TIDMMIG1
RNS Number : 5930D
Maven Income & Growth VCT PLC
27 October 2015
Maven Income and Growth VCT PLC
Interim results for the six months ended 31 August 2015
(unaudited)
The Directors are pleased to announce the unaudited Interim
Management Report for the six months ended 31 August 2015.
Highlights
-- NAV total return of 130.7p per share at 31 August 2015, up from 128.7p at 28 February 2015
-- NAV at period end of 66.0p per share after payment of the final dividend of 3.5p per share
-- Five new investments added to the portfolio
-- Realisation of Steminic for a total return of 3.3 times cost
-- Exit from Six Degrees Group generating a total return multiple of 2.1 times cost
-- Interim dividend declared of 2.4p per share (2014: 2.4p)
Overview
The continuing objective for your Company is to achieve long
term capital appreciation and generate maintainable levels of
income for Shareholders, by investing in a diversified portfolio of
later-stage private businesses and AIM/ISDX quoted companies with
established revenue streams and strong growth potential. During the
six month period to 31 August 2015, this strategy has delivered a
further increase in NAV total return, to 130.7p per share.
During the reporting period the Maven team has continued to
source suitable investment opportunities in profitable businesses
across the UK and the asset base now includes 45 private companies,
the majority of which are trading in line with plan and paying a
regular yield. This revenue is an important component in your
Company's ability to sustain an attractive level of tax-free
distributions to Shareholders and, consequently, your Board is
pleased to declare a maintained interim dividend of 2.4p per share
at the half-year.
In June 2015, Maven was named as Private Equity House of the
Year at the 2015 M&A Awards, one of the leading events in the
corporate finance calendar. This category recognises private equity
managers that have displayed the keenest judgement and opportunism
in completing acquisitions or exit transactions during the year,
including an acknowledgement of their contribution in increasing
the value of investee businesses.
Maven was also shortlisted at the 2015 unquote" British Private
Equity Awards in the VCT House of the Year category, whilst the 3.8
times cost exit achieved by your Company from EFC Group has been
nominated for VCT Exit of the Year.
Dividends
The Board has declared an interim dividend of 2.4p per share,
comprising 1.1p of revenue and 1.3p of capital, to be paid on 27
November 2015 to Shareholders on the Register at 30 October 2015.
Since the Company's launch, and after receipt of the interim
dividend, Shareholders will have received 67.1p per share in
tax-free dividends. The effect of paying the dividend will be to
reduce the NAV of the Company by the total cost of the
distribution.
Portfolio Developments
The private equity portfolio has generally performed well, and
strong trading results have led to valuation uplifts for a number
of companies operating in a range of sectors.
Crawford Scientific, a leading supplier of chromatography
products and services, has performed strongly since Maven client's
initial investment in August 2014. The business has successfully
acquired and integrated its analytical services partner, Hall
Analytical Laboratories, which has contributed to a 46%
year-on-year increase in earnings before interest, tax,
depreciation and amortisation for the twelve months to August 2015.
The management team are confident that they can continue to grow
each of Crawford's service and product lines over the coming
financial year.
Westway Services Holdings (2014), a provider of technical
facility services, has a proven track record of delivering a
reliable and quality service to its clients across a variety of
planned and reactive maintenance projects. The business enjoys a
longstanding relationship with M&S and, in light of recent
contract wins, the directors expect revenues in the current
financial year to exceed GBP55 million, compared to GBP39 million
in the prior year.
Maven clients first invested in Just Trays (JT), the UK's
leading manufacturer of shower trays and related accessories, in
June 2014 and subsequently the business has increased its customer
base and extended its product range. The JT brand has received a
number of industry awards, including being recognised as Shower
Brand of the Year at the inaugural BKU awards in July 2015.
CHS Engineering Services has enjoyed thirty years of steady
growth as an independent service provider, delivering benefits to
customers by identifying underlying defects in complex processing
and manufacturing systems before they impact operations. Following
on from the difficulties experienced in 2014, due to the loss of a
significant contract, trading has recovered and is forecast to
continue to do so.
SPS (EU), the UK's largest provider of promotional merchandise,
has experienced excellent growth under private ownership since
Maven clients supported the management buy-out in February 2014. In
June 2015 SPS completed the self-funded complementary acquisition
of High Profile, a manufacturer of bespoke products, increasing the
product range and production capability of the business.
A follow-on investment was made in May 2015 to support the
expansion strategy of Claven Holdings, which is now the largest
provider of field support services to the UK mortgage, insurance
and utility sectors.The group has a network of 250 field agents who
undertake personal customer visits, using a state-of-the-art case
management system, and enable lenders to engage directly with
customers to resolve payment arrears.
As well as reflecting good trading performance across the larger
and more valuable assets, your Board has also taken the opportunity
to apply some prudent minor provisions against a small number of
investments within the portfolio. In particular, your Board and the
Manager continue to be mindful of the possible effects of the
enduring low oil price on those companies in the portfolio that
operate in the oil & gas market and believe that the valuations
of such companies remain fair and reasonable. Following the
profitable sale of Steminic during the reporting period, your
Company's exposure to this sector has been reduced.
New Investments
During the period, alongside the provision of funding to support
the development of an existing portfolio asset, your Company
participated in two new investments in established private
companies:
-- Flow UK Holdings, a specialist IT security business based in
Hertfordshire that provides flexible networking security solutions
to customers throughout the UK and Ireland. The business aims to
grow organically, by increasing its sales team, and to add scale
through a buy & build strategy; and
-- Cursor Controls, a manufacturer of trackball pointing
solutions which are utilised in a number of industrial
applications. Based in Nottinghamshire, Cursor is widely recognised
as a global market leader, with over 1,200 trackball variants in
its product portfolio.
Additionally, your Company invested in three businesses
incorporated by Maven in the food producers and processors,
telecommunication services and technology sectors.
The following investments have been completed during the
period:
Investment
cost
Investment Date Sector GBP'000 Website
Unlisted
Castlegate 737 July 2015 Engineering 324 www.cursorcontrols.com
Limited (trading & machinery
as Cursor Controls)
Claven Holdings May 2015 Speciality 126 No website available
Limited &
other finance
Constant Progress July 2015 Food producers 650 No website available
Limited & processors
Equator Capital July 2015 Telecommunication 650 No website available
Limited services
Flow UK Holdings March Software 598 www.flow-communications.co.uk
Limited 2015 & computer
services
Toward Technology July 2015 Technology 650 No website available
Limited
---------------------- ----------- ------------------- ----------- ------------------------------
Total unlisted
investment 2,998
-------------------------------------------------------- ----------- ------------------------------
UK treasury bills
Treasury Bill 18 April
May 2015 2015 UK government 999
Treasury Bill 29 April
June 2015 2015 UK government 1,359
Treasury Bill 20 March
July 2015 2015 UK government 3,697
Treasury Bill 14
September 2015 June 2015 UK government 4,897
---------------------- ----------- ------------------- ----------- ------------------------------
Total UK treasury bills 10,952
----------------------------------- ------------------- ----------- ------------------------------
Total investment 13,950
----------------------------------- ------------------- ----------- ------------------------------
At the period end, the portfolio stood at 57 unlisted and quoted
investments at a total cost of GBP26.1 million.
Realisations
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In June 2015, Steminic (trading as MSIS) was sold to UK private
equity house Primary Capital, achieving a 3.3 times total return on
cost over the life of the investment. Maven clients first invested
in Steminic in 2007 and provided additional funding in subsequent
years to facilitate growth, enabling the business to more than
double its revenues and increase profitability three fold during
the period of investment.
Also in June, funds affiliated with Boston-based private equity
firm Charlesbank Capital Partners entered into an agreement to
acquire Six Degrees Group; exit proceeds were received during July,
achieving a 2.1 times total return over the holding period.
As at the date of this report, the Manager is engaged with
several other investee companies and prospective acquirers at
various stages of a potential exit process. This realisation
activity reflects the increasing maturity of a number of holdings,
but it should be noted that there can be no certainty that these
discussions will lead to profitable sales.
The table below gives details of all realisations during the
reporting period:
Value Gain/(loss)
Cost at 28 Realised over
Year Complete/ of shares February Sales gain/ 28 February
first partial disposed 2015 proceeds (loss) 2015 value
invested exit of GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Unlisted
Box Holdco Limited 2009 Complete 6 6 26 20 20
Manor Retailing
Limited 2013 Complete 255 255 255 - -
Maven Co-invest
Endeavour Limited
Partnership
(invested in
Global Risk
Partners) 2013 Partial 31 31 31 - -
Maven Co-invest
Exodus Limited
Partnership
and Tosca Penta
Exodus Mezzanine
Limited Partnership
(invested in
Six Degrees
Group)(1) 2011 Complete 829 1,681 1,468 639 (213)
Nenplas Holdings
Limited 2013 Partial 434 434 434 - -
Richfield Engineering
Services Limited 2013 Complete 850 850 850 - -
Search Commerce
Limited 2013 Complete 255 255 255 - -
Steminic Limited
(trading as
MSIS)(1) 2007 Complete 1,103 1,618 2,111 1,008 493
----------------------- ----------- ----------- ------------ ---------- ---------- --------- -------------
Total unlisted
disposals 3,763 5,130 5,430 1,667 300
------------------------------------------------- ------------ ---------- ---------- --------- -------------
Quoted
Angle PLC 2015 Partial 9 10 12 3 2
----------------------- ----------- ----------- ------------ ---------- ---------- --------- -------------
Total quoted
disposals 9 10 12 3 2
------------------------------------------------- ------------ ---------- ---------- --------- -------------
UK treasury
bills
Treasury Bill
16 March 2015 2014 Complete 1,496 1,500 1,500 4 -
Treasury Bill
18 May 2015(2) 2015 Complete 999 N/A 1,000 1 N/A
Treasury Bill
29 June 2015(2) 2015 Complete 1,359 N/A 1,360 1 N/A
Treasury Bill
20 July 2015(2) 2015 Complete 3,697 N/A 3,700 3 N/A
----------------------- ----------- ----------- ------------ ---------- ---------- --------- -------------
Total UK treasury
bills disposals 7,551 1,500 7,560 9 -
------------------------------------------------- ------------ ---------- ---------- --------- -------------
Total disposals 11,323 6,640 13,002 1,679 302
------------------------------------------------- ------------ ---------- ---------- --------- -------------
(1) Proceeds exclude yield and redemption premiums received,
which are disclosed as revenue for financial reporting
purposes.
(2) Holding acquired and realised during the period.
The table includes the redemption of loan notes by a number of
investee companies.
Two unlisted investments were struck off the Register during the
period, resulting in realised losses of GBP535,000 (cost
GBP535,000).
This had no effect on the NAV as a full provision had been made
in earlier periods.
Principal Risks and Uncertainties
The principal risks and uncertainties facing the Company were
set out in full in the Strategic Report contained within the 2015
Annual Report, and are the risks associated with investment in
small and medium sized unlisted and AIM/ISDX quoted companies
which, by their nature, entail a higher risk and lower liquidity
than investments in large quoted companies. The valuation of
investee companies may be affected by economic conditions and the
credit environment, and other risks include 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 met.
VCT Regulatory Developments
The March 2015 Budget announced a package of changes to the VCT
scheme, including a new age limit on companies qualifying for
investment and a new cap on total EIS/VCT investment that a company
can receive. As the limits proposed are higher than those provided
for under European Union (EU) requirements, and are therefore
subject to State Aid approval, the legislation has not been
published in the Finance Bill 2015. A consultation period for
comments on the draft legislation closed on 15 May 2015.
On 15 April 2015, HM Revenue & Customs (HMRC) published
guidance on how it intends to apply the proposed new EU rule
changes to investments made between 6 April 2015 and the date the
EU grants State Aid approval, which involves new procedures in
particular circumstances where investments exceed the basic EU
limits of seven years and EUR15 million in total.
This, combined with the statements made in the July 2015 Budget,
has resulted in a degree of uncertainty as to whether or not
specific new investments made after 6 April 2015 will be VCT
qualifying, and may restrict the number and range of later-stage
small and medium sized enterprises that are available for your
Company to invest in. The Manager is engaged in a consultation
process with HM Treasury alongside other leading VCT managers and
the AIC.
Fund Raising
In October 2014 the Company announced that it planned to raise
up to GBP4 million in an Offer for Subscription alongside Offers by
four other Maven VCTs. The Offer by your Company reached its fund
raising target and closed ahead of schedule. Following an initial
allotment of 5,506,387 new Ordinary Shares on 20 February 2015, a
further allotment in respect of the 2014/15 tax year took place on
20 March 2015, when 203,769 new Ordinary Shares were issued, and a
final allotment of 405,284 new Ordinary Shares took place on 13
April 2015 in respect of the 2015/16 tax year.
Under existing legislation, the Company may use the money raised
under the Offer to pay dividends (subject to meeting the
requirements of the return of capital legislation effective from 6
April 2014) and general running costs, thereby preserving for
investment purposes an equivalent sum of more valuable 'old money'
which operates under more advantageous VCT regulations. The
proceeds of the Offer will also provide additional liquidity for
the Company to make further investments, and enable it to spread
its costs over a larger asset base to the benefit of all
Shareholders.
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 be
bought back at prices representing a discount in the range of 5% to
10% to the prevailing NAV per share. No Shares were bought back
during the period under review.
Management and Administration Fees
HMRC has confirmed that VAT is no longer payable on secretarial
fees. The Manager has pursued the recovery of amounts paid
previously and the total of GBP47,000 received has been reflected
in the Financial Statements.
Distribution of Annual and Interim Reports
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Shareholders are able to elect to receive postal or e-mail
notification that documents, including Annual and Interim Reports,
are available on the Company's website as an alternative to
receiving hard copies by post. A letter of request was provided
with the 2014 Interim Report, which Shareholders could complete to
confirm whether or not they wished to take advantage of this
facility. In the absence of a letter being returned, a Shareholder
will have been deemed as having given their consent to receiving
only postal notification that documents are available on the
website. Therefore, Shareholders who have previously made an
election for postal notification, or who elected not to respond,
will have received notification by post of the publication of this
Interim Report on the Company's website. Shareholders who wish
notification to be sent by e-mail rather than by post should advise
the Registrar via www.capitashareportal.com. Hard copies of all
documents are available on request.
Dividend Investment Scheme (DIS)
On 24 August 2015 the Board announced that, under the Terms and
Conditions of the Company's DIS which allow the Directors to
suspend or terminate its operation without prior notice and revert
to making monetary payments to all Participants, the Directors had
resolved that, in light of the investment restrictions proposed in
the Government's July 2015 Budget, the DIS was to be suspended with
immediate effect. This will allow the Directors and the Manager to
review the final changes to the VCT legislation and to consider the
full potential impact of these on the Company's future investment
strategy. As a result, until further notice, all future dividends
will be paid to Shareholders by either cheque or direct bank
transfer using existing mandate instructions.
Outlook
The Board, together with the Manager, has considered the impact
of the proposed changes to the VCT scheme and the legislation as
currently drafted. Whilst your Company will continue to focus on
investing principally in established UK businesses, which are each
capable of generating a high level of income and offer the
potential to achieve capital appreciation on realisation, it is
disappointing that it may be constrained in pursuing certain
opportunities because of the age of the business or the transaction
type. The Board and the Manager believe that a strategy of
investing in profitable and well managed companies will continue to
deliver steady growth in Shareholder value and support a
progressive dividend programme.
On behalf of the Board
Maven Capital Partners UK LLP
Secretary
27 October 2015
Summary Of Investment Changes - For the six months
ended 31 August 2015
Valuation Net investment/ Appreciation/ Valuation
28 February 31 August
2015 (disinvestment) (depreciation) 2015
GBP'000 % GBP'000 GBP'000 GBP'000 %
----------------------- --------- ------ ----------------- ---------------- --------- ------
Unlisted investments
Equities 12,818 35.3 (2,796) 520 10,542 29.3
Preference
shares 6 - (10) 5 1 -
Loan stock 16,141 44.5 374 214 16,729 46.5
----------------------- --------- ------ ----------------- ---------------- --------- ------
28,965 79.8 (2,432) 739 27,272 75.8
AIM/ISDX investments
Equities 771 2.1 (12) 20 779 2.2
Listed investments
Equities 20 0.1 - 1 21 0.1
UK treasury
bills 1,499 4.1 3,392 8 4,899 13.6
----------------------- --------- ------ ----------------- ---------------- --------- ------
Total investments 31,255 86.1 948 768 32,971 91.7
Net current
assets 5,036 13.9 (2,063) - 2,973 8.3
Net assets 36,291 100.0 (1,115) 768 35,944 100.0
----------------------- --------- ------ ----------------- ---------------- --------- ------
Investment Portfolio Summary as at 31 August 2015
% % of equity
% of of held by
Valuation Cost total equity other
Investments GBP'000 GBP'000 assets held clients(1)
Unlisted
Nenplas Holdings Limited 2,299 848 6.4 10.6 21.9
Torridon (Gibraltar) Limited
(formerly Torridon Capital
Limited) 2,271 400 6.3 4.5 35.5
Westway Services Holdings
(2014) Limited 1,600 810 4.4 5.6 20.8
CatTech International Limited 997 627 2.8 6.0 24.0
Lemac No. 1 Limited (trading
as John McGavigan) 989 699 2.8 9.1 27.7
HCS Control Systems Group
Limited 968 846 2.7 6.9 29.6
Crawford Scientific Holdings
Limited 922 582 2.6 6.9 41.3
Glacier Energy Services
Holdings Limited 836 688 2.3 2.7 25.0
Maven Capital (Llandudno)
LLP 801 801 2.2 - 100.0
SPS (EU) Limited 771 657 2.1 6.7 35.8
Venmar Limited (trading
as XPD8 Solutions) 700 700 1.9 5.4 29.6
JT Holdings (UK) Limited
(trading as Just Trays) 685 522 1.9 5.8 24.2
Martel Instruments Holdings
Limited 677 807 1.9 14.9 29.3
ELE Advanced Technologies
Limited 656 192 1.8 11.3 -
Assecurare Limited 650 650 1.8 12.9 36.9
Braelaw Limited 650 650 1.8 12.9 36.9
Broadwave Engineering Limited 650 650 1.8 12.9 36.9
Constant Progress Limited 650 650 1.8 12.7 37.1
Equator Capital Limited 650 650 1.8 12.7 37.1
Toward Technology Limited 650 650 1.8 12.7 37.1
Flow UK Holdings Limited 598 598 1.7 7.3 27.7
Fathom Systems Group Limited 598 598 1.7 8.0 52.0
CB Technology Group Limited 579 579 1.6 11.8 67.2
Vodat Communications Group
Limited 567 567 1.6 6.6 35.2
Lambert Contracts Holdings
Limited 516 738 1.4 12.6 52.1
RMEC Group Limited 463 463 1.3 3.5 54.7
CHS Engineering Services
Limited 453 453 1.3 4.0 19.4
Flexlife Group Limited 448 448 1.2 1.8 12.8
R&M Engineering Group Limited 448 638 1.2 8.6 62.0
Ensco 969 Limited (trading
as DPP) 436 771 1.2 4.9 29.6
LCL Hose Limited (trading
as Dantec Hose) 358 358 1.0 6.4 23.6
Claven Holdings Limited 355 215 1.0 14.7 35.3
D Mack Limited 342 523 1.0 5.0 25.0
Castlegate 737 Limited
(trading as Cursor Controls) 324 324 0.9 3.3 44.2
ISN Solutions Group Limited 280 398 0.8 4.6 50.4
Attraction World Holdings
Limited 278 21 0.8 6.2 32.2
TC Communications Holdings
Limited 241 413 0.7 3.5 26.5
Endura Limited 229 229 0.6 0.7 5.2
Space Student Living Limited 181 - 0.5 11.5 68.6
Kelvinlea Limited 178 178 0.5 9.4 40.6
Lawrence Recycling and
Waste Management Limited 166 951 0.5 10.4 51.6
Maven Co-invest Endeavour
Limited Partnership (invested
in Global Risk Partners) 161 161 0.4 3.8 93.2
Other unlisted investments 1 2,008 -
-------------------------------- ---------- --------- -------- -------- ------------
Total unlisted investments 27,272 24,711 75.8
-------------------------------- ---------- --------- -------- -------- ------------
Quoted
Cello Group PLC 288 310 0.8 0.4 0.1
Plastics Capital PLC 273 260 0.8 0.7 0.7
Angle PLC 146 114 0.4 0.3 0.3
Vianet Group PLC 28 37 0.1 0.1 1.4
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Chime Communications PLC 24 12 - - 0.1
esure Group PLC 20 - 0.1 - -
Tangent Communications
PLC 17 98 0.1 0.3 1.6
Other quoted investments 4 513 -
---------------------------- -------- -------- ----- ---- ----
Total quoted investments 800 1,344 2.3
---------------------------- -------- -------- ----- ---- ----
UK treasury bills
Treasury Bill 14 September
2015 4,899 4,897 13.6
---------------------------- -------- -------- ----- ---- ----
Total investments 32,971 30,952 91.7
---------------------------- -------- -------- ----- ---- ----
(1) Other clients of Maven Capital Partners UK LLP.
Income Statement
Six months ended Six months ended Year ended
28 February
31 August 2015 31 August 2014 2015
(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
---------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Investment
income and
deposit interest 957 - 957 684 - 684 1,502 - 1,502
Investment
management
fees (70) (279) (349) (61) (245) (306) (122) (488) (610)
Other expenses (22) - (22) (66) - (66) (355) - (355)
Gains on investments - 768 768 - 482 482 - 2,173 2,173
---------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Net return
on ordinary
activities
before taxation 865 489 1,354 557 237 794 1,025 1,685 2,710
Tax on ordinary
activities (168) 56 (112) (55) 25 (30) (206) 100 (106)
---------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Return attributable
to Equity
Shareholders 697 545 1,242 502 262 764 819 1,785 2,604
---------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Earnings per
share (pence) 1.3 1.0 2.3 1.1 0.6 1.7 1.7 3.7 5.4
---------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
A Statement of Total Recognised Gains and Losses has not been
prepared, as all gains and losses are recognised in the Income
Statement.
All items in the above statement are derived from continuing
operations. The Company has only one class of business and derives
its income from investments made in shares, securities and bank
deposits.
The total column of this Statement is the Profit and Loss
Account of the Company.
Reconciliation of Movements
in Shareholders' Funds
Six months Six months
ended ended Year ended
31 August 31 August 28 February
2015 2014 2015
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Opening Shareholders'
funds 36,291 31,212 31,212
Net Return for period 1,242 764 2,604
Net proceeds of share
issue 262 1,755 5,459
Net proceeds of DIS
issue 53 - -
Repurchase and cancellation
of shares - (143) (155)
Dividends paid - revenue (381) (477) (960)
Dividends paid - capital (1,523) (1,193) (1,869)
---------------- --------------- --------------
Closing Shareholders'
funds 35,944 31,918 36,291
---------------- --------------- --------------
The accompanying Notes are an integral part of the Financial
Statements.
Balance Sheet
31 August 31 August 28 February
2015 2014 2015
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Fixed assets
Investments at fair value
through profit or loss 32,971 29,271 31,255
Current assets
Debtors 861 1,170 4,749
Cash 2,342 1,660 478
------------ ------------ ------------
3,203 2,830 5,227
Creditors:
Amounts falling due within
one year 230 183 191
------------ ------------ ------------
Net current assets 2,973 2,647 5,036
------------ ------------ ------------
Net assets 35,944 31,918 36,291
------------ ------------ ------------
Capital and reserves
Called up share capital 5,449 4,831 5,380
Share premium account 10,259 6,860 10,013
Capital reserve - realised (10,211) (10,162) (9,609)
Capital reserve - unrealised 2,694 2,776 3,070
Special distributable
reserve 26,610 26,622 26,610
Capital redemption reserve 198 196 198
Revenue reserve 945 795 629
------------ ------------ ------------
Net assets attributable
to Equity Shareholders 35,944 31,918 36,291
------------ ------------ ------------
Net Asset Value per Ordinary
share (pence) 66.0 66.1 67.5
------------ ------------ ------------
The Financial Statements of Maven Income and Growth
VCT PLC, registered number 3908220, were approved
and authorised for issue by the Board of Directors
on 27 October 2015 and were signed on its behalf
by:
John Pocock
Director
The accompanying Notes are an integral part of the
Financial Statements.
Cash Flow Statement
Six months Six months
ended ended Year ended
31 August 31 August 28 February
2015 2014 2015
(unaudited) (unaudited) (audited)
---------------------------- ------------------ ------------------ -----------------
GBP'000 GBP'000 GBP'000
---------------------------- ------------------ ------------------ -----------------
Operating activities
Investment income received 947 632 1,680
Deposit interest received - 2 2
Investment management
fees paid (349) (312) (616)
Secretarial fees paid 22 (30) (60)
Directors' fees paid (30) (32) (65)
Other cash payments (96) (81) (224)
---------------------------- ------------------ ------------------ -----------------
Net cash inflow from
operating activities 494 179 717
Taxation
Corporation tax - - (142)
---------------------------- ------------------ ------------------ -----------------
Financial investment
Purchase of investments (13,950) (5,425) (13,768)
Sale of investments 13,205 5,483 13,419
---------------------------- ------------------ ------------------ -----------------
Net cash (outflow)/inflow
from financial investment (745) 58 (349)
Equity dividends paid (1,904) (1,670) (2,829)
---------------------------- ------------------ ------------------ -----------------
Net cash outflow before
financing (2,155) (1,433) (2,603)
Financing
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