Less Ads, More Data, More Tools Register for FREE

Pin to quick picksMaven Income 1 Regulatory News (MIG1)

Share Price Information for Maven Income 1 (MIG1)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 43.60
Bid: 42.60
Ask: 44.60
Change: 0.00 (0.00%)
Spread: 2.00 (4.69%)
Open: 43.60
High: 43.60
Low: 43.60
Yest. Close: 43.60
MIG1 Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

RNS Alerts are a premium feature

Login to your account

myTerminal is a premium feature

Login to your account

Don't have an account? Click here to register.

Half Yearly Report

Tue, 27th Oct 2015 13:15

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 £55 million, compared to £39 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

Date

Sector

Investment cost

£'000

Website

Unlisted

Castlegate 737 Limited (trading as Cursor Controls)

July 2015

Engineering & machinery

324

www.cursorcontrols.com

Claven Holdings Limited

May 2015

Speciality &

other finance

126

No website available

Constant Progress Limited

July 2015

Food producers & processors

650

No website available

Equator Capital Limited

July 2015

Telecommunication services

650

No website available

Flow UK Holdings Limited

March 2015

Software & computer services

598

www.flow-communications.co.uk

Toward Technology Limited

July 2015

Technology

650

No website available

Total unlisted investment

2,998

UK treasury bills

Treasury Bill 18 May 2015

April 2015

UK government

999

Treasury Bill 29 June 2015

April 2015

UK government

1,359

Treasury Bill 20 July 2015

March 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 £26.1 million.

Realisations

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:

Year first invested

Complete/

partial

exit

Cost of shares disposed of

£'000

Value at

28 February 2015

£'000

Sales proceeds

£'000

Realised

gain/

(loss)

£'000

Gain/(loss) over

28 February 2015 value

£'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)

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)

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

2015

Complete

999

N/A

1,000

1

N/A

Treasury Bill 29 June 2015

2015

Complete

1,359

N/A

1,360

1

N/A

Treasury Bill 20 July 2015

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

Proceeds exclude yield and redemption premiums received, which are disclosed as revenue for financial reporting purposes.

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 £535,000 (cost £535,000).

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 €15 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 £4 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 £47,000 received has been reflected in the Financial Statements.

Distribution of Annual and Interim Reports

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 2015

(disinvestment)

(depreciation)

31 August 2015

£'000

%

£'000

£'000

£'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

Investments

Valuation £'000

Cost £'000

% of total assets

% of equity held

% of equity held by other clients

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

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

Other clients of Maven Capital Partners UK LLP.

Income Statement

Six months ended

Six months ended

Year ended

31 August 2015

31 August 2014

28 February 2015

(unaudited)

(unaudited)

(audited)

Revenue

Capital

Total

Revenue

Capital

Total

Revenue

Capital

Total

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'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 ended

31 August 2015

(unaudited)

Six months ended

31 August 2014

(unaudited)

Year ended

28 February 2015

(audited)

£'000

£'000

£'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 2015

31 August 2014

28 February 2015

(unaudited)

(unaudited)

(audited)

£'000

£'000

£'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 ended

31 August 2015

(unaudited)

Six months ended

31 August 2014

(unaudited)

Year ended

28 February 2015

(audited)

£'000

£'000

£'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

Issue of Ordinary Shares

4,019

1,755

1,755

Repurchase of Ordinary Shares

-

(143)

(155)

Net cash inflow from financing

4,019

1,612

1,600

Increase/(decrease) in cash

1,864

179

(1,003)

The accompanying Notes are an integral part of the Financial Statements.

Maven Income and Growth VCT PLC

Notes to the Financial Statements

1. Accounting policies

The financial information for the six months ended 31 August 2015 and the six months ended 31 August 2014 comprises non-statutory accounts within the meaning of S435 of the Companies Act 2006.

The financial information contained in this report has been prepared on the basis of the accounting policies set out in the Annual Report and Financial Statements for the year ended 28 February 2015, 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.

2. Movement in reserves

Share

premium

account

£'000

Capital

reserve

realised

£'000

Capital

reserve

unrealised

£'000

Special

distributable

reserve

£'000

Capital

redemption

reserve

£'000

Revenue reserve

£'000

At 28 February 2015

10,013

(9,609)

3,070

26,610

198

629

Gains on sales of investments

-

1,144

-

-

-

-

Net decrease in value of investments

-

-

(376)

-

-

-

Investment management fees

-

(279)

-

-

-

-

Dividends paid

-

(1,523)

-

-

-

(381)

Tax effect of capital items

-

56

-

-

-

-

Share issue

201

-

-

-

-

-

DIS share issue

45

-

-

-

-

-

Repurchase and cancellation of shares

-

-

-

-

-

-

Net return on ordinary activities after taxation

-

-

-

-

-

697

At 31 August 2015

10,259

(10,211)

2,694

26,610

198

945

3. Return per Ordinary Share

The returns per share have been based on the following figures:

Six months ended

31 August 2015

Weighted average number of Ordinary Shares

54,310,462

Revenue return

£697,000

Capital return

£545,000

Directors' responsibility statement

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

· the Financial Statements for the six months ended 31 August 2015 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 4.2.7R 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 29 February 2016; and

· the Interim Management Report includes adequate disclosure of the information required by DTR 4.2.8R in relation to material related party transactions and any changes therein.

Other information

The NAV per Ordinary Share has been calculated using the number of Ordinary Shares in issue at 31 August 2015 of 54,492,884.

A full copy of the Interim Report and Financial Statements will be printed and issued to Shareholders. Copies of this announcement will be available to the public at the office of Maven Capital Partners UK LLP, Kintyre House, 205 West George Street, Glasgow G2 2LW and at the registered office of the Company, 5th Floor, 1-2 Royal Exchange Buildings, London EC3V 3LF.

Neither the content of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

On behalf of the Board

Maven Capital Partners UK LLP

Secretary

27 October 2015

This information is provided by RNS
The company news service from the London Stock Exchange
END
IR PGGPGUUPAGWM
Date   Source Headline
23rd Jan 20203:36 pmRNSNet Asset Value(s)
4th Dec 20199:45 amRNSStatement re Share Premium Account Cancellation
28th Nov 20195:06 pmRNSTransaction in Own Shares
22nd Nov 20193:31 pmRNSDirector/PDMR Shareholding
22nd Nov 20192:45 pmRNSIssue of Equity

Login to your account

Don't have an account? Click here to register.