---------+ 
 
 
 
 
 
 
5.Expenses 
       Other capital expenses include Guinness Flight VCT PLC share 
of merger costs of GBP175k. 
 
 
 
 
 
 
 
 
Copies of this announcement will be available to the public at the office of 
Maven Capital Partners UK LLP, 149 St Vincent Street, Glasgow and at the 
registered office of the Company, 9 - 13 St Andrew Street, London. 
 
 
The Interim Report and Financial Statements will be printed and sent to 
Shareholders. 
 
 
On behalf of the Board 
Maven Capital Partners UK LLP 
Secretary 
 
 
30 October 2009 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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