Maven I&g 4 Regulatory News (MAV4)

Ortus VCT

Half-yearly Report

For the six months ended 31 August 2012

Chairman's Statement

During the six months ended 31 August 2012, the portfolio has continued to generate a steadily improving level of revenues, but at the same time it has been necessary to revalue several of the legacy portfolio assets to reflect the terms of offers received for those businesses or downturn in trading at certain of these older assets. As a consequence, the Net Asset Value has reduced by 5.3p per share to 33.4p. Conversely, the new Maven portfolio has continued to increase in value but, with smaller unit sizes, the corresponding positive impact on NAV has been less pronounced. The Company has nevertheless improved its cash reserves and going forward is well placed to invest in all Maven-led transactions, albeit still in modest unit sizes.

As can be seen in the Investment Portfolio Summary on page 11, the Maven team has now introduced more than twenty new private equity investments, which are generally valued at or above cost and are generating attractive levels of revenue, which is demonstrated by the increase in income to your Company highlighted above.

Strategy

For some time, your Board has been examining strategic options aimed at restoring value and improving returns for Ortus Shareholders. We are pleased to inform Shareholders that, to this end, we have recently entered discussions with Maven Income and Growth VCT 4 PLC to merge the two companies. The potential merger, which will be subject to approval by both companies, is expected to achieve, among other things, cost savings and administrative efficiency through the creation of an enlarged VCT that will provide benefits for all Shareholders. The intention is that any merger will be carried out on a relative net assets basis by transferring the assets and liabilities of Ortus VCT to Maven Income and Growth VCT 4 in consideration for new shares of that company pursuant to a section 110 scheme of reconstruction. A merger on this basis will be outside the provisions of The City Code on Takeovers and Mergers. Full details will be set out in a circular to be issued to Shareholders in due course.

The Board believes that this is a very positive development for Ortus Shareholders. Maven Income and Growth VCT 4 is a top decile performing VCT and has one of the narrowest discounts of its peer group (Source: Trustnet, 31 October 2012), reflecting the quality of the underlying portfolio of assets. It also has an established dividend stream.

The Board is confident in Maven's ability to continue to provide the type of income-generating private equity investments to the enlarged VCT that they have been successfully introducing to other Maven clients for several years. The range of independent industry recognition of Maven's successful VCT strategy, which is described in more detail in the Investment Manager's Review, is testament to that.

Principal risks and uncertainties

The Board has reviewed the principal risks and uncertainties facing the Company, which are as set out in the Annual Report, with the addition of the risks associated with entering into a merger such as that set out in the section on Strategy above. 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.

Outlook

The Board recognises that although the new Maven portfolio has performed well, overall returns to Shareholders from the combined new and legacy portfolios have not been what we or Shareholders would wish. The Board is committed to improving returns and believes that the merger currently under discussion has the potential to significantly improve Shareholder value. Assuming that the merger proceeds, it is anticipated that the enlarged company would provide a diversified portfolio better positioned to generate positive Shareholder returns in keeping with those previously achieved by Maven Income and Growth VCT 4.

Maven has worked closely and supportively with the Board and remains committed to the recovery of value for Ortus Shareholders. The Board is grateful for their support and strategic assistance, and it is expected that the proposed merger would provide a major impetus to the re-alignment and broadening of the portfolio in order to provide Shareholders with long-awaited improvements in capital growth and dividend generation.

Investment Manager's Review

Overview

In recent years your Company has focused on reducing exposure to a small number of large and non-yielding legacy assets, repaying borrowings and generating cash with a view to building a properly balanced portfolio of later-stage private equity assets. The current scarcity of bank finance means that Maven's investment team, operating from six key regional centres throughout the UK, continue to be introduced to a steady flow of good quality private companies as these businesses look for alternative sources of funding.

During the six month period your Company's portfolio generated increased revenues and, following several realisations, has improved cash reserves which enhance its capability to invest in all Maven-led transactions. However, as a result of a review of legacy holding valuations in the light of current offers or poor trading results, the Net Asset Value has decreased to 33.4p per share.

Shareholders who attended the Ortus AGM this year will be aware that the three large holdings in the legacy portfolio continue to represent a disproportionately large element of the Ortus portfolio, and meaningful levels of new investment are constrained until these holdings have been realised. Nevertheless, Maven is continuing to expand and broaden the portfolio within the confines of existing cash resources available, and the rebuilding and repositioning of the fund continues. Somewhat unfortunately, the increase in value and realisations achieved on the Maven investments has been masked by reductions in the legacy holdings; however, the portfolio is steadily becoming more balanced, which is a positive development in the long term interest of Shareholders.

We are pleased to note that since publication of the Annual Report there has been a wide range of independent industry recognition of the success of Maven's VCT investment strategy and ability to deliver a consistent level of shareholder returns.

In August Maven was announced as the winner in the UK Small Buyout House of the Year category for the ACQ Finance Magazine Global Awards 2012. Maven was also recently named as winner of VCT Exit of the Year at the 2012 unquote" British Private Equity Awards for the 3 times exit from Walker Technical Resources in 2011, as well as being a finalist in the VCT House of the Year category. These awards acknowledge innovation and excellence in the private equity and venture capital sectors.

Dividends

Although the revenue position continues to improve as a result of increasing levels of investment income, the Company is not yet in a position to make Shareholder distributions. The short to medium term priorities for Maven are to continue to reduce the revenue account deficit and to retain funds to enable the Company to participate to an increasing extent in new later-stage private company investments.

Investment activity

During the period the Maven team completed two qualifying private equity investments at a cost of £0.3 million on behalf of your Company, and made six follow-on investments in existing portfolio companies. At the period end, the portfolio was comprised of 39 unlisted and AIM/PLUS quoted investments at a total cost of £8.3 million, with quoted holdings representing less than 4.4% of the portfolio by value.

Two new private company investments were added to the portfolio during the period under review:

• Vodat International, a provider of 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; and

• CatTech International, 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 following new investments have been completed during the period:

The follow-on investments were made to support the development of existing portfolio businesses and, in the case of Glacier Energy Services Group and 6o Group, to fund acquisitions.

Ortus VCT PLC 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 4, Maven Income and Growth VCT 5 and Talisman First Venture Capital Trust. 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 three significant private company realisations during the period. In March 2012, Maven completed the realisation of ATR Holdings for £19.25 million via a secondary buy-out funded by the private equity manager NBGI, realising a total return of 1.7 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. The exit from Ashford Colour Press completed in June 2012 with the Company repaying all loan notes and overall achieving a small uplift on cost. During July 2012 the realisation of the holding in Nessco Group Holdings completed with a sale to NASDAQ listed RigNet Inc. for a 2.7 times return on the cost of investment.

The table below gives details of realisations during the reporting period.

The Manager has continued its policy of disposing of quoted holdings for best possible value in cases where the investments were underperforming.

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.

Maven Capital Partners UK LLP

Manager

31 October 2012

1 Other clients of Maven Capital Partners UK LLP.

Directors' Responsibility Statement

The Directors confirm that, to the best of their knowledge:

·; The Financial Statements for the six months ended 31 August 2012 have been prepared in accordance with applicable accounting standards and with the Statement of Recommended Practice 'financial Statements of Investment Trust Companies' (the SORP) issued in January 2009;

·; 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 28 February 2013; 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.

By order of the Board

Maven Capital Partner UK LLP

Secretary

31 October 2012

Copies of this announcement will be available to the public at the office of Maven Capital Partners UK LLP, 149 St Vincent Street, Glasgow and at the registered office of the Company, 9 - 13 St Andrew Street, London.

The Interim Report and Financial Statements will be printed and sent to Shareholders.

On behalf of the Board

Maven Capital Partners UK LLP

Secretary

31 October 2012

ENDS

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