Last checked at 
16 Aug 2010 16:45
Maven Income and Growth VCT 4 PLC
Interim Results
The Directors announce the unaudited interim results for the six months ended 30 June 2010.
Investment Manager's Review
Investment Activity
The period under review was characterised by the completion of a number of new later stage private equity investments alongside a modest increase in the Total Return being achieved by both the Ordinary Share Portfolio and the S Share Portfolio.
During the six months ended 30 June 2010, four new unlisted investments and five follow on investments were completed and a total of £1.4 million was invested. At 30 June 2010, the portfolio stood at 65 unlisted and AIM investments at a total combined cost of £12.1 million.
The following investments have been completed during the period.
| Investment | Date | Sector | Investment cost £'000 | Website | |
|
|
|
| Original pool | S Share Pool |
|
| Unlisted |
|
|
|
|
|
| Beckford Capital | May-10 | Leisure and Hotels | 160 | 160 | No website available |
| Camwatch | Jun-10 | Security Services | 32 | 19 | www.camwatch.co.uk |
| Countcar | May-10 | Oil and gas
| 24 | 13 | No website available |
| Essential Viewing Systems | Mar-10 | Computer Software | 5 | - | www.essential-viewing.com |
| Lawrence Recycling & Waste Management | Apr-10 | Support Services | 36 | 24 | www.lawrenceskiphire.co.uk |
| Riverdale Publishing | Feb-10 | Support Services | 26 | - | No website available |
| TC Communications | May-10 | Support Services | 40 | 25 | www.tccommunications.co.uk |
| Torridon Capital | Jan-10 | Financial Services | 253 | 198 | No website available |
| Tosca Penta Investments | Feb-10 | Insurance | 88 | 87 | No website available |
| Venmar t/a XPD8 Solutions | Jun-10 | Oil and Gas | 109 | 124 | No website available |
| Total Unlisted investment |
|
| 773 | 650 |
|
|
|
|
|
|
|
|
| Total |
|
| 773 | 650 |
|
Four new substantial investments were added to the portfolio during the six months ended 30 June 2010. These were Beckford Capital, a new company set up to pursue acquisitions in the Leisure and Hotels industry; Torridon Capital, the holding company of Litcomp plc, a speciality insurance business where the Manager led a public to private transaction; Tosca Penta Investments, which invests in esure, the well known general and motor insurance provider which was acquired from Lloyds Banking Group; and lastly, XPD8 Solutions, which operates in the condition monitoring and asset integrity segment of the oil and gas industry.
All of these assets are forecast to generate substantial income mainly via loan stock based structures. The continuation of this later stage and yield based investment strategy using the Maven network of offices should ensure that the Company is well placed to be able to support its long term dividend programme.
In line with the strategy of reducing exposure to the AIM market in favour of later stage private equity transactions, the Manager has continued to pursue the structured realisation of the element of the investment portfolio.
The table on page 6 gives details of realisations during the reporting period.
Realisations
|
|
|
| Ordinary Share Pool |
| S Share Pool |
| ||||
|
| Date first invested | Complete /Partial Exit | Cost of shares disposed of | Sales Proceeds | Realised Gain /Loss | Realised Gain/ Loss over December 2009 Valuation | Cost of shares disposed of | Sales Proceeds | Realised Gain/ Loss | Realised Gain/ Loss over December 2009 Valuation |
|
|
|
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 |
| Unlisted |
|
|
|
|
|
|
|
|
|
|
| Cyclotech | 2007 | Complete |
- | 11 | 11 | 11 |
- | 4 | 4 | 4 |
| Torridon Capital | 2010 | Partial | 150 | 150 |
- |
- | 110 | 110 |
- |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 150 | 161 | 11 | 11 | 110 | 114 | 4 | 4 |
|
|
|
|
|
|
|
|
|
|
|
|
| AIM |
|
|
|
|
|
|
|
|
|
|
| Animalcare | 2008 | Partial |
- |
- |
- |
- | 41 | 88 | 47 | 6 |
| Avanti Communications | 2007 | Partial | 7 | 18 | 11 | 2 |
- |
- |
- |
- |
| Litcomp | 2005 | Complete | 101 | 117 | 16 | - |
- |
- |
- |
- |
| Melorio | 2007 | Complete | 148 | 227 | 79 | 6 | 90 | 139 | 49 | 4 |
| OPG Power Ventures | 2008 | Partial | 1 | 2 | 1 | 1 | 1 | 2 | 1 | 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 257 | 364 | 107 | 9 | 132 | 229 | 97 | 11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 407 | 525 | 118 | 20 | 242 | 343 | 101 | 15 |
Performance
The Total Return per Ordinary Share at 30 June 2010 was 103.4p, an increase of 0.9p or 0.9% over the equivalent figure at 31 December 2009. The Total Return per S Share at 30 June 2010 was 101.05p, an increase of 1.6p or 1.6% over the equivalent figure at 31 December 2009.
The Net Asset Value (NAV) per Ordinary share at 30 June 2010, after payment of the final dividend of 2.5p in respect of the year ended 31 December 2009, was 88.1p compared with 89.7p at 31 December 2009. The NAV per S share at 30 June 2010, after payment of the final dividend of 0.5p in respect of the year ended 31 December 2009, was 95.5p compared with 94.4p at 31 December 2009.
Dividend policy
The Board continues to target regular annual dividend payments subject to the availability of distributable reserves. The Board declares an interim dividend of 1.0p per Ordinary share and 1.0p per S Share to be paid on 27 September 2010 to Shareholders on the Register at 27 August 2010.
The Company paid dividends totalling 3.5p per Ordinary Share and 1.5p per S Share in respect of the year ended 31 December 2009 which is equivalent to 4.7p and 2.0p gross from a taxable UK equity. This represents a yield of 5.8% per annum on the Ordinary Shares and 2.1% per annum on the S Shares based on their net cost after initial tax relief. Based on the mid-market price at 30 June 2010, the equivalent yields are 7.2% and 2.8% for a 40% rate taxpayer.
Principal risks and uncertainties
The Board has reviewed the principal risks and uncertainties facing the Company in the second half of its financial year: these are unchanged from those it faced at the start of the year, which are set out in the annual report, and are the risks involved in investment in small and unquoted companies.
In order to reduce exposure to investment risk, the Company has invested in a broadly-based portfolio of investments in unlisted and AIM/PLUS quoted companies in the United Kingdom. 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 continue to be met.
Recovery of VAT
The company received an offer from the former Manager Aberdeen Asset Managers to refund £94,898 representing all VAT charged on investment management fees for the period from 1 October 2005 to 1 October 2008. This offer was accepted by the directors subject to reserving the Company's rights in respect of sums not repaid for earlier periods. The amount received has been recognised within the financial statements and allocated to revenue and capital in accordance with the underlying accounting policy
Outlook
We will continue to select only those companies which are well managed, sensibly priced and capable of providing a premium yield together with the prospects of a capital gain in the medium to longer term.
As economic conditions stabilise we anticipate a continuing increase in the number of private company investment opportunities. With a presence across the UK regions, the manager is well placed to take advantage of these opportunities as they arise.
Maven Capital Partners UK LLP
Manager
16 August 2010
Directors' Responsibility Statement
We confirm that to the best of our knowledge:
·; 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" 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
16 August 2010
Income Statement
For the six months ended 30 June 2010 (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 | - | 66 | 66 | - | 117 | 117 | - | 183 | 183 |
| Income from investments | 83 | - | 83 | 37 | - | 37 | 120 | - | 120 |
| Other income | - | - | - | - | - | - | - | - |
- |
|
Investment management fees | (3) | (12) | (15) | (7) | (28) | (35) | (10) | (40) | (50) |
| Other expenses | (79) | - | (79) | (47) | - | (47) | (126) | - | (126) |
| Net return on ordinary activities before taxation | 1 | 54 | 55 | (17) | 89 | 72 | (16) | 143 | 127 |
|
|
|
|
|
|
|
|
|
|
|
| Tax on ordinary activities | - | - | - | - | - | - | - | - | - |
| Return attributable to equity shareholders | 1 | 54 | 55 | (17) | 89 | 72 | (16) | 143 | 127 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Earnings per share (pence) | - | 0.7 | 0.7 | (0.3) | 1.8 | 1.5 | (0.3) | 2.5 | 2.2 |
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 | S Ordinary |
|
|
| Shares | Shares | Total |
|
| £'000 | £'000 | £'000 |
| Opening Shareholders' funds | 6,996 | 4,693 | 11,689 |
| Net Return for year | 55 | 72 | 127 |
| Proceeds of share issue | 606 | - | 606 |
| Repurchase and cancellation of shares | (52) | (26) | (78) |
| Dividends paid - revenue | (42) | (25) | (67) |
| Dividends paid - capital | (169) | - | (169) |
| Closing Shareholders' funds | 7,394 | 4,714 | 12,108 |
The accompanying notes are an integral part of the financial statements.
Income Statement
For the six months ended 30 June 2009 (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 | - | 219 | 219 | - | 80 | 80 | - | 299 | 299 |
| Income from investments | 117 | - | 117 | 76 | - | 76 | 193 | - | 193 |
| Other income | 6 | - | 6 | 2 | - | 2 | 8 | - | 8 |
| Investment management fees | (11) | (44) | (55) | (8) | (30) | (38) | (19) | (74) | (93) |
| Other expenses | (51) | - | (51) | (38) | - | (38) | (89) | - | (89) |
| Net Return on ordinary activities before taxation | 61 | 175 | 236 | 32 | 50 | 82 | 93 | 225 | 318 |
|
|
|
|
|
|
|
|
|
|
|
| Tax on ordinary activities | (6) | 6 | - | (3) | 3 | - | (9) | 9 | - |
| Return attributable to equity shareholders | 55 | 181 | 236 | 29 | 53 | 82 | 84 | 234 | 318 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Earnings per share (pence) | 0.7 | 2.3 | 3.0 | 0.6 | 1.0 | 1.6 | 1.3 | 3.3 | 4.6 |
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 | S Ordinary |
|
|
| Shares | Shares | Total |
|
| £'000 | £'000 | £'000 |
| Opening Shareholders' funds | 6,647 | 4,750 | 11,397 |
| Net Return for year | 236 | 82 | 318 |
| Dividends paid - revenue | (102) | (89) | (191) |
| Dividends paid - capital | - | - | - |
| Closing Shareholders' funds | 6,781 | 4,743 | 11,524 |
The accompanying notes are an integral part of the financial statements.
Income Statement
For the year ended 31 December 2009
|
| 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 | - | 459 | 459 | - | 56 | 56 | - | 515 | 515 |
| Income from investments | 355 | - | 355 | 206 | - | 206 | 561 | - | 561 |
| Other income | 6 | - | 6 | 2 | - | 2 | 8 | - | 8 |
| Investment management fees | (24) | (95) | (119) | (16) | (66) | (82) | (40) | (161) | (201) |
| Other expenses | (127) | - | (127) | (95) | - | (95) | (222) | - | (222) |
| Net Return on ordinary activities before taxation | 210 | 364 | 574 | 97 | (10) | 87 | 307 | 354 | 661 |
|
|
|
|
|
|
|
|
|
|
|
| Tax on ordinary activities | (42) | 20 | (22) | (19) | 14 | (5) | (61) | 34 | (27) |
| Return attributable to equity shareholders | 168 | 384 | 552 | 78 | 4 | 82 | 246 | 388 | 634 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Earnings per share (pence) | 2.1 | 4.9 | 7.0 | 1.6 | - | 1.6 | 3.7 | 4.9 | 8.6 |
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 | S Ordinary |
|
|
| Shares | Shares | Total |
|
| £'000 | £'000 | £'000 |
| Opening Shareholders' funds | 6,647 | 4,750 | 11,397 |
| Net Return for year | 552 | 82 | 634 |
| Repurchase and cancellation of shares | (23) | - | (23) |
| Dividends paid - revenue | (180) | (139) | (319) |
| Dividends paid - capital | - | - | - |
| Closing Shareholders' funds | 6,996 | 4,693 | 11,689 |
The accompanying notes are an integral part of the financial statements.
Balance Sheet
As at 30 June 2010
|
| 30 June 2010 | 30 June 2009 | 31 December 2009 | ||||||
|
| (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 | 6,470 | 3,265 | 9,735 | 6,193 | 3,857 | 10,050 | 6,156 | 2,841 | 8,997 |
|
|
|
|
|
|
|
|
|
|
|
| Current assets |
|
|
|
|
|
|
|
|
|
| Debtors | 163 | 73 | 236 | 241 | 103 | 344 | 163 | 65 | 228 |
| Cash and overnight deposits | 819 | 1,407 | 2,226 | 422 | 864 | 1,286 | 756 | 1,832 | 2,588 |
|
| 982 | 1,480 | 2,462 | 663 | 967 | 1,630 | 919 | 1,897 | 2,816 |
| Creditors: amounts falling due within one year | (58) | (31) | (89) | (75) | (81) | (156) | (79) | (45) | (124) |
| Net current assets | 924 | 1,449 | 2,373 | 588 | 886 | 1,474 | 840 | 1,852 | 2,692 |
| Total net assets | 7,394 | 4,714 | 12,108 | 6,781 | 4,743 | 11,524 | 6,996 | 4,693 | 11,689 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Capital and reserves |
|
|
|
|
|
|
|
|
|
| Called up share capital | 840 | 494 | 1,334 | 784 | 497 | 1,281 | 780 | 497 | 1,277 |
| Share premium | 538 | 4,227 | 4,765 | - | 4,227 | 4,227 | - | 4,227 | 4,227 |
| Distributable reserve | 6,585 | (26) | 6,559 | 6,660 | - | 6,660 | 6,637 | - | 6,637 |
| Capital Redemption Reserve | 12 | 3 | 15 | - | - | - | 4 | - | 4 |
| Capital reserves - realised | 1,286 | 159 | 1,445 | 1,033 | (52) | 981 | 1,349 | 86 | 1,435 |
| Capital reserves - unrealised | (2,042) | (176) | (2,218) | (1,877) | (5) | (1,882) | (1,990) | (192) | (2,182) |
| Revenue reserve | 175 | 33 | 208 | 181 | 76 | 257 | 216 | 75 | 291 |
| Net assets attributable to Ordinary Shareholders | 7,394 | 4,714 | 12,108 | 6,781 | 4,743 | 11,524 | 6,996 | 4,693 | 11,689 |
|
|
|
|
|
|
|
|
|
|
|
| Net asset value per ordinary share (pence) | 88.1 | 95.5 |
| 86.5 | 95.4 |
| 89.7 | 94.4 |
|
The Financial Statements were approved by the Board of Directors and were signed on its behalf by
ID Cormack
Director
16 August 2010
Cash Flow Statement
For the six months ended 30 June 2010
|
| Six months to 30 June 2010 | Six months to 30 June 2009 | Year to 31 December 2009 | ||||||
|
| (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 | 87 | 33 | 120 | 107 | 93 | 200 | 397 | 268 | 665 |
| Deposit interest received | - | - | - | 6 | 2 | 8 | 8 | 3 | 11 |
| Investment management fees paid | (36) | (49) | (85) | (16) | (10) | (26) | (90) | (62) | (152) |
| Secretarial fees paid | (35) | (24) | (59) | (11) | (8) | (19) | (34) | (25) | (59) |
| Cash paid to and on behalf of Directors | (20) | (13) | (33) | (19) | (14) | (33) | (38) | (27) | (65) |
| Other cash payments/receipts | (48) | (27) | (75) | (45) | 6 | (39) | (52) | (37) | (89) |
| Net cash (outflow)/inflow from operating activities | (52) | (80) | (132) | 22 | 69 | 91 | 191 | 120 | 311 |
|
|
|
|
|
|
|
|
|
|
|
| Taxation |
|
|
|
|
|
|
|
|
|
| Corporation tax | - | - | - | - | - | - | (12) | (15) | (27) |
|
|
|
|
|
|
|
|
|
|
|
| Financial investment |
|
|
|
|
|
|
|
|
|
| Purchase of investments | (773) | (650) | (1,423) | (629) | (400) | (1,029) | (1,617) | (1,028) | (2,645) |
| Sale of investments | 525 | 341 | 866 | 855 | 1,194 | 2,049 | 2,121 | 2,804 | 4,925 |
| Net cash (outflow)/inflow from financial investment | (248) | (309) | (557) | 226 | 794 | 1,020 | 504 | 1,776 | 2,280 |
|
|
|
|
|
|
|
|
|
|
|
| Equity dividends paid | (211) | (25) | (236) | (102) | (89) | (191) | (180) | (139) | (319) |
|
|
|
|
|
|
|
|
|
|
|
| Net cash (outflow)/inflow before financing | (511) | (414) | (925) | 146 | 774 | 920 | 503 | 1,742 | 2,245 |
|
|
|
|
|
|
|
|
|
|
|
| Financing |
|
|
|
|
|
|
|
|
|
| Issue of ordinary shares | 606 | - | 606 | - | - | - | - | - | - |
| Repurchase of Ordinary Shares | (32) | (11) | (43) | - | - | - | (23) | - | (23) |
|
|
|
|
|
|
|
|
|
|
|
| Net cash inflow/(outflow) from financing | 574 | (11) | 563 | - | - | - | (23) | - | (23) |
| Increase/(decrease) in cash | 63 | (425) | (362) | 146 | 774 | 920 | 480 | 1,742 | 2,222 |
The accompanying notes are an integral part of the financial statements.
| 1. | Accounting Policies |
|
|
|
|
| ||
|
|
|
|
|
|
|
| ||
|
| The financial information for the six months ended 30 June 2010 and the six months ended 30 June 2009 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 2009, 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 | |
|
|
|
|
|
|
|
|
| |
|
| As at 31 December 2009 | - | 6,637 | 1,349 | (1,990) | 4 | 216 | |
|
| Gains on sales of investments | - | - | 118 | - | - | - | |
|
| Decrease in unrealised appreciation | - | - | - | (52) | - | - | |
|
| Investment management fees | - | - | (12) | - | - | - | |
|
| Dividends paid | - | - | (169) | - | - | (42) | |
|
| Tax effect of capital items | - | - | - | - | - |
| |
|
| Share Issue - 1 April 2010 | 398 | - | - | - | - | - | |
|
| Share Issue - 5 April 2010 | 85 | - | - | - | - | - | |
|
| Share Issue - 30 April 2010 | 55 | - | - | - | - | - | |
|
| Repurchase and cancellation of shares | - | (52) | - | - | 8 | - | |
|
| Retained net revenue for period | - | - | - | - | - | 1 | |
|
| As at 30 June 2010 | 538 | 6,585 | 1,286 | (2,042) | 12 | 175 | |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| |
|
|
| 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 | |
|
|
|
|
|
|
|
|
| |
|
| As at 31 December 2009 | 4,227 | - | 86 | (192) | - | 75 | |
|
| Gains on sales of investments | - | - | 101 | - | - | - | |
|
| Increase in unrealised appreciation | - | - | - | 16 | - | - | |
|
| Investment management fees | - | - | (28) | - | - | - | |
|
| Dividends paid | - | - | - | - | - | (25) | |
|
| Tax effect of capital items | - | - | - | - | - | - | |
|
| Repurchase and cancellation of shares | - | (26) | - | - | 3 | - | |
|
| Retained net revenue for period | - | - | - | - | - | (17) | |
|
| As at 30 June 2010 | 4,227 | (26) | 159 | (176) | 3 | 33 | |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| Six months ended |
| |
| 3. | Return per ordinary share |
|
|
|
| 30 June 2010 |
| |
|
|
|
|
|
|
|
|
| |
|
| ORDINARY SHARES |
|
|
|
|
|
| |
|
| The returns per share have been based on the following figures: |
|
| |||||
|
| Weighted average number of Ordinary shares |
| 8,105,120 |
| ||||
|
| Revenue Return |
|
|
|
| £1,000 |
| |
|
| Capital Return |
|
|
|
| £54,000 |
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| |
|
| S ORDINARY SHARES |
|
|
|
|
|
| |
|
| The returns per share have been based on the following figures: |
|
| |||||
|
| Weighted average number of S Ordinary shares |
| 4,966,057 |
| ||||
|
| Revenue Return |
|
|
|
| (£17,000) |
| |
|
| Capital Return |
|
|
|
| £89,000 |
| |
A summary of investment changes for the period under review and an investment portfolio summary as at 30 June
2010 are attached.
| SUMMARY OF INVESTMENT CHANGES (ORDINARY SHARES) |
|
|
| |||
| For the six months ended 30 June 2010 |
|
|
|
| ||
|
|
|
|
|
|
|
|
| Valuation | Net investment | Appreciation | Valuation | |||
| 31 December 2009 | (disinvestment) | (depreciation) | 30 June 2010 | |||
| £'000 | % | £'000 | £'000 | £'000 | % | |
| Unlisted investments |
|
|
|
|
|
|
| Equities | 960 | 13.7 | 145 | 35 | 1,140 | 15.4 |
| Preference | 19 | 0.3 | - | (1) | 18 | 0.2 |
| Loan stocks | 3,942 | 56.3 | 467 | 30 | 4,439 | 60.0 |
|
| 4,921 | 70.3 | 612 | 64 | 5,597 | 75.6 |
| AIM investments |
|
|
|
|
|
|
| Equities | 1,235 | 17.7 | (364) | 2 | 873 | 11.8 |
|
|
|
|
|
|
|
|
| Listed investments |
|
|
|
|
|
|
| Fixed income | - | - | - | - | - | - |
|
|
|
|
|
|
|
|
| Total investments | 6,156 | 88.0 | 248 | 66 | 6,470 | 87.4 |
|
|
|
|
|
|
|
|
| Other net assets | 840 | 12.0 | 84 | - | 924 | 12.6 |
|
|
|
|
|
|
|
|
| Total Assets | 6,996 | 100.0 | 332 | 66 | 7,394 | 100.0 |
| SUMMARY OF INVESTMENT CHANGES (S ORDINARY SHARES0 |
| |||||
| For the six months ended 30 June 2010 | ||||||
|
|
|
| ||||
| Valuation | Net investment | Appreciation | Valuation | |||
| 31 December 2009 | (disinvestment) | (depreciation) | 30 June 2010 | |||
| £'000 | % | £'000 | £'000 | £'000 | % | |
| Unlisted investments |
|
|
|
|
|
|
| Equities | 273 | 5.8 | 121 | 51 | 445 | 9.4 |
| Preference | 2 | - | - | - | 2 | - |
| Loan stocks | 2,044 | 43.6 | 415 | 44 | 2,503 | 53.1 |
|
| 2,319 | 49.4 | 536 | 95 | 2,950 | 62.5 |
| AIM investments |
|
|
|
|
|
|
| Equities | 522 | 11.1 | (229) | 22 | 315 | 6.7 |
|
|
|
|
|
|
|
|
| Listed investments |
|
|
|
|
|
|
| Fixed income | - | - | - | - | - | - |
|
|
|
|
|
|
|
|
| Total investments | 2,841 | 60.5 | 307 | 117 | 3,265 | 69.2 |
|
|
|
|
|
|
|
|
| Other net assets | 1,852 | 39.5 | (403) | - | 1,449 | 30.8 |
|
|
|
|
|
|
|
|
| Total Assets | 4,693 | 100.0 | (96) | 117 | 4,714 | 100.0 |
| Investment Portfolio Summary As at 30 June 2010 |
|
|
|
|
|
|
|
|
| Investment Name |
| Ordinary Pool |
|
| S Share Pool |
| % of equity held | % of equity held by |
| Unlisted Investments | Valuation | Cost | % of total assets | Valuation | Cost | % of total assets | by Fund | other clients |
| Camwatch | 293 | 293 | 3.9% | 167 | 168 | 3.5% | 4.7% | 51.9% |
| Lawrence Recycling and Waste Management | 260 | 260 | 3.5% | 173 | 173 | 3.7% | 5.5% | 52.5% |
| Westway Services | 200 | 131 | 2.7% | 200 | 131 | 4.2% | 2.4% | 19.5% |
| Ailsa Craig Capital | 249 | 249 | 3.4% | 149 | 149 | 3.2% | 46.7% | 33.3% |
| Dunning Capital | 249 | 249 | 3.4% | 149 | 149 | 3.2% | 46.7% | 33.3% |
| Shiskine Capital | 249 | 249 | 3.4% | 149 | 149 | 3.2% | 46.7% | 33.3% |
| Training For Travel Group | 170 | 149 | 2.3% | 199 | 174 | 4.2% | 3.7% | 26.3% |
| PSP/AHC (Dalglen 1148) | 244 | 316 | 3.3% | 123 | 158 | 2.6% | 7.6% | 67.4% |
| Armannoch Investments | 225 | 225 | 3.0% | 125 | 125 | 2.7% | 24.9% | 53.7% |
| Valkyrie Capital | 225 | 225 | 3.0% | 125 | 125 | 2.7% | 24.9% | 53.7% |
| Dalglen 1150 (Walker Technical Resources) | 249 | 249 | 3.4% | 99 | 99 | 2.1% | 7.4% | 55.6% |
| Homelux Nenplas | 326 | 149 | 4.4% | - | - | - | 3.0% | 37.0% |
| TC Communications Holdings | 199 | 199 | 2.7% | 124 | 124 | 2.6% | 10.9% | 50.5% |
| Nessco Group Holdings | 124 | 124 | 1.7% | 199 | 199 | 4.2% | 4.2% | 33.6% |
| Steminic (MS Industrial Services) | 220 | 220 | 3.0% | 101 | 101 | 2.1% | 4.4% | 47.3% |
| Beckford Capital | 160 | 160 | 2.2% | 160 | 160 | 3.4% | 23.0% | 77.0% |
| THL (Midlands) | 192 | 259 | 2.6% | 115 | 155 | 2.4% | 4.6% | 67.2% |
| Torridon Capital | 159 | 103 | 2.2% | 135 | 88 | 2.9% | 2.1% | 31.0% |
| Adler & Allan Holdings | 187 | 187 | 2.5% | 93 | 93 | 2.0% | 1.0% | 5.6% |
| Oliver Kay Holdings | 272 | 209 | 3.7% | - | - | - | 1.3% | 18.7% |
| Atlantic Foods Group | 253 | 199 | 3.4% | - | - | - | 1.1% | 7.7% |
| Venmar t/a XPD8 Solutions | 109 | 109 | 1.5% | 124 | 124 | 2.6% | 3.6% | 31.4% |
| Martel Instruments Holdings | 227 | 227 | 3.1% | - | - | - | 4.2% | 40.0% |
| Tosca Penta Investments | 88 | 88 | 1.2% | 87 | 87 | 1.8% | - | 0.3% |
| Intercede (Scotland) 1 | 70 | 70 | 0.9% | 99 | 99 | 2.1% | 1.9% | 26.6% |
| Essential Viewing Systems | 166 | 192 | 2.2% | - | - | - | 5.6% | 35.2% |
| Enpure Holdings | 137 | 100 | 1.9% | - | - | - | 0.4% | 1.9% |
| Countcar | 64 | 30 | 0.8% | 36 | 17 | 0.8% | 6.1% | 47.0% |
| Others | 31 | 865 | 0.3% | 19 | 42 | 0.3% |
|
|
|
| 5,597 | 6,085 | 75.6% | 2,950 | 2,889 | 62.5% |
|
|
| AIM/PLUS |
|
|
|
|
|
|
|
|
| Mount Engineering | 98 | 124 | 1.3% | 28 | 35 | 0.6% | 0.9% | 1.6% |
| System C Healthcare | 100 | 150 | 1.4% | - | - | - | 0.2% | 0.8% |
| Animalcare Group (formerly Ritchey) | - | - | - | 96 | 53 | 2.0% | 0.5% | 3.7% |
| Chime Communications | 70 | 71 | 0.9% | 25 | 26 | 0.5% | 0.1% | 0.3% |
| Software Radio Technology | 94 | 138 | 1.3% | - | - | - | 0.4% | 2.2% |
| Betbrokers | 30 | 66 | 0.4% | 60 | 132 | 1.3% | 0.6% | 1.3% |
| OPG Power Ventures | 41 | 39 | 0.6% | 41 | 39 | 0.9% | 0.2% | 0.4% |
| DM | 53 | 83 | 0.7% | 26 | 41 | 0.6% | 0.6% | 0.8% |
| Plastics Capital | 59 | 197 | 0.8% | 15 | 50 | 0.3% | 0.9% | 2.8% |
| Hambledon Mining | 60 | 83 | 0.8% | - | - | - | 0.2% | 0.1% |
| Datong | 40 | 151 | 0.5% | - | - | - | 0.9% | 1.1% |
| Universe Group | 36 | 100 | 0.5% | - | - | - | 1.2% | 1.4% |
| Neutrahealth plc | 32 | 89 | 0.4% | - | - | - | 0.6% | 1.3% |
| Praesepe (formerly Aldgate Capital) | 15 | 49 | 0.2% | 15 | 50 | 0.3% | 0.2% | 0.8% |
| AMZ Holdings (formerly Amazing Holdings) | 25 | 151 | 0.3% | - | - | - | 0.5% | 1.7% |
| Work Group | 23 | 151 | 0.3% | - | - | - | 0.7% | 2.6% |
| Avanti Communications Group | 20 | 10 | 0.3% | - | - | - | - | 0.2% |
| Others | 77 | 876 | 1.1% | 9 | 123 | 0.2% |
|
|
|
| 873 | 2,528 | 11.8% | 315 | 549 | 6.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total | 6,470 | 8,613 | 87.4% | 3,265 | 4,547 | 69.2% |
|
|
Other information
Copies of this announcement will be available to the public at the registered office of the Company at 149 St Vincent Street, Glasgow, G2 5NW.
By Order of the Board
MAVEN CAPITAL PARTNERS UK LLP, SECRETARY
16 August 2010