TIDMMAV4 TIDMMAVS
RNS Number : 9365K
Maven Income & Growth VCT 4 PLC
28 August 2012
Maven Income and Growth VCT 4 PLC
Interim Results
The Directors announce the unaudited interim results for the six
months ended 30 June 2012.
Interim Management Review
In recent years your Company has built a widely diversified
portfolio of established and high-yielding UK businesses, and the
focus
is on delivering continued improvements in shareholder value
through the further expansion of the private equity asset base.
The
ongoing scarcity of bank finance means that Maven's deal teams,
which operate from six regional offices in Glasgow, London,
Aberdeen, Edinburgh, Manchester and Birmingham, continue to see
a high level of attractive investment opportunities across the
UK as growth businesses look for alternative sources of
funding.
During the six month ended 30 June 2012 the majority of your
Company's private company assets have continued to trade
positively,
despite a difficult economic environment, and the portfolio
continues to generate sustainable revenues which should support
the
objective of maintaining a healthy level of dividends.
Dividends
The board has declared an increased interim dividend of 1.75p
per Ordinary share (2011:1.5p) and 1.75p per S Ordinary share
(2011:1.5p) to be paid on 28 September 2012 to Shareholders on
the register at 7 September 2012.
The Company paid dividends totalling 4.0p per Ordinary share and
2.8p per S Ordinary share in respect of the year ended 31
December
2011. This represents a yield of 6.7% per annum on the Ordinary
shares and 4.0% per annum on the S Ordinary shares based on
the net cost of investment after initial tax relief.
Investment Activity
During the period the Maven team completed several new
qualifying private equity investments on behalf of your Company,
and made
five follow-on investments in existing portfolio companies. At
the period end, the portfolio was comprised of 54 unlisted and
AIM/
PLUS investments at a total cost of GBP12.6 million. The
AIM/PLUS quoted holdings represented less than 1.5% of the
portfolio by
value.
Two of the new private company investments are Vodat
International and Cat Tech International.
-- Vodat International, provides payment and communications
solutions to high street businesses, which enable retailers to
reduce
costs, boost store productivity and increase sales in an
increasingly competitive trading environment. The company has
an
established and diverse customer base, has consistently improved
profitability in recent years and enjoys high levels of
recurring
revenue from a number of long-term service and support
contracts. A total of GBP443,000 was invested by the Ordinary
share
and the S Ordinary share portfolio.
-- Cat Tech International, is a niche industrial services
business offering catalyst handling products and services to
petro-chemical
plants operating in the major international markets. The
business specialises in servicing equipment used in applications
where
operational efficiency is critical and there is an increasing
global focus on health and safety issues, and has developed a
range
of patented products and processes to improve the efficiency,
speed and safety of catalyst operations. The Ordinary share and
S Ordinary share portfolios invested a total of GBP348,000 in
Cat Tech.
The follow-on investments were made to support the development
of existing portfolio businesses and, in the case of Glacier,
to
fund a small acquisition.
Investment cost
GBP'000
------------ ------------------------ --------- ------------- ----------------------
Investment Date Sector Ordinary S Ordinary Website
Shares Shares
------------ ------------------------ --------- ------------- ----------------------
Unlisted
------------ ------------------------ --------- ------------- ----------------------
Telecommunication
Camwatch Limited March 2012 services 27 15 www.camwatch.co.uk
------------ ------------------------ --------- ------------- ----------------------
Cat Tech International
Limited March 2012 Support services 199 149 No website available
------------ ------------------------ --------- ------------- ----------------------
Glacier Energy Services
Group
Limited June 2012 Oil equipment services 28 24 www.glacier.co.uk
------------ ------------------------ --------- ------------- ----------------------
Lemac No. 1 Limited
(trading January
as John McGavigan Limited) 2012 Automobile and parts 50 40 www.mcgavigan.com
------------ ------------------------ --------- ------------- ----------------------
Nessco Group Holdings
Limited March 2012 Oil equipment services 31 50 www.nesscogroup.com
------------ ------------------------ --------- ------------- ----------------------
Trojan Capital Limited May 2012 Support services 160 160 No website available
------------ ------------------------ --------- ------------- ----------------------
Venmar Limited (trading as
XPD8 Solutions Limited) June 2012 Oil and gas 116 51 www.xpd8solutions.com
------------ ------------------------ --------- ------------- ----------------------
Vodat International
Holdings Telecommunication
Limited March 2012 services 269 174 www.vodat-int.com
------------ ------------------------ --------- ------------- ----------------------
Total Unlisted investment 880 663
--------- ------------- ----------------------
Listed
------------ ------------------------ --------- ------------- ----------------------
Treasury 4.5% 7 March 2013 June 2012 Gilt 492 -
------------ ------------------------ --------- ------------- ----------------------
Total AIM investment 492 -
------------ ------------------------ --------- ------------- ----------------------
Total 1,372 663
--------- ------------- ----------------------
Maven Income and Growth VCT 4 has co-invested in some or all of
the above transactions with Maven Income and Growth VCT,
Maven Income and Growth VCT 2, Maven Income and Growth VCT 3,
Maven Income and Growth VCT 5, Talisman First Venture
Capital Trust and Ortus VCT. Co-investment allows the Companies
to underwrite a wider range and larger size of transaction than
would be the case on a stand-alone basis.
Realisations
There were two significant private company realisations during
the period. In March 2012, Maven completed the sale of ATR
Group
for GBP19.25m via a secondary buy-out funded by the private
equity manager NBGI, realising a total return of 2.4 times the
initial
cost. ATR provides rental services for specialist plant,
equipment and consumables, along with a comprehensive range of
support
services, to offshore and onshore energy services maintenance
contractors operating in highly regulated environments. And at
the
start of June 2012 the holding in Transys Projects Limited (TPL)
was sold to German engineering group Vossloh Kiepe for a 2.0x
return during the term of the investment. There was also one
significant private company realisation after the period end, with
the
disposal of the holding in Nessco Group to NASDAQ listed RigNet
Inc. in early July for a 2.7x return on the cost of investment.
The valuation of Nessco at 30 June 2012 reflects the full offer
value.
The Manager has continued its policy of disposing of AIM
holdings for best possible value in cases where the investments
were
underperforming. These disposals incurred realised losses of
GBP72,000 for the Ordinary shares and GBP35,000 for the S Ordinary
shares
(cost GBP83,000 and GBP41,000 respectively) during the period.
This had no effect on the NAV as a full provision had been made
in
earlier periods.
Ordinary Shares S Ordinary Shares
Date Complete/ Cost Sales proceeds Realised Cost of Sales Realised
first partial of shares gain/(loss) shares proceeds gain/(loss)
invested exit disposed disposed
of of
---------- ----------- ---------------- --------------- ---------------- ---------------- ---------------- ----------------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------- ----------- ---------------- --------------- ---------------- ---------------- ---------------- ----------------
Unlisted
---------- ----------- ---------------- --------------- ---------------- ---------------- ---------------- ----------------
ATR Holdings
Limited 2007 Complete 62 126 64 34 70 36
---------- ----------- ---------------- --------------- ---------------- ---------------- ---------------- ----------------
Beckford Capital
Limited 2010 Complete 160 160 - 160 160 -
---------- ----------- ---------------- --------------- ---------------- ---------------- ---------------- ----------------
Dalglen (1150)
Limited
(trading as Walker
Technical
Resources) 2009 Complete - 2 2 1 1 -
---------- ----------- ---------------- --------------- ---------------- ---------------- ---------------- ----------------
Oliver Kay Holdings
Limited 2007 Partial 2 2 - - - -
---------- ----------- ---------------- --------------- ---------------- ---------------- ---------------- ----------------
Space Student
Living
Limited 2011 Partial 34 34 - 28 28 -
---------- ----------- ---------------- --------------- ---------------- ---------------- ---------------- ----------------
TPL (Midlands)
Limited
(formerly Transys
Holdings Limited) 2007 Complete 259 409 150 155 245 90
---------- ----------- ---------------- --------------- ---------------- ---------------- ---------------- ----------------
517 733 216 378 504 126
------------------------------------------- ---------------- --------------- ---------------- ---------------- ---------------- ----------------
AIM
---------- ----------- ---------------- --------------- ---------------- ---------------- ---------------- ----------------
DM Plc 2007 Complete 83 11 (72) 41 6 (35)
---------- ----------- ---------------- --------------- ---------------- ---------------- ---------------- ----------------
83 11 (72) 41 6 (35)
------------------------------------------- ---------------- --------------- ---------------- ---------------- ---------------- ----------------
Listed
---------- ----------- ---------------- --------------- ---------------- ---------------- ---------------- ----------------
Treasury 5.25%
7June
2012 2011 Complete 586 586 - 244 244 0
---------- ----------- ---------------- --------------- ---------------- ---------------- ---------------- ----------------
586 586 0 244 244 0
------------------------------------------- ---------------- --------------- ---------------- ---------------- ---------------- ----------------
1,186 1,330 144 663 754 91
------------------------------------------- ---------------- --------------- ---------------- ---------------- ---------------- ----------------
Principal risks and uncertainties
The Board has reviewed the principal risks and uncertainties
facing the Company, which are set out on page 22 of the Annual
Report.
The Company has invested in a broadly based portfolio of UK
private company investments. The VCT qualifying status of the
Company
is reviewed regularly by your Board and monitored on a
continuous basis by the Manager in order to ensure that all of the
criteria
for VCT status are met. The Board has confirmed that all tests
continue to be met.
VCT regulation
The Manager was pleased to note that the Finance Act received
Royal Assent in July, following approval by the European
Commission
of Government increases to the level of investment in an
individual business which qualifies for VCT funding, and to the
size of
business which can benefit. The gross asset limit for investee
companies has been raised from GBP7 million to GBP15 million, and
the
maximum number of employees from 50 to 250, while the annual
investment limit has been raised from GBP2 million to GBP5
million.
These revised limits are consistent with the Maven focus on
investing in later-stage companies, and reinforce the position
of
generalist VCTs as a tax-efficient means of investment in
high-growth smaller businesses.
Share Buy-back Policy
Shareholders have given the Board authority to buy back shares
for cancellation when it is in the interests of the Shareholders
and
the Company as a whole and 26,000 S Ordinary shares were bought
back during the period at a cost of GBP24,824. Details of the
parameters within which the Company may carry out share
buy-backs are given in the Directors' Report on page 25 of the
Annual
Report.
VCT top-up Offer
A top-up Offer, allowing subscription for new shares, was made
in December 2011 in parallel with similar Offers by Maven
Income
and Growth VCT, Maven Income and Growth VCT 2 and Maven Income
and Growth VCT 3, resulting in the issue of 770,817 new
Ordinary shares and 429,437 S Ordinary shares, and raising an
additional GBP1,248,417 of share capital. The Offer was fully
subscribed
by 29 February 2012 and consequently closed early.
Outlook
Your Company's continued strategy over the next twelve months
will be to seek out and make further attractively priced
later-stage
private company investments capable of generating regular income
and with significant potential for capital growth. We believe
that
this remains the optimum strategy for the generation of superior
Shareholder returns.
Directors' Responsibility Statement
We confirm to the best of our knowledge that:
-- the Financial Statements have been prepared in accordance
with applicable accounting standards and with the Statement of
Recommended Practice "Financial Statements of Investment Trust
Companies and Venture Capital Trusts" issued in January 2009
-- the Interim Management Report includes a fair review of the
information required by DTR 4.2.7 R 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
-- the Interim Management Report includes adequate disclosure of
the information required by DTR 4.2.8 R in relation to related
party transactions and any changes to them.
On behalf of the Board
Maven Capital Partners UK LLP
Secretary
INCOME
STATEMENT
For the six
months ended
30 June 2012
(unaudited)
-------------- -------------- -------------- -------------- -------------- ------------- -------------- -------------- --------------
Ordinary Shares S Ordinary Shares TOTAL
---------------------------------------------- --------------------------------------------- ----------------------------------------------
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 - 387 387 - 428 428 - 815 815
-------------- -------------- -------------- -------------- -------------- ------------- -------------- -------------- --------------
Income from
investments 232 - 232 150 - 150 382 - 382
-------------- -------------- -------------- -------------- -------------- ------------- -------------- -------------- --------------
Investment
management
fees (43) (170) (213) (13) (52) (65) (56) (222) (278)
-------------- -------------- -------------- -------------- -------------- ------------- -------------- -------------- --------------
Other
expenses (69) - (69) (43) - (43) (112) - (112)
-------------- -------------- -------------- -------------- -------------- ------------- -------------- -------------- --------------
Net Return on
ordinary
activities
before
taxation 120 217 337 94 376 470 214 593 807
-------------- -------------- -------------- -------------- -------------- ------------- -------------- -------------- --------------
Tax on
ordinary
activities (12) 12 - (5) 5 - (17) 17 -
-------------- -------------- -------------- -------------- -------------- ------------- -------------- -------------- --------------
Return
attributable
to equity
shareholders 108 229 337 89 381 470 197 610 807
-------------- -------------- -------------- -------------- -------------- ------------- -------------- -------------- --------------
Earnings per
share
(pence) 1.2 2.6 3.8 1.7 7.5 9.2 2.9 10.1 13.0
-------------- -------------- -------------- -------------- -------------- ------------- -------------- -------------- --------------
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' Ordinary S Ordinary TOTAL
Funds Shares Shares
GBP'000 GBP'000 GBP'000
--------------- -------------- -------------
Opening Shareholders' funds 8,231 5,058 13,289
-------------- -------------- -------------
Net Return for year 337 470 807
-------------- -------------- -------------
Net proceeds of issue of shares 740 436 1,176
-------------- -------------- -------------
Repurchase and cancellation of shares - (24) (24)
-------------- -------------- -------------
Dividends paid - revenue (55) (68) (123)
-------------- -------------- -------------
Dividends paid - capital (174) - (174)
-------------- -------------- -------------
Closing Shareholders' funds 9,079 5,872 14,951
-------------- -------------- -------------
The accompanying notes are an integral
part of the financial statements.
-------------- -------------- -------------
INCOME
STATEMENT
For the six
months ended
30 June 2011
(unaudited)
-------------- -------------- -------------- -------------- -------------- ------------- -------------- -------------- --------------
Ordinary Shares S Ordinary Shares TOTAL
---------------------------------------------- --------------------------------------------- ----------------------------------------------
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 - 423 423 - 104 104 - 527 527
-------------- -------------- -------------- -------------- -------------- ------------- -------------- -------------- --------------
Income from
investments 186 - 186 120 - 120 306 - 306
-------------- -------------- -------------- -------------- -------------- ------------- -------------- -------------- --------------
Investment
management
fees (36) (146) (182) (12) (48) (60) (48) (194) (242)
-------------- -------------- -------------- -------------- -------------- ------------- -------------- -------------- --------------
Other
expenses (99) - (99) (56) - (56) (155) - (155)
-------------- -------------- -------------- -------------- -------------- ------------- -------------- -------------- --------------
Net Return on
ordinary
activities
before
taxation 51 277 328 52 56 108 103 333 436
-------------- -------------- -------------- -------------- -------------- ------------- -------------- -------------- --------------
Tax on
ordinary
activities (5) 5 - (5) 5 - (10) 10 -
-------------- -------------- -------------- -------------- -------------- ------------- -------------- -------------- --------------
Return
attributable
to equity
shareholders 46 282 328 47 61 108 93 343 436
-------------- -------------- -------------- -------------- -------------- ------------- -------------- -------------- --------------
Earnings per
share
(pence) 0.5 3.3 3.8 1.0 1.2 2.2 1.5 4.5 6.0
-------------- -------------- -------------- -------------- -------------- ------------- -------------- -------------- --------------
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 LossAccount of the Company.
Reconciliation of movements in Shareholders' Ordinary Shares S Ordinary Shares TOTAL
Funds
GBP'000 GBP'000 GBP'000
----------------- ------------------ --------------
Opening Shareholders' funds 7,964 4,801 12,765
---------------- ------------------ --------------
Net Return for year 328 108 436
---------------- ------------------ --------------
Net proceeds of share issue 377 - 377
---------------- ------------------ --------------
Repurchase and cancellation of shares (110) (18) (128)
---------------- ------------------ --------------
Dividends paid - revenue - - -
---------------- ------------------ --------------
Dividends paid - capital (219) (25) (244)
---------------- ------------------ --------------
Closing Shareholders' funds 8,340 4,866 13,206
---------------- ------------------ --------------
The accompanying notes are an integral
part of the financial statements.
---------------- ------------------ --------------
INCOME
STATEMENT
For the year
ended 31
December 2011
-------------- -------------- -------------- -------------- -------------- ------------- -------------- -------------- -------------
Ordinary Shares S Ordinary Shares TOTAL
-------------- ---------------------------------------------- --------------------------------------------- ---------------------------------------------
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 - 546 546 - 350 350 - 896 896
-------------- -------------- -------------- -------------- -------------- ------------- -------------- -------------- -------------
Income from
investments 393 - 393 240 - 240 633 - 633
-------------- -------------- -------------- -------------- -------------- ------------- -------------- -------------- -------------
Other income 1 - 1 - - - 1 - 1
-------------- -------------- -------------- -------------- -------------- ------------- -------------- -------------- -------------
Investment
management
fees (53) (212) (265) (15) (62) (77) (68) (274) (342)
-------------- -------------- -------------- -------------- -------------- ------------- -------------- -------------- -------------
Other expenses (176) - (176) (102) - (102) (278) - (278)
-------------- -------------- -------------- -------------- -------------- ------------- -------------- -------------- -------------
Net Return on
ordinary
activities
before
taxation 165 334 499 123 288 411 288 622 910
-------------- -------------- -------------- -------------- -------------- ------------- -------------- -------------- -------------
Tax on
ordinary
activities (32) 32 - (12) 12 - (44) 44 -
-------------- -------------- -------------- -------------- -------------- ------------- -------------- -------------- -------------
Return
attributable
to equity
shareholders 133 366 499 111 300 411 244 666 910
-------------- -------------- -------------- -------------- -------------- ------------- -------------- -------------- -------------
Earnings per
share (pence) 1.5 4.3 5.8 2.3 6.1 8.4 3.8 10.4 14.2
-------------- -------------- -------------- -------------- -------------- ------------- -------------- -------------- -------------
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
Ordinary Shares S Ordinary Shares TOTAL
---------------------------------------------------- ----------------- ------------------ -------------
GBP'000 GBP'000 GBP'000
---------------------------------------------------- ----------------- ------------------ -------------
Opening Shareholders'
funds 7,964 4,801 12,765
---------------- ------------------ -------------
Net Return for year 499 411 910
---------------- ------------------ -------------
Net proceeds of share
issue 377 - 377
---------------- ------------------ -------------
Repurchase and cancellation
of shares (261) (55) (316)
---------------- ------------------ -------------
Dividends paid - revenue (43) (25) (68)
---------------- ------------------ -------------
Dividends paid - capital (305) (74) (379)
---------------- ------------------ -------------
Closing Shareholders'
funds 8,231 5,058 13,289
---------------- ------------------ -------------
The accompanying notes are an integral part of the
financial statements.
---------------- ------------------ -------------
BALANCE SHEET
As at 30 June
2012
---------------- ---------------- ---------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
30 June 2012 30 June 2011 31 December 2011
--------------- ---------------------------------------------------- ------------------------------------------------------- -------------------------------------------------------
(unaudited) (unaudited) (audited)
--------------- ---------------------------------------------------- ------------------------------------------------------- -------------------------------------------------------
Ordinary S Ord Ordinary S Ord Ordinary S Ord
--------------- ---------------- ---------------- ---------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
Shares Shares Total Shares Shares Total Shares Shares Total
--------------- ---------------- ---------------- ---------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------- ---------------- ---------------- ---------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
Fixed assets
---------------- ---------------- ---------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
Investments at
fair value
through
profit or loss 8,113 4,936 13,049 7,489 4,480 11,969 7,697 4,603 12,300
---------------- ---------------- ---------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
Current assets
---------------- ---------------- ---------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
Debtors 260 140 400 229 132 361 233 125 358
---------------- ---------------- ---------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
Cash and
overnight
deposits 831 808 1,639 833 284 1,117 399 356 755
---------------- ---------------- ---------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
1,091 948 2,039 1,062 416 1,478 632 481 1,113
--------------- ---------------- ---------------- ---------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
Creditors:
amounts
falling due
within one
year (125) (12) (137) (211) (30) (241) (98) (26) (124)
---------------- ---------------- ---------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
Net current
assets 966 936 1,902 851 386 1,237 534 455 989
---------------- ---------------- ---------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
Total net
assets 9,079 5,872 14,951 8,340 4,866 13,206 8,231 5,058 13,289
---------------- ---------------- ---------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
Capital and
reserves
---------------- ---------------- ---------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
Called up share
capital 916 527 1,443 860 491 1,351 839 486 1,325
---------------- ---------------- ---------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
Share premium
account 663 393 1,056 - - - - - -
---------------- ---------------- ---------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
Capital reserve
- realised 423 44 467 560 (135) 425 611 - 611
---------------- ---------------- ---------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
Capital reserve
- unrealised (458) 631 173 (648) 239 (409) (701) 294 (407)
---------------- ---------------- ---------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
Distributable
reserve 7,168 4,125 11,293 7,319 4,186 11,505 7,168 4,149 11,317
---------------- ---------------- ---------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
Capital
redemption
reserve 37 10 47 16 3 19 37 8 45
---------------- ---------------- ---------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
Revenue reserve 330 142 472 233 82 315 277 121 398
---------------- ---------------- ---------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
Net assets
attributable
to Ordinary
Shareholders 9,079 5,872 14,951 8,340 4,866 13,206 8,231 5,058 13,289
---------------- ---------------- ---------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
Net asset value
per ordinary
share
(pence) 99.2 111.5 97.0 99.1 98.2 104.1
---------------- ---------------- ---------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
The Financial Statements were approved by the Board of Directors on 22 August
2012 and were signed on its behalf by:
----------------- ----------------- -----------------
I D Cormack
---------------- ---------------- ---------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
Chairman
---------------- ---------------- ---------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
28 August 2012
---------------- ---------------- ---------------- ----------------- ----------------- ----------------- ----------------- ----------------- -----------------
CASH FLOW STATEMENT
For the six months
ended 30 June
2012
------------------ --------------- ----------------- --------------- --------------- --------------- --------------- --------------- ---------------
Six months to 30 June Six months to 30 June Year to 31 December
2012 2011 2011
------------------------------------------------------ ------------------------------------------------- -------------------------------------------------
(unaudited) (unaudited) (audited)
------------------------------------------------------ ------------------------------------------------- -------------------------------------------------
Ordinary S Ord Ordinary S Ord Ordinary S Ord
------------------ --------------- ----------------- --------------- --------------- --------------- --------------- --------------- ---------------
Shares Shares Total Shares Shares Total Shares Shares Total
------------------ --------------- ----------------- --------------- --------------- --------------- --------------- --------------- ---------------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------ --------------- ----------------- --------------- --------------- --------------- --------------- --------------- ---------------
Operating activities
------------------ --------------- ----------------- --------------- --------------- --------------- --------------- --------------- ---------------
Investment income
received 217 139 356 125 66 191 328 193 521
------------------ --------------- ----------------- --------------- --------------- --------------- --------------- --------------- ---------------
Deposit interest
received - - - - - - 1 - 1
------------------ --------------- ----------------- --------------- --------------- --------------- --------------- --------------- ---------------
Investment
management fees
paid (182) (77) (259) (111) (66) (177) (200) (71) (271)
------------------ --------------- ----------------- --------------- --------------- --------------- --------------- --------------- ---------------
Secretarial fees
paid (28) (17) (45) (39) (24) (63) (66) (41) (107)
------------------ --------------- ----------------- --------------- --------------- --------------- --------------- --------------- ---------------
Directors expenses
paid (20) (12) (32) (18) (11) (29) (41) (25) (66)
------------------ --------------- ----------------- --------------- --------------- --------------- --------------- --------------- ---------------
Other cash payments (24) (15) (39) (63) (36) (99) (85) (48) (133)
------------------ --------------- ----------------- --------------- --------------- --------------- --------------- --------------- ---------------
Net cash
(outflow)/inflow
from
operating
activities (37) 18 (19) (106) (71) (177) (63) 8 (55)
------------------ --------------- ----------------- --------------- --------------- --------------- --------------- --------------- ---------------
Taxation
------------------ --------------- ----------------- --------------- --------------- --------------- --------------- --------------- ---------------
Corporation tax - - - - - - - - -
------------------ --------------- ----------------- --------------- --------------- --------------- --------------- --------------- ---------------
Financial investment
------------------ --------------- ----------------- --------------- --------------- --------------- --------------- --------------- ---------------
Purchase of
investments (1,372) (664) (2,036) (738) (527) (1,265) (2,284) (1,250) (3,534)
------------------ --------------- ----------------- --------------- --------------- --------------- --------------- --------------- ---------------
Sale of investments 1,330 754 2,084 629 154 783 2,088 999 3,087
------------------ --------------- ----------------- --------------- --------------- --------------- --------------- --------------- ---------------
Net cash
(outflow)/inflow
from
financial
investment (42) 90 48 (109) (373) (482) (196) (251) (447)
------------------ --------------- ----------------- --------------- --------------- --------------- --------------- --------------- ---------------
Equity dividends
paid (229) (68) (297) (219) (25) (244) (348) (99) (447)
------------------ --------------- ----------------- --------------- --------------- --------------- --------------- --------------- ---------------
Net cash
(outflow)/inflow
before
financing (308) 40 (268) (434) (469) (903) (607) (342) (949)
------------------ --------------- ----------------- --------------- --------------- --------------- --------------- --------------- ---------------
Financing
------------------ --------------- ----------------- --------------- --------------- --------------- --------------- --------------- ---------------
Issue of Ordinary
Shares 740 436 1,176 377 - 377 377 - 377
------------------ --------------- ----------------- --------------- --------------- --------------- --------------- --------------- ---------------
Repurchase of
Ordinary Shares - (24) (24) - - - (261) (55) (316)
------------------ --------------- ----------------- --------------- --------------- --------------- --------------- --------------- ---------------
Net cash
inflow/(outflow)
from
financing 740 (24) 716 377 - 377 116 (55) 61
------------------ --------------- ----------------- --------------- --------------- --------------- --------------- --------------- ---------------
Increase/(decrease)
in cash 432 452 884 (57) (469) (526) (491) (397) (888)
------------------ --------------- ----------------- --------------- --------------- --------------- --------------- --------------- ---------------
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 2012 and the six months
ended 30 June 2011 comprises non-statutory accounts within the meaning of section
435 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 2011, which have
been filed at Companies House and which contained an Auditors' Report which was
not qualified and did not contain a statement under s498(2) or s498(3) of the Companies
Act 2006.
----------------------------------------------------------------------------------------------------------------------------------------
Share Capital Capital Capital
-------------- ----------------- --------------------- ------------------ ------------------ ------------------- -----------------
premium Distributable reserves reserves redemption Revenue
-------------- ----------------- --------------------- ------------------ ------------------ ------------------- -----------------
2. Movement in account reserve realised unrealised reserve reserve
reserves
-------------- ----------------- --------------------- ------------------ ------------------ ------------------- -----------------
ORDINARY GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
SHARES
-------------- ----------------- --------------------- ------------------ ------------------ ------------------- -----------------
At 1 January 2012 - 7,168 611 (701) 37 277
------------------- ----------------- --------------------- ------------------ ------------------ ------------------- -----------------
Gains on
sales of
investments - - 144 - - -
-------------- ----------------- --------------------- ------------------ ------------------ ------------------- -----------------
Net increase
in value of
investments - - - 243 - -
-------------- ----------------- --------------------- ------------------ ------------------ ------------------- -----------------
Investment
management
fees - - (170) - - -
-------------- ----------------- --------------------- ------------------ ------------------ ------------------- -----------------
Dividends paid - - (174) - - (55)
------------------- ----------------- --------------------- ------------------ ------------------ ------------------- -----------------
Tax effect of
capital items - - 12 - - -
-------------- ----------------- --------------------- ------------------ ------------------ ------------------- -----------------
Share Issue -
1 March 2012 421 - - - - -
-------------- ----------------- --------------------- ------------------ ------------------ ------------------- -----------------
Share Issue -
5 April 2012 192 - - - - -
-------------- ----------------- --------------------- ------------------ ------------------ ------------------- -----------------
Share Issue -
18 April 2012 50 - - - - -
-------------- ----------------- --------------------- ------------------ ------------------ ------------------- -----------------
Repurchase
and
cancellation
of shares - - - - - -
-------------- ----------------- --------------------- ------------------ ------------------ ------------------- -----------------
Net return on
ordinary
activities
after taxation - - - - - 108
------------------- ----------------- --------------------- ------------------ ------------------ ------------------- -----------------
As 30 June 2012 663 7,168 423 (458) 37 330
------------------- ----------------- --------------------- ------------------ ------------------ ------------------- -----------------
Share Capital Capital Capital
-------------- ----------------- --------------------- ------------------ ------------------ ------------------- -----------------
premium Distributable reserves reserves redemption Revenue
-------------- ----------------- --------------------- ------------------ ------------------ ------------------- -----------------
Movement in account reserve realised unrealised reserve reserve
reserves
-------------- ----------------- --------------------- ------------------ ------------------ ------------------- -----------------
S ORDINARY GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
SHARES
-------------- ----------------- --------------------- ------------------ ------------------ ------------------- -----------------
At 1 January 2012 - 4,149 - 294 8 121
------------------- ----------------- --------------------- ------------------ ------------------ ------------------- -----------------
Gains on
sales of
investments - - 91 - - -
-------------- ----------------- --------------------- ------------------ ------------------ ------------------- -----------------
Net increase
in value of
investments - - - 337 - -
-------------- ----------------- --------------------- ------------------ ------------------ ------------------- -----------------
Investment
management
fees - - (52) - - -
-------------- ----------------- --------------------- ------------------ ------------------ ------------------- -----------------
Dividends paid - - - - - (68)
------------------- ----------------- --------------------- ------------------ ------------------ ------------------- -----------------
Tax effect of
capital items - - 5 - - -
-------------- ----------------- --------------------- ------------------ ------------------ ------------------- -----------------
Share Issue -
1 March 2012 249 - - - - -
-------------- ----------------- --------------------- ------------------ ------------------ ------------------- -----------------
Share Issue -
5 April 2012 113 - - - - -
-------------- ----------------- --------------------- ------------------ ------------------ ------------------- -----------------
Share Issue -
18 April 2012 31 - - - - -
-------------- ----------------- --------------------- ------------------ ------------------ ------------------- -----------------
Repurchase and
cancellation
of shares - (24) - - 2 -
------------------- ----------------- --------------------- ------------------ ------------------ ------------------- -----------------
Net return on
ordinary
activities
after taxation - - - - - 89
------------------- ----------------- --------------------- ------------------ ------------------ ------------------- -----------------
At 30 June 2012 393 4,125 44 631 10 142
------------------- ----------------- --------------------- ------------------ ------------------ ------------------- -----------------
Six months ended
-------------- ----------------- --------------------- ------------------ ----------------------------------------------------------
3. Return per 30 June 2012
ordinary
share
-------------- ----------------- --------------------- ------------------ ------------------ --------------------------------------
ORDINARY
SHARES
-------------- ----------------- --------------------- ------------------ ------------------ ------------------- -----------------
The returns per share have been based on the following
figures:
-------------------------------------------------------- ------------------ ------------------ ------------------- -----------------
Weighted average
number of
Ordinary
shares 8,839,786
------------------- ----------------- --------------------- ------------------ ------------------ ------------------- -----------------
Revenue
Return GBP108,000
-------------- ----------------- --------------------- ------------------ ------------------ ------------------- -----------------
Capital
Return GBP229,000
-------------- ----------------- --------------------- ------------------ ------------------ ------------------- -----------------
Total Return GBP337,000
-------------- ----------------- --------------------- ------------------ ------------------ ------------------- -----------------
S ORDINARY
SHARES
-------------- ----------------- --------------------- ------------------ ------------------ ------------------- -----------------
The returns per share have been based on the following
figures:
-------------------------------------------------------- ------------------ ------------------ ------------------- -----------------
Weighted average
number of S
Ordinary shares 5,104,143
------------------- ----------------- --------------------- ------------------ ------------------ ------------------- -----------------
Revenue Return GBP89,000
------------------- ----------------- --------------------- ------------------ ------------------ ------------------- -----------------
Capital Return GBP381,000
------------------- ----------------- --------------------- ------------------ ------------------ ------------------- -----------------
Total Return GBP470,000
------------------- ----------------- --------------------- ------------------ ------------------ ------------------- -----------------
SUMMARY OF INVESTMENT CHANGES
For the six months ended
30 June 2012
------------- ----------------------- --------------------- ------------ -----------
Ordinary
Shares
------------ ------------- ----------------------- --------------------- ------------ -----------
Valuation Net investment/ Appreciation/ Valuation
--------------------------- ----------------------- --------------------- -------------------------
31 December (depreciation) 30 June 2012
2011 (disinvestment)
--------------------------- ----------------------- --------------------- -------------------------
GBP'000 % GBP'000 GBP'000 GBP'000 %
------------ ------------- ----------------------- --------------------- ------------ -----------
Unlisted
investments
------------ ------------- ----------------------- --------------------- ------------ -----------
Equities 2,403 29.2 (76) 439 2,766 30.5
------------ ------------- ----------------------- --------------------- ------------ -----------
Preference
shares 11 0.1 (2) (1) 8 0.1
------------ ------------- ----------------------- --------------------- ------------ -----------
Loan stock 4,340 52.7 225 (23) 4,542 50.0
------------ ------------- ----------------------- --------------------- ------------ -----------
6,754 82.0 147 415 7,316 80.6
------------ ------------- ----------------------- --------------------- ------------ -----------
AIM/PLUS
investments 346 4.2 (11) (28) 307 3.4
------------ ------------- ----------------------- --------------------- ------------ -----------
Listed fixed
income
investments 597 7.3 (107) - 490 5.4
------------ ------------- ----------------------- --------------------- ------------ -----------
Total
investments 7,697 93.5 29 387 8,113 89.4
------------ ------------- ----------------------- --------------------- ------------ -----------
Other net
assets 534 6.5 432 - 966 10.6
------------ ------------- ----------------------- --------------------- ------------ -----------
Total assets 8,231 100.0 461 387 9,079 100.0
------------ ------------- ----------------------- --------------------- ------------ -----------
S Ordinary
Shares
Valuation Net investment/ Appreciation/ Valuation
---------------------------- ----------------------- --------------------- ---------------------------
31 December (disinvestment) (depreciation) 30 June 2012
2011
---------------------------- ----------------------- --------------------- ---------------------------
GBP'000 % GBP'000 GBP'000 GBP'000 %
------------ -------------- ----------------------- --------------------- ------------- ------------
Unlisted
investments
------------ -------------- ----------------------- --------------------- ------------- ------------
Equities 1,615 31.9 (21) 445 2,039 34.7
------------ -------------- ----------------------- --------------------- ------------- ------------
Preference
shares 1 - - - 1 -
------------ -------------- ----------------------- --------------------- ------------- ------------
Loan stock 2,664 52.7 180 (13) 2,831 48.3
------------ -------------- ----------------------- --------------------- ------------- ------------
4,280 84.6 159 432 4,871 83.0
------------ -------------- ----------------------- --------------------- ------------- ------------
AIM/PLUS
investments 75 1.5 (6) (4) 65 1.1
------------ -------------- ----------------------- --------------------- ------------- ------------
Listed fixed
income
investments 248 4.9 (248) - - -
------------ -------------- ----------------------- --------------------- ------------- ------------
Total
investments 4,603 91.0 (95) 428 4,936 84.1
------------ -------------- ----------------------- --------------------- ------------- ------------
Other net
assets 455 9.0 481 - 936 15.9
------------ -------------- ----------------------- --------------------- ------------- ------------
Total assets 5,058 100.0 386 428 5,872 100.0
------------ -------------- ----------------------- --------------------- ------------- ------------
Investment Portfolio Summary
Investment Name Ordinary S Ordinary % of equity % of equity
Shares Shares held held by
Valuation Cost % of total Valuation Cost % of total by Fund other clients
assets assets
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- --------------
Unlisted Investments
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- --------------
Nessco Group Holdings
Limited 440 187 4.8 703 299 12.0 3.9 31.1
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- --------------
Torridon Capital Limited 424 190 4.7 358 161 6.1 2.6 37.4
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- --------------
Homelux Nenplas Limited 627 149 6.9 - - - 3.0 37.0
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- --------------
Camwatch Limited 353 417 3.9 202 239 3.4 4.6 38.3
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- --------------
Westway Services Limited 260 113 2.9 260 113 4.4 2.4 19.5
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- --------------
Lawrence Recycling and
Waste Management
Limited 292 292 3.2 195 195 3.3 6.0 56.0
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- --------------
Maven Co-invest Exodus
Limited Partnership
(trading as 6 degrees) 274 274 3.0 192 192 3.3 1.5 9.1
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- --------------
Vodat International
Holdings Limited 269 269 3.0 174 174 3.0 5.1 36.6
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- --------------
Flexlife Group Limited 264 199 2.9 178 134 3.0 1.3 13.3
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- --------------
Venmar Limited (trading
as XPD8 Solutions
Limited) 225 225 2.5 175 175 3.0 3.6 31.4
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- --------------
Adler & Allan Holdings
Limited 260 187 2.9 130 93 2.2 1.0 6.0
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- --------------
Lemac No. 1 Limited
(trading as John
McGavigan Limited) 205 205 2.3 164 164 2.8 6.3 30.5
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- --------------
TC Communications
Holdings Limited 217 242 2.4 136 151 2.3 4.6 25.4
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- --------------
Moriond Limited 199 199 2.2 150 150 2.6 7.2 42.8
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- --------------
Cat Tech International
Limited 199 199 2.2 149 149 2.5 3.3 26.7
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- --------------
Atlantic Foods Group
Limited 274 199 3.0 56 56 1.0 1.1 7.7
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- --------------
Attraction World
Holdings Limited 187 126 2.1 140 94 2.4 4.4 34.0
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- --------------
Steminic Limited 220 220 2.4 101 101 1.7 4.4 31.5
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- --------------
Trojan Capital Limited 160 160 1.8 160 160 2.7 23.6 73.8
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- --------------
Tosca Penta Investments
Limited (trading as
esure Holdings Limited) 153 75 1.7 151 74 2.6 - 0.2
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- --------------
Oliver Kay Holdings
Limited 290 203 3.2 - - - 1.3 18.7
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- --------------
Blackford Capital
Limited 75 75 0.8 200 200 3.4 20.2 63.9
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- --------------
Glacier Energy Services
Group Limited 148 148 1.6 123 123 2.1 2.2 20.7
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- --------------
Martel Instruments
Holdings Limited 271 227 3.0 - - - 4.2 40.0
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- --------------
CHS Engineering Services
Limited 152 152 1.7 114 114 1.9 3.0 20.4
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- --------------
Corinthian Foods Limited 250 250 2.8 - - - 16.3 56.6
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- --------------
LCL Hose Limited 149 149 1.6 99 100 1.7 4.5 25.5
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- --------------
Intercede (Scotland) 1
Limited (trading as
Electroflow Controls
Limited) 95 70 1.0 136 99 2.3 1.9 26.6
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- --------------
Space Student Living
Limited 120 120 1.3 97 97 1.7 3.1 26.9
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- --------------
Staffa Capital Limited - - - 200 200 3.4 15.3 49.0
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- --------------
Training For Travel
Group Limited 76 149 0.8 89 174 1.5 3.7 26.3
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- --------------
Claven Holdings Limited 68 26 0.7 34 13 0.6 6.9 43.1
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- --------------
Enpure Holdings Limited 100 100 1.1 - - - 0.4 2.2
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- --------------
Others 20 911 0.2 5 165 0.1
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- --------------
7,316 6,707 80.6 4,871 4,159 83.0
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- --------------
AIM/PLUS
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- --------------
Plastics Capital PLC 132 197 1.5 34 50 0.5 0.9 2.8
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- --------------
Chime Communications PLC 62 71 0.7 22 26 0.4 - 0.2
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- --------------
Datong PLC 32 151 0.4 - - - - 1.1
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- --------------
Work Group PLC 23 151 0.3 - - - - 2.6
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- --------------
Brookwell 12 30 0.1 3 6 0.1 - -
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- --------------
Hasgrove PLC 13 49 0.1 - - - - 1.6
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- --------------
Hambledon Mining PLC 12 83 0.1 - - - -
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- --------------
Others 21 643 0.2 6 63 0.1
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- --------------
307 1,375 3.4 65 145 1.1
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- --------------
Listed Fixed Income
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- --------------
Treasury 4.5% 7 March
2013 490 490 5.4 - - -
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- --------------
490 490 5.4 - - -
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- --------------
Total 8,113 8,572 89.4 4,936 4,304 84.1
---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- --------------
Other information
Copies of this announcement will be available to the public at
the registered office of the Company, 149 St Vincent Street,
Glasgow, on the Company's website at www.mavencp.com/migvct4, and
at the National Storage Mechanism.
By Order of the Board
Maven Capital Partners UK LLP, Secretary
28 August 2012
ENDS
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 included in or forms part of this
announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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