REG - Maven Inc&Grwth 5 - Half-year Report
17/07/2025 15:30
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RNS Number : 5464R Maven Income and Growth VCT 5 PLC 17 July 2025
Maven Income and Growth VCT 5 PLC
Interim Results for the Six Months Ended 31 May 2025 (Unaudited)
The Directors announce the Interim Review and the unaudited Financial
Statements for the six months ended 31 May 2025.
Highlights
· NAV total return at 31 May 2025 of 85.47p per Ordinary Share
· NAV at 31 May 2025 of 31.47p per Ordinary Share
· Enhanced interim dividend of 1.25p per Ordinary Share
· Offer for Subscription closed early, fully subscribed, raising
£10 million
· Three new private companies added to the portfolio, with a
further investment completing post the period end
· In early July 2025, the exit from Horizon Ceremonies completed,
generating an initial return of 2.1x cost with the potential for further
deferred proceeds
Interim Review
Overview
Your Company has made further positive progress during the first half of the
financial year achieving a modest increase in NAV total return over the
period. In late March 2025, your Company's most recent Offer for Subscription
closed early, having reached its target raise of £10 million. With good
levels of liquidity, your Company is well positioned to continue to progress
its investment strategy, which is focused on expanding the portfolio in size
and scale through the selective addition of ambitious and entrepreneurial
businesses with high growth potential. In the year to date, four new private
companies have been added to the portfolio, and, shortly after the period end,
the exit from Horizon Ceremonies completed. Further to this realisation, the
Directors are pleased to declare an enhanced interim dividend of 1.25p per
Ordinary Share for payment in August 2025.
During the period under review, the macroeconomic outlook has been dominated
by ongoing geopolitical tensions, which have more recently escalated into
wider global conflict. Although this creates concern with respect to the
economy and financial markets, your Company has delivered a resilient
performance, which helps to demonstrate the strength of the investment
strategy and its ability to support long term growth in Shareholder value.
The previous financial year was your Company's most successful period for
realisations from the growth portfolio, with the completion of seven
profitable private company exits to a range of private equity and trade
buyers. Following this high level of M&A activity, a key priority for the
new financial year has been maintaining a steady rate of investment to
replenish the portfolio through the addition of new, high growth companies,
whilst also providing follow-on funding to support those existing holdings
that are making commercial progress and where additional growth capital can
help to expedite their expansion plans. It is pleasing to report that during
the period under review, £3.2 million was deployed with three new private
companies added to the portfolio alongside the provision of follow-on funding
to support the growth and progression of 13 existing portfolio holdings. Post
the period end, one new private company investment completed and there is a
healthy pipeline of further opportunities at various stages of due diligence.
The Manager continues to see good demand for growth capital across its network
of regional offices and maintains a focus on identifying entrepreneurial
companies, with strong management teams, that operate in disruptive or high
growth sectors such as cyber security, speciality software, data analytics,
regtech and training, where growth is less sensitive to consumer or
discretionary spending and where revenues tend to be contracted and recurring
in nature. Having an established level of recurring revenues provides the
Manager with a key metric against which progress and commercial traction can
be monitored and measured. It is also an important benchmark that potential
acquirers will review when evaluating the rate of progression of a business
and its growth potential. Notably, several of the earlier stage businesses in
the portfolio are now achieving scale, with annual recurring revenues (ARR)
reaching, or exceeding, the important milestone of £5 million, which is
generally regarded as a key inflexion point in order to attract potential
buyers. It is becoming evident that there are a number of high performing
companies in the portfolio that are establishing strong positions in their
respective markets, both in the UK and internationally, and which have the
potential to deliver superior returns at exit.
A notable development post the period end was the exit from Horizon
Ceremonies, the owner and operator of three established crematoria. Your
Company first invested in Horizon Ceremonies in 2017, backing an experienced
team with a clear strategic objective to build, own and operate a portfolio of
next generation crematoria located across the UK, in areas that were
historically underserved or where the existing facility was outdated.
Horizon's crematoria have quickly become important community facilities and
have consistently received industry recognition and awards for their
exceptional service and support to families. Further to several unsolicited
acquisition approaches, a competitive exit process was initiated in 2024, with
the sale to UK pension fund, Railpen, completing in July 2025. The exit
generated an initial return of 2.1x cost, with potential for a further
deferred element, contingent on planning approval being granted at two well
progressed sites.
Enhanced Dividend Policy
The Directors understand the importance of tax free distributions to
Shareholders and, as announced in the 2024 Annual Report, have enhanced the
dividend policy by increasing the target annual yield from 5% to 6% of NAV per
Ordinary Share at the immediately preceding year end.
Shareholders should be aware that this remains a target and that decisions on
distributions take into consideration a number of factors including the
realisation of capital gains, the adequacy of distributable reserves, the
availability of surplus revenue and the VCT qualifying level, all of which are
kept under close and regular review. As the portfolio continues to expand and
the proportion of younger, growth companies increases, the timing of
distributions will be more closely linked to realisation activity, whilst also
reflecting the requirement to maintain the VCT qualifying level.
Enhanced Interim Dividend
In line with the new policy, and following the successful realisation of the
holding in Horizon Ceremonies, an enhanced interim dividend of 1.25p per
Ordinary Share, in respect of the year ending 30 November 2025, will be paid
on 29 August 2025 to Shareholders who are on the register at 25 July 2025.
Since the Company's launch, and after receipt of this interim dividend, a
total of 55.25p per Ordinary Share will have been paid in tax free
distributions. It should be noted that the payment of a dividend reduces the
NAV of the Company by the total amount of the distribution.
Dividend Investment Scheme (DIS)
Your Company operates a DIS, through which Shareholders can, at any time,
elect to have their dividend payments utilised to subscribe for new Ordinary
Shares issued under the standing authority requested from Shareholders at
Annual General Meetings. Ordinary Shares issued under the DIS are free from
dealing costs and should benefit from the tax reliefs available on new
Ordinary Shares issued by a VCT in the tax year in which they are allotted,
subject to an individual Shareholder's particular circumstances.
Shareholders can elect to participate in the DIS in respect of future
dividends by completing a DIS mandate form and returning it to the Registrar
(The City Partnership). In order for the DIS to apply to the 2025 interim
dividend, the mandate form must be received by the Registrar before 8 August
2025, this being the relevant dividend election date. The mandate form, terms
& conditions and full details of the scheme (including tax considerations)
are available from the Company's webpage at: mavencp.com/migvct5
(http://www.mavencp.com/migvct5) . Election to participate in the DIS can also
be made through the Registrar's online investor hub at:
maven-cp.cityhub.uk.com/login.
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.
Offer for Subscription
On 27 March 2025, your Company's most recent Offer for Subscription closed
early, fully subscribed, having raised a total of £10 million, including the
£5 million over-allotment facility, for the 2024/25 and 2025/26 tax years.
All new Ordinary Shares in relation to this Offer have now been allotted with
four allotments completed for the 2024/25 tax year and one allotment for the
2025/26 tax year.
This additional liquidity will facilitate the further expansion and
development of the portfolio in line with the investment strategy. The funds
raised will also allow your Company to maintain its share buy-back policy,
whilst also spreading costs over a wider asset base, with the objective of
maintaining a competitive ongoing charges ratio for the benefit of all
Shareholders.
As announced on 16 July 2025, the Directors have elected to launch a new Offer
later this year, alongside Offers by the other Maven managed VCTs. Full
details will be included in a Prospectus, which is expected to be published in
early Autumn 2025.
Portfolio Developments
During the first half of the financial year, most of the companies in the
private equity portfolio have continued to meet operational and financial
targets, as set out in their business plans. It is pleasing to report that the
valuations of certain private companies have been uplifted in line with the
progress achieved.
Since your Company first invested, carbon reduction software specialist
Manufacture 2030 (M2030) has consistently delivered strong revenue growth,
with ARR more than doubling in two years and projected to increase further
throughout the current year. M2030 operates in a rapidly growing sector where
it provides a disruptive software solution that allows large corporates and
multinationals to achieve Scope 3 carbon reduction targets by measuring,
managing and reducing carbon emissions across their supply chain, with the
objective of achieving the targets set out in the United Nations' Sustainable
Development Goals. The business continues to expand its blue chip client base
and has added six new large corporate customers to the platform so far this
year. M2030 maintains a strong pipeline of opportunities and a near term
objective is to expand its presence in North America, which is viewed as a key
growth market.
In the two years post investment, specialist training software provider Bud
has made significant progress, growing its client base and has achieved a near
doubling in both ARR and learner numbers. Bud's integrated platform provides
an end-to-end solution for training providers, universities and colleges and
employers delivering apprenticeships, covering enrolment, training delivery,
learner management, and compliance through one portal. A core benefit of the
solution is that it streamlines processes and reduces administrative tasks,
whilst also ensuring ongoing compliance with specific funding requirements to
minimise the risk of clawback. The business has a healthy pipeline of
prospective opportunities and the outlook for the remainder of the year is
encouraging, supported by the forthcoming changes to the Growth and Skills
Levy, which were outlined in the Autumn 2024 Budget.
Demand responsive transport software provider Liftango also continues to make
encouraging progress and is expanding its market presence and global
footprint, with live projects currently operating in six continents. The
business provides the technology to support on-demand transport programmes,
which enable users to plan, launch and scale shared mobility projects that
reduce costs by optimising routes, whilst simultaneously addressing
sustainability goals such as lower vehicle usage, which helps to decrease
carbon emissions and combat localised congestion. Having achieved success in
Australia and the UK, Liftango is now focused on expanding into international
markets, with the Middle East and the Americas identified as key growth
territories. The business works with many Fortune 500 companies, as well as
large global bus operators and government transport agencies and is well
positioned to deliver further growth as it secures new contracts and expands
its market position.
Against a backdrop of ongoing geopolitical tension and with several recent
high profile cyber attacks causing significant operational disruption to
mainstream UK retailers, cyber security specialist CYSIAM continues to
experience strong demand for its products and services as clients seek to
bolster their cyber defences. The business continues to expand its Managed
Detection and Response (MDR) service, which provides protection against,
detection of, and response to cyber attacks within a Software as a Service
(SaaS) wrapper, with a valuable recurring revenue stream. In May 2025, CYSIAM
was named European Rising Star Partner of the Year at the Crowdstrike Europe
Partner Symposium. Crowdstrike are a NASDAQ listed global cyber security
leader, and this award recognises the contribution of its partners to help
customers prevent breaches and enhance cyber security. The cyber security
market remains a high growth area, and CYSIAM is well placed to continue scale
and achieve the financial and strategic objectives within its business plan.
Contract software specialist Summize continues to deliver impressive growth
and trade ahead of budget. In the past two years, the business has achieved
over 100% growth in ARR and is on track to outperform its targets again this
year. Summize has developed an artificial intelligence (AI) powered digital
contracting software solution that simplifies and streamlines the process for
writing and renewing contracts, helping to drive operational efficiencies for
customers, and continues to see strong demand both in the UK and US. In Autumn
2023, the business opened its first international office in Boston, to launch
its US expansion strategy and has subsequently experienced rapid growth in
that market, with more than half of total sales now generated from US clients
with significant future growth potential. In April 2025, Summize was awarded
5(th) place in the Top 100 League Table at the GP Bullhound 2025 Northern Tech
Awards, whilst also winning the Judge's Innovation Award. The management team
is highly ambitious and remain focused on growing the client base and
increasing ARR both in the UK and US.
In November 2024, your Company invested in RiskSmart, an early stage regtech
business operating in the risk management sector. The business has developed a
risk management platform that leverages data insights and machine learning to
provide real time information to help transform how businesses manage
governance, risk and compliance. Since investment, RiskSmart has delivered
strong growth in ARR and currently has over 60 clients, which is an increase
of almost 100% over a 12 month period. RiskSmart has a strong pipeline of new
opportunities and is on track to further increase ARR through the remainder of
the current year. The business is run by an ambitious and experienced team and
was recently named one of Prolific North's Tech Scale ups to Watch 2025, which
spotlights the most dynamic, ambitious and high growth technology businesses
across the North of England.
As may be expected with a large portfolio of growth focused businesses, there
are a small number of investee companies that have not achieved their
commercial targets and are trading behind plan. In certain cases, valuations
have been reduced to reflect the slower than anticipated progress, with
provisions taken against the cost of a small number of specific holdings. In
addition, the Manager elected not to provide further funding to Real World
Health and the valuation was written down in full. The company entered
administration in February 2025.
Quoted Holdings
During the period under review, financial markets have remained unsettled,
impacted by concerns of a global trade war and the unpredictable policy shifts
in the US. Domestically, the UK has continued to face economic headwinds,
which have resulted in the AIM market experiencing further pressure. During
the period, the FTSE AIM All-Share Index was up 1.9%, whilst your Company's
AIM quoted portfolio was down 1.2%. With long term structural issues, AIM
continues to be a challenging market with subdued investor demand and limited
new VCT qualifying opportunities. Whilst the Manager will continue to review
new AIM investment opportunities, the core focus is to broaden and extend the
private equity portfolio, where the Manager has access to a wide range of
dynamic and often disruptive high growth companies, which have the potential
to achieve scale over the medium term. It is, therefore, likely that there
will only be limited new AIM investments, notably where there is the potential
for near term M&A activity or the opportunity for price arbitrage.
Concurrent Technologies, a designer and manufacturer of high performance
embedded computing solutions, primarily for the aerospace and defence sector,
delivered a record financial performance in the year to 31 December 2024,
reflecting the transformation of the business and refreshed strategy. During
the year, revenue grew 27% to £40.3 million with defence accounting for 87%
of total revenue and profit before tax (PBT) was up c.40% to £5.2 million,
despite a planned £1.1 million investment in its Systems business. The cash
position at the end of the year was £13.7 million, of which £7.9 million was
generated from operating activities. Concurrent has maintained this positive
momentum into the new financial year and currently expects to deliver results
for the year to 31 December 2025 that are in line with market expectations.
Water Intelligence, the provider of minimally invasive leak detection and
remediation solutions provided a trading update for the year to end 31
December 2024, which was in line with market expectations. Revenue increased
10% to $83.3 million with adjusted PBT ahead by 4% at $9.1 million. The
business continues to make good strategic progress and, during the year,
acquired Effective Plumbing in Connecticut for $1.2 million alongside the
reacquisition of its Georgia & South Carolina franchise for $3 million.
Water Intelligence also commenced a strategic partnership with StreamLabs, a
Chubb backed company. Despite this positive and steady progress, the share
price of Water Intelligence was weak during the reporting period, which
demonstrates the challenges within AIM and the dislocation between reported
financial performance and share price reaction.
In the year to 30 November 2024, Synectics, a provider of advanced security
and surveillance solutions to specific markets, recorded strong growth across
all of its sectors, particularly gaming. Revenue rose nearly 14% to £55.8
million, with PBT up 59% to £4.7 million. The business maintained a strong
order book of £38.5 million and excellent cash generation, which resulted in
a record year end cash position of £9.6 million. The business has had a
positive start to 2025, with continued momentum in contract wins which,
coupled with its strong cash position, means it is able to support ongoing
investment in technology and AI capabilities and execute its revised growth
strategy.
Anpario, an independent manufacturer of natural sustainable feed additives for
animal health, nutrition and biosecurity for the global agricultural industry,
recorded a strong recovery in its results for the year to 31 December 2024.
Revenue increased by 23% to £38.2 million, which included a contribution of
£2.2 million from US based Bio-Vet, which was acquired at the end of
September 2024. Adjusted earnings before interest, tax, depreciation and
amortisation (EBITDA) grew by 57% to £7 million with profits up 88% to £5.2
million. Cash generation from operations was strong at £7 million, resulting
in a year end cash position of £10.5 million. The outlook statement noted
that the new financial year has started well and, whilst mindful of global
trading conditions, the business's geographical and species diversity provides
resilience, reinforcing its strategy of effectively spreading risk across its
operations.
Treasury Management
The Board and the Manager maintain a proactive approach to treasury
management, where the objective remains to optimise the income generated from
cash held prior to investment in VCT qualifying companies, whilst meeting the
requirements of the Nature of Income condition. This is a mandatory part of
the VCT legislation which stipulates that not less than 70% of a VCT's income
must be derived from shares or securities.
Your Company has a diversified portfolio of treasury management investments
with strong fundamentals and attractive income characteristics, comprising of
money market funds (MMFs), open-ended investment companies (OEICs) and London
Stock Exchange listed investment trusts, with the remaining cash held on
deposit across several UK banks to minimise counterparty risk. This strategy
ensures ongoing compliance with the Nature of Income condition, whilst also
providing a healthy stream of income that currently generates a blended
annualised yield of over 3% across the combined treasury management portfolio
and uninvested cash. It is worthwhile highlighting that this is a dynamic
portfolio, which will vary in size depending on your Company's rate of
investment, realisations and overall liquidity levels. Full details of the
treasury management holdings can be found in the Investment Portfolio Summary
below.
New Investments
During the reporting period, three new private companies were added to the
portfolio:
· Blackdot Solutions is a developer of an advanced intelligence
and investigations software solution that supports risk, compliance and client
onboarding teams across a variety of industries including Government, criminal
law and financial services. Blackdot's propriety platform Videris aggregates
and analyses open source intelligence (OSINT) from a wide range of public
sources including the internet, social media and the dark web, alongside more
conventional routes such as Moody's and Dun & Bradstreet. This capability
provides clients with the most comprehensive and up to date information to
identify threats, mitigate risks and ensure ongoing compliance with complex
regulatory standards. The OSINT market is experiencing rapid growth and, as an
early entrant, Blackdot is well positioned to capitalise on rising demand for
advanced data analytics and risk management tools. The funding from the Maven
VCTs is being used to increase headcount, with a focus on technical expertise,
enhancing product development and driving growth in both new and existing
markets.
· Digilytics is a provider of an AI enabled solution that
automates loan application processing. The platform uses machine learning and
large language models to read and extract data from key documents such as
payslips, bank statements and utility bills, ensuring both consistency and
completeness. It then evaluates the application against eligibility criteria
and affordability metrics, while also screening for potential
fraud. Digilytics helps lenders to reduce costs and error rates, whilst
improving the response time for applicants. The funding from the Maven VCTs is
being used to support the sales and marketing function and invest in product
development. The near term objective is to launch in the US, where there is an
identified market opportunity.
· Kani Payments is a developer of a SaaS based financial
reporting and reconciliation platform, serving fintechs, challenger banks, and
payment processors. As well as providing instant reconciliation of large data
sets, Kani's solution facilitates the automation of transaction payments,
regulatory and financial reporting, which remains a largely manual and
spreadsheet based process, even for sizeable financial institutions. The
business is led by an experienced team with a successful track record of
scaling a similar cloud based payment processing business from start-up
through to profitable exit. The funding from the Maven VCTs is being used to
accelerate product development including adding new features that are due to
launch in the second half of 2025, make a number of strategic sales and
marketing hires to widen the business's reach, and to support expansion into
Europe and North America which offers high growth potential.
The following investments were completed during the reporting period:
Investments Date Sector £'000
New unlisted
Arimon Limited March 2025 Software & technology 126
(trading as Digilytics)
Blackdot Solutions Limited January 2025 Software & technology 995
Kani Payments Holdings Limited February 2025 Software & technology 311
Kerrera TopCo Limited April 2025 Software & technology 59
(trading as Kube Networks)(1)
Total new unlisted 1,491
Follow-on unlisted
2degrees Limited December 2024 Software & technology 301
(trading as Manufacture 2030)
Alderley Lighthouse Labs Limited May 2025 Pharmaceuticals, 137
biotechnology & healthcare
AMufacture Limited May 2025 Industrial & engineering 124
DiffusionData Limited(2) February & March 2025 Software & technology 175
Fixtuur Limited May 2025 Software & technology 100
(formerly Shortbite Limited)
Nano Interactive Group Limited January 2025 Marketing & 102
advertising technology
Plyable Limited March 2025 Software & technology 218
RevLifter Limited March 2025 Marketing & 48
advertising technology
Sensoteq Limited March 2025 Software & technology 185
The Algorithm People Limited April 2025 Software & technology 22
(trading as Optimize)
XR Games Limited February 2025 Software & technology 12
Zinc Digital Business Solutions Limited March 2025 Software & technology 130
Total follow-on unlisted 1,554
Total unlisted 3,045
Follow-on AIM quoted
GENinCode PLC March 2025 Pharmaceuticals, 126
biotechnology & healthcare
Total follow-on AIM quoted 126
Total AIM quoted 126
Money market funds(3)
Aviva Investors Sterling Government Liquidity Fund (Class 3) December 2024 Money market fund 1,000
Aviva Investors Sterling Liquidity Fund March 2025 Money market fund 1,000
(Class 3)
State Street GBP Liquidity LVNAV Fund (Institutional) January 2025 Money market fund 1,000
Total money market funds 3,000
Real estate investment trusts(3)
Land Securities Group PLC May 2025 Investment trust 52
Tritax BigBox REIT PLC May 2025 Investment trust 99
Total real estate investment trusts 151
Infrastructure investment trust(3)
Foresight Solar Fund Limited May 2025 Investment trust 125
Total infrastructure investment trust 125
Total investments completed during the period 6,447
(1)Your Company retains an equity holding in Kerrera Topco Limited (trading as
Kube Networks Limited) as a result of an all share transaction involving the
acquisition of ISN Solutions Group Limited.
(2)Follow-on investment completed in two tranches.
(3)Investments completed as part of the treasury management strategy.
At the period end, the portfolio comprised of 142 unlisted and quoted
investments, at a total cost of £66.4 million.
Realisations
During the period, the Manager exited two of the legacy holdings in the
portfolio. The partial exit from Cat Tech International completed in December
2024 following an offer from the CEO to acquire the Maven VCTs' equity stake.
As part of the transaction, your Company retains a loan note with a paid
yield, which is repayable in five years. In April 2025, ISN Solutions was
acquired through an all share transaction by Glasgow based specialist IT
managed service provider KubeNetworks as part of its buy and build strategy.
The acquisition provides ISN with the opportunity to grow as part of a larger
business and as part of the transaction your Company has acquired an equity
holding in KubeNetworks.
The table below gives details of the realisations completed during the
reporting period:
Realisations Year first Complete/ Cost of shares disposed Value at 30 November Gain/(loss) over 30 November
invested partial exit of 2024 2024 value
£'000 £'000 Sales Realised £'000
proceeds gain/(loss)
£'000 £'000
Unlisted
Cat Tech International Limited 2012 Partial 200 129 112 (88) (17)
ISN Solutions Group Limited(1) 2014 Complete 250 65 59 (191) (6)
Tissuemed Limited(2) 2000 Complete - - 88 88 88
Total unlisted 450 194 259 (191) 65
AIM quoted
Intelligent Ultrasound Group PLC 2019 Complete 118 142 160 42 18
Others 5 - 1 (4) 1
Total AIM quoted 123 142 161 38 19
Money market fund(3)
BlackRock Institutional Sterling Liquidity Fund (Core) 2024 Complete 1,000 1,000 1,000 - -
Total money market fund 1,000 1,000 1,000 - -
Real estate investment trust(3)
Care REIT PLC 2023 Complete 244 202 268 24 66
Total real estate investment trust 244 202 268 24 66
Total realisations completed during the period 1,817 1,538 1,688 (129) 150
(1)ISN Solutions Group Limited was acquired by Kerrera TopCo Limited (trading
as Kube Networks Limited) in an all share transaction. As a result, your
Company retains an equity holding in Kube Networks Limited.
(2)Deferred consideration following the sale in January 2022.
(3)Realisations were completed as part of the treasury management strategy.
Material Developments Since the Period End
Since 31 May 2025, one new private company holding has been added to the
portfolio:
· PowerPhotonic is an established designer and manufacturer of a
wide range of precision micro-optics products for use within lasers. Using
proprietary manufacturing processes and equipment, the company designs and
manufactures high quality wafer scale freeform optics with advanced properties
that are designed for application in three core markets, the largest of which
is the defence sector. The business is also expanding its presence in the life
sciences sector, with applications in precision medical devices and
instrumentation. It also has a presence in the advanced manufacturing sector
where it focuses on beam shapers to make industrial processes more efficient.
With strong levels of IP, PowerPhotonic has a defendable market position and
the funding from the Maven VCTs is being used to support growth by
facilitating the expansion of the sales and marketing team to help the
business increase its revenue base and broaden its presence in the UK and US.
Principal and Emerging Risks and Uncertainties
The principal and emerging risks and uncertainties facing the Company were set
out in full in the Strategic Report contained within the 2024 Annual Report,
and are the risks associated with investment in small and medium sized
unlisted and AIM/AQSE 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, disruption to supply chains, the credit environment and
other risks including legislation, regulation, adherence to VCT qualifying
rules and the effectiveness of the internal controls operated by your Company
and the Manager. These risks and procedures are reviewed regularly by the 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.
During the period under review, the Directors reviewed the risk ratings
associated with the economic impact of a pandemic, a major environmental
incident or an extreme geopolitical event on an investee company business and,
following that review, agreed that this risk should now be considered to be a
principal risk.
Global conflict and political instability was added to the Risk Register as an
emerging risk during a previous period, as the Directors were not only aware
of the heightened cyber security risk but were mindful of the impact that any
change in the underlying economic conditions could have on the valuation of
investment companies. These included fluctuating interest rates, increased
fuel and energy costs, and the availability of bank finance, all of which
could be impacted during times of geopolitical uncertainty and volatile
markets. The Board and the Manager continue to monitor the impact of
geopolitical issues, and wider market conditions, on portfolio companies.
In the period under review, AI was added to the Risk Register as an emerging
risk to reflect the increased use of AI by either the Manager or portfolio
companies, which could lead to increased exposure to risks relating to data
protection, cyber security and intellectual property.
Share Buy-backs
The Directors acknowledge the need to maintain an orderly market in the
Company's shares and have delegated authority to the Manager to enable the
Company to buy back its own shares in the secondary market for cancellation,
or to be held in treasury, subject always to such transactions being in the
best interests of Shareholders. It should be noted that the Company cannot buy
back shares whilst in a closed period, which is the time from the end of a
reporting period until either the announcement of the relevant results or the
release of an unaudited NAV. Additionally, a closed period may be introduced
if the Directors or the Manager are in possession of price sensitive
information.
It is intended that the Company will seek to buy back shares with a view to
maintaining a share price that is at a discount of approximately 5% to the
latest published NAV per Ordinary Share, subject to various factors including
market conditions, available liquidity and the maintenance of the Company's
VCT qualifying status. During the period under review, 6,687,367 Ordinary
Shares were bought back at a total cost of £2.05 million.
Shareholders should note that neither the Company nor the Manager can execute
a transaction in the Company's shares. Any instruction by a Shareholder to buy
or sell shares on the secondary market must be directed through a stockbroker
of their choice. To discuss a transaction, the Shareholder's broker should
contact the Company's stockbroker, Shore Capital Stockbrokers, on 020 7647
8132.
VCT Regulatory Update
During the period under review, there were no further amendments to the rules
governing VCTs, and your Company remains fully compliant with the complex
conditions and requirements of the scheme.
In the 2025 Spring Statement, the Chancellor confirmed that the UK Government
will continue to work with leading entrepreneurs and venture capital firms to
ensure that its policy supports the UK business environment, including the
role of tax relief schemes such as VCTs and the EIS. Through the VCT
Association (VCTA), of which the Manager is a founding member, and the
Association of Investment Companies (AIC), of which the Company is a member,
the Manager will remain actively involved in discussions with policy makers to
promote and reinforce the important role that VCTs play in supporting some of
Britain's brightest and most entrepreneurial smaller companies and creating
regional employment opportunities.
Valuation Methodology
Consistent with industry best practice, the Board and the Manager continue to
apply the International Private Equity and Venture Capital Valuation (IPEV)
Guidelines as the central methodology for all private company valuations. The
IPEV Guidelines are the prevailing framework for fair value assessment in the
private equity and venture capital industry. The Directors and the Manager
continue to adhere to the IPEV Guidelines in all private company valuations.
In accordance with normal market practice, investments quoted on AIM, or
another recognised stock exchange, are valued at their closing bid price at
the period end. The Board and the Manager are cognisant of the FCA Review of
Private Market Valuations and will continue to prioritise governance as the
fundamental building block for robust valuation reviews, ensuring
accountability.
Environmental, Social and Governance (ESG)
Although your Company's investment policy does not incorporate ESG aims, and
portfolio companies are not required to meet any specific targets, Maven
recognises the importance of having a robust ESG framework and policy in place
when making new investments. Through its ESG and Responsible Investment
Policy, ESG considerations are taken into account during early stage due
diligence, thereby ensuring that all risks and opportunities are assessed
prior to an investment completing and can be monitored regularly thereafter.
The Manager continues to be an active signatory to the Principles for
Responsible Investment and the Investing in Women Code and, alongside these
external commitments, in 2024 formally launched a Female Founder Funding
Programme designed to support female founded businesses. During the period,
Maven has hosted eight workshops and funding clinics in key corporate finance
regions, engaging with around 65 businesses.
The Manager maintains awareness of forthcoming ESG regulations. In 2024, the
FCA introduced the Sustainability Disclosure Requirements, which apply to all
firms and include a "labelling and naming" regime alongside a new
anti-greenwashing rule. The Manager has ensured adherence with the new
requirements. Additionally, the Manager is aware of Task Force for
climate-related Financial Disclosures (TCFD) and International Financial
Reporting Standards (IFRS) regulations and is actively preparing for
compliance.
Outlook
Although the economic outlook remains mixed, your Company has good levels of
liquidity and, with a proven investment strategy, is well placed to continue
to deliver growth in Shareholder value. The private equity portfolio that has
been constructed provides breadth and diversification across the underlying
companies, with access to a wide range of fast growing businesses that operate
in attractive markets, and which are becoming valuable assets. In the second
half of the year, a key objective will be to maintain a healthy rate of new
investment to further broaden and extend the private equity portfolio. The
Manager will continue to assess exit opportunities to maximise Shareholder
value, whilst also supporting your Company's enhanced dividend policy.
Graham Miller
Chair
17 July 2025
Summary of Investment Changes
For the Six Months Ended 31 May 2025
Valuation Net Appreciation/ Valuation
30 November 2024 Investment/ (depreciation) 31 May 2025
(disinvestment)
Portfolio £'000 % £'000 £'000 £'000 %
Unlisted investments(1)
Equities 36,417 54.0 2,940 (41) 39,316 53.7
Loan stocks 5,792 8.6 296 5 6,093 8.3
42,209 62.6 3,236 (36) 45,409 62.0
AIM/AQSE investments(2)
Equities 4,639 6.9 (485) 375 4,529 6.2
Listed investments(3)
OEICs 1,995 3.0 - 1 1,996 2.7
MMFs 5,000 7.4 2,000 - 7,000 9.6
Investment trusts 4,861 7.2 8 29 4,898 6.7
Total Portfolio 58,704 87.1 4,759 369 63,832 87.2
Cash 9,234 13.7 (183) - 9,051 12.4
Other assets (549) (0.8) 836 - 287 0.4
Net assets 67,389 100.0 5,412 369 73,170 100.0
Ordinary Shares in issue 208,074,650 232,535,275
Net asset value (NAV) per Ordinary Share 32.39p 31.47p
Mid-market price 32.00p 30.00p
Discount to NAV 1.20% 4.67%
(1) These movements include the de-listing during
the period of Merit Group PLC from the Alternative Investment Market (AIM) to
unlisted holdings.
(2) Shares traded on AIM, the Aquis Stock Exchange
(AQSE) and the Main Market of the London Stock Exchange.
(3) These holdings represent the treasury management portfolio, which has been
constructed from a range of carefully selected,
permitted non-qualifying holdings in investment trusts, open-ended
investment companies (OEICs) and Money Market Funds (MMFs).
Investment Portfolio Summary
As at 31 May 2025
Investment Valuation Cost % of % of % of equity
£'000 £'000 total assets equity held held by
other clients(1)
Unlisted
2degrees Limited (trading as Manufacture 2030) 3,165 1,298 4.3 7.2 30.5
Summize Limited 2,194 846 3.0 4.5 31.8
Bright Network (UK) Limited 2,122 1,264 2.9 7.2 31.9
Rockar 2016 Limited (trading as Rockar) 1,825 1,023 2.5 4.7 14.8
Bud Systems Limited 1,799 846 2.5 4.7 13.0
Horizon Ceremonies Limited (trading as Horizon Cremation) 1,688 960 2.3 5.8 48.7
Horizon Technologies Consultants Limited 1,328 1,296 1.8 5.5 11.7
Liftango Group Limited 1,195 1,195 1.6 8.0 33.8
CYSIAM Limited 1,145 373 1.6 6.0 21.7
Zinc Digital Business Solutions Limited 1,120 807 1.5 10.4 38.5
DiffusionData Limited 1,048 900 1.4 4.6 16.7
Biorelate Limited 1,023 597 1.4 3.0 24.6
MirrorWeb Holdings LLC(2) 1,002 1,002 1.4 1.6 3.4
Precursive Limited 1,000 1,000 1.4 6.8 27.7
Blackdot Solutions Limited 995 995 1.4 3.1 9.2
Relative Insight Limited 974 974 1.3 5.8 25.3
Hublsoft Group Limited 969 786 1.3 5.5 18.3
Novatus Global Limited(3) 958 205 1.3 1.2 3.0
Plyable Limited 914 914 1.2 19.8 39.3
mypura.com Group Limited (trading as Pura) 913 498 1.2 2.2 22.5
Enpal Limited (trading as Guru Systems) 891 891 1.2 7.5 14.1
Nano Interactive Group Limited 819 727 1.1 4.0 11.9
iAM Compliant Limited 806 489 1.1 6.3 42.8
Sensoteq Limited 782 782 1.1 6.6 21.1
BioAscent Discovery Limited 734 174 1.0 4.4 35.6
RiskSmart Limited 696 279 1.0 3.3 42.3
CODILINK UK Limited (trading as Coniq) 675 450 0.9 1.3 3.6
Filtered Technologies Limited 655 825 0.9 4.1 21.3
WaterBear Education Limited 649 245 0.9 5.1 34.1
Ensco 969 Limited (trading as DPP) 638 435 0.9 2.2 32.3
Reed Thermoformed Packaging Limited (trading as iPac Packaging Innovations) 631 448 0.9 2.5 9.9
Delio Limited 625 998 0.9 3.1 12.0
Metrion Biosciences Limited 597 597 0.8 4.3 13.9
HCS Control Systems Group Limited 550 373 0.7 3.0 33.5
Whiterock Group Limited 520 520 0.7 9.3 28.6
Laverock Therapeutics Limited 498 498 0.7 2.3 7.0
Automated Analytics Limited 426 249 0.6 2.2 29.7
Connected Data Company Limited 423 423 0.6 3.9 11.8
HiveHR Limited 413 413 0.6 6.0 38.6
McKenzie Intelligence Services Limited 403 159 0.6 1.6 4.8
Vodat Communications Group (VCG) Holding Limited 396 264 0.5 2.3 29.6
AMufacture Limited 394 385 0.5 6.8 21.8
Alderley Lighthouse Labs Limited 386 386 0.5 8.0 56.1
Flow UK Holdings Limited 350 498 0.5 6.0 29.0
RevLifter Limited 348 348 0.5 4.9 33.2
The Algorithm People Limited (trading as Optimize) 348 163 0.5 1.9 13.3
Fixtuur Limited (formerly Shortbite Limited) 339 984 0.4 5.7 51.6
Rico Developments Limited (trading as Adimo) 325 760 0.4 3.4 6.5
Servoca PLC(4) 322 136 0.4 1.2 -
Kani Payments Holdings Limited 311 311 0.4 1.8 12.9
Snappy Shopper Limited 307 307 0.4 0.4 1.3
ebb3 Limited 291 206 0.4 4.6 65.9
NorthRow Limited 278 979 0.4 5.0 27.8
Growth Capital Ventures Limited 275 264 0.4 4.8 42.6
Boomerang Commerce IQ (trading as CommerceIQ)(5) 253 646 0.3 0.1 0.4
Zing TopCo Limited (trading as Zing) 185 185 0.3 4.9 42.8
Arimon Limited (trading as Digilytics) 126 126 0.2 1.1 3.3
XR Games Limited 123 354 0.2 5.2 55.8
Cat Tech International Limited 114 98 0.2 - -
Kerrera Topco Limited (trading as Kube Networks)(6) 59 59 0.1 0.1 39.7
C4X Discovery Holdings PLC(4) 28 40 - 0.1 0.8
VSA Capital Group PLC(4) 14 509 - 0.5 -
Other unlisted investments 29 5,937 -
Total unlisted 45,409 41,699 62.0
AIM/AQSE quoted(7)
Concurrent Technologies PLC 980 161 1.3 0.6 -
Water Intelligence PLC 854 163 1.2 1.2 4.0
Synectics PLC 447 308 0.6 0.8 0.8
Avingtrans PLC 368 54 0.5 0.3 -
Netcall PLC 352 26 0.5 0.2 0.4
Vianet Group PLC 247 405 0.3 1.1 0.3
Anpario PLC 213 57 0.3 0.2 -
Pulsar Group PLC (formerly Access Intelligence PLC) 182 224 0.2 0.4 0.1
K3 Business Technology Group PLC 181 238 0.2 0.5 -
Croma Security Solutions Group PLC 128 433 0.2 1.1 -
GENinCode PLC 125 683 0.2 4.4 15.2
Eden Research PLC 124 199 0.2 0.6 3.9
BiVictriX Therapeutics PLC 64 99 0.1 0.9 -
Cambridge Cognition Holdings PLC 56 62 0.1 0.4 3.5
Transense Technologies PLC 46 1,188 0.1 0.3 -
Arecor Therapeutics PLC 31 167 0.1 0.2 2.4
Kanabo Group PLC(8) 26 1,639 - 2.0 7.9
Avacta Group PLC 16 7 - - -
Incanthera PLC 15 46 - 0.5 0.5
Gelion PLC 11 121 - 0.1 0.1
Other quoted investments 63 4,670 0.1
Total AIM/AQSE quoted 4,529 10,950 6.2
Private equity investment trusts(9)
HgCapital Trust PLC 735 500 1.0 - 0.1
Patria Private Equity Trust PLC (formerly abrdn Private Equity Opportunities 480 377 0.7 1.0 2.0
Trust)
NB Private Equity Partners Limited 355 412 0.5 0.1 0.2
ICG Enterprise Trust PLC 341 305 0.5 - 0.2
CT Private Equity Trust PLC 307 300 0.4 0.1 0.3
Apax Global Alpha Limited 225 252 0.3 - -
Pantheon International PLC 150 225 0.1 - 0.1
Caledonia Investments PLC 117 112 0.1 - -
Total private equity investment trusts 2,710 2,483 3.6
Global equity investment trusts(9)
Alliance Witan PLC (formerly Alliance Trust PLC) 178 149 0.3 - -
JPMorgan Global Growth & Income PLC 171 150 0.2 - -
Total global equity investment trusts 349 299 0.5
Real estate investment trusts(9)
Tritax BigBox REIT PLC 103 99 0.2 - -
Land Securities Group PLC 55 52 0.1 - -
Total real estate investment trusts 158 151 0.3
Infrastructure investment trusts(9)
Pantheon Infrastructure PLC 409 350 0.6 0.1 0.2
BBGI Global Infrastructure SA 380 389 0.5 - 0.1
3i Infrastructure PLC 328 320 0.4 - -
International Public Partnerships Limited 241 300 0.3 - -
Foresight Environmental Infrastructure Limited (formerly JLEN Environmental 199 320 0.3 - 0.1
Assets Group Limited)
Foresight Solar Fund Limited 124 125 0.2 - 0.1
Total infrastructure investment trusts 1,681 1,804 2.3
Open-ended investment companies(9)
Royal London Short Term Fixed Income Fund (Class Y Income) 1,004 1,026 1.4 - -
Royal London Short Term Money Market Fund (Class Y Income) 992 1,000 1.3 0.1 0.2
Total open-ended investment companies 1,996 2,026 2.7
Money market funds(9)
abrdn Liquidity Fund (Lux) - Sterling Fund K-1 Inc GBP 1,000 1,000 1.4 - -
Aviva Investors Sterling Government Liquidity Fund (Class 3) 1,000 1,000 1.4 - -
Aviva Investors Sterling Liquidity Fund (Class 3) 1,000 1,000 1.4 - -
BlackRock Institutional Sterling Government Liquidity Fund (Core Dis) 1,000 1,000 1.4 - 0.1
Fidelity Institutional Liquidity Sterling Fund (Class F) 1,000 1,000 1.4 0.1 0.2
HSBC Sterling Liquidity Fund (Class A) 1,000 1,000 1.3 - -
State Street GBP Liquidity LVNAV Fund (Institutional) 1,000 1,000 1.3 - -
Total money market funds 7,000 7,000 9.6
Total investments 63,832 66,412 87.2
(1) Other clients of Maven Capital Partners UK LLP.
(2) This holding represents the retained minority interest following the
partial sale of the holding in MirrorWeb Limited in August 2024, with a
proportion of the proceeds being re-invested in the new entity, MirrorWeb
Holdings LLC.
(3) This holding reflects the retained minority interest following the sale in
September 2024.
(4) This company delisted from AIM during a previous period.
(5) This holding reflects the retained minority interest following the sale of
e.fundamentals (Group) Limited to CommerceIQ in July 2022.
(6) Your Company retains an equity holding in Kerrera TopCo Limited (trading
as Kube Networks Limited) as a result of an all share transaction involving
the acquisition of ISN Solutions Group Limited.
(7) Investments are quoted on AIM/AQSE with the exception of Kanabo Group PLC,
which is listed on the Main Market of the London Stock Exchange.
(8) The holding in this investment resulted from the sale of The GP Service
(UK) Limited, which completed in February 2022. The unlisted shares in Kanabo
GP Limited were, in accordance with the terms of the original transaction,
exchanged for shares in Kanabo Group PLC, which is listed on the Main Market
of The London Stock Exchange.
(9) Treasury management portfolio.
Income Statement
For the Six Months Ended 31 May 2025
Six months ended Six months ended Year ended
31 May 2025 (unaudited) 31 May 2024 (unaudited) 30 November 2024 (audited)
Revenue Capital Total Revenue Capital Total £'000 Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Gain on investments - 369 369 - 1,577 1,577 - 5,320 5,320
Income from investments 470 - 470 481 - 481 974 - 974
Other income 123 - 123 83 - 83 205 - 205
Investment management fees (152) (456) (608) (141) (425) (566) (487) (1,461) (1,948)
Other expenses (224) - (224) (207) - (207) (414) - (414)
Net return on ordinary activities before taxation 217 (87) 130 216 1,152 1,368 278 3,859 4,137
Tax on ordinary activities - - - - - - - - -
Return attributable to Equity Shareholders 217 (87) 130 216 1,152 1,368 278 3,859 4,137
Earnings per share (pence) 0.10 (0.04) 0.06 0.11 0.57 0.68 0.13 1.87 2.00
All gains and losses are recognised in the Income Statement.
The total column of this statement is the Profit & Loss Account of the
Company. The revenue and capital return columns are prepared in accordance
with the AIC SORP. All items in the above statement derive from continuing
operations. No operations were acquired or discontinued during the period.
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
Six Months Ended 31 May 2025
Six months ended 31 May 2025 (unaudited) Non-distributable reserves Distributable reserves
Share capital Share premium account Capital redemption reserve Capital reserve unrealised Capital reserve Special distributable Revenue reserve Total
£'000 £'000 £'000 £'000 realised reserve £'000 £'000
£'000 £'000
At 30 November 2024 20,807 24,814 1,789 (652) 13,898 8,321 (1,588) 67,389
Net return - - - 498 (129) (456) 217 130
Dividends paid - - - - - (2,299) - (2,299)
Repurchase and cancellation of shares (669) - 669 - - (2,047) - (2,047)
Net proceeds of share issue 3,048 6,737 - - - - - 9,785
Net proceeds of DIS issue* 67 145 - - - - - 212
At 31 May 2025 23,253 31,696 2,458 (154) 13,769 3,519 (1,371) 73,170
Six months ended 31 May 2024 (unaudited) Non-distributable reserves Distributable reserves
Share capital Share premium account Capital redemption reserve Capital reserve Capital reserve Special distributable Revenue reserve Total
£'000 £'000 £'000 unrealised £'000 realised reserve £'000 £'000
£'000 £'000
At 30 November 2023 19,539 20,068 825 (874) 8,800 16,757 (1,555) 63,560
Net return - - - 1,764 (187) (425) 216 1,368
Dividends paid - - - - - (2,119) (101) (2,220)
Repurchase and cancellation of shares (566) - 566 - - (1,729) - (1,729)
Net proceeds of share issue 2,095 4,540 - - - - - 6,635
Net proceeds of DIS issue* 71 153 - - - - - 224
At 31 May 2024 21,139 24,761 1,391 890 8,613 12,484 (1,440) 67,838
Year ended 30 November 2024 (audited) Non-distributable reserves Distributable reserves
Share capital Share premium account Capital redemption reserve Capital reserve Capital reserve Special distributable Revenue reserve Total
£'000 £'000 £'000 unrealised £'000 realised reserve £'000 £'000
£'000 £'000
At 30 November 2023 19,539 20,068 825 (874) 8,800 16,757 (1,555) 63,560
Net return - - - 222 5,098 (1,461) 278 4,137
Dividends paid - - - - - (4,009) (311) (4,320)
Repurchase and cancellation of shares (964) - 964 - - (2,966) - (2,966)
Net proceeds of share issue 2,095 4,461 - - - - - 6,556
Net proceeds of DIS issue* 137 285 - - - - - 422
At 30 November 2024 20,807 24,814 1,789 (652) 13,898 8,321 (1,588) 67,389
*DIS represents the Dividend Investment Scheme as detailed in the Interim
Review.
The capital reserve unrealised is generally non-distributable other than the
part of the reserve relating to gains/(losses) attributable to readily
realisable quoted investments which are distributable.
Where all, or an element of the proceeds of sales have not been received in
cash or cash equivalent, and are not readily convertible to cash, they do not
qualify as realised gains for the purposes of distributable reserves
calculations and, therefore, do not form part of distributable reserves.
The accompanying Notes are an integral part of the Financial Statements.
Balance Sheet
As At 31 May 2025
31 May 2025 31 May 2024 30 November 2024
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Fixed assets
Investments at fair value through profit or loss 63,832 61,587 58,704
Current assets
Debtors 666 699 612
Cash 9,051 5,856 9,234
9,717 6,555 9,846
Creditors
Amounts falling due within one year (379) (304) (1,161)
Net current assets 9,338 6,251 8,685
Net assets 73,170 67,838 67,389
Capital and reserves
Called up share capital 23,253 21,139 20,807
Share premium account 31,696 24,761 24,814
Capital redemption reserve 2,458 1,391 1,789
Capital reserve - unrealised (154) 890 (652)
Capital reserve - realised 13,769 8,613 13,898
Special distributable reserve 3,519 12,484 8,321
Revenue reserve (1,371) (1,440) (1,588)
Net assets attributable to Ordinary Shareholders 73,170 67,838 67,389
Net asset value per Ordinary Share (pence) 31.47 32.09 32.39
The Financial Statements of Maven Income and Growth VCT 5 PLC, registered
number 04084875, were approved and authorised for issue by the Board of
Directors and were signed on its behalf by:
Graham Miller
Director
17 July 2025
The accompanying Notes are an integral part of the Financial Statements.
Cash Flow Statement
For the Six Months Ended 31 May 2025
Six months ended 31 May 2025 Six months ended 31 May 2024 Year ended
(unaudited) (unaudited) 30 November 2024
£'000 £'000 (audited)
£'000
Net cash flows from operating activities (1,102) (271) (619)
Cash flows from investing activities
Purchase of investments (6,447) (5,967) (11,205)
Sale of investments 1,718 5,692 17,678
Net cash flows from investing activities (4,729) (275) 6,473
Cash flows from financing activities
Equity dividends paid (2,299) (2,220) (4,320)
Issue of Ordinary Shares 9,994 6,859 7,174
Repurchase of Ordinary Shares (2,047) (1,729) (2,966)
Net cash flows from financing activities 5,648 2,910 (112)
Net (decrease)/increase in cash (183) 2,364 5,742
Cash at beginning of period 9,234 3,492 3,492
Cash at end of period 9,051 5,856 9,234
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 2025 and the six
months ended 31 May 2024 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
2024, which have been filed at Companies House and which contained an
Auditor's Report that 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, including £53,911
current period (£301,520 cumulative) trail commission. This reserve is
non-distributable.
Capital redemption reserve
The nominal value of shares repurchased and cancelled is represented in the
capital redemption reserve. This reserve is non-distributable.
Capital reserve - unrealised
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. This reserve is generally non-distributable other than the part of
the reserve relating to gains/(losses) attributable to readily realisable
quoted investments which are distributable.
Capital reserve - realised
Gains or losses on investments realised in the period 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. This reserve is
distributable.
Special distributable reserve
The total cost to the Company of the repurchase and cancellation of shares is
represented in the special distributable reserve account. The special
distributable reserve also represents capital dividends, capital investment
management fees and the tax effect of capital items. This reserve is
distributable.
Revenue reserve
The revenue reserve represents accumulated profits retained by the Company
that have not been distributed to Shareholders as a dividend. This reserve is
distributable.
3. Return per Ordinary Share
Six months ended 31 May 2025
The returns per share have been based on the following figures:
Weighted average number of Ordinary Shares 221,743,839
Revenue return £217,000
Capital return (£87,000)
Total return £130,000
Directors' Responsibility Statement
The Directors confirm that, to the best of their knowledge:
• the Financial Statements for the six months ended 31 May 2025 have
been prepared in accordance with FRS 102, the Financial Reporting Standard
applicable in the UK and 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 and emerging risks
and uncertainties facing the Company during the second six months, of the year
ending 30 November 2025; and
• the Interim Management Report includes adequate disclosure of the
information required by DTR 4.2.8R in relation to related party transactions
and any changes therein.
Other information
The NAV per Ordinary Share has been calculated using the number of Ordinary
Shares in issue at 31 May 2025, which was 232,535,275. A summary of investment
changes for the six months under review and an investment portfolio summary as
at 31 May 2025 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 6th Floor, Saddlers House,
44 Gutter Lane, London EC2V 6BR; and on the Company's website at:
mavencp.com/migvct5 (http://www.mavencp.com/migvct5) .
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.
By order of the Board
Maven Capital Partners UK LLP
Secretary
17 July 2025
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