TIDMMAV4 TIDMTTM
RNS Number : 5040X
Maven Income & Growth VCT 4 PLC
28 August 2020
Maven Income and Growth VCT 4 PLC
Interim Results for the Six Months Ended 30 June 2020
(Unaudited)
The Directors announce the unaudited interim results for the six
months ended 30 June 2020.
Highlights
-- NAV total return at 30 June 2020 of 142.33p per share
-- NAV at 30 June 2020 of 64.73p per share, after payment of the
final dividend of 2.00p per share
-- Interim dividend of 1.00p per share declared
-- 4.5 million invested in 12 new VCT qualifying private and AIM
quoted companies, with a further 5 investments completed post the
period end
-- Follow-on funding provided to 10 portfolio companies as part
of their continuing growth plan
-- Total gain of GBP0.94 million generated from realisations of AIM quoted assets
-- Realisation of Attraction World for a total return of 1.9 times cost
-- Partial realisation of Global Risk Partners for a total return of 2.55 times cost
Overview
During the reporting period, the global economy and financial
markets have been significantly impacted by the COVID-19 pandemic,
which has created a challenging operating environment for some
portfolio companies. The Board and the Manager wish to reassure
Shareholders that, since the emergence of the virus in the UK,
Maven has acted swiftly to protect Shareholder value, whilst
ensuring ongoing compliance with Government guidelines. In response
to these unforeseen circumstances, the Manager has taken a small
number of provisions against specific private company holdings, in
particular those with exposure to consumer facing sectors where the
impact of the pandemic has been most pronounced. This resulted in a
9% reduction in NAV per share from 70.91p at the year end to 64.51p
at 20 March 2020, as announced on 26 March 2020. However, it is
important to highlight that your Company has constructed a highly
diversified portfolio with exposure to a wide range of private and
AIM quoted companies where, in most cases, trading has remained
satisfactory throughout the pandemic. Your Board is aware that
regular income distributions remain an important component of
Shareholder returns and, following recent exit activity, the Board
has declared an interim dividend of 1.00p per share.
The COVID-19 pandemic has had a profound impact on the personal
and working lives of most people throughout the UK. Maven responded
quickly to the outbreak of coronavirus and, in adherence with
Government advice, cancelled all non-essential travel and
introduced social distancing measures, with meetings taking place
using video conference facilities or by telephone. All Maven
employees have been working remotely during the lockdown and the
investment team has been in regular dialogue with portfolio
companies to offer advice and assistance throughout the crisis.
Where possible, investee companies have availed themselves of
Government led support, including the Coronavirus Job Retention
Scheme and the Coronavirus Business Interruption Loan Scheme.
During this period, the Board and the Manager have remained in
close contact and will continue to provide updates to Shareholders
when appropriate.
It is encouraging to report that the Manager has maintained a
good rate of deployment throughout the first half of the financial
year, with the addition of twelve new private and AIM quoted
company holdings to the portfolio. Several of these new investments
were completed during the lockdown period. In these cases, the
transaction had been in process since the start of the year and
underlying trading was relatively unaffected by the impact of
COVID-19. Conversely, a small number of live transactions were
terminated in light of increased levels of client churn and a
reduction in revenues. New investment activity is continuing
cautiously, and face to face meetings are resuming in line with
Government guidelines. There are plans for a phased return of staff
to Maven's offices, where social distancing measures and enhanced
hygiene protocols are already in place.
The Manager remains committed to growing the portfolio through
the addition of carefully selected VCT qualifying private and AIM
quoted companies from a broad range of sectors. Maven believes that
a hybrid strategy, offering the ability to invest across both
private equity and AIM, is an important differentiator that helps
to build a portfolio with complementary liquidity and return
characteristics, as it provides Shareholders with access to a wider
range of companies with scope to realise profits at different
times. During the period, the AIM portfolio delivered a strong
performance, with a number of companies reporting positive trading
updates, which resulted in share price appreciation for those
investments. This also created the opportunity to lock in gains at
a significant premium to the entry price, generating proceeds of
GBP0.94 million, whilst retaining holdings in anticipation of
further growth in value.
It is worthwhile noting that, following the active investment
strategy that has been pursued over the past few years, your
Company now has a large portfolio of young growth orientated
businesses that typically operate with a flexible cost base. Many
of these companies operate in the software and technology sector
and have pre-existing contracts in place with good levels of
recurring revenue, which offers some degree of protection from the
current economic uncertainty.
The provision of follow-on funding to support portfolio
companies that are making tangible commercial progress remains a
key component of the investment strategy. The Manager generally
adopts a phased or tranched approach and, in certain cases, will
make a small initial investment whilst retaining the option to
provide further funding, subject to the company achieving agreed
commercial milestones. This allows the Manager to monitor progress
closely and assess performance before committing additional
financial support. Where possible, Maven favours co-investing
alongside another VCT house or partner to help further diversify
portfolio risk. In terms of new transaction activity, Maven
continues to review numerous opportunities across its office
network but takes a highly selective approach to investment, only
supporting companies that offer a combination of management talent
and sustainable growth in revenues. It is also important that the
entry price of each new holding offers prospective returns
commensurate with the early stage nature of VCT investment.
Realisations are an important element in generating Shareholder
returns and help to maintain a programme of regular dividend
payments. The Maven team works closely with each unlisted portfolio
company that is considering, or is actively engaged in, a sale
process, helping to identify the most suitable adviser and
potential acquirers that may be willing to pay a premium or
strategic price for the business. The current economic uncertainty
is, however, likely to result in fewer near term exits, with some
sales processes put on hold until market conditions recover.
Dividends
As Shareholders will be aware from recent Annual and Interim
Reports, decisions on distributions take into consideration the
availability of surplus revenue, the realisation of capital gains,
the adequacy of distributable reserves and the VCT qualifying
level. These factors are kept under close and regular review by the
Board and the Manager, both of whom recognise the importance of
tax-free distributions to Shareholders.
In light of the recent realisation activity, the Directors have
declared that an interim dividend in respect of the year ending 31
December 2020, of 1.00p per Ordinary Share, will be paid on 2
October 2020 to Shareholders on the register at 4 September 2020.
Since the Company's launch, and after receipt of this latest
dividend, 78.60p per share will have been distributed in tax-free
dividends. It should be noted that the effect of paying dividends
is to reduce the NAV of the Company by the total cost of the
distribution.
The Directors would like to remind Shareholders that, as the
portfolio continues to expand and a greater proportion of holdings
are in young companies with growth capital requirements, there will
continue to be fluctuations in the quantum and timing of dividend
payments. Distributions will be more closely linked to realisation
activity and, if larger distributions are required as a consequence
of exits, this could result in a commensurate reduction in NAV per
share. However, the Board considers this to be a tax-efficient
means of returning value to Shareholders, whilst maintaining
compliance with the requirements of the VCT legislation.
Dividend Investment Scheme (DIS)
Your Company has in place a DIS, through which Shareholders may
elect to have their dividend payments used to apply for new
Ordinary Shares issued by the Company under the standing authority
granted by Shareholders at AGMs. On 26 March 2020, the Board
announced that the DIS had been suspended due to the volatility in
financial markets caused by the COVID-19 pandemic, with the payment
of the final dividend for the year ended 31 December 2019 on 22 May
2020 being made by either cheque or bank transfer using existing
mandate instructions.
The Directors have resolved to re-introduce the DIS with
immediate effect. This means that, unless they advise the Company
otherwise, those Shareholders who had previously elected to
participate in the DIS will revert to receiving new shares with
effect from 2 October 2020, being the payment date of the declared
interim dividend. Shareholders who have not previously applied to
participate in the DIS but wish to do so in respect of the interim
dividend payable on 2 October 2020, should ensure that a mandate
form, or CREST instruction if appropriate, is received by the
Registrar, Link Market Services, prior to the dividend election
date of 18 September 2020. Shares issued under the DIS should,
subject to an individual Shareholder's particular circumstances,
qualify for VCT tax reliefs applicable for the tax year in which
they are allotted. The terms & conditions of the scheme,
together with a mandate form, are available from the Company's
website at: www.mavencp.com/migvct4.
Allotment Update
On 13 November 2019, the Directors of your Company, together
with the board of Maven Income and Growth VCT 3 PLC, launched joint
Offers for Subscription of new Ordinary Shares for up to GBP15
million in aggregate (GBP7.5 million for each company). Your
Company's Offer closed on 6 February 2020, fully subscribed.
The allotment of 9,719,959 new Ordinary Shares, in respect of
the 2019/20 tax year, was made on 11 February 2020 and 858,029 new
Ordinary Shares were allotted in respect of the 2020/21 tax year on
9 July 2020.
This additional liquidity will enable your Company to continue
to invest in both private and AIM quoted companies, alongside
providing follow-on funding to support existing companies where
there is an ongoing business case and commercial traction that
merits support. Furthermore, the funds raised will allow your
Company to maintain its share buy-back policy, whilst also
spreading costs over a wider asset base in line with the objective
of maintaining a competitive total expense ratio for the benefit of
all Shareholders.
Portfolio Developments
Whilst your Company's portfolio is well diversified, the rapid
change in economic activity resulting from the outbreak of COVID-19
has inevitably had an impact on the trading conditions of certain
portfolio companies.
As announced on 26 March 2020, the Board and the Manager acted
swiftly by taking a small number of protective provisions against
those unlisted companies with exposure to consumer facing sectors,
which were most immediately affected by the lockdown. Maven
continues to work closely with the management teams of all investee
companies, taking corrective actions as quickly as possible on a
case-by-case basis.
During the period, the oil price was adversely affected by a
dispute between Saudi Arabia and Russia, just as the spread of
COVID-19 was resulting in a dramatic fall in the global demand for
oil. Following an agreement to cut oil production by a record
amount, the market has stabilised and the oil price has started to
recover. The oil & gas industry is classified as a key sector
by both the UK and Scottish Governments and, therefore, portfolio
companies servicing this sector have been able to continue to trade
throughout the lockdown, with most remaining profitable. Following
a number of realisations in recent years, the energy services
sector now accounts for less than 8% of the portfolio by value,
with all of the remaining assets operating in the service sector
and predominantly in areas related to mandatory rather than
discretionary spend, which offers some protection in the current
economic climate.
On 31 January 2020 the UK formally left the EU and immediately
entered into an eleven month transition period, which will end on
31 December 2020. Whilst the full extent of future global trading
relationships is still to be determined, as at the date of this
report, the portfolio has not been materially affected. The
majority of the investee companies have limited direct exposure to
the EU, but those that do have been implementing contingency plans
to mitigate any potential impact.
Integrated drug discovery service provider BioAscent Discovery
has achieved impressive growth since the Maven VCTs first invested
in 2018. Over the past two years, the business has recorded 67%
compound annual growth in revenue and was recently named top
performing outsourcer in the Alantra Pharma Fast 50, which ranks
the UK's fastest growing privately owned pharma and pharma service
companies. Since investment, BioAscent has expanded its services
into complementary chemistry and biology areas and has also grown
its client base. BioAscent has also been involved in the UK's
response to the outbreak of COVID-19, helping to set up a new
testing facility in conjunction with the Scottish Government to
scale up virus testing. Despite the challenging operating climate,
BioAscent expects to record further growth during 2020.
The first purpose-built facility of Horizon Ceremonies, the
Clyde Coast & Garnock Valley, opened in April 2018 and has been
steadily building a strong market presence, having been named Best
Crematorium in Scotland at the 2019 Scottish Funeral Awards. As
part of its growth strategy, Horizon recently acquired two further
sites and obtained planning consent for the construction of new
crematoria. Building work is now underway at the first location in
Cannock, Staffordshire, and is due to commence at the other site in
the suburbs of Glasgow during Summer 2020. Two further sites are
also now under option, with planning applications submitted. The
strategic objective remains to build a portfolio of modern
crematoria that provide the highest levels of service and care,
alongside the best ethical practice and environmental
standards.
In 2016, your Company invested in The GP Service (GPS), which
provides a secure end-to-end system that allows patients to consult
with a doctor online and to have a prescription dispensed at a
local pharmacy. The "on-demand" sector for medical consultations
has experienced significant growth over recent years, and this has
increased further during the COVID-19 pandemic. GPS remains at the
forefront of this market, having secured Care Quality Commission
accreditation and using General Medical Council registered doctors,
and is the only supplier to have access to NHS Summary Care
Records, which has enhanced the service offering. There are now
1,600 pharmacy partners on board and the management team continues
to progress a number of significant commercial agreements that
could be transformational for the business.
Martel Instruments, a manufacturer and supplier of custom-built
compact printers, portable data loggers and display units to the
medical, pharmaceutical and other testing and compliance markets
has benefitted from a period of strong trading over recent months.
The company has proven resilient during the COVID-19 crisis and is
experiencing good levels of demand for products from the medical
market, which is expected to continue post the end of the lockdown.
Martel has a strong order book, is currently operating at full
capacity and is forecast to deliver further positive financial
performance in 2020.
Visual asset management services group Whiterock continues to
make good progress in line with the core objectives identified at
the time of the original investment in December 2016. Whiterock's
ZynQ360 software solution enables clients to navigate areas of
hard-to-access assets such as offshore platforms, refineries or
government buildings using 360deg photography and video to create a
high-definition digital view. The business has developed its
technology platform and secured a number of material contracts with
international blue-chip clients in the oil & gas and mining
sectors, providing a positive endorsement of the ZynQ360 product
and its capabilities.
Maven has a dedicated London based AIM VCT team with a deep
understanding of the market and long-standing relationships with
the local broking community. During the period, the AIM portfolio
delivered a positive contribution to the overall performance of
your Company. Key contributors to this performance were Avacta,
which has reported a steady stream of positive news in relation to
the development of its Affimer-based rapid test for COVID-19 for
both laboratory and point-of-care settings; and Byotrol, which
develops and manufactures antimicrobial and antiviral products for
the home, healthcare and personal markets and has experienced
exceptional levels of demand since the outbreak of COVID-19. Both
companies have performed very well during the period and
experienced significant share price appreciation, which facilitated
partial realisations of both holdings at a premium to the entry
price.
Liquidity Management
The Board and the Manager continue to operate an active
liquidity management policy, with the objective of generating
income from cash resources held prior to investment. Whilst the
Finance Act 2016 introduced the restriction on holding investments
in instruments such as treasury bills or other Government-backed
securities for liquidity management purposes, it does permit
holding certain other listed securities. Based on the Manager's
recommendation, the Board has authorised Maven to invest in a small
portfolio of listed investment trusts that offer attractive income
characteristics. The Manager retains a positive view on these
holdings and will continue to consider any other permitted
liquidity management investment options that have the potential to
generate income alongside the prospect of capital appreciation.
New Investments
During the period, your Company provided development capital to
eight VCT qualifying private companies offering interesting growth
opportunities:
-- HiveHR has developed a software as a service (SaaS) platform
that provides real time, responsive and automated employee feedback
surveys to enable organisations to better understand and engage
with their employees. HiveHR has a diverse customer base that
includes Accenture, BrewDog, Hermes, Shop Direct, Tarmac,
Travelodge and various NHS and public sector organisations, and
retains a high level of recurring revenue. The VCT funding is being
used to support the growth of the business as it continues to
expand its client base.
-- Hublsoft is a data analytics specialist that aims to provide
better support for corporate decision makers. Through its SaaS
platform, Hublsoft simplifies the analysis of big data using
natural language and charts that are simple to interpret and
understand. The smart user interface enables the process to be
accessible and engaging, making big data more accessible for
clients who had previously found it too complex to handle or were
heavily reliant on third parties. The VCT funding is being used to
support the growth in new markets in the UK and Europe.
-- Intilery has developed a digital customer engagement platform
that provides a holistic view of a client's marketing activities,
as well as using real time data about their customers' behaviour to
identify opportunities for enhancing multi- channel marketing
campaigns. Personalised interactions and timely reminders are used
to create a better customer experience, help improve levels of
engagement, enhance customer loyalty and ultimately increase
revenues. The VCT funding is being used to expand the sales and
marketing team, as well as further develop the product and
associated technology.
-- Nano Interactive is an advertising technology business that
uses online search activity to identify relevant individuals that
corporate clients and media agencies should target with their
advertising. Nano then places these advertisements in real time, or
shortly afterwards, on behalf of clients. The company has a strong
client base of blue-chip advertisers, including Microsoft and
agency groups such as Omnicom and Publicis. The VCT funding is
being used for further product development and to establish a
presence in the USA.
-- Precursive is a B2B business that provides an easy to use
SaaS platform to allow technology and service-based clients to
automate their customer onboarding and workforce capacity
management. The platform bridges the gap between CRM sales systems
and customer success platforms, in order to improve operational
efficiency, enhance the experience and reduce client churn.
Precursive has built a strong market position on the back of a
number of high-quality relationships with companies such as DPD,
GoCardless, Google and SES, which also provides good levels of
forward revenue visibility. The VCT funding is being used to hire
additional development staff, to grow outbound and channel sales
and to invest in product development.
-- Push Technology is an established technology business that
provides client solutions to improve the speed, security and
efficiency of real time data transfers. Push has built a strong
blue-chip customer base across financial services (including CME
and ICAP), e-gaming companies and IOT (Internet of Things), where
real-time data is of particularly high importance and value. Push
engages with customers through long-term software licenses combined
with annual recurring maintenance and support income. The VCT
funding is being used to develop the business internationally and
to enhance the technology offering.
-- Quorum Cyber Security provides managed service security and
consulting services to clients across the UK, Europe and the Middle
East, where its Clarity platform provides enterprise-grade cyber
security at an accessible price point. Quorum has achieved good
growth over the past year and is on track to continue this
momentum. The VCT funding is being used to invest in sales and
marketing, as well as to further develop the relationship with
Microsoft, which should enable Quorum to target larger customers in
the future.
-- The Algorithm People has developed a SaaS platform for the
transport and logistics sectors that enables operators to reduce
costs by planning the most efficient route and job schedule for
their vehicle fleet (including electric vehicles). The My Transport
Planner application is delivered through a web browser, thereby
reducing any implementation costs or complications. The VCT funding
is being used to progress new partnerships and increase market
presence.
In addition, four new AIM quoted investments were added to the
portfolio:
-- Eden Research develops and supplies innovative biopesticide
products and natural micro-capsulation technologies to the global
crop protection, animal health and consumer products industries.
Your Company participated in the GBP10.1 million fundraising, which
completed in March 2020. This investment will enable the company to
develop, register and commercialise key new products in categories
such as insecticides, formulations and seed treatment, taking a
leading position in the rapidly growing sustainable agriculture
market.
-- Genedrive is a molecular diagnostics company that is
developing and commercialising a low cost and simple to use point
of need platform for the rapid diagnosis of infectious diseases and
use in patient stratification pathogen detection and other
indications. Genedrive recently announced the development of a high
throughput SARS-CoV-2 test to detect people with the COVID-19
infection. Your Company participated in the GBP7.0 million placing,
which completed in May 2020. The investment is being used to
support the developments of the SARS-CoV-2 test and fund product
development.
-- Intelligent Ultrasound is a global leader in ultrasound
training through simulation, which has expanded into the
development of AI software to support doctors and sonographers in
clinical and ultrasound scanning. Your Company participated in the
GBP5.2 million fundraising, which completed in April 2020. The
investment is being used to support existing and new product
development, as well as strengthening the balance sheet and
providing general working capital.
-- Trackwise Designs is a leading provider of specialist
interconnector products, manufacturing printed circuit technology
for use across multiple sectors and applications. Your Company
participated in the GBP5.9 million fundraising, which completed in
March 2020, providing important growth capital to enable the
business to further develop its proprietary technology.
The following investments have been completed during the
reporting period:
Investment
cost
Purchases Date Sector GBP'000 Website
-------------------------- ----------- ------------------------- ---------- -------------------------------
New unlisted
HiveHR Limited February Software & computer 300 www.hive.hr.com
2020 services
(employment services)
Hublsoft Group Limited June 2020 Software & computer 800 www.hublsoft.com
services
(financial services)
Intilery.com Limited April 2020 Software & computer 75 www.intilery.com
services
(marketing)
Nano Interactive Group March 2020 Software & computer 625 www.nanointeractive.com
Limited services
(advertising)
Precursive Limited March 2020 Software & computer 750 www.precursive.com
services
(professional/employment
services)
Push Technology Limited March 2020 Software & computer 525 www.pushtechnology.com
services
(consumer services)
Quorum Cyber Security June 2020 Software & computer 500 www.quorumcyber.com
Limited services
(cyber security)
The Algorithm People May 2020 Software & computer 300 www.thealgorithmpeople.co.uk
Limited services
(transport)
-------------------------- ----------- ------------------------- ---------- -------------------------------
Total new unlisted 3,875
------------------------------------------------------------------ ---------- -------------------------------
Follow-on unlisted
e.fundamentals (Group) April 2020 Software & computer 333 www.efundamentals.com
Limited services
(marketing)
Growth Capital Ventures June 2020 Investment companies 63 www.growthcapitalventures.co.uk
Limited
Horizon Cremation Limited May 2020 Support Services 400 www.horizoncremation.co.uk
(consumer services)
Lending Works Limited February Software & computer 42 www.lendingworks.co.uk
2020 services
(financial services)
Life's Great Group March 2020 Software & computer 43 www.mojomortgages.com
Limited (trading services
as Mojo Mortgages) (financial services)
QikServe Limited March 2020 Software & computer 120 www.qikserve.com
services
(hospitality)
Relative Insight Limited June 2020 Software & computer 600 www.relativeinsight.com
services
(marketing)
The GP Service (UK) May 2020 Health 163 www.thegpservice.co.uk
Limited
-------------------------- ----------- ------------------------- ---------- -------------------------------
Total follow-on unlisted 1,764
------------------------------------------------------------------ ---------- -------------------------------
Total unlisted 5,639
------------------------------------------------------------------ ---------- -------------------------------
Investment
cost
Purchases Date Sector GBP'000 Website
----------------------- ----------- -------------------------------- ---------- -----------------------------
New quoted
Eden Research PLC March 2020 Chemicals 102 www.edenresearch.com
Genedrive PLC May 2020 Pharmaceuticals & biotechnology 25 www.genedriveplc.com
Intelligent Ultrasound May 2020 Software & computer services 400 www.intelligentultrasound.com
Group PLC (healthcare)
Trackwise Designs PLC March 2020 Electronics & electrical 63 www.trackwise.co.uk
equipment
----------------------- ----------- -------------------------------- ---------- -----------------------------
Total new quoted 590
---------------------------------------------------------------------- ---------- -----------------------------
Follow-on quoted
C4X Discovery Holdings May 2020 Pharmaceuticals & biotechnology 47 www.c4xdiscovery.com
PLC
Diurnal Group PLC March 2020 Pharmaceuticals & biotechnology 61 www.diurnal.co.uk
Total follow-on quoted 108
-----------------------------
Total quoted 698
---------------------------------------------------------------------- ---------- -----------------------------
Total investments 6,337
---------------------------------------------------------------------- ---------- -----------------------------
At the period end, the portfolio stood at 111 unlisted and
quoted investments, at a total cost of GBP59.27 million.
Realisations
In February 2020, your Company realised its holding in
Attraction World, one of the UK's largest theme park and attraction
ticket specialists. Since Maven originally backed the MBO of the
business in December 2010, Attraction World has enabled millions of
customers to pre-book tickets for 5,000 experiences in over 50
countries, including amusement parks, sightseeing tours, theatre
shows and experience days. In 2016, the company made the strategic
acquisition of Day Out With The Kids, the UK's biggest website and
online community for family attractions and children's activities.
The realisation, via a secondary buyout led by the CEO, generated a
total return of 1.9 times cost over the life of the investment.
In June 2020, the partial sale of the investment in Global Risk
Partners (GRP) completed. Your Company originally invested in GRP
in 2013, participating in a syndicate to back a highly experienced
management team to pursue a buy & build strategy in the
specialty insurance and reinsurance markets. Since launch, the
business has achieved significant scale, having completed and
successfully integrated 59 acquisitions, with the enlarged business
now achieving annual gross written premium of almost GBP800
million. Following a competitive process, an offer for the business
was received from a US private equity buyer, with a partial exit
completing conditionally in February 2020. Regulatory approval for
the transaction was subsequently granted and the sale concluded
shortly before the period end, generating a total return of 2.55
times cost, and the proceeds will be distributed to your Company in
due course.
During the period, your Company partially sold a number of
holdings in the AIM portfolio where positive newsflow had resulted
in share price appreciation, creating the opportunity to realise
profits. This active trading strategy helped to generate a total
realised gain of GBP0.94 million.
The table below gives details of all realisations achieved
during the reporting period:
Sales Year first Complete/ Cost of Value at Sales Realised Gain/(loss)
invested partial shares 31 proceeds gain/(loss) over 31
exit disposed December GBP'000 GBP'000 December
of 2019 2019 value
GBP'000 GBP'000 GBP'000
---------------------------- ------------ ----------- --------- --------- ---------- ------------- ------------
Unlisted 2010 Complete 355 415 417 62 2
Attraction World Holding
Limited - 3 3 3 -
Other unlisted investments
------------------------------------------------------- --------- --------- ---------- ------------- ------------
Total unlisted 355 418 420 65 2
------------------------------------------------------- --------- --------- ---------- ------------- ------------
Quoted
Avacta Group PLC 2018 Partial 226 232 863 637 631
Byotrol PLC 2017 Partial 55 56 210 155 154
Diaceutics PLC 2019 Partial 78 102 121 43 19
Eden Research PLC 2020 Partial 19 19 25 6 6
Genedrive PLC 2020 Partial 10 2 23 13 21
Ideagen PLC 2015 Partial 17 99 103 86 4
(formerly Datum PLC)
---------------------------- ------------ ----------- --------- --------- ---------- ------------- ------------
Total quoted 405 510 1,345 940 835
------------------------------------------------------- --------- --------- ---------- ------------- ------------
Total sales 760 928 1,765 1,005 837
------------------------------------------------------- --------- --------- ---------- ------------- ------------
Material Developments Since the Period End
Since 30 June 2020, one new private company holding has been
added to the portfolio:
-- GEN InCode is a provider of clinical genetic tests, which use
AI bioinformatics and a globally recognised clinical evidence base
to provide predictive analysis of a patient's risk in order to
determine which medical treatments and procedures will have the
optimal outcome for patients. The company has developed novel
specific genetic markers to help doctors to create targeted
treatment and prevention plans for patients. The VCT funding is
being used to expand its presence in the European market and to
enter the US, which has been identified as a key market for future
growth.
In addition, four new AIM quoted companies were added to the
portfolio:
-- AFC Energy is a global leader in hydrogen power generation
technologies. It has a proven fuel cell technology, which it is
commercialising through its Hydrogen Power (H-Power) product, an
off-grid electric vehicle charging system that is run on hydrogen
and produces no emissions. Your Company participated in the GBP31.6
million fundraising, which completed in July 2020. The investment
is being used to facilitate the manufacture of the H-Power fuel
cell for deployment in the next 12-24 months, to employ
manufacturing, engineering and commercial staff to support the
expansion of target markets (electric vehicles and construction),
and to fund further product development.
-- DeepMatter is a technology company that has developed an
integrated software, hardware and machine learning enabled
platform, DigitalGlassware, which operates across the research and
process development sectors. The solution enables users to
translate chemistry processes into computer code, making it easier
to record, reproduce and share. Your Company participated in the
GBP2.1 million fundraising, which completed in July 2020. The
investment is being used to strengthen the balance sheet and to
provide funding to invest in sales, marketing and distribution
support to facilitate a growing market presence and market
share.
-- Feedback is a specialist medical imaging technology company
that has developed Bleepa, an innovative medical communication app
that allows radiologists, clinicians and medical researchers to
view and discuss high quality images securely on mobile devices,
directly from the hospital source, thereby improving workflow
efficiency. Your company participated in the GBP5.0 million
fundraising, which completed in July 2020. The investment will be
used to enhance the sales force targeting NHS Trusts and other key
strategic partners, to further product development and accelerate
international expansion.
-- Velocys designs and develops fuel technology and now licences
its proprietary reactor and catalyst technology for the conversion
of biomass and household waste into jet fuel. Your Company
participated in the GBP21 million fundraising, which completed in
July 2020. The investment is being used to support product
development and commercialisation, and to provide working capital
to ensure the company's intellectual property remains
protected.
Principal and Emerging Risks and Uncertainties
The principal and emerging risks and uncertainties facing the
Company were set out in full in the Strategic Report contained
within the 2019 Annual Report, and are the risks associated with
investment in small and medium sized unlisted and AIM/AQSE quoted
companies which, by their nature, carry a higher level of risk and
are subject to lower liquidity than investments in larger quoted
companies. The valuation of investee companies may be affected by
economic conditions, the credit environment and other risks
including legislation, regulation, adherence to VCT qualifying
rules and the effectiveness of the internal controls operated by
the Company and the Manager. These risks and procedures are
reviewed regularly by the Audit and Risk Committees and reported to
your Board. The Board has confirmed that all tests, including the
criteria for VCT qualifying status, continue to be monitored and
met.
During the period under review, the COVID-19 pandemic developed
from being an emerging risk to a principal risk that had
implications for the Company, the Manager, investee companies and
both the UK and global economies. The Board and the Manager have
sought to identify all of the individual associated risks that
could impact on the Company and the steps that are required to
mitigate them. These have been recorded in separate risk registers
that are maintained by the Company and the Manager, and will be
reviewed on a regular basis as the situation continues to
evolve.
Share Buy-backs
Shareholders have given the Board authority to buy back shares
for cancellation or to be held in treasury, subject always to such
transactions being in the best interests of Shareholders. It is
intended that, subject to market conditions, available liquidity
and the maintenance of the Company's VCT status, shares will
continue to be bought back at prices representing a discount of up
to 15% of the prevailing NAV per share. During the period under
review, 730,000 shares were bought back at a total cost of
GBP480,000.
Regulatory Update
Following the outbreak of the COVID-19 pandemic, there have been
a number of regulatory developments that are intended to assist and
support companies through this crisis. The Corporate Insolvency and
Governance Act will temporarily suspend parts of insolvency law to
support directors to continue trading through the emergency without
the threat of personal liability for wrongful trading and to
protect companies from creditor action. In addition, Company Law
and other legislation will be amended to provide companies with
temporary easements on company filings and the holding of AGMs.
The Financial Conduct Authority (FCA) has recognised that fund
managers and auditors could face challenges in preparing financial
information as a result of the pandemic and have announced an
extension to the filing deadlines for annual and interim reports.
Your Company, however, does not expect to have to take advantage of
these extended filing deadlines.
The FCA has also published detailed information setting out its
expectations during the crisis. The FCA expects firms to take
reasonable steps to ensure that they are prepared to meet the
challenges presented by coronavirus in order to maintain business
continuity. Firms are encouraged to ensure that they are managing
their financial resilience and liquidity, and to report to the FCA
if they believe they will face difficulties. The FCA has also set
out its high-level expectations on the application of firms'
systems and controls for combatting and preventing financial crime,
including client identity verification.
On 27 March 2020, the International Private Equity and Venture
Capital Valuation (IPEV) Guidelines Board issued special valuation
guidance to assist managers who are applying the IPEV Valuation
Guidelines to their 31 March 2020 portfolios. The Guidelines were
last updated in 2018 and are the prevailing framework for fair
value information in the private equity and venture capital
industry. In the current global crisis, it is vitally important
that information continues to flow in a timely and consistent
manner, and the special valuation guidance reinforces key valuation
principles in order to ensure the robustness of information making
its way to investors and other stakeholders.
Outlook
Notwithstanding the unforeseen difficulties presented by the
COVID-19 pandemic, your Company remains well positioned,
benefitting from a diverse portfolio of younger companies seeking
to achieve significant growth and scale, together with a number of
more established and mature private and AIM quoted investments. The
strategy for the second half of the financial year will remain
focused on cautiously expanding and further developing the
portfolio. In particular, the Manager will be seeking out those
growth companies that have strong recurring or contractual
revenues, or which operate an online business model, or are
generally more defensive to the market and trading conditions
experienced in the first half of the year.
On behalf of the Board
Maven Capital Partners UK LLP
Secretary
28 August 2020
Summary of Investment Changes
For the six months ended 30 June 2020
Valuation Net investment/ Appreciation/ Valuation
31 December 2019 (disinvestment) (depreciation) 30 June 2020
GBP'000 % GBP'000 GBP'000 GBP'000 %
--------------------- ------------------- ---------------- --------------- ---------------
Unlisted investments
Equities 29,090 39.8 4,981 (3,183) 30,888 42.7
Loan stock 15,726 21.5 238 (1,519) 14,445 19.9
--------------------- ---------- ------- ---------------- --------------- -------- -----
44,816 61.3 5,219 (4,702) 45,333 62.6
AIM/AQSE investments
Equities 4,937 6.7 (647) 1,180 5,470 7.5
Listed investments
Investment trusts 4,435 6.1 - (699) 3,736 5.1
--------------------- ---------- ------- ---------------- --------------- -------- -----
Total investments 54,188 74.1 4,572 (4,221) 54,539 75.2
Other net assets 18,935 25.9 (914) - 18,021 24.8
--------------------- ---------- ------- ---------------- --------------- -------- -----
Net assets 73,123 100.0 3,658 (4,221) 72,560 100.0
--------------------- ---------- ------- ---------------- --------------- -------- -----
Investment Portfolio Summary
As at 30 June 2020
% of equity
Valuation Cost % of total % of equity held by
Investment GBP'000 GBP'000 assets held other clients(1)
-------------------------------------- ---------- --------- ----------- ------------ -----------------
Unlisted
Horizon Cremation Limited 2,463 2,463 3.4 12.9 39.7
BioAscent Discovery Limited 1,776 1,532 2.4 26.1 13.9
Whiterock Group Limited 1,753 1,014 2.4 13.0 17.0
Vodat Communications Group Limited 1,717 1,240 2.4 7.1 19.8
CatTech International Limited 1,642 1,115 2.3 8.4 21.6
The GP Service (UK) Limited 1,622 1,597 2.2 19.2 32.1
Maven Co-invest Endeavour Limited
Partnership 1,563 909 2.2 13.3 86.7
(invested in Global Risk Partners)(2)
Glacier Energy Services Holdings
Limited 1,540 1,540 2.1 6.0 21.7
Rockar 2016 Limited (trading
as Rockar) 1,442 1,374 2.0 6.5 9.2
CB Technology Group Limited 1,405 1,097 1.9 19.6 59.3
Bright Network (UK) Limited 1,383 1,383 1.9 12.1 26.2
Martel Instruments Holdings Limited 1,332 1,120 1.8 14.7 29.6
QikServe Limited 1,255 1,674 1.7 7.6 8.2
Contego Solutions Limited (trading
as NorthRow) 1,201 1,201 1.7 7.8 10.5
HCS Control Systems Group Limited 1,201 1,201 1.7 10.7 25.8
ebb3 Limited 1,186 1,307 1.6 23.3 35.3
RMEC Group Limited 1,084 782 1.5 4.8 45.3
Flow UK Holdings Limited 1,047 1,047 1.4 12.7 22.3
Boiler Plan (UK) Limited 1,000 1,000 1.4 24.0 32.5
Relative Insight Limited 1,000 1,000 1.4 5.3 24.0
WaterBear Education Limited 987 987 1.4 22.4 21.3
Ensco 969 Limited (trading as
DPP) 983 1,823 1.4 7.4 27.1
Filtered Technologies Limited 950 950 1.3 10.1 16.5
Life's Great Group Limited (trading
as Mojo 949 939 1.3 12.0 23,8
Mortgages)
Curo Compensation Limited 846 1,117 1.2 12.1 6.9
Hublsoft Group Limited 800 800 1.1 12.5 18.7
Precursive Limited 750 750 1.0 6.5 15.1
TC Communications Holdings Limited 734 958 1.0 10.7 19.3
Optoscribe Limited 726 726 1.0 5.1 4.6
eSafe Global Limited 653 871 0.9 16.7 15.4
Growth Capital Ventures Limited 650 639 0.9 12.8 30.3
Maven Capital (Marlow) Limited 650 650 0.9 - 100.0
AVID Technology Group Limited 635 635 0.9 4.4 5.6
Nano Interactive Group Limited 625 625 0.9 3.7 11.2
Delio Limited 533 533 0.7 3.6 9.9
Investment Portfolio Summary (Continued)
As at 30 June 2020
% of equity
Valuation Cost % of total % of equity held by
Investment GBP'000 GBP'000 assets held other clients(1)
---------------------------------- ---------- --------- ----------- ------------ -----------------
Unlisted (continued)
Push Technology Limited 525 525 0.7 2.8 8.5
Quorum Cyber Security Limited 500 500 0.7 8.7 12.3
ADC Biotechnology Limited 485 1,094 0.7 7.4 11.1
Symphonic Software Limited 480 480 0.7 5.7 8.6
e.fundamentals (Group) Limited 467 467 0.6 3.8 7.1
CODILINK UK Limited (trading
as Coniq) 400 400 0.6 1.1 3.8
ISN Solutions Group Limited 348 467 0.5 7.8 47.2
Shortbite Limited (trading
as DigitalBridge) 325 325 0.4 2.8 17.9
HiveHR Limited 300 300 0.4 5.2 33.7
The Algorithm People Limited 300 300 0.4 9.7 16.3
R&M Engineering Group Limited 268 1,087 0.4 13.4 57.2
Altra Consultants Limited 250 250 0.3 4.2 55.8
GradTouch Limited 150 200 0.2 2.9 32.6
Honcho Markets Limited 129 129 0.2 2.4 22.3
Fathom Systems Group Limited 121 1,066 0.2 12.7 47.3
Space Student Living Limited 76 51 0.1 19.3 60.8
Intilery.com Limited 75 75 0.1 3.3 23.1
FLXG Scotland Limited 51 339 0.1 3.2 11.1
(formerly Flexlife Group Limited)
Other unlisted investments - 4,148 -
---------------------------------- ---------- --------- ----------- ------------ -----------------
Total unlisted 45,333 50,802 62.6
---------------------------------- ---------- --------- ----------- ------------ -----------------
Quoted
Ideagen PLC (formerly Datum
PLC) 906 166 1.3 0.2 0.9
Pelatro PLC 596 496 0.9 2.8 -
Creo Medical Group PLC 580 497 0.8 0.2 -
Intelligent Ultrasound Group
PLC 419 400 0.6 1.7 0.7
Byotrol PLC 366 208 0.5 1.4 0.7
Diaceutics PLC 310 163 0.4 0.3 0.3
MaxCyte Inc 279 250 0.4 0.3 0.3
Avacta Group PLC 232 33 0.3 0.1 0.1
The Panoply Holdings PLC 218 212 0.3 0.5 -
Scancell Holdings PLC 213 205 0.3 1.1 -
Oxford Metrics PLC (formerly
OMG PLC) 168 80 0.2 0.2 -
C4X Discovery Holdings PLC 152 160 0.2 0.8 1.4
KRM22 PLC 141 220 0.2 1.6 -
Eden Research PLC 108 83 0.1 0.4 1.1
Investment Portfolio Summary (Continued)
As at 30 June 2020
Investment Valuation Cost % of total % of equity % of equity
GBP'000 GBP'000 assets held held by
other clients(1)
------------------------------------ ---------- --------- ----------- ------------ -----------------
Quoted (continued)
Vectura Group PLC 100 100 0.1 - -
Diurnal Group PLC 98 100 0.1 0.3 0.5
Faron Pharmaceuticals PLC 92 70 0.1 0.1 0.2
Angle PLC 89 92 0.1 0.1 0.1
Hardide PLC 75 122 0.1 0.4 0.3
Trakwise Designs PLC 65 63 0.1 0.4 1.1
Cello Health PLC 59 55 0.1 0.1 0.4
Osirium Technologies PLC 52 100 0.1 1.5 4.4
Access Intelligence PLC 47 42 0.1 - 0.2
Seen PLC (formerly Entertainment
AI PLC) 42 75 0.1 - 1.4
Vianet Group PLC (formerly Brulines
Group PLC) 35 49 - 0.1 1.4
Genedrive PLC 19 15 - - 0.1
The Ince Group PLC (formerly
Gordon Dadds PLC) 6 172 - 0.1 -
Deltex Medical Group PLC 3 33 - 0.1 -
Other quoted investments - 149 -
------------------------------------ ---------- --------- ----------- ------------ -----------------
Total quoted 5,470 4,410 7.5
------------------------------------ ---------- --------- ----------- ------------ -----------------
Private equity investment trusts
HgCapital Trust PLC 469 428 0.7 0.1 0.1
Princess Private Equity Holding
Limited 383 391 0.6 0.1 0.1
Apax Global Alpha Limited 362 384 0.5 0.1 0.1
BMO Private Equity Trust PLC
(formerly F&C 312 343 0.4 0.2 0.3
Private Equity Trust PLC)
HarbourVest Global Private Equity
Limited 279 250 0.4 - 0.1
ICG Enterprise Trust PLC 220 250 0.3 - 0.1
Standard Life Private Equity
Trust PLC 171 190 0.2 - 0.1
Pantheon International PLC 168 180 0.2 - 0.1
------------------------------------ ---------- --------- ----------- ------------ -----------------
Total private equity investment
trusts 2,364 2,416 3.3
------------------------------------ ---------- --------- ----------- ------------ -----------------
Real estate investment trusts
Target Healthcare REIT Limited 192 199 0.3 0.1 -
Regional REIT Limited 184 265 0.2 0.1 0.1
Custodian REIT PLC 109 140 0.1 - -
Schroder REIT Limited 104 206 0.1 0.1 -
------------------------------------ ---------- --------- ----------- ------------ -----------------
Total real estate investment
trusts 589 810 0.7
------------------------------------ ---------- --------- ----------- ------------ -----------------
Investment Portfolio Summary (Continued)
As at 30 June 2020
% of equity
Valuation Cost % of total % of equity held by other
Investment GBP'000 GBP'000 assets held clients(1)
------------------------------------- ---------- --------- ----------- ------------ --------------
Fixed income investment trusts 175 196 0.3 0.1 -
TwentyFour Income Fund Limited 167 191 0.2 0.1 -
Alcentra European Floating Rate
Income Fund Limited
------------------------------------- ---------- --------- ----------- ------------ --------------
Total fixed income investment trusts 342 387 0.5
------------------------------------- ---------- --------- ----------- ------------ --------------
Infrastructure investment trusts
3i Infrastructure PLC 118 118 0.2 - -
The Renewables Infrastructure Group
Limited 116 122 0.2 - -
HICL Infrastructure Company Limited 105 104 0.1 - -
International Public Partnerships
Limited 102 102 0.1 - -
------------------------------------- ---------- --------- ----------- ------------ --------------
Total infrastructure investment
trusts 441 446 0.6
------------------------------------- ---------- --------- ----------- ------------ --------------
Total investments 54,539 59,271 75.2
------------------------------------- ---------- --------- ----------- ------------ --------------
(1) Other clients of Maven Capital Partners UK LLP.
(2) Managed by Penta Capital LLP of which Steven Scott, a
Director of the Company, is a partner.
Income Statement
For the six months ended 30 June 2020
Six months ended Six months ended Year ended
30 June 2020 30 June 2019 31 December 2019
(unaudited) (unaudited) (audited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
(Losses) / gains on
investments - (4,221) (4,221) - 775 775 - 1,497 1,497
Income from investments 691 - 691 818 - 818 1,509 - 1,509
Other income 16 - 16 48 - 48 81 - 81
Investment management
fees (182) (728) (910) (164) (657) (821) (315) (1,260) (1,575)
Other expenses (228) - (228) (142) - (142) (337) - (337)
---------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Net return on ordinary
activities before taxation 297 (4,949) (4,652) 560 118 678 938 237 1,175
Tax on ordinary activities (25) 25 - (50) 50 - (162) 162 -
---------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Return attributable
to Equity Shareholders 272 (4,924) (4,652) 510 168 678 776 399 1,175
---------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Earnings per share
(pence) 0.25 (4.46) (4.21) 0.67 0.22 0.89 1.01 0.52 1.53
---------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
All gains and losses are recognised in the Income Statement.
All items in the above statement are derived from continuing
operations. The Company has only one class of business and one
reportable segment, the results of which are set out in the Income
Statement and Balance Sheet. The Company derives its income from
investments made in shares, securities and bank deposits.
There are no potentially dilutive capital instruments in issue
and, therefore, no diluted earnings per share figures are relevant.
The basic and diluted earnings per share are, therefore,
identical.
The accompanying Notes are an integral part of the Financial
Statements.
Statement Of Changes In Equity
For the six months ended 30 June 2020
Six months ended 30 June 2020 (unaudited)
Share Capital Capital Special Capital
Share premium reserve reserve distributable redemption Revenue
capital account realised unrealised reserve reserve reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------------- --------- -------- --------- ----------- -------------- ------------- --------- ---------
At 31 December 2019 10,311 16,526 (11,818) 494 55,995 51 1,564 73,123
Net return - - 302 (5,226) - - 272 (4,652)
Share premium
cancellation
costs - (38) - - - - - (38)
Merger costs - (14) - - - - - (14)
Dividends paid - - (1,401) - - - (841) (2,242)
Repurchase and
cancellation
of shares (73) - - - (480) 73 - (480)
Net proceeds of
share
issue 972 5,891 - - - - - 6,863
-------------------- --------- -------- --------- ----------- -------------- ------------- --------- ---------
At 30 June 2020 11,210 22,365 (12,917) (4,732) 55,515 124 995 72,560
-------------------- --------- -------- --------- ----------- -------------- ------------- --------- ---------
Six months ended 30 June 2019 (unaudited)
Share Capital Capital Special Capital
Share premium reserve reserve distributable redemption Revenue
capital account realised unrealised reserve reserve reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------------- --------- -------- --------- ----------- -------------- ------------- --------- ---------
At 31 December 2018 7,657 48,568 (9,020) (1,186) 7,675 472 788 54,954
Net return - - 835 (667) - - 510 678
Repurchase and
cancellation
of shares (73) - - - (474) 73 - (474)
-------------------- --------- -------- --------- ----------- -------------- ------------- --------- ---------
At 30 June 2019 7,584 48,568 (8,185) (1,853) 7,201 545 1,298 55,158
-------------------- --------- -------- --------- ----------- -------------- ------------- --------- ---------
Year ended 31 December 2019 (audited)
Share Capital Capital Special Capital
Share premium reserve reserve distributable redemption Revenue
capital account realised unrealised reserve reserve reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------- --------- -------- --------- ----------- -------------- ----------- --------- ---------
At 31 December 2018 7,657 48,568 (9,020) (1,186) 7,675 472 788 54,954
Net return - - (1,281) 1,680 - - 776 1,175
Cancellation of share
premium account - (48,562) - - 48,562 - - -
Cancellation of
capital
redemption reserve - - - - 544 (544) - -
Share premium
cancellation
costs - (9) - - - - - (9)
Dividends paid - - (1,517) - - - - (1,517)
Repurchase and
cancellation
of shares (123) - - - (786) 123 - (786)
Issue of shares on
merger 2,758 16,427 - - - - - 19,185
Net proceeds of DIS
issue 19 102 - - - - - 121
---------------------- --------- -------- --------- ----------- -------------- ----------- --------- ---------
At 31 December 2019 10,311 16,526 (11,818) 494 55,995 51 1,564 73,123
---------------------- --------- -------- --------- ----------- -------------- ----------- --------- ---------
The accompanying Notes are an integral part of the Financial
Statements.
Balance Sheet
As at 30 June 2020
30 June 2020 30 June 2019 31 December 2019
(unaudited) (unaudited)
GBP'000 GBP'000 (audited)
GBP'000
----------------------------------- ------------ ------------ ----------------
Fixed assets
Investments at fair value through
profit or loss 54,539 35,018 54,188
Current assets 673 529 708
Debtors 17,401 19,797 18,402
Cash
----------------------------------- ------------ ------------ ----------------
18,074 20,326 19,110
Creditors
Amounts falling due within
one year (53) (186) (175)
----------------------------------- ------------ ------------ ----------------
Net current assets 18,021 20,140 18,935
----------------------------------- ------------ ------------ ----------------
Net assets 72,560 55,158 73,123
----------------------------------- ------------ ------------ ----------------
Capital and reserves
Called up share capital 11,210 7,584 10,311
Share premium account 22,365 48,568 16,526
Capital reserve - realised (12,917) (8,185) (11,818)
Capital reserve - unrealised (4,732) (1,853) 494
Special distributable reserve 55,515 7,201 55,995
Capital redemption reserve 124 545 51
Revenue reserve 995 1,298 1,564
----------------------------------- ------------ ------------ ----------------
Net assets attributable to
Ordinary Shareholders 72,560 55,158 73,123
----------------------------------- ------------ ------------ ----------------
Net asset value per Ordinary
Share (pence) 64.73 72.73 70.91
----------------------------------- ------------ ------------ ----------------
The Financial Statements were approved by the Board of Directors
on 28 August 2020 and were signed on its behalf by:
Peter Linthwaite
Director
The accompanying Notes are an integral part of the Financial
Statements.
Cash Flow Statement
For the six months ended 30 June 2020
Six months ended Six months ended Year ended
30 June 2020 30 June 2019 31 December 2019
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
----------------------------------------- ---------------- ---------------- -----------------
Net cash flows from operating activities
Cash flows from investing activities (579) 173 (120)
Purchase of investments (6,337) (3,927) (23,503)
Sale of investments 1,826 3,472 4,478
----------------------------------------- ---------------- ---------------- -----------------
Net cash flows from investing activities (4,511) (455) (19,025)
----------------------------------------- ---------------- ---------------- -----------------
Cash flows from financing activities
Equity dividends paid (2,242) - (1,517)
Issue of Ordinary Shares 6,863 - 121
Merger costs (14) - -
Issue of Ordinary Shares - merger - - 19,185
Share premium cancellation costs (38) - (9)
Repurchase of Ordinary Shares (480) (474) (786)
----------------------------------------- ---------------- ---------------- -----------------
Net cash flows from financing activities 4,089 (474) 16,994
----------------------------------------- ---------------- ---------------- -----------------
Net decrease in cash (1,001) (756) (2,151)
----------------------------------------- ---------------- ---------------- -----------------
Cash at beginning of period 18,402 20,553 20,553
Cash at end of period 17,401 19,797 18,402
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 2020
and the six months ended 30 June 2019 comprises non-statutory
accounts within the meaning of S435 of the Companies Act 2006. The
financial information contained in this report has been prepared on
the basis of the accounting policies set out in the Annual Report
and Financial Statements for the year ended 31 December 2019, which
have been filed at Companies House and contained an Auditor's
Report that was not qualified and did not contain a statement under
S498(2) or S498(3) of the Companies Act 2006.
2. Reserves
Share premium account
The share premium account represents the premium above nominal
value received by the Company on issuing share net of issue costs.
This reserve is non distributable.
Capital reserves
Gains or losses on investments realised in the year that have
been recognised in the Income Statement are transferred to the
capital reserve realised account on disposal. Furthermore, any
prior unrealised gains or losses on such investments are
transferred from the capital reserve unrealised account to the
capital reserve realised account on disposal.
Increases and decreases in the fair value of investments are
recognised in the Income Statement and are then transferred to the
capital reserve unrealised account. The capital reserve realised
account also represents capital dividends, capital investment
management fees and the tax effect of capital items. This reserve
is distributable.
Special distributable reserve
The total cost to the Company of the repurchase and cancellation
of shares is represented in the special distributable reserve. This
reserve is distributable.
Capital redemption reserve
The nominal value of shares repurchased and cancelled is
represented in the capital redemption reserve. This reserve is non
distributable.
Revenue reserve
The revenue reserve represents accumulated profits retained by
the Company that have not been distributed to Shareholders as a
dividend. This reserve is distributable.
3. Return per Ordinary Share
Six months ended
30 June 2020
------------------------------------------------------ ----------------
The returns per share have been based on the following 110,419,876
figures:
Weighted average number of Ordinary Shares GBP272,000
Revenue return (GBP4,924,000)
Capital return
------------------------------------------------------ ----------------
Total return (GBP4,652,000)
------------------------------------------------------ ----------------
Directors' Responsibility Statement
The Directors confirm that, to the best of their knowledge:
-- the Financial Statements for the six months ended 30 June
2020 have been prepared in accordance with FRS 102, the Financial
Reporting Standard applicable in the UK and Republic of
Ireland;
-- the Interim Management Report includes a fair review of the
information required by DTR 4.2.7R in relation to the indication of
important events during the first six months, and of the principal
risks and uncertainties facing the Company during the second six
months, of the year ending 31 December 2020; and
-- the Interim Management Report includes adequate disclosure of
the information required by DTR 4.2.8R in relation to related party
transactions and any changes therein.
Other information
A full copy of the Interim Report and Financial Statements will
be printed and issued to Shareholders. Copies of this announcement
will be available to the public at the registered office of the
Company at Kintyre House, 205 West George Street, Glasgow G2 2LW;
at the office of the Manager, Maven Capital Partners UK LLP, 5th
Floor, 1-2 Royal Exchange Buildings, London EC3V 3LF; and, in due
course, on the Company's website at www.mavencp.com/migvct4.
Neither the content of the Company's website nor the contents of
any website accessible from hyperlinks on the Company's website (or
any other website) is incorporated into, or forms part of, this
announcement.
By order of the Board
Maven Capital Partners UK LLP
Secretary
28 August 2020
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