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Pin to quick picksMaven Grwth 3 Regulatory News (MIG3)

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Maven Income and Growth VCT 3 is an Investment Trust

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Half-year Report

26 Jul 2019 11:25

RNS Number : 8872G
Maven Income and Growth VCT 3 PLC
26 July 2019
 

Maven Income and Growth VCT 3 PLC

 

Interim Results for the Six Months Ended 31 May 2019

 

Highlights

 

• NAV total return at 31 May 2019 of 144.14p per share

 

• NAV at 31 May 2019 of 61.97p per share

 

• Interim dividend of 2.00p per share

 

• Three new private company holdings added to the portfolio, with a further three investments completed post the period end

 

• Two new AIM quoted company holdings added to the portfolio

 

• Follow-on funding provided to nine portfolio companies

 

• Substantial pipeline of investments, with a number in advanced process

 

• Post the period end, realisations of the holdings in GEV and Just Trays

 

Overview

Your Company has made good progress in the first half of the financial year, reporting a further increase in NAV total return to Shareholders. During the period five new and nine follow-on investments were completed, consistent with the strategic objective of constructing a large and sectorally diversified portfolio of private and AIM quoted companies that offer the prospect of capital gain. Your Company continues to experience strong levels of new investment opportunities sourced from across the Maven office network and, consequently, it is anticipated that the second half of the year will see further progress in portfolio expansion and development. There have also been two notable realisations, with the sale of Just Trays and GEV completing shortly after the period end. In light of this performance, the Directors have elected to pay an interim dividend of 2.00p per share.

 

Your Company currently has good levels of liquidity and is actively building a large and varied portfolio of investments across a range of attractive industry sectors, notably fintech, healthcare, speciality manufacturing and software. The Manager's regional network now extends to twelve offices across the UK, with a team of executives who have extensive experience in the management of private company holdings, as well as a dedicated AIM team.

 

It is encouraging to report that despite the ongoing political and economic uncertainty, Maven continues to see both a strong pipeline of new opportunities, and no discernible impact on the current portfolio holdings. Regardless, Maven will continue to follow a highly selective approach to investment, only supporting companies that offer a combination of management talent and proven ability, in tandem with a compelling or disruptive business model, where the entry price and equity stake secured offers returns commensurate with the early stage nature of VCT investment. Maven has closely developed positive working relationships with other investors and VCT managers, and will continue to co-invest as part of a syndicate in order to diversify and reduce risk.

 

Maven also maintains an active relationship with the management team of each investee company, often appointing a new chairman as well as a senior Maven executive to the board. This approach adds additional skills and experience, whilst also allowing Maven to closely monitor performance and assist with strategic planning, to help each business grow and generate Shareholder value. Maven executives will also play an active role when an exit is being contemplated.

 

Dividends

As Shareholders will be aware from recent Annual and Interim Reports, decisions on distributions take into consideration the availability of surplus revenue, the realisation of capital gains, the adequacy of distributable reserves and the VCT qualifying level. These factors are kept under close and regular review by the Board and the Manager, who both recognise the importance of tax-free distributions to Shareholders.

 

During 2017 and 2018, your Company made a number of enhanced dividend payments, which occurred outwith the normal dividend payment pattern and were the result of a build-up of distributable reserves and the requirement to maintain ongoing compliance with the VCT regulations. Whilst your Company does not have a specific dividend target, the Directors recognise that a period of time has elapsed since the latest dividend was paid and, as a result of the notable realisations recently achieved, have elected to declare an interim dividend, which is more aligned to historic distribution levels.

 

 

Therefore, an interim dividend in respect of the year ending 30 November 2019, of 2.00p per Ordinary Share, will be paid on 30 August 2019 to Shareholders on the register at 2 August 2019. Since the Company's launch, and after receipt of this latest dividend, 84.17p per share will have been distributed in tax-free dividends. It should be noted that the effect of paying dividends reduces the NAV of the Company by the total cost of the distribution.

 

As the portfolio continues to evolve, and a greater proportion of holdings are invested in young companies, in line with the VCT regulations, there may continue to be fluctuations in the quantum and timing of future dividend payments, which are likely to become more closely aligned to realisation activity. The Board and the Manager will continue to monitor this carefully, in line with your Company's investment objective.

 

Dividend Investment Scheme (DIS)

Your Company has in place a DIS, through which Shareholders may elect to have their dividend payments used to apply for new Ordinary Shares issued by the Company under the standing authority requested from Shareholders at Annual General Meetings. Shares issued under the DIS should qualify for VCT tax relief applicable for the tax year in which they are allotted, subject to an individual Shareholder's particular circumstances. If a Shareholder is in any doubt about the merits of participating in the DIS, or their own tax status, they should seek advice from a suitably qualified adviser.

 

Shareholders who wish to participate in the DIS in respect of future dividends, including the interim payment declared above, should ensure that a DIS mandate or CREST instruction, as appropriate, is received by the Registrar (Link Market Services) in advance of 16 August 2019, this being the next dividend election date. The mandate form, terms & conditions and full details of the scheme (including further details about tax considerations) are available from the Company's website at www.mavencp.com/migvct3. A DIS election can also be made using the Registrar's share portal at www.signalshares.com.

 

Portfolio Developments

During the first half of the financial year, the portfolio companies have generally traded in line with expectations and, at present, there are no specific issues to highlight with respect to the ongoing uncertainty surrounding the UK's future relationship with the EU. The Manager maintains an open dialogue with the management teams of all investee companies regarding this evolving situation and will continue to monitor developments closely.

 

It is encouraging to report that the established companies within the portfolio have generally continued to perform well. These companies operate in a diverse range of sectors across the UK and their ability to continue to deliver growth reflects their quality and resilience, which has, in some cases, warranted uplifts to valuations.

 

Renewable energy services group GEV, which specialises in wind turbine blade maintenance, has continued to make encouraging progress. Its largest growth market remains the US, where it has secured a number of new contracts including MHI Vestas, Eon, Siemens and Invenergy. Projects are also being pursued in the UK and Europe that should help to drive further growth. Given the positive performance, the management team, with the support of the Maven appointed board representative, engaged with a corporate finance adviser and initiated a process to market the business for sale. Following a competitive process, an offer from a private equity buyer was accepted and the exit completed shortly after the period end, resulting in a total return of 2.7 times cost over the holding period.

 

Just Trays, the UK's leading designer and manufacturer of shower trays and related accessories continues to deliver growth. The business remains committed to innovation and new product development within its core market, and now manufactures over 6,000 shower trays per week from its facility in Leeds. All shower trays are manufactured in the UK for domestic and overseas customers. Following an actively managed sales process, led by a specialist corporate finance adviser, an offer to buy the business was accepted from a trade acquiror, with the exit completing shortly after the period end. The realisation generated a total return of 2 times cost over the holding period, including a deferred element.

 

In 2013, your Company participated in a syndicate to invest in Global Risk Partners, backing a highly experienced management team to pursue a buy & build strategy in the speciality insurance market. Since launch, the business has achieved considerable scale, having completed and successfully integrated 52 acquisitions with gross written premiums of the enlarged business now in excess of £700 million. Global Risk Partners is now within the top ten insurance brokers in the UK and the outlook remains positive, with a strong pipeline of acquisition opportunities currently under review.

 

In light of the continued improvement in market conditions within the oil & gas sector, the majority of portfolio companies with exposure to it are recording increased levels of sales, higher profitability and strong forward order books, building on the improvements of 2018. Following a sustained period of positive trading and a recovery in profitability, the provision taken against HCS Control Systems, the specialist designer, manufacturer and assembler of subsea systems, has been reversed. The Manager will continue to monitor the progress of sector assets through the second half of the year.

 

Your Company is building an interesting portfolio of early stage assets that operate in growth markets, providing products and services to a wide range of end users, often through a disruptive or innovative technology-led approach. These early stage companies have generally made satisfactory progress, achieving the milestones set out at the time of the original investment.

 

Curo Compensation, the developer of advanced software-as-a-service (SaaS) solutions to manage the annual financial compensation cycle for corporate clients, has made good progress since the initial investment in December 2017. The company has a diverse client base including Bupa, Compass Group, Sage and Virgin Atlantic, and is focused on increasing its customer base and annual contract value. During the period, additional funding was provided to help support growth, specifically through the recruitment of a number of experienced individuals and the planned expansion into the North American market.

 

Your Company first invested in ITS Technology, a developer and operator of full fibre digital networks for urban and rural areas, in July 2017. Since investment, the business has achieved scale by expanding its network base and now serves over 1,400 customers.

 

Visual asset management services group Whiterock continues to make positive progress in line with the core objectives identified at the time of original investment. Since 2016, the business has developed its technology platform and secured a number of material contracts with international blue-chip clients, representing a strong endorsement of the product and its capabilities. Follow-on funding was provided to the company in July 2018 to support growth and the outlook for the current year is highly encouraging.

 

Following contract delays, a provision was taken against the holding in Cognitive Geology, with further funding provided to support the company as it develops new opportunities, albeit at a lower valuation that reflected the slower than anticipated progress.

 

The Board and the Manager remain optimistic in the long-term potential of these early stage assets, acknowledging that, whilst the growth path of younger companies is more difficult to predict, those that achieve scale should be capable of generating substantial Shareholder value.

 

The Directors and the Manager continue to pursue an active policy with respect to liquidity management and the non- qualifying holdings in investment trusts and will continue to consider a range of other income generating investment options permitted under the VCT regulations.

 

New Investments

During the period, your Company provided development capital to three private companies offering interesting growth opportunities:

 

Avid Technology is a leader in the design, manufacture and assembly of powertrain components and propulsion systems for the electrification of commercial, industrial and high-performance vehicles, with specific expertise in electric pumps, electric fans, power electronics, battery systems and traction motors. The company has an impressive client list, including Caterpillar and Jaguar Land Rover, and the funding will be used to increase headcount, invest in facilities and support the scaling up of the manufacturing capabilities.

 

Mojo Mortgages is an FCA authorised mortgage broker that has developed an integrated platform enabling customers to complete their mortgage search and full application process online. The company is focused on improving the user experience and, in particular, reducing the length of time a mortgage application takes to complete. The funding will be used to support marketing activities, raise the company's profile and recruit additional staff to help further develop the technology platform.

 

Symphonic Software is a developer and provider of context-aware authorisation software that controls user permissions and access to data. The company aims to change the way organisations regulate the sharing of information, allowing them to share sensitive and time-critical information securely. The system also provides centralised visibility and control over the application of internal policies across an enterprise's entire data landscape within one easy-to-use interface, whilst maintaining compliance with external regulations. The funding will be invested in sales and marketing resource and used to improve service to clients.

 

In addition, two new AIM quoted investments were added to the portfolio:

 

Diaceutics is a data analytics and implementation services company supporting the pharmaceutical industry. Your Company participated in the initial public offering in March 2019, when Diaceutics was admitted to trading on AIM having raised a total of £17.0 million. The proceeds will be used to expand existing data sets and develop the technology platform, as well as providing working capital to fund growth into international markets.

 

MaxCyte is a global medicines and life sciences company that applies its patented cell engineering technology to help patients with unmet medical needs across a broad range of conditions. Your Company participated in the £10 million fundraising, which completed in February 2019. The proceeds will enable the business to accelerate its growth strategy and to progress identifiable commercial opportunities.

 

The following investments have been completed during the reporting period:

 

 

 

Purchases

 

 

Date

 

 

Sector

Investment

cost

£'000

 

 

Website

Unlisted

 

New investments

Avid Technology Group Limited

Life's Great Group Limited

(trading as Mojo Mortgages)

Symphonic Software Limited

 

 

 

February 2019

February 2019

 

March 2019

 

 

 

Automobile & parts

Software & computer services (financial services)

Software & computer services (financial services/healthcare)

 

 

 

350

470

 

350

 

 

 

www.avidtp.com www.mojomortgages.com

 

www.symphonicsoft.com

Total new investments

1,170

 

Follow-on investments

Cognitive Geology Limited

April 2019

Software & computer

45

www.cognitivegeology.com

services (energy services)

Contego Solutions Limited

March 2019

Software & computer

250

www.northrow.com

(trading as NorthRow)

services (financial services)

Curo Compensation Limited

December 2018

Software & computer

67

www.curocomp.com

services (employment

services)

ebb3 Limited

April 2019

Software & computer

75

www.ebb3.com

services (energy services/

automotive/construction)

Lending Works Limited

May 2019

Software & computer

43

www.lendingworks.co.uk

services (financial services)

Lydia Limited

May 2019

Software & computer

150

www.motokiki.com

(trading as Motokiki)

services (automotive)

QikServe Limited

May 2019

Software & computer

47

www.qikserve.com

services (hospitality)

Rockar 2016 Limited

April 2019

Software & computer

29

www.rockar.com

(trading as Rockar)

services (automotive)

WaterBear Education Limited

May 2019

Support services

250

www.waterbear.org.uk

Total follow-on investments

956

Total unlisted

2,126

 

Quoted

New investments

Diaceutics PLC

March 2019

Software & computer services (pharmaceutical)

250

www.diaceutics.com

MaxCyte Inc

February 2019

Pharmaceuticals & biotechnology

250

www.maxcyte.com

Total quoted

500

 

 

 

 

Purchases (continued)

 

 

Date

 

 

Sector

Investment

cost

£'000

 

 

Website

Private equity investment trusts1

Apax Global Alpha Limited

March 2019

Investment companies

147

www.apaxglobalalpha.com

BMO Private Equity Trust PLC

March 2019

Investment companies

130

www.bmoprivateequitytrust.com

(formerly F&C Private Equity Trust PLC)

HarbourVest Global Private

February 2019

Investment companies

250

www.hvpe.com

Equity Limited

HgCapital Trust PLC

March 2019

Investment companies

115

www.hgcapitaltrust.com

ICG Enterprise Trust PLC

March 2019

Investment companies

270

www.icg-enterprise.co.uk

Pantheon International PLC

March 2019

Investment companies

161

www.piplc.com

Princess Private Equity Holding Limited

March 2019

Investment companies

150

www.princess-privateequity.net

Standard Life Private Equity Trust PLC

March 2019

Investment companies

67

www.slpet.co.uk

Total private equity investment trusts

1,290

Total investments

3,916

 

1Part of liquidity management strategy.

At the period end, the portfolio stood at 72 unlisted and quoted investments, at a total cost of £28.07 million.

 

Realisations

The table below gives details of all realisations achieved during the reporting period:

 

Gain/(loss)

Cost of

Value at

over

shares

30 November

Sales

Realised

30 November

Year first

Complete/

disposed of

2018

proceeds

gain/(loss)

2018 value

Sales

invested

partial exit

£'000

£'000

£'000

£'000

£'000

Unlisted

Other unlisted investments

 

3

 

-

 

11

 

8

 

11

Total unlisted

3

-

11

8

11

 

Quoted

 

 

 

9

-

Diaceutics PLC

2019

Partial

-

13

4

13

esure Group PLC

2010

Complete

23

23

23

-

Total quoted

9

23

36

27

13

Total disposals

12

23

47

35

24

 

As at the date of this report, the Manager is in dialogue with several investee companies and prospective acquirors at various stages of an exit process. However, there can be no certainty that these discussions will result in profitable realisations.

 

Material Developments Since the Period End

Since 31 May 2019, three new private company holdings have been added to the portfolio.

 

Digital Bridge has developed a virtual guided design assistant that uses pioneering artificial intelligence (AI) and computer vision technology to guide customers through the entire process of creating a bathroom or kitchen, from concept to completion, via its online portal. The platform has been operational within B&Q since 2017 and was rolled out to its French sister-company Castorama in early 2018. The investment will be used to increase headcount, establish an office in the US and add further apps based functionality to the existing product.

 

Honcho Markets has developed an innovative app-based platform that aims to redefine how consumers purchase insurance products by providing them with a transparent, cost-effective and engaging way of buying car, home, contents, travel or pet cover. The honcho app uses a reverse auction marketplace, which enables insurance companies to actively bid for consumers' business, ensuring a highly competitive quote. The platform will initially be launched within the motor insurance market, with a view to expanding into personal lines at a future date. The investment will be used to support the national market launch of the platform.

 

Filtered Technologies has developed a market leading learning and development solution for corporate clients, driven by AI software that uses an intelligent learning recommendation engine. The core product magpie provides a range of tailored training content suitable for both retail and corporate markets, and the existing client list includes Shell, Royal Mail, New Look and the NHS. The investment will support the further development of the technology and product, as well as enhancing the sales and marketing function to help drive future sales.

 

Follow-on funding was also provided to ADC Biotechnology to help support the continued growth of the business.

 

In addition, as previously highlighted, the exits from the holdings in GEV and Just Trays completed in June 2019.

 

Principal Risks and Uncertainties

The principal risks and uncertainties facing the Company were set out in full in the Strategic Report contained within the 2018 Annual Report, and are the risks associated with investment in small and medium sized unlisted and AIM/NEX quoted companies which, by their nature, carry a higher level of risk and are subject to lower liquidity than investments in larger quoted companies. The valuation of investee companies may be affected by economic conditions, the credit environment and other risks including 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 & Risk Committee and reported to your Board. The Board has confirmed that all tests, including the criteria for VCT qualifying status, continue to be monitored and met.

 

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 continue to be bought back at prices representing a discount of between 5% and 10% of the prevailing NAV per share. During the period under review, 370,000 shares were bought back at a total cost of £209,000.

 

Regulatory Update

Your Company is making good progress towards satisfying the requirement of the Finance Act 2018 to hold 80% of its investments in qualifying holdings and it is anticipated that this will be achieved ahead of the mandatory compliance date of 30 November 2019.

 

In July 2018, the Financial Reporting Council published an update of the UK Corporate Governance Code (the Code), which focused on the application and reporting of the updated Principles. The 2018 Code applies to all companies with a Premium Listing and is applicable for all accounting periods beginning on or after 1 January 2019. In February 2019, the Association of Investment Companies (AIC) issued a revised version of the AIC Code of Corporate Governance, which takes into consideration the Code and has the same application date. The Board is considering the future reporting obligations under the new Codes.

 

On 10 June 2019 the Shareholder Rights Directive II (SRD II) was adopted as an update to the 2007 EU Directive, which aimed to ensure a better protection of the rights of shareholders in listed companies. The amendments are focused on further strengthening the position of shareholders to ensure that the decisions of the directors are made for the long-term stability of a company. SRD II aims to increase transparency regarding the investment strategy, directors' remuneration and voting process in general meetings, whilst also involving shareholders in corporate governance.

 

Outlook

Your Company is making good progress towards its objective of building a large and diverse portfolio of high quality private and AIM quoted growth companies. The pipeline of opportunities currently in process is very healthy, indicating that the rate of new investment in the second half of the year will be strong. The Manager remains focused on identifying and investing in some of the most attractive younger growth companies across the UK, whilst also supporting existing holdings that are making demonstrable commercial progress. Your Company is, therefore, well positioned to achieve its strategic objective and, notwithstanding the political and economic uncertainty, the Manager is optimistic that the developing investee company portfolio will continue to deliver Shareholder value.

 

 

On behalf of the Board

Maven Capital Partners UK LLP

Secretary

 

26 July 2019

 

 

 

Summary of Investment Changes

For the Six Months Ended 31 May 2019

 

Valuation

30 November 2018

£'000 %

Net investment/ (disinvestment)1

£'000

Appreciation/ (depreciation)

£'000

Valuation

31 May 2019

£'000 %

Unlisted investments

Equities

9,893

23.3

1,970

505

12,368

29.1

Loan stock

9,910

23.4

195

(89)

10,016

23.6

19,803

46.7

2,165

416

22,384

52.7

AIM/NEX investments

Equities

324

0.8

437

87

848

2.0

 

Listed investments

Equities

23

0.1

(23)

-

-

-

Investment trusts

958

2.3

1,290

100

2,348

5.5

Total investments

21,108

49.9

3,869

603

25,580

60.2

 

Other net assets

 

21,301

 

50.1

 

(4,365)

 

-

 

16,936

 

39.8

Net assets

42,409

100.0

(496)

603

42,516

100.0

 

1 includes assets transferred between AIM/NEX and unlisted during the period.

 

Investment Portfolio Summary

As at 31 May 2019

 

 

 

Investment

 

 

Valuation

£'000

 

 

Cost

£'000

 

 

% of total assets

 

 

% of equity held

 

% of equity held by other clients1

Unlisted

GEV Holdings Limited

1,647

672

3.9

4.1

31.9

Ensco 969 Limited (trading as DPP)

1,283

1,133

3.1

4.8

29.7

Vodat Communications Group Limited

1,024

567

2.5

4.2

22.6

CatTech International Limited

982

627

2.3

6.0

24.0

Martel Instruments Holdings Limited

918

1,026

2.2

12.4

31.8

Rockar 2016 Limited (trading as Rockar)

893

578

2.1

3.0

12.6

Maven Co-invest Endeavour Limited Partnership

833

417

2.0

8.1

91.9

(invested in Global Risk Partners)

JT Holdings (UK) Limited (trading as Just Trays)

806

496

1.9

5.3

24.7

HCS Control Systems Group Limited

746

746

1.8

6.1

30.4

CB Technology Group Limited

728

558

1.7

11.2

67.7

The GP Service (UK) Limited2

721

690

1.7

9.4

40.2

ITS Technology Group Limited

695

695

1.6

5.3

31.2

Horizon Cremation Limited

688

688

1.6

3.7

18.6

Glacier Energy Services Holdings Limited

686

686

1.6

2.6

25.0

TC Communications Holdings Limited

645

980

1.5

8.3

21.7

Contego Solutions Limited (trading as NorthRow)

597

597

1.4

3.7

14.6

Flow UK Holdings Limited

597

597

1.4

7.0

28.0

R&M Engineering Group Limited

572

761

1.3

8.3

62.3

QikServe Limited

563

563

1.3

3.1

13.5

RMEC Group Limited

557

446

1.3

2.7

47.4

Fathom Systems Group Limited

537

710

1.3

7.8

52.2

ebb3 Limited

489

326

1.2

7.4

48.2

Life's Great Group Limited

470

470

1.1

7.3

18.5

(trading as Mojo Mortgages)

Lending Works Limited

392

392

0.9

3.3

16.3

WaterBear Education Limited

370

370

0.9

8.7

35.0

Avid Technology Group Limited

350

350

0.8

5.6

16.3

Symphonic Software Limited

350

350

0.8

4.2

10.2

Bright Network (UK) Limited

348

348

0.8

4.9

25.1

Whiterock Group Limited

346

320

0.8

5.1

24.9

Attraction World Holdings Limited

341

23

0.8

6.7

31.7

Lydia Limited (trading as Motokiki)

300

300

0.7

10.7

35.7

Growth Capital Ventures Limited

268

256

0.6

6.1

32.4

 

 

 

Investment Portfolio Summary (Continued)

As at 31 May 2019

 

 

 

Investment

 

 

Valuation

£'000

 

 

Cost

£'000

 

 

% of total assets

 

 

% of equity held

 

% of equity held by other clients1

Unlisted (continued)

Boiler Plan (UK) Limited

250

250

0.6

7.2

40.5

eSafe Global Limited

248

248

0.6

4.6

27.4

Curo Compensation Limited

222

216

0.5

2.4

16.6

ADC Biotechnology Limited

210

430

0.5

2.6

14.4

ISN Solutions Group Limited

205

321

0.5

4.5

50.5

BioAscent Discovery Limited

199

199

0.5

5.0

35.0

Cognitive Geology Limited

104

223

0.2

3.6

16.3

Optoscribe Limited

99

99

0.2

1.0

9.0

FLXG Scotland Limited

54

369

0.1

2.4

11.9

(formerly Flexlife Group Limited)

Space Student Living Limited

51

-

0.1

11.5

68.6

Other unlisted investments

-

4,188

-

Total unlisted

22,384

24,281

52.7

 

Quoted

Diaceutics PLC

279

241

0.6

0.5

0.5

MaxCyte Inc

235

250

0.5

0.3

0.3

Synnovia PLC (formerly Plastics Capital PLC)

110

122

0.3

0.3

1.1

Byotrol PLC

108

197

0.3

1.2

2.3

Cello Health PLC

71

54

0.2

0.1

0.4

Vianet Group PLC (formerly Brulines Group PLC)

31

31

0.1

0.1

1.4

Gordon Dadds Group PLC

12

201

-

-

0.1

(formerly Work Group PLC)

Other quoted investments

2

434

-

Total quoted

848

1,530

2.0

 

 

 

Investment Portfolio Summary (Continued)

As at 31 May 2019

 

 

 

 

Investment

 

 

Valuation

£'000

 

 

Cost

£'000

 

 

% of total assets

 

 

% of equity held

 

% of equity held by other clients1

Private equity investment trusts

ICG Enterprise Trust PLC

343

334

0.9

-

-

HarbourVest Global Private Equity Limited

280

250

0.7

HgCapital Trust PLC

275

249

0.6

-

-

Princess Private Equity Holding Limited

268

270

0.6

-

-

Apax Global Alpha Limited

260

250

0.6

-

-

BMO Private Equity Trust PLC

233

253

0.5

0.1

0.1

(formerly F&C Private Equity Trust PLC)

Pantheon International PLC

191

180

0.5

-

-

Standard Life Private Equity Trust PLC

124

110

0.3

-

0.1

Total private equity investment trusts

1,974

1,896

4.7

 

Real estate investment trusts

Regional REIT Limited

102

89

0.2

-

0.1

Target Healthcare REIT Limited

102

96

0.2

-

0.1

Schroder REIT Limited

99

107

0.2

-

0.1

Custodian REIT PLC

71

71

0.2

-

-

Total real estate investment trusts

374

363

0.8

Total investments

25,580

28,070

60.2

 

1 Other clients of Maven Capital Partners UK LLP.

2 Atul Devani is executive chairman of this company.

 

 

Income Statement

For the Six Months Ended 31 May 2019

 

Six months ended

31 May 2019

(unaudited)

Revenue Capital Total

£'000 £'000 £'000

Six months ended

31 May 2018

(unaudited)

Revenue Capital Total

£'000 £'000 £'000

Year ended

30 November 2018

(audited)

Revenue Capital Total

£'000 £'000 £'000

 

Gains on investments

-

603

603

-

312

312

-

521

521

Income from investments

359

-

359

621

-

621

984

-

984

Other income

30

-

30

12

-

12

35

-

35

Investment management fees

(108)

(435)

(543)

(102)

(410)

(512)

(214)

(854)

(1,068)

Other expenses

(133)

-

(133)

(132)

-

(132)

(398)

-

(398)

Net return on ordinary activities before taxation

148

168

316

399

(98)

301

407

(333)

74

 

 

Tax on ordinary activities

 

(12)

 

12

 

-

 

(36)

 

36

 

-

 

(71)

 

71

 

-

 

Return attributable to Equity Shareholders

136

180

316

363

(62)

301

336

(262)

74

 

 

Earnings per share (pence)

 

0.20

 

0.26

 

0.46

 

0.65

 

(0.11)

 

0.54

 

0.54

 

(0.42)

 

0.12

 

 

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 one reportable segment, the results of which are set out in the Income Statement and Balance Sheet. The Company derives its income from investments made in shares, securities and bank deposits.

 

There are no potentially dilutive capital instruments in issue and, therefore, no diluted earnings per share figures are relevant. The basic and diluted earnings per share are, therefore, identical.

 

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

 

 

Statement of Changes in Equity

For the Six months Ended 31 May 2019

 

Six months ended 31 May 2019 (unaudited)

 

 

 

 

 

Share capital

£'000

 

Share premium account

£'000

 

Capital reserve realised

£'000

 

Capital reserve unrealised

£'000

 

Special distributable

reserve

£'000

 

Capital redemption

reserve

£'000

 

Revenue reserve

£'000

 

 

Total

£'000

At 30 November 2018

Net return

6,897

-

31,285

-

(9,784)

(388)

(3,058)

568

15,323

-

890

-

856

136

42,409

316

Repurchase and cancellation of shares

(37)

-

-

-

(209)

37

-

(209)

At 31 May 2019

6,860

31,285

(10,172)

(2,490)

15,114

927

992

42,516

 

Six months ended 31 May 2018 (unaudited)

 

 

 

 

 

Share capital

£'000

 

Share premium account

£'000

 

Capital reserve realised

£'000

 

Capital reserve unrealised

£'000

 

Special distributable

reserve

£'000

 

Capital redemption

reserve

£'000

 

Revenue reserve

£'000

 

 

Total

£'000

At 30 November 2017

Net return

4,702

-

18,035

-

(5,989)

2,686

(62)

(2,748)

15,749

-

819

-

761

363

34,015

301

Dividends paid

-

-

(3,155)

-

-

-

-

(3,155)

Repurchase and cancellation of shares

(25)

-

-

-

(165)

25

-

(165)

Net proceeds of share issue

2,174

12,747

-

-

-

-

-

14,921

Net proceeds of DIS issue

35

190

-

-

-

-

-

225

At 31 May 2018

6,886

30,972

(6,458)

(2,810)

15,584

844

1,124

46,142

 

Year ended 30 November 2018 (audited)

 

 

 

 

 

Share capital

£'000

 

Share premium account

£'000

 

Capital reserve realised

£'000

 

Capital reserve unrealised

£'000

 

Special distributable

reserve

£'000

 

Capital redemption

reserve

£'000

 

Revenue reserve

£'000

 

 

Total

£'000

At 30 November 2017

Net return

4,702

-

18,035

-

(5,989)

2,734

(62)

(2,996)

15,749

-

819

-

761

336

34,015

74

Dividends paid

-

-

(6,529)

-

-

-

(241)

(6,770)

Repurchase and cancellation of shares

(71)

-

-

-

(426)

71

-

(426)

Net proceeds of share issue

2,174

12,793

-

-

-

-

-

14,967

Net proceeds of DIS issue

92

457

-

-

-

-

-

549

At 30 November 2018

6,897

31,285

(9,784)

(3,058)

15,323

890

856

42,409

 

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

 

 

 

Balance Sheet

As at 31 May 2019

31 May 2019

(unaudited)

£'000

31 May 2018

(unaudited)

£'000

30 November 2018

(audited)

£'000

Fixed assets

Investments at fair value through profit or loss

 

25,580

 

19,953

 

21,108

 

Current assets

Debtors

294

940

358

Cash

16,694

25,320

20,979

16,988

26,260

21,337

Creditors

Amounts falling due within one year

(52)

(71)

(36)

Net current assets

16,936

26,189

21,301

Net assets

42,516

46,142

42,409

 

 

Capital and reserves

Called up share capital

6,860

6,886

6,897

Share premium account

31,285

30,972

31,285

Capital reserve - realised

(10,172)

(6,458)

(9,784)

Capital reserve - unrealised

(2,490)

(2,810)

(3,058)

Special distributable reserve

15,114

15,584

15,323

Capital redemption reserve

927

844

890

Revenue reserve

992

1,124

856

Net assets attributable to Ordinary Shareholders

42,516

46,142

42,409

Net asset value per Ordinary Share (pence)

61.97

67.01

61.49

 

 

The Financial Statements of Maven Income and Growth VCT 3 PLC, registered number 04283350, were approved by the Board and were signed on its behalf by:

 

 

 

Atul Devani

Chairman

26 July 2019

 

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

 

 

Cash Flow Statement

For the Six Months Ended 31 May 2019

 

Six months ended

Six months ended

Year ended

31 May 2019

31 May 2018

30 November 2018

(unaudited)

£'000

(unaudited)

£'000

(audited)

£'000

Net cash flows from operating activities

(207)

1

(335)

Cash flows from investing activities

Purchase of investments Sale of investments

 

 

(3,916)

47

 

 

(1,326)

6,020

 

 

(3,904)

7,652

Net cash flows from investing activities

(3,869)

4,694

3,748

 

Cash flows from financing activities

Equity dividends paid

-

(3,155)

(6,770)

Issue of Ordinary Shares

-

14,699

15,516

Repurchase of Ordinary Shares

(209)

(165)

(426)

Net cash flows from financing activities

(209)

11,379

8,320

Net (decrease)/increase in cash

(4,285)

16,074

11,733

 

Cash at beginning of period

 

20,979

 

9,246

 

9,246

Cash at end of period

16,694

25,320

20,979

 

 

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

 

 

Notes to the Financial Statements

 

1. Accounting policies

The financial information for the six months ended 31 May 2019 and the six months ended 31 May 2018 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 30 November 2018, which have been filed at Companies House and which contained an Auditor's report which was not qualified and did not contain a statement under S498(2) or S498(3) of the Companies Act 2006.

 

2. Reserves

Share premium account

The share premium account represents the premium above nominal value received by the Company on issuing shares net of issue costs.

 

Capital reserves

Gains or losses on investments realised in the year that have been recognised in the Income Statement are transferred to the capital reserve realised account on disposal. Furthermore, any prior unrealised gains or losses on such investments are transferred from the capital reserve unrealised account to the capital reserve realised account on disposal.

 

Increases and decreases in the fair value of investments are recognised in the Income Statement and are then transferred to the capital reserve unrealised account. The capital reserve realised account also represents capital dividends, capital investment management fees and the tax effect of capital items.

 

Special distributable reserve

The total cost to the Company of the repurchase and cancellation of shares is represented in the special distributable reserve.

 

Capital redemption reserve

The nominal value of shares repurchased and cancelled is represented in the capital redemption reserve.

 

Revenue reserve

The revenue reserve represents accumulated profits retained by the Company that have not been distributed to Shareholders.

 

3. Return per Ordinary Share

 

Six months ended

31 May 2019

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

Weighted average number of Ordinary Shares

 

Revenue return

Capital return

 

68,894,840

 

£136,000

£180,000

Total return

£316,000

 

 

Directors' Responsibility Statement

Each Director believes that, to the best of their knowledge:

 

• the Financial Statements for the six months ended 31 May 2019 have been prepared in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland;

 

• 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 30 November 2019; 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 May 2019 which was 68,603,462. A summary of investment changes for the six months under review and an investment portfolio summary as at 31 May 2019 are included above. A full copy of the Interim Report and Financial Statements will be printed and issued to Shareholders in due course. 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; at the Registered office of the Company at 1 - 2 Royal Exchange Buildings, London, EC3V 3LF; and on the Company's website at: www.mavencp.com/migvct3.

 

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

 

26 July 2019

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
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