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24 Sep 2010 16:01
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Maven Income and Growth VCT 2 PLC
Ā
Interim results for the six months ended 31 July 2010 (unaudited)
Ā
The Directors announce the unaudited Interim Management Report for the six months ended 31 July 2010.
Ā
Manager's review
Ā
The first half of 2010 was characterised by significant fluctuations in the UK financial markets. Uncertainty over the general election, sovereign debt concerns and the fear of a 'double dip' recession all contributed to an uncertain environment for investors.
Nevertheless, in the reporting period to 31 July 2010 your Company continued to make steady progress and achieved an increase in NAV (net asset value) total return in tandem with a continuation of the investment strategy focused on investing in later stage, income producing private company investments.
Ā
Two new unlisted and six follow-on investments were completed and a total of Ā£0.6 million was invested. At 31 July 2010, the portfolio stood at 65 unlisted and AIM/PLUS investments at a total combined cost of Ā£13.5 million.
Ā
The following investments have been completed during the period:
Ā
|
Investment |
Date |
Activity |
Cost Ā£'000 |
Website |
|
Unlisted |
|
|
|
|
|
Camwatch |
June 2010 |
Communications |
58 |
www.camwatch.co.uk |
|
Countcar |
May 2010 |
Oil & Gas |
50 |
www.atrgroup.co.uk |
|
Essential Viewing Systems |
March 2010 |
Computer Software |
15 |
www.essential-viewing.com |
|
Lawrence Recycling & Waste Management |
April 2010 |
Support Services |
40 |
www.lawrenceskiphire.co.uk |
|
Riverdale Publishing |
February 2010 |
Support Services |
63 |
No website available |
|
TC Communications Holdings |
May 2010 |
Support Services |
Ā 37 |
www.tccommunications.co.uk |
|
Tosca Penta Investments (esure Holdings) |
February 2010 |
Insurance |
150 |
www.esure.com |
|
Venmar (trading as XPD8 Solutions) |
June 2010 |
Oil & Gas |
Ā 199 |
www.xpd8solutions.com |
|
Total investment |
612 |
|
||
Ā
It is worth noting the two new substantial investments that were added to the portfolio. These were: Tosca Penta Investments, which acquired esure, the well known general and motor insurance provider which was acquired from Lloyds Banking Group; and Venmar (trading as XPD8 Solutions), which operates in the condition monitoring and asset integrity segment of the oil and gas industry. Both of these assets are forecast to generate substantial income for your Company via mainly loan stock based structures. The continuation of this later stage and yield based investment strategy should ensure that the Company is well placed to be able to support its long term dividend programme.
Ā
Realisations
Ā
In line with the strategy of reducing exposure to the quoted markets in favour of later stage private equity transactions, the Manager has continued to pursue the structured realisation of the AIM/PLUS portfolio.
Ā
The table below gives details of realisations during the reporting period:
Ā
Ā
|
|
Date first invested |
Complete/ partial exit |
Cost of shares disposed of Ā£'000 |
Sales proceeds Ā£'000 |
Realised gain/ (loss) Ā£'000 |
Realised gain/ (loss) over January 2010 valuation Ā£'000 |
|
Unlisted |
|
|
|
|
|
|
|
Cyclotech |
2007 |
Complete |
|
11 |
11 |
11 |
|
IRW Systems |
2006 |
Complete |
- |
14 |
14 |
14 |
|
IS Holdings |
2001 |
Complete |
- |
2 |
2 |
2 |
|
Torridon Capital (LitComp) |
2010 |
Partial |
225 |
225 |
- |
- |
|
Total unlisted |
|
|
225 |
252 |
27 |
27 |
|
|
|
|
|
|
|
|
|
AIM/PLUS |
|
|
|
|
|
|
|
Avanti Communications Group |
2007 |
Partial |
20 |
67 |
47 |
5 |
|
Brookwell |
2008 |
Partial |
5 |
2 |
(3) |
- |
|
LitComp |
2005 |
Complete |
250 |
292 |
42 |
67 |
|
Melorio |
2007 |
Complete |
99 |
152 |
53 |
36 |
|
Sport Media Group |
2006 |
Complete |
138 |
3 |
(135) |
(3) |
|
Total AIM/PLUS |
Ā |
Ā |
512 |
516 |
4 |
105 |
|
Ā |
Ā |
Ā |
|
|
|
|
|
Total |
Ā |
Ā |
737 |
768 |
31 |
132 |
Ā
Performance
Ā
The NAV total return per Ordinary Share at 31 July 2010 was 69.2p, an increase of 1.6p or 2.4% over the equivalent figure at 31 January 2010. The NAV per Ordinary Share at 31 July 2010, after payment of the final dividend of 1.5p in respect of the year ended 31 January 2010, was 53.6p compared with 53.5p at 31 January 2010. These increases include the equivalent of 0.9p per Ordinary Share in respect of VAT recovered from Aberdeen Asset Managers Limited, as detailed below.
Ā
Recovery of VAT
Ā
The Company received an offer from Aberdeen Asset Managers Limited, to refund the sum of Ā£217,019 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.
Ā
Special distributable reserve
Ā
In the Annual Report for the year ended 31 January 2010, the Board highlighted that its proposals for the cancellation of the share premium account and the capital redemption reserve of the Company had been approved by Shareholders at a General Meeting held on 17 March 2010. The Companies Court has sanctioned these proposals and, as highlighted in Note 2, the special distributable reserve has been increased accordingly from the amount standing at the year end.
Ā
Dividend policy
Ā
The Board continues to target regular annual dividend payments subject to the availability of distributable reserves. The Board has declared an interim capital dividend of 1.0p per Ordinary Share to be paid on 12 November 2010 to Shareholders on the Register at 15 October 2010.
Ā
The Company paid dividends totaling 2.5p per Ordinary Share in respect of the year ended 31 January 2010 which represents a yield of 3.1% per annum on the Ordinary Shares based on their net cost after initial tax relief and is equivalent to 3.3p gross from a UK company to a 40% tax payer. Based on the mid-market price of 38p at 31 July 2010, the equivalent annualised yield is 6.6%, is paid tax-free and equivalent to 8.8% for a 40% rate tax payer.
Ā
Ā
Principal risks and uncertainties
Ā
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.
Ā
Ā 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 level of the portfolio is reviewed regularly by your Board and monitored on a continuous basis by the Manager in order to ensure that the Company consistently satisfies all of the criteria for VCT status.
Ā
Outlook
Ā
Whilst there is a range of opinions on the general economic outlook in the UK, what appears to be clearly in evidence is that both low growth and low interest rates are likely to persist for at least the medium term. Government spending cuts are yet to impact fully on the economy and consumer confidence, which gives further credence to this view. Bank debt will also remain scarce for private companies and, where available, will be significantly more expensive.
Ā
In these conditions, opportunities will continue to emerge for well managed VCTs to take advantage of any dislocation or shortfall in the market for funding good quality private companies. The market has shifted noticeably in recent years, with private and public capital increasingly available to satisfy the funding gap experienced by many established companies across the UK. However, notwithstanding the wider opportunity to invest, competition for the better quality assets has increased markedly over the past 12 months with the emergence of alternative providers of capital to smaller companies, and this trend is expected to continue.
Ā
Ā
Maven Capital Partners UK LLP
Manager
Ā
24 September 2010
Ā
Ā
Ā
ĀĀ
Ā
Ā
|
Maven Income and Growth VCT 2 PLC |
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|
Summary of Investment Changes |
||||||
|
For the six months ended 31 July 2010 |
||||||
|
|
|
|
|
|
|
|
|
|
Valuation 31 January 2010 |
Net investment/ (disinvestment) |
Appreciation/ (depreciation) |
Valuation 31 July 2010 |
||
|
|
Ā Ā£'000 |
Ā % |
Ā Ā£'000 |
Ā Ā£'000 |
Ā Ā£'000 |
Ā Ā£'000 |
|
Unlisted investments |
|
|
|
|
|
|
|
Equities |
2,281 |
19.0 |
242 |
99 |
2,622 |
20.2 |
|
Preference shares |
78 |
0.6 |
- |
(2) |
76 |
0.6 |
|
Loan stock |
5,889 |
49.0 |
118 |
(45) |
5,962 |
45.9 |
|
Total unlisted investment |
8,248 |
68.6 |
360 |
52 |
8,660 |
66.7 |
|
|
|
|
|
|
|
|
|
AIM/PLUS investments |
1,264 |
10.5 |
(516) |
237 |
985 |
7.6 |
|
|
|
|
|
|
|
|
|
Listed fixed income investments |
Ā 507 |
4.2 |
(500) |
(7) |
- |
- |
|
Total investments |
10,019 |
83.3 |
(656) |
282 |
9,645 |
74.3 |
|
|
|
|
|
|
|
|
|
Other net assets |
2,011 |
16.7 |
1,323 |
- |
3,334 |
25.7 |
|
Net assets |
12,030 |
100.0 |
667 |
282 |
12,979 |
100.0 |
Ā
Ā
|
Maven Income and Growth VCT 2 PLC |
|||||
|
Investment Portfolio Summary |
|||||
|
As at 31 July 2010 |
|||||
|
|
|
|
|
|
% of equity |
|
% of |
% of |
held by |
|||
|
Valuation |
Cost |
total |
equity |
other |
|
|
Investments |
Ā£'000 |
Ā£'000 |
assets |
held |
Clients1 |
|
Unlisted |
|
|
|
|
|
|
Cash Bases |
999 |
499 |
7.7 |
16.5 |
11.9 |
|
Oliver Kay Holdings |
595 |
458 |
4.6 |
2.9 |
17.1 |
|
Llanllyr Water Company |
540 |
540 |
4.2 |
42.4 |
7.5 |
|
Dalglen 1148 (trading as PSP/AHC) |
539 |
695 |
4.2 |
11.1 |
63.9 |
|
Homelux Nenplas |
530 |
242 |
4.1 |
4.9 |
35.1 |
|
Camwatch |
526 |
526 |
4.1 |
8.7 |
47.9 |
|
Martel Instruments Holdings |
490 |
490 |
3.8 |
9.1 |
35.2 |
|
Essential Viewing Systems |
461 |
510 |
3.6 |
15.7 |
25.1 |
|
Steminic |
405 |
405 |
3.1 |
5.5 |
46.2 |
|
Adler & Allan Holdings |
374 |
374 |
2.9 |
1.3 |
5.3 |
|
THL Midlands (formerly Transys Holdings) |
346 |
466 |
2.7 |
5.2 |
66.6 |
|
Dalglen 1150 (trading as Walker Technical Resources) |
327 |
218 |
2.5 |
4.7 |
58.4 |
|
Westway Services |
291 |
190 |
2.2 |
1.8 |
20.1 |
|
Lawrence Recycling & Waste Management |
290 |
290 |
2.2 |
3.7 |
54.3 |
|
Torridon Capital (LitComp) |
261 |
169 |
2.0 |
1.9 |
31.3 |
|
Training for Travel Group |
227 |
199 |
1.7 |
2.3 |
27.7 |
|
Venmar (trading as XPD8 Solutions) |
199 |
199 |
1.5 |
3.0 |
32.0 |
|
TC Communications Holdings |
186 |
186 |
1.4 |
6.3 |
55.1 |
|
Nessco Group Holdings |
174 |
174 |
1.3 |
2.3 |
35.5 |
|
Intercede (Scotland) 1 (trading as Electro-Flow Controls) |
169 |
169 |
1.3 |
1.8 |
26.7 |
|
Tosca Penta Investments (esure Holdings) |
150 |
150 |
1.2 |
- |
0.3 |
|
Enpure Holdings |
137 |
100 |
1.1 |
0.4 |
1.9 |
|
Countcar |
134 |
62 |
1.0 |
8.1 |
45.0 |
|
PLM Dollar Group |
119 |
119 |
0.9 |
1.4 |
28.8 |
|
PSCA International |
78 |
78 |
0.6 |
- |
- |
|
Driver Hire Investments Group |
53 |
127 |
0.4 |
0.7 |
1.8 |
|
Other unlisted investments |
60 |
2,286 |
0.4 |
||
|
Total unlisted investments |
8,660 |
9,921 |
66.7 |
|
|
|
|
|
|
|
|
|
|
AIM/PLUS |
|
|
|
|
|
|
Software Radio Technology |
351 |
408 |
2.8 |
1.3 |
1.3 |
|
System C Healthcare |
133 |
189 |
1.1 |
0.3 |
0.7 |
|
Avanti Communications Group |
81 |
27 |
0.6 |
- |
0.1 |
|
OPG Power Ventures |
49 |
39 |
0.4 |
0.1 |
0.4 |
|
AMZ Holdings |
41 |
251 |
0.3 |
0.8 |
1.4 |
|
Hasgrove |
40 |
97 |
0.3 |
0.3 |
1.4 |
|
Work Group |
39 |
251 |
0.3 |
1.2 |
2.1 |
|
Brulines Group |
30 |
31 |
0.2 |
0.1 |
0.3 |
|
Fuse 8 (formerly Award International) |
26 |
14 |
0.2 |
0.1 |
0.2 |
|
Plastics Capital |
26 |
74 |
0.2 |
0.3 |
3.4 |
|
Chime Communications |
25 |
26 |
0.2 |
- |
0.3 |
|
Mount Engineering |
24 |
35 |
0.2 |
0.2 |
2.3 |
|
Cello Group |
20 |
53 |
0.2 |
0.1 |
0.9 |
|
Tangent Communications |
19 |
98 |
0.1 |
0.4 |
0.8 |
|
Managed Support Services |
18 |
180 |
0.1 |
0.2 |
0.6 |
|
Praesepe |
13 |
49 |
0.1 |
0.1 |
0.6 |
|
Individual Restaurant Company |
10 |
100 |
0.1 |
0.2 |
0.5 |
|
Other AIM/PLUS investments |
40 |
1,695 |
0.2 |
|
|
|
Total AIM/PLUS investments |
985 |
3,617 |
7.6 |
|
|
|
|
|
|
|
|
|
|
Total investments |
9,645 |
13,538 |
74.3 |
|
|
|
|
|
|
|
|
|
|
1Other clients of Maven Capital Partners UK LLP. |
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Ā
Ā
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Maven Income and Growth VCT 2 PLC |
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|
Income Statement |
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|
|
|||
|
|
Six months ended 31 July 2010 (unaudited) |
||
|
|
Revenue |
Capital |
Total |
|
|
Ā£'000 |
Ā£'000 |
Ā£'000 |
|
|
|
|
|
|
Gains on investments |
- |
282 |
282 |
|
Income from investments |
162 |
Ā - |
162 |
|
Other income |
5 |
Ā - |
5 |
|
Investment management fees |
6 |
55 |
61 |
|
Other expenses |
(152) |
- |
(152) |
|
Net return on ordinary activities before taxation |
21 |
337 |
358 |
|
|
|
|
|
|
Tax on ordinary activities |
(1) |
1 |
- |
|
Return attributable to Equity Shareholders |
20 |
338 |
358 |
|
|
|
|
|
|
Earnings per share (pence) |
0.08 |
1.43 |
1.51 |
|
|
|
|
|
Ā
Ā
|
Maven Income and Growth VCT 2 PLC |
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|
Income Statement |
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|
|
|||
|
|
Six months ended 31 July 2009 (unaudited) |
||
|
|
Revenue |
Capital |
Total |
|
|
Ā£'000 |
Ā£'000 |
Ā£'000 |
|
|
|
|
|
|
Gains on investments |
- |
15 |
15 |
|
Income from investments |
229 |
Ā - |
229 |
|
Other income |
9 |
Ā - |
9 |
|
Investment management fees |
(15) |
(135) |
(150) |
|
Other expenses |
(99) |
- |
(99) |
|
Net return on ordinary activities before taxation |
124 Ā |
(120) Ā |
4 Ā |
|
|
|
|
|
|
Tax on ordinary activities |
(12) |
12 |
- |
|
Return attributable to Equity Shareholders |
112 Ā |
(108) Ā |
4 Ā |
|
|
|
|
|
|
Earnings per share (pence) |
0.50 |
(0.48) |
0.02 |
|
|
|
|
|
Ā
Ā
|
Maven Income and Growth VCT 2 PLC |
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|
Income Statement |
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|
|
|||
|
|
Year ended 31 January 2010 (audited) |
||
|
|
Revenue |
Capital |
Total |
|
|
Ā£'000 |
Ā£'000 |
Ā£'000 |
|
|
|
|
|
|
Gains on investments |
- |
369 |
369 |
|
Income from investments |
601 |
Ā - |
601 |
|
Other income |
9 |
Ā - |
9 |
|
Investment management fees |
(30) |
(271) |
(301) |
|
Other expenses |
(262) |
- |
(262) |
|
Net return on ordinary activities before taxation |
318 |
98 |
416 |
|
|
|
|
|
|
Tax on ordinary activities |
(57) |
57 |
- |
|
Return attributable to Equity Shareholders |
261 |
155 |
416 |
|
|
|
|
|
|
Earnings per share (pence) |
1.16 |
0.69 |
1.85 |
|
|
|
|
|
|
A Statement of Total Recognised Gains and Losses has not been prepared, as all gains and losses are recognised in the Income Statement. |
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|
|
|||
|
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. |
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|
|||
|
The total column of this statement is the Profit and Loss Account of the Company. |
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|
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|
The accompanying Notes are an integral part of the Financial Statements. |
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Ā
Ā
|
Maven Income and Growth VCT 2 PLC |
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|
Reconciliation of Movements in Shareholders' Funds |
|||
|
|
|
|
|
|
|
Six months ended 31 July 2010 |
Six months ended Ā 31 July 2009 |
Ā Year ended 31 January 2010 |
|
|
(unaudited) |
(unaudited) |
(audited) |
|
|
Ā£'000 |
Ā£'000 |
Ā£'000 |
|
|
|
|
|
|
Opening Shareholders' funds |
12,030 |
12,109 |
12,109 |
|
Net return for period |
358 |
4 |
416 |
|
Proceeds of share issue |
1,035 |
- |
- |
|
Repurchase and cancellation of shares |
(81) |
- |
- |
|
Dividends paid - revenue |
- |
(270) |
(495) |
|
Dividends paid - capital |
(363) |
- |
- |
|
Closing Shareholders' funds |
12,979 |
11,843 |
12,030 |
|
|
|
|
|
|
The accompanying Notes are an integral part of the Financial Statements. |
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Ā
Ā
|
Maven Income and Growth VCT 2 PLC |
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|
Balance Sheet |
|||
|
|
|
|
|
|
|
31 July |
31 July |
Ā 31 January |
|
|
2010 |
2009 |
Ā 2010 |
|
|
(unaudited) |
(unaudited) |
(audited) |
|
|
Ā£'000 |
Ā£'000 |
Ā Ā£'000 |
|
Fixed assets |
|
|
|
|
Investments at fair value through profit or loss |
9,645Ā Ā |
10,828Ā |
10,019Ā |
|
|
|
|
|
|
Current assets |
|
|
|
|
Debtors |
402 |
602 |
416 |
|
Cash and overnight deposits |
2,952 |
451 |
1,631 |
|
3,354 Ā |
1,053 Ā |
2,047 |
|
|
|
|
|
|
|
Creditors |
|
|
|
|
Amounts falling due within one year |
(20) |
(38) |
(36) |
|
|
|
|
|
|
Net current assets |
3,334 |
1,015 |
2,011 |
|
Net assets |
12,979 |
11,843 |
12,030 |
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
Called up share capital |
2,421 |
2,248 |
2,248 |
|
Share premium |
86 |
10,535 |
10,535 |
|
Capital reserves - realised |
(5,178) |
(4,291) |
(4,902) |
|
Capital reserves - unrealised |
(3,783) |
(4,908) |
(4,034) |
|
Special distributable reserve |
19,272 |
7,830 |
7,830 |
|
Capital redemption reserve |
- |
212 |
212 |
|
Revenue reserve |
161 |
217 |
141 |
|
Net assets attributable to Equity Shareholders |
12,979 |
11,843 |
12,030 |
|
|
|
|
|
|
Net asset value per Ordinary Share (pence) |
53.6 Ā |
52.7 Ā |
53.5 Ā |
|
|
|||
|
The accompanying Notes are an integral part of the Financial Statements. |
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Ā
Ā
Ā
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Maven Income and Growth VCT 2 PLC |
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|
Cash Flow Statement |
|||
|
|
|
|
|
|
|
Six months ended |
Six months ended |
Year ended |
|
|
31 July 2010 |
31 July 2009 |
31 January 2010 |
|
|
(unaudited) |
(unaudited) |
(audited) |
|
|
Ā£'000 |
Ā£'000 |
Ā£'000 |
|
Operating activities |
|
|
|
|
Investment income received |
183 |
164 |
705 |
|
Deposit interest received |
4 |
9 |
10 |
|
Investment management fees paid |
61 |
(150) |
(301) |
|
Secretarial fees paid |
(45) |
(42) |
(85) |
|
Directors' expenses paid |
(37) |
(19) |
(72) |
|
Other cash payments |
(92) |
(41) |
(104) |
|
Net cash inflow/(outflow) from operating activities |
74 Ā |
(79) Ā |
153 Ā |
|
|
|
|
|
|
|
|
|
|
|
Financial investment |
|
|
|
|
Purchase of investments |
(611) |
(719) |
(1,467) |
|
Sale of investments |
1,267 |
786 |
2,207 |
|
Net cash inflow from financial investment |
656 Ā |
67 Ā |
1,240 Ā |
|
|
|
|
|
|
Equity dividends paid |
(363) |
(270) |
(495) |
|
Net cash inflow/(outflow) before financing |
367 |
(282) |
898 |
|
|
|
|
|
|
Financing |
|
|
|
|
Issue of Ordinary Shares |
1,035 |
- |
- |
|
Repurchase of Ordinary Shares |
(81) |
- |
- |
|
Net cash inflow from financing |
954 |
- |
- |
|
Increase/(decrease) in cash |
1,321 |
(282) |
898 |
|
|
|
|
|
|
The accompanying Notes are an integral part of the Financial Statements. |
|||
Ā
Ā
Ā
Ā
Maven Income and Growth VCT 2 PLC
Notes to the Financial Statements
Ā
1. Accounting policies
Ā
The financial information for the six months ended 31 July 2010 and the six months ended 31 July 2009 comprises non-statutory accounts within the meaning 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 January 2010, which have been filed at Companies Houses 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.
Ā
2. Investment management fees
Ā
|
|
Six months ended 31 July 2010 |
Six months ended 31 July 2009 |
Year ended 31 January 2010 |
||||||
|
|
Revenue |
Capital |
Total |
Revenue |
Capital |
Total |
Revenue |
Capital |
Total |
|
|
Ā£'000 |
Ā£'000 |
Ā£'000 |
Ā£'000 |
Ā£'000 |
Ā£'000 |
Ā£'000 |
Ā£'000 |
Ā£'000 |
|
|
|
|
|
|
|
|
|
|
|
|
Investment management fees |
16 |
140 |
156 |
15 |
135 |
150 |
30 |
271 |
301 |
|
Refund of VAT on management fees |
(22) |
(195) |
(217) |
- |
- |
- |
- |
- |
- |
|
|
(6) |
(55) |
(61) |
15 |
135 |
150 |
30 |
271 |
301 |
Ā
The Board has accepted an offer of Ā£217,019 as part settlement of the refund of VAT paid on management fees during the period from 1 October 2005 to 1 October 2008. Further amounts may be recoverable, but these have not been recognised due to the uncertainty over the quantum and timing of receipt.
Ā
3. Movement in reserves
Ā
|
|
Share Premium account |
Capital reserves - realised |
Capital reserves - unrealised |
Special distribut-able reserve |
Capital redemption reserve |
Revenue reserve |
|
|
Ā£'000 |
Ā£'000 |
Ā£'000 |
Ā£'000 |
Ā£'000 |
Ā£'000 |
|
At 31 January 2010 |
10,535 |
(4,902) |
(4,034) |
7,830 |
212 |
141 |
|
Gains on sales of investments |
- |
31 |
- |
- |
- |
- |
|
Net increase in value of investments |
- |
Ā - |
251 |
- |
- |
- |
|
Investment management fees |
- |
55 |
- |
- |
- |
- |
|
Dividends paid |
Ā - |
(363) |
Ā - |
- |
Ā - |
- |
|
Tax effect of capital items |
- |
1 |
- |
- |
- |
- |
|
Repurchase and cancellation of shares |
- |
- |
- |
(81) |
21 |
- |
|
Share issue - 1 April 2010 |
622 |
- |
- |
- |
- |
- |
|
Share issue - 5 April 2010 |
133 |
- |
- |
- |
- |
- |
|
Cancellation of share premium account - 21 April 2010 |
(11,290) |
- |
- |
11,290 |
- |
- |
|
Cancellation of capital redemption reserve - 21 April 2010 |
- |
- |
- |
233 |
(233) |
- |
|
Share issue - 30 April 2010 |
86 |
- |
- |
- |
- |
- |
|
Net return on ordinary activities |
- |
- |
- |
- |
- |
20 |
|
As at 31 July 2010 |
86 |
(5,178) |
(3,783) |
19,272 |
- |
161 |
Ā
4. Returns per Ordinary Share
Ā
The returns per Ordinary Share are based on the following figures:
Ā
|
|
Six months ended |
|
|
31 July 2010 |
|
|
Ā£'000 |
|
|
|
|
Weighted average number of Ordinary Shares in issue |
23,591,633 |
|
Revenue return |
Ā£20,000 |
|
Capital return |
Ā£338,000 |
Ā
Directors' responsibility statement
Ā
The Directors confirm that, to the best of their knowledge:
Ā
Ā·; the Financial Statements for the six months ended 31 July 2010 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;
Ā
Ā·; 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, of the year ending 31 January 2011; and
Ā
Ā·; 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 therein.
Ā
Other information
Ā
The NAV per Ordinary Share has been calculated using the number of Ordinary Shares in issue at 31 July 2010 of 24,211,286.
Ā
A summary of investment changes for the six months under review and an investment portfolio summary as at 31 July 2010 are included above.
Ā
A full copy of the Interim Report and Financial Statements will be printed and issued to Shareholders.
Ā
Copies of this announcement will be available to the public at the office of Maven Capital Partners UK LLP, 149 St Vincent Street, Glasgow G2 5NW and at the registered office of the Company, 9-13 St. Andrew Street, London EC4A 3AF.
Ā
By order of the Board
Ā
Maven Capital Partners UK LLP
Secretary
Ā
24 September 2010
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