Last checked at 
28 Aug 2012 17:24
Maven Income and Growth VCT 4 PLC
Interim Results
The Directors announce the unaudited interim results for the six months ended 30 June 2012.
Interim Management Review
In recent years your Company has built a widely diversified portfolio of established and high-yielding UK businesses, and the focus
is on delivering continued improvements in shareholder value through the further expansion of the private equity asset base. The
ongoing scarcity of bank finance means that Maven's deal teams, which operate from six regional offices in Glasgow, London,
Aberdeen, Edinburgh, Manchester and Birmingham, continue to see a high level of attractive investment opportunities across the
UK as growth businesses look for alternative sources of funding.
During the six month ended 30 June 2012 the majority of your Company's private company assets have continued to trade positively,
despite a difficult economic environment, and the portfolio continues to generate sustainable revenues which should support the
objective of maintaining a healthy level of dividends.
Dividends
The board has declared an increased interim dividend of 1.75p per Ordinary share (2011:1.5p) and 1.75p per S Ordinary share
(2011:1.5p) to be paid on 28 September 2012 to Shareholders on the register at 7 September 2012.
The Company paid dividends totalling 4.0p per Ordinary share and 2.8p per S Ordinary share in respect of the year ended 31 December
2011. This represents a yield of 6.7% per annum on the Ordinary shares and 4.0% per annum on the S Ordinary shares based on
the net cost of investment after initial tax relief.
Investment Activity
During the period the Maven team completed several new qualifying private equity investments on behalf of your Company, and made
five follow-on investments in existing portfolio companies. At the period end, the portfolio was comprised of 54 unlisted and AIM/
PLUS investments at a total cost of £12.6 million. The AIM/PLUS quoted holdings represented less than 1.5% of the portfolio by
value.
Two of the new private company investments are Vodat International and Cat Tech International.
• Vodat International, provides payment and communications solutions to high street businesses, which enable retailers to reduce
costs, boost store productivity and increase sales in an increasingly competitive trading environment. The company has an
established and diverse customer base, has consistently improved profitability in recent years and enjoys high levels of recurring
revenue from a number of long-term service and support contracts. A total of £443,000 was invested by the Ordinary share
and the S Ordinary share portfolio.
• Cat Tech International, is a niche industrial services business offering catalyst handling products and services to petro-chemical
plants operating in the major international markets. The business specialises in servicing equipment used in applications where
operational efficiency is critical and there is an increasing global focus on health and safety issues, and has developed a range
of patented products and processes to improve the efficiency, speed and safety of catalyst operations. The Ordinary share and
S Ordinary share portfolios invested a total of £348,000 in Cat Tech.
The follow-on investments were made to support the development of existing portfolio businesses and, in the case of Glacier, to
fund a small acquisition.
Investment cost | |||||
£'000 | |||||
Investment | Date | Sector | Ordinary Shares | S Ordinary Shares | Website |
Unlisted | |||||
Camwatch Limited | March 2012 | Telecommunication services | 27 | 15 | www.camwatch.co.uk |
Cat Tech International Limited | March 2012 | Support services | 199 | 149 | No website available |
Glacier Energy Services Group Limited | June 2012 | Oil equipment services | 28 | 24 | www.glacier.co.uk |
Lemac No. 1 Limited (trading as John McGavigan Limited) | January 2012 | Automobile and parts | 50 | 40 | www.mcgavigan.com |
Nessco Group Holdings Limited | March 2012 | Oil equipment services | 31 | 50 | www.nesscogroup.com |
Trojan Capital Limited | May 2012 | Support services | 160 | 160 | No website available |
Venmar Limited (trading as XPD8 Solutions Limited) | June 2012 | Oil and gas | 116 | 51 | www.xpd8solutions.com |
Vodat International Holdings Limited | March 2012 | Telecommunication services | 269 | 174 | www.vodat-int.com |
Total Unlisted investment | 880 | 663 | |||
Listed | |||||
Treasury 4.5% 7 March 2013 | June 2012 | Gilt | 492 | - | |
Total AIM investment | 492 | - | |||
Total | 1,372 | 663 | |||
Maven Income and Growth VCT 4 has co-invested in some or all of the above transactions with Maven Income and Growth VCT,
Maven Income and Growth VCT 2, Maven Income and Growth VCT 3, Maven Income and Growth VCT 5, Talisman First Venture
Capital Trust and Ortus VCT. Co-investment allows the Companies to underwrite a wider range and larger size of transaction than
would be the case on a stand-alone basis.
Realisations
There were two significant private company realisations during the period. In March 2012, Maven completed the sale of ATR Group
for £19.25m via a secondary buy-out funded by the private equity manager NBGI, realising a total return of 2.4 times the initial
cost. ATR provides rental services for specialist plant, equipment and consumables, along with a comprehensive range of support
services, to offshore and onshore energy services maintenance contractors operating in highly regulated environments. And at the
start of June 2012 the holding in Transys Projects Limited (TPL) was sold to German engineering group Vossloh Kiepe for a 2.0x
return during the term of the investment. There was also one significant private company realisation after the period end, with the
disposal of the holding in Nessco Group to NASDAQ listed RigNet Inc. in early July for a 2.7x return on the cost of investment.
The valuation of Nessco at 30 June 2012 reflects the full offer value.
The Manager has continued its policy of disposing of AIM holdings for best possible value in cases where the investments were
underperforming. These disposals incurred realised losses of £72,000 for the Ordinary shares and £35,000 for the S Ordinary shares
(cost £83,000 and £41,000 respectively) during the period. This had no effect on the NAV as a full provision had been made in
earlier periods.
Ordinary Shares | S Ordinary Shares | |||||||
Date first invested | Complete/ partial exit | Cost of shares disposed of | Sales proceeds | Realised gain/(loss) | Cost of shares disposed of | Sales proceeds | Realised gain/(loss) | |
£'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |||
Unlisted | ||||||||
ATR Holdings Limited | 2007 | Complete | 62 | 126 | 64 | 34 | 70 | 36 |
Beckford Capital Limited | 2010 | Complete | 160 | 160 | - | 160 | 160 | - |
Dalglen (1150) Limited (trading as Walker Technical Resources) | 2009 | Complete | - | 2 | 2 | 1 | 1 | - |
Oliver Kay Holdings Limited | 2007 | Partial | 2 | 2 | - | - | - | - |
Space Student Living Limited | 2011 | Partial | 34 | 34 | - | 28 | 28 | - |
TPL (Midlands) Limited (formerly Transys Holdings Limited) | 2007 | Complete | 259 | 409 | 150 | 155 | 245 | 90 |
517 | 733 | 216 | 378 | 504 | 126 | |||
AIM | ||||||||
DM Plc | 2007 | Complete | 83 | 11 | (72) | 41 | 6 | (35) |
83 | 11 | (72) | 41 | 6 | (35) | |||
Listed | ||||||||
Treasury 5.25% 7June 2012 | 2011 | Complete | 586 | 586 | - | 244 | 244 | 0 |
586 | 586 | 0 | 244 | 244 | 0 | |||
1,186 | 1,330 | 144 | 663 | 754 | 91 | |||
Principal risks and uncertainties
The Board has reviewed the principal risks and uncertainties facing the Company, which are set out on page 22 of the Annual Report.
The Company has invested in a broadly based portfolio of UK private company investments. The VCT qualifying status of the Company
is reviewed regularly by your Board and monitored on a continuous basis by the Manager in order to ensure that all of the criteria
for VCT status are met. The Board has confirmed that all tests continue to be met.
VCT regulation
The Manager was pleased to note that the Finance Act received Royal Assent in July, following approval by the European Commission
of Government increases to the level of investment in an individual business which qualifies for VCT funding, and to the size of
business which can benefit. The gross asset limit for investee companies has been raised from £7 million to £15 million, and the
maximum number of employees from 50 to 250, while the annual investment limit has been raised from £2 million to £5 million.
These revised limits are consistent with the Maven focus on investing in later-stage companies, and reinforce the position of
generalist VCTs as a tax-efficient means of investment in high-growth smaller businesses.
Share Buy-back Policy
Shareholders have given the Board authority to buy back shares for cancellation when it is in the interests of the Shareholders and
the Company as a whole and 26,000 S Ordinary shares were bought back during the period at a cost of £24,824. Details of the
parameters within which the Company may carry out share buy-backs are given in the Directors' Report on page 25 of the Annual
Report.
VCT top-up Offer
A top-up Offer, allowing subscription for new shares, was made in December 2011 in parallel with similar Offers by Maven Income
and Growth VCT, Maven Income and Growth VCT 2 and Maven Income and Growth VCT 3, resulting in the issue of 770,817 new
Ordinary shares and 429,437 S Ordinary shares, and raising an additional £1,248,417 of share capital. The Offer was fully subscribed
by 29 February 2012 and consequently closed early.
Outlook
Your Company's continued strategy over the next twelve months will be to seek out and make further attractively priced later-stage
private company investments capable of generating regular income and with significant potential for capital growth. We believe that
this remains the optimum strategy for the generation of superior Shareholder returns.
Directors' Responsibility Statement
We confirm to the best of our knowledge that:
• the Financial Statements have been prepared in accordance with applicable accounting standards and with the Statement of
Recommended Practice "Financial Statements of Investment Trust Companies and Venture Capital Trusts" issued in January 2009
• the Interim Management Report includes a fair review of the information required by DTR 4.2.7 R in relation to the indication of
important events during the first six months, and of the principal risks and uncertainties facing the Company during the second
six months
• the Interim Management Report includes adequate disclosure of the information required by DTR 4.2.8 R in relation to related
party transactions and any changes to them.
On behalf of the Board
Maven Capital Partners UK LLP
Secretary
INCOME STATEMENT | |||||||||
For the six months ended 30 June 2012 (unaudited) | |||||||||
Ordinary Shares | S Ordinary Shares | TOTAL | |||||||
Revenue | Capital | Total | Revenue | Capital | Total | Revenue | Capital | Total | |
£'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
Gains on investments | - | 387 | 387 | - | 428 | 428 | - | 815 | 815 |
Income from investments | 232 | - | 232 | 150 | - | 150 | 382 | - | 382 |
Investment management fees | (43) | (170) | (213) | (13) | (52) | (65) | (56) | (222) | (278) |
Other expenses | (69) | - | (69) | (43) | - | (43) | (112) | - | (112) |
Net Return on ordinary activities before taxation | 120 | 217 | 337 | 94 | 376 | 470 | 214 | 593 | 807 |
Tax on ordinary activities | (12) | 12 | - | (5) | 5 | - | (17) | 17 | - |
Return attributable to equity shareholders | 108 | 229 | 337 | 89 | 381 | 470 | 197 | 610 | 807 |
Earnings per share (pence) | 1.2 | 2.6 | 3.8 | 1.7 | 7.5 | 9.2 | 2.9 | 10.1 | 13.0 |
A Statement of Total Recognised Gains and Losses has not been prepared, as all gains and losses are | |||||||||
recognised in the Income Statement. | |||||||||
All items in the above statement are derived from continuing operations. The Company has only one class of | |||||||||
business and derives its income from investments made in shares, securities and bank deposits. | |||||||||
The total column of this statement is the Profit and Loss Account of the Company. | |||||||||
Reconciliation of movements in Shareholders' Funds | Ordinary Shares | S Ordinary Shares | TOTAL | ||||||
£'000 | £'000 | £'000 | |||||||
Opening Shareholders' funds | 8,231 | 5,058 | 13,289 | ||||||
Net Return for year | 337 | 470 | 807 | ||||||
Net proceeds of issue of shares | 740 | 436 | 1,176 | ||||||
Repurchase and cancellation of shares | - | (24) | (24) | ||||||
Dividends paid - revenue | (55) | (68) | (123) | ||||||
Dividends paid - capital | (174) | - | (174) | ||||||
Closing Shareholders' funds | 9,079 | 5,872 | 14,951 | ||||||
The accompanying notes are an integral part of the financial statements. | |||||||||
INCOME STATEMENT | |||||||||
For the six months ended 30 June 2011 (unaudited) | |||||||||
Ordinary Shares | S Ordinary Shares | TOTAL | |||||||
Revenue | Capital | Total | Revenue | Capital | Total | Revenue | Capital | Total | |
£'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
Gains on investments | - | 423 | 423 | - | 104 | 104 | - | 527 | 527 |
Income from investments | 186 | - | 186 | 120 | - | 120 | 306 | - | 306 |
Investment management fees | (36) | (146) | (182) | (12) | (48) | (60) | (48) | (194) | (242) |
Other expenses | (99) | - | (99) | (56) | - | (56) | (155) | - | (155) |
Net Return on ordinary activities before taxation | 51 | 277 | 328 | 52 | 56 | 108 | 103 | 333 | 436 |
Tax on ordinary activities | (5) | 5 | - | (5) | 5 | - | (10) | 10 | - |
Return attributable to equity shareholders | 46 | 282 | 328 | 47 | 61 | 108 | 93 | 343 | 436 |
Earnings per share (pence) | 0.5 | 3.3 | 3.8 | 1.0 | 1.2 | 2.2 | 1.5 | 4.5 | 6.0 |
A Statement of Total Recognised Gains and Losses has not been prepared, as all gains and losses are recognised in the Income Statement. | |||||||||
All items in the above statement are derived from continuing operations. The Company has only one class of business and derives its income from investments made in shares, securities and bank deposits.
| |||||||||
The total column of this statement is the Profit and Loss Account of the Company. | |||||||||
Reconciliation of movements in Shareholders' Funds | Ordinary Shares | S Ordinary Shares | TOTAL | ||||||
£'000 | £'000 | £'000 | |||||||
Opening Shareholders' funds | 7,964 | 4,801 | 12,765 | ||||||
Net Return for year | 328 | 108 | 436 | ||||||
Net proceeds of share issue | 377 | - | 377 | ||||||
Repurchase and cancellation of shares | (110) | (18) | (128) | ||||||
Dividends paid - revenue | - | - | - | ||||||
Dividends paid - capital | (219) | (25) | (244) | ||||||
Closing Shareholders' funds | 8,340 | 4,866 | 13,206 | ||||||
The accompanying notes are an integral part of the financial statements. | |||||||||
INCOME STATEMENT | ||||||||||
For the year ended 31 December 2011 | ||||||||||
Ordinary Shares | S Ordinary Shares | TOTAL | ||||||||
Revenue | Capital | Total | Revenue | Capital | Total | Revenue | Capital | Total | ||
£'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | ||
Gains on investments | - | 546 | 546 | - | 350 | 350 | - | 896 | 896 | |
Income from investments | 393 | - | 393 | 240 | - | 240 | 633 | - | 633 | |
Other income | 1 | - | 1 | - | - | - | 1 | - | 1 | |
Investment management fees | (53) | (212) | (265) | (15) | (62) | (77) | (68) | (274) | (342) | |
Other expenses | (176) | - | (176) | (102) | - | (102) | (278) | - | (278) | |
Net Return on ordinary activities before taxation | 165 | 334 | 499 | 123 | 288 | 411 | 288 | 622 | 910 | |
Tax on ordinary activities | (32) | 32 | - | (12) | 12 | - | (44) | 44 | - | |
Return attributable to equity shareholders | 133 | 366 | 499 | 111 | 300 | 411 | 244 | 666 | 910 | |
Earnings per share (pence) | 1.5 | 4.3 | 5.8 | 2.3 | 6.1 | 8.4 | 3.8 | 10.4 | 14.2 | |
A Statement of Total Recognised Gains and Losses has not been prepared, as all gains and losses are recognised in the Income Statement. | ||||||||||
All items in the above statement are derived from continuing operations. The Company has only one class of business and derives its income from investments made in shares, securities and bank deposits. | ||||||||||
The total column of this statement is the Profit and Loss Account of the Company. | ||||||||||
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS | ||||||||||
Ordinary Shares | S Ordinary Shares | TOTAL | ||||||||
£'000 | £'000 | £'000 | ||||||||
Opening Shareholders' funds | 7,964 | 4,801 | 12,765 | |||||||
Net Return for year | 499 | 411 | 910 | |||||||
Net proceeds of share issue | 377 | - | 377 | |||||||
Repurchase and cancellation of shares | (261) | (55) | (316) | |||||||
Dividends paid - revenue | (43) | (25) | (68) | |||||||
Dividends paid - capital | (305) | (74) | (379) | |||||||
Closing Shareholders' funds | 8,231 | 5,058 | 13,289 | |||||||
The accompanying notes are an integral part of the financial statements. | ||||||||||
BALANCE SHEET
| ||||||||||||
As at 30 June 2012
| ||||||||||||
30 June 2012 | 30 June 2011 | 31 December 2011 | ||||||||||
(unaudited) | (unaudited) | (audited) | ||||||||||
Ordinary | S Ord | Ordinary | S Ord | Ordinary | S Ord | |||||||
Shares | Shares | Total | Shares | Shares | Total | Shares | Shares | Total | ||||
£'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | ||||
Fixed assets | ||||||||||||
Investments at fair value through profit or loss | 8,113 | 4,936 | 13,049 | 7,489 | 4,480 | 11,969 | 7,697 | 4,603 | 12,300 | |||
Current assets | ||||||||||||
Debtors | 260 | 140 | 400 | 229 | 132 | 361 | 233 | 125 | 358 | |||
Cash and overnight deposits | 831 | 808 | 1,639 | 833 | 284 | 1,117 | 399 | 356 | 755 | |||
1,091 | 948 | 2,039 | 1,062 | 416 | 1,478 | 632 | 481 | 1,113 | ||||
Creditors: amounts falling due within one year | (125) | (12) | (137) | (211) | (30) | (241) | (98) | (26) | (124) | |||
Net current assets | 966 | 936 | 1,902 | 851 | 386 | 1,237 | 534 | 455 | 989 | |||
Total net assets | 9,079 | 5,872 | 14,951 | 8,340 | 4,866 | 13,206 | 8,231 | 5,058 | 13,289 | |||
Capital and reserves | ||||||||||||
Called up share capital | 916 | 527 | 1,443 | 860 | 491 | 1,351 | 839 | 486 | 1,325 | |||
Share premium account | 663 | 393 | 1,056 | - | - | - | - | - | - | |||
Capital reserve - realised | 423 | 44 | 467 | 560 | (135) | 425 | 611 | - | 611 | |||
Capital reserve - unrealised | (458) | 631 | 173 | (648) | 239 | (409) | (701) | 294 | (407) | |||
Distributable reserve | 7,168 | 4,125 | 11,293 | 7,319 | 4,186 | 11,505 | 7,168 | 4,149 | 11,317 | |||
Capital redemption reserve | 37 | 10 | 47 | 16 | 3 | 19 | 37 | 8 | 45 | |||
Revenue reserve | 330 | 142 | 472 | 233 | 82 | 315 | 277 | 121 | 398 | |||
Net assets attributable to Ordinary Shareholders | 9,079 | 5,872 | 14,951 | 8,340 | 4,866 | 13,206 | 8,231 | 5,058 | 13,289 | |||
Net asset value per ordinary share (pence) | 99.2 | 111.5 | 97.0 | 99.1 | 98.2 | 104.1 | ||||||
The Financial Statements were approved by the Board of Directors on 22 August 2012 and were signed on its behalf by: | ||||||||||||
I D Cormack | ||||||||||||
Chairman | ||||||||||||
28 August 2012 | ||||||||||||
CASH FLOW STATEMENT | |||||||||
For the six months ended 30 June 2012 | |||||||||
Six months to 30 June 2012 | Six months to 30 June 2011 | Year to 31 December 2011 | |||||||
(unaudited) | (unaudited) | (audited) | |||||||
Ordinary | S Ord | Ordinary | S Ord | Ordinary | S Ord | ||||
Shares | Shares | Total | Shares | Shares | Total | Shares | Shares | Total | |
£'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
Operating activities | |||||||||
Investment income received | 217 | 139 | 356 | 125 | 66 | 191 | 328 | 193 | 521 |
Deposit interest received | - | - | - | - | - | - | 1 | - | 1 |
Investment management fees paid | (182) | (77) | (259) | (111) | (66) | (177) | (200) | (71) | (271) |
Secretarial fees paid | (28) | (17) | (45) | (39) | (24) | (63) | (66) | (41) | (107) |
Directors expenses paid | (20) | (12) | (32) | (18) | (11) | (29) | (41) | (25) | (66) |
Other cash payments | (24) | (15) | (39) | (63) | (36) | (99) | (85) | (48) | (133) |
Net cash (outflow)/inflow from operating activities | (37) | 18 | (19) | (106) | (71) | (177) | (63) | 8 | (55) |
Taxation | |||||||||
Corporation tax | - | - | - | - | - | - | - | - | - |
Financial investment | |||||||||
Purchase of investments | (1,372) | (664) | (2,036) | (738) | (527) | (1,265) | (2,284) | (1,250) | (3,534) |
Sale of investments | 1,330 | 754 | 2,084 | 629 | 154 | 783 | 2,088 | 999 | 3,087 |
Net cash (outflow)/inflow from financial investment | (42) | 90 | 48 | (109) | (373) | (482) | (196) | (251) | (447) |
Equity dividends paid | (229) | (68) | (297) | (219) | (25) | (244) | (348) | (99) | (447) |
Net cash (outflow)/inflow before financing | (308) | 40 | (268) | (434) | (469) | (903) | (607) | (342) | (949) |
Financing | |||||||||
Issue of Ordinary Shares | 740 | 436 | 1,176 | 377 | - | 377 | 377 | - | 377 |
Repurchase of Ordinary Shares | - | (24) | (24) | - | - | - | (261) | (55) | (316) |
Net cash inflow/(outflow) from financing | 740 | (24) | 716 | 377 | - | 377 | 116 | (55) | 61 |
Increase/(decrease) in cash | 432 | 452 | 884 | (57) | (469) | (526) | (491) | (397) | (888) |
The accompanying notes are an integral part of the financial statements. | |||||||||
Notes to the Financial Statements | |||||||
1. | Accounting Policies | ||||||
The financial information for the six months ended 30 June 2012 and the six months ended 30 June 2011 comprises non-statutory accounts within the meaning of section 435 of the Companies ACT 2006. The financial information contained in this report has been prepared on the basis of the accounting policies set out in the Annual Report and Financial Statements for the year ended 31 December 2011, which have been filed at Companies House and which contained an Auditors' Report which was not qualified and did not contain a statement under s498(2) or s498(3) of the Companies Act 2006. | |||||||
Share | Capital | Capital | Capital | ||||
premium | Distributable | reserves | reserves | redemption | Revenue | ||
2. | Movement in reserves | account | reserve | realised | unrealised | reserve | reserve |
ORDINARY SHARES | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
At 1 January 2012 | - | 7,168 | 611 | (701) | 37 | 277 | |
Gains on sales of investments | - | - | 144 | - | - | - | |
Net increase in value of investments | - | - | - | 243 | - | - | |
Investment management fees | - | - | (170) | - | - | - | |
Dividends paid | - | - | (174) | - | - | (55) | |
Tax effect of capital items | - | - | 12 | - | - | - | |
Share Issue - 1 March 2012 | 421 | - | - | - | - | - | |
Share Issue - 5 April 2012 | 192 | - | - | - | - | - | |
Share Issue - 18 April 2012 | 50 | - | - | - | - | - | |
Repurchase and cancellation of shares | - | - | - | - | - | - | |
Net return on ordinary activities after taxation | - | - | - | - | - | 108 | |
As 30 June 2012 | 663 | 7,168 | 423 | (458) | 37 | 330 | |
Share | Capital | Capital | Capital | ||||
premium | Distributable | reserves | reserves | redemption | Revenue | ||
Movement in reserves | account | reserve | realised | unrealised | reserve | reserve | |
S ORDINARY SHARES | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
At 1 January 2012 | - | 4,149 | - | 294 | 8 | 121 | |
Gains on sales of investments | - | - | 91 | - | - | - | |
Net increase in value of investments | - | - | - | 337 | - | - | |
Investment management fees | - | - | (52) | - | - | - | |
Dividends paid | - | - | - | - | - | (68) | |
Tax effect of capital items | - | - | 5 | - | - | - | |
Share Issue - 1 March 2012 | 249 | - | - | - | - | - | |
Share Issue - 5 April 2012 | 113 | - | - | - | - | - | |
Share Issue - 18 April 2012 | 31 | - | - | - | - | - | |
Repurchase and cancellation of shares | - | (24) | - | - | 2 | - | |
Net return on ordinary activities after taxation | - | - | - | - | - | 89 | |
At 30 June 2012 | 393 | 4,125 | 44 | 631 | 10 | 142 | |
Six months ended | |||||||
3. | Return per ordinary share | 30 June 2012 | |||||
ORDINARY SHARES | |||||||
The returns per share have been based on the following figures: | |||||||
Weighted average number of Ordinary shares | 8,839,786 | ||||||
Revenue Return | £108,000 | ||||||
Capital Return | £229,000 | ||||||
Total Return | £337,000 | ||||||
S ORDINARY SHARES | |||||||
The returns per share have been based on the following figures: | |||||||
Weighted average number of S Ordinary shares | 5,104,143 | ||||||
Revenue Return | £89,000 | ||||||
Capital Return | £381,000 | ||||||
Total Return | £470,000 | ||||||
SUMMARY OF INVESTMENT CHANGES | ||||||
For the six months ended 30 June 2012 | ||||||
Ordinary Shares | ||||||
Valuation | Net investment/ | Appreciation/ | Valuation | |||
31 December 2011 | (disinvestment) | (depreciation) | 30 June 2012 | |||
£'000 | % | £'000 | £'000 | £'000 | % | |
Unlisted investments | ||||||
Equities | 2,403 | 29.2 | (76) | 439 | 2,766 | 30.5 |
Preference shares | 11 | 0.1 | (2) | (1) | 8 | 0.1 |
Loan stock | 4,340 | 52.7 | 225 | (23) | 4,542 | 50.0 |
6,754 | 82.0 | 147 | 415 | 7,316 | 80.6 | |
AIM/PLUS investments | 346 | 4.2 | (11) | (28) | 307 | 3.4 |
Listed fixed income investments | 597 | 7.3 | (107) | - | 490 | 5.4 |
Total investments | 7,697 | 93.5 | 29 | 387 | 8,113 | 89.4 |
Other net assets | 534 | 6.5 | 432 | - | 966 | 10.6 |
Total assets | 8,231 | 100.0 | 461 | 387 | 9,079 | 100.0 |
S Ordinary Shares | ||||||
Valuation | Net investment/ | Appreciation/ | Valuation | |||
31 December 2011 | (disinvestment) | (depreciation) | 30 June 2012 | |||
£'000 | % | £'000 | £'000 | £'000 | % | |
Unlisted investments | ||||||
Equities | 1,615 | 31.9 | (21) | 445 | 2,039 | 34.7 |
Preference shares | 1 | - | - | - | 1 | - |
Loan stock | 2,664 | 52.7 | 180 | (13) | 2,831 | 48.3 |
4,280 | 84.6 | 159 | 432 | 4,871 | 83.0 | |
AIM/PLUS investments | 75 | 1.5 | (6) | (4) | 65 | 1.1 |
Listed fixed income investments | 248 | 4.9 | (248) | - | - | - |
Total investments | 4,603 | 91.0 | (95) | 428 | 4,936 | 84.1 |
Other net assets | 455 | 9.0 | 481 | - | 936 | 15.9 |
Total assets | 5,058 | 100.0 | 386 | 428 | 5,872 | 100.0 |
Investment Portfolio Summary
Investment Name | Ordinary Shares | S Ordinary Shares | % of equity held | % of equity held by | ||||
Valuation | Cost | % of total assets | Valuation | Cost | % of total assets | by Fund | other clients | |
Unlisted Investments | ||||||||
Nessco Group Holdings Limited | 440 | 187 | 4.8 | 703 | 299 | 12.0 | 3.9 | 31.1 |
Torridon Capital Limited | 424 | 190 | 4.7 | 358 | 161 | 6.1 | 2.6 | 37.4 |
Homelux Nenplas Limited | 627 | 149 | 6.9 | - | - | - | 3.0 | 37.0 |
Camwatch Limited | 353 | 417 | 3.9 | 202 | 239 | 3.4 | 4.6 | 38.3 |
Westway Services Limited | 260 | 113 | 2.9 | 260 | 113 | 4.4 | 2.4 | 19.5 |
Lawrence Recycling and Waste Management Limited | 292 | 292 | 3.2 | 195 | 195 | 3.3 | 6.0 | 56.0 |
Maven Co-invest Exodus Limited Partnership (trading as 6 degrees) | 274 | 274 | 3.0 | 192 | 192 | 3.3 | 1.5 | 9.1 |
Vodat International Holdings Limited | 269 | 269 | 3.0 | 174 | 174 | 3.0 | 5.1 | 36.6 |
Flexlife Group Limited | 264 | 199 | 2.9 | 178 | 134 | 3.0 | 1.3 | 13.3 |
Venmar Limited (trading as XPD8 Solutions Limited) | 225 | 225 | 2.5 | 175 | 175 | 3.0 | 3.6 | 31.4 |
Adler & Allan Holdings Limited | 260 | 187 | 2.9 | 130 | 93 | 2.2 | 1.0 | 6.0 |
Lemac No. 1 Limited (trading as John McGavigan Limited) | 205 | 205 | 2.3 | 164 | 164 | 2.8 | 6.3 | 30.5 |
TC Communications Holdings Limited | 217 | 242 | 2.4 | 136 | 151 | 2.3 | 4.6 | 25.4 |
Moriond Limited | 199 | 199 | 2.2 | 150 | 150 | 2.6 | 7.2 | 42.8 |
Cat Tech International Limited | 199 | 199 | 2.2 | 149 | 149 | 2.5 | 3.3 | 26.7 |
Atlantic Foods Group Limited | 274 | 199 | 3.0 | 56 | 56 | 1.0 | 1.1 | 7.7 |
Attraction World Holdings Limited | 187 | 126 | 2.1 | 140 | 94 | 2.4 | 4.4 | 34.0 |
Steminic Limited | 220 | 220 | 2.4 | 101 | 101 | 1.7 | 4.4 | 31.5 |
Trojan Capital Limited | 160 | 160 | 1.8 | 160 | 160 | 2.7 | 23.6 | 73.8 |
Tosca Penta Investments Limited (trading as esure Holdings Limited) | 153 | 75 | 1.7 | 151 | 74 | 2.6 | - | 0.2 |
Oliver Kay Holdings Limited | 290 | 203 | 3.2 | - | - | - | 1.3 | 18.7 |
Blackford Capital Limited | 75 | 75 | 0.8 | 200 | 200 | 3.4 | 20.2 | 63.9 |
Glacier Energy Services Group Limited | 148 | 148 | 1.6 | 123 | 123 | 2.1 | 2.2 | 20.7 |
Martel Instruments Holdings Limited | 271 | 227 | 3.0 | - | - | - | 4.2 | 40.0 |
CHS Engineering Services Limited | 152 | 152 | 1.7 | 114 | 114 | 1.9 | 3.0 | 20.4 |
Corinthian Foods Limited | 250 | 250 | 2.8 | - | - | - | 16.3 | 56.6 |
LCL Hose Limited | 149 | 149 | 1.6 | 99 | 100 | 1.7 | 4.5 | 25.5 |
Intercede (Scotland) 1 Limited (trading as Electroflow Controls Limited) | 95 | 70 | 1.0 | 136 | 99 | 2.3 | 1.9 | 26.6 |
Space Student Living Limited | 120 | 120 | 1.3 | 97 | 97 | 1.7 | 3.1 | 26.9 |
Staffa Capital Limited | - | - | - | 200 | 200 | 3.4 | 15.3 | 49.0 |
Training For Travel Group Limited | 76 | 149 | 0.8 | 89 | 174 | 1.5 | 3.7 | 26.3 |
Claven Holdings Limited | 68 | 26 | 0.7 | 34 | 13 | 0.6 | 6.9 | 43.1 |
Enpure Holdings Limited | 100 | 100 | 1.1 | - | - | - | 0.4 | 2.2 |
Others | 20 | 911 | 0.2 | 5 | 165 | 0.1 | ||
7,316 | 6,707 | 80.6 | 4,871 | 4,159 | 83.0 | |||
AIM/PLUS | ||||||||
Plastics Capital PLC | 132 | 197 | 1.5 | 34 | 50 | 0.5 | 0.9 | 2.8 |
Chime Communications PLC | 62 | 71 | 0.7 | 22 | 26 | 0.4 | - | 0.2 |
Datong PLC | 32 | 151 | 0.4 | - | - | - | - | 1.1 |
Work Group PLC | 23 | 151 | 0.3 | - | - | - | - | 2.6 |
Brookwell | 12 | 30 | 0.1 | 3 | 6 | 0.1 | - | - |
Hasgrove PLC | 13 | 49 | 0.1 | - | - | - | - | 1.6 |
Hambledon Mining PLC | 12 | 83 | 0.1 | - | - | - | - | |
Others | 21 | 643 | 0.2 | 6 | 63 | 0.1 | ||
307 | 1,375 | 3.4 | 65 | 145 | 1.1 | |||
Listed Fixed Income | ||||||||
Treasury 4.5% 7 March 2013 | 490 | 490 | 5.4 | - | - | - | ||
490 | 490 | 5.4 | - | - | - | |||
Total | 8,113 | 8,572 | 89.4 | 4,936 | 4,304 | 84.1 | ||
Other information
Copies of this announcement will be available to the public at the registered office of the Company, 149 St Vincent Street, Glasgow, on the Company's website at www.mavencp.com/migvct4, and at the National Storage Mechanism.
By Order of the Board
Maven Capital Partners UK LLP, Secretary
28 August 2012
ENDS
Neither the content of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is included in or forms part of this announcement.