REG - Maven IncGwth VCT 3 - Half-year Report
21/07/2023 13:00
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RNS Number : 8412G Maven Income and Growth VCT 3 PLC 21 July 2023
Maven Income and Growth VCT 3 PLC
Interim Results for the Six Months Ended 31 May 2023
Highlights
· NAV total return at 31 May 2023 of 150.69p per share
· NAV at 31 May 2023 of 53.62p per share, after payment of the
2022 final dividend of 1.90p per share on 26 April 2023
· Interim dividend of 0.50p per share declared for payment on
25 August 2023
· Offer for Subscription closed, raising £6.75 million, with a
further fund raising to be launched in Autumn 2023
· Two new private companies added to the portfolio
Overview
During the first half of the financial year, the macroeconomic environment
remained challenging and growth prospects continue to be suppressed by ongoing
inflationary pressures and rising interest rates. Against this backdrop, it is
encouraging to report on the further progress that has been achieved by your
Company. Whilst NAV total return has reduced modestly, compared to the
position at the previous year end, most companies in the unlisted portfolio
have continued to deliver revenue growth and achieve their commercial
milestones. Notably, some of the most resilient performances have been from
companies in the early stage portfolio, which helps to demonstrate the
strength of the investment strategy that your Company has been following for a
number of years. The Board and the Manager recognise the importance to
Shareholders of regular tax free distributions and the Directors were pleased
to declare an interim dividend of 0.50p per share for payment in August 2023.
Whilst the outlook for the UK economy has slightly improved, inflation remains
stubbornly high and interest rates continue to rise, meaning that the
prevailing economic conditions remain challenging for many businesses and
consumers. Notwithstanding the market conditions, your Company has delivered a
robust performance and it is worthwhile noting that across the portfolio the
level of external debt and direct exposure to consumer facing sectors is low.
The Board and the Manager believe that the underlying growth prospects for the
majority of companies within the portfolio remain positive and that your
Company is well positioned to make further progress in line with its long term
investment objective.
Your Company continues to follow a strategy focused on constructing a large
and sectorally diversified portfolio of dynamic and entrepreneurial private
and AIM quoted companies that operate in defensive markets such as cyber
security, data analytics, healthcare and Software-as-a-Service (SaaS), where
growth is less dependent on the conditions in the wider economy. Most
companies within the unlisted portfolio have continued to make positive
progress, with some of the more mature holdings now trading ahead of
pre-pandemic levels. In the earlier stage portfolio, the majority of companies
are meeting their commercial milestones, increasing annual recurring revenue
(ARR) and achieving further scale. In certain cases, where there has been a
sustained positive performance, valuations have been uplifted. However, the
valuation impact of improved revenues has been curtailed by the
well-publicised reduction in valuation multiples across public and private
markets, particularly within the technology sector.
In May 2023, your Company closed its most recent Offer for Subscription,
raising a total of £6.75 million across the 2022/23 and 2023/24 tax years.
This new capital provides additional liquidity to support the further
expansion and development of the portfolio through the completion of new
investments and the provision of follow-on funding to support those companies
that are achieving commercial targets and require additional capital to fully
scale before progressing to an exit. During the period, two new private
companies were added to the portfolio, both of which provide disruptive
software solutions and operate in attractive growth markets. Maven will
generally only invest in companies that can demonstrate meaningful commercial
traction and have the potential for further strong revenue growth. This is
often measured in terms of contracted ARR, which provides a degree of
visibility on the growth trajectory for each company. Maven's regional network
of investment executives continues to review a healthy pipeline of
opportunities across a wide range of sectors and, at the time of writing,
there are a number of potential investments at various stages of due diligence
and legal contract. Based on this pipeline, it is anticipated that there will
be a good rate of new investment during the second half of the financial year.
Within the AIM quoted portfolio, performance has continued to be soft and,
despite the generally encouraging underlying performance by most investee
companies, certain share prices have declined further. Although some listed
markets have experienced a recovery, investor sentiment towards AIM continues
to be subdued and there has been very limited IPO and new share issuance
activity to help stimulate demand. As a result of these market conditions, the
value of your Company's AIM quoted portfolio has reduced. For the majority of
holdings, the share price weakness reflects the general market volatility that
has persisted throughout the period and the reduced investor appetite for
smaller, earlier stage growth businesses. The Board and the Manager
nevertheless believe that selective exposure to AIM offers scope to broaden
the portfolio, as well as providing the ability to generate early liquidity if
companies perform well. The Manager will, however, remain cautious towards any
new AIM investments until there is clear evidence of a recovery, and an
improvement in the quality and quantity of companies seeking VCT funding.
The Manager maintains an active approach to portfolio management, with a view
to supporting investee companies throughout the period of ownership. The Maven
appointed board representative works closely with each unlisted portfolio
company that is considering, or is engaged in, a sale process, helping to
identify the most suitable corporate finance advisor and potential acquirers
that may be willing to pay a premium or strategic price for the business.
Whilst there have been no material realisations during the period, there
remains a good level of external interest in a number of portfolio companies
and, based on historic trends, the Manager is optimistic that M&A activity
will resume when economic conditions stabilise.
Liquidity Management
As Shareholders will be aware from recent Annual and Interim Reports, your
Company maintains a proactive approach to liquidity management, with the
objective of generating income from cash resources held prior to investment in
VCT qualifying companies. This strategy also helps to satisfy the criteria of
the Nature of Income condition, which is a mandatory requirement of the VCT
legislation where not less than 70% of a VCT's income must be derived from
shares or securities. To meet this requirement, the Board had previously
approved the construction of a focused portfolio of permitted, non-qualifying
holdings in carefully selected investment trusts with strong fundamentals and
attractive income characteristics. The recent upward trend in interest rates
has, however, required the Board and the Manager to revise the approach to
funds held prior to investment. Following a whole of market review, the
Manager has selected a number of leading money market funds and a portfolio of
investment trusts that will allow your Company to maximise the income
receivable on residual cash held prior to investment, whilst also ensuring
compliance with the Nature of Income condition. During the reporting period,
several new investments were completed in support of the revised liquidity
management strategy, and details can be found in the Investments table in the
Interim Report.
Interim Dividend
In respect of the year ending 30 November 2023, an interim dividend of 0.50p
per share will be paid on 25 August 2023 to Shareholders who are on the
register at 28 July 2023. Since the Company's launch, and after receipt of
this interim dividend, a total of 97.57p per share will have been paid in tax
free Shareholder distributions. It should be noted that payment of a dividend
reduces the NAV of the Company by the total cost of the distribution.
Dividend Policy
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.
The Board and the Manager recognise the importance of tax free distributions
to Shareholders and, subject to the considerations outlined above, will seek,
as a guide, to pay an annual dividend that represents 5% of the NAV per share
at the immediately preceding year end.
As the portfolio continues to expand, and a greater proportion of holdings are
in younger companies with growth potential, the timing of distributions will
be more closely linked to realisation activity, whilst also reflecting the
Company's requirement to maintain its VCT qualifying level. If larger
distributions are required as a consequence of significant exits, this will
result in a corresponding reduction in NAV per share. However, the Board and
the Manager consider this to be a tax efficient means of returning value to
Shareholders, whilst ensuring ongoing compliance with the VCT legislation.
Dividend Investment Scheme
Your Company operates a DIS, through which Shareholders can, at any time,
elect to have their future dividend payments utilised to subscribe 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.
In order for the DIS to apply to the interim dividend that is due to be paid
on 25 August 2023, a mandate form must be received by the Registrar (The City
Partnership) before 11 August 2023, this being the relevant dividend election
date, and that election will apply to all future dividends until the Registrar
is instructed to the contrary. The mandate form, terms & conditions and
full details of the scheme (including tax considerations) are available from
the Company's webpage at: mavencp.com/migvct3. 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.
Offers for Subscription
On 7 October 2022, your Company, alongside Maven Income and Growth VCT PLC,
Maven Income and Growth VCT 4 PLC and Maven Income and Growth VCT 5 PLC,
launched Offers for Subscription for up to £30 million in aggregate, with
over-allotment facilities for up to £10 million in aggregate. On 26 May 2023,
the Offers closed with your Company having raised a total of £6.75 million
across the 2022/23 and 2023/24 tax years.
With respect to the 2022/23 tax year, an allotment of 6,389,151 new Ordinary
Shares completed on 8 February 2023, with a further allotment of 982,796 new
Ordinary Shares on 3 March 2023 and a final allotment of 2,870,790 new
Ordinary Shares on 5 April 2023. An allotment of 1,441,593 new Ordinary Shares
for the 2023/24 tax year took place on 2 June 2023.
The Directors are confident that Maven's regional office network will continue
to source and complete attractive investments in VCT qualifying companies
across a range of sectors, and the additional liquidity provided by the
fundraising will facilitate further expansion and development of the portfolio
in line with the investment strategy. Furthermore, the funds raised will allow
your Company to maintain its share buy-back policy, whilst also spreading
costs over a wider asset base in line with the objective of maintaining a
competitive total expense ratio for the benefit of all Shareholders.
Further to the announcement of 6 July 2023, the Directors have elected to
launch a new Offer in Autumn 2023, which will run alongside Offers by the
other Maven managed VCTs. Full details of the Offers will be included in the
Prospectus, which is expected to be published in Autumn 2023.
Portfolio Developments
Integrated drug discovery services provider BioAscent Discovery continues to
make strong progress and has consistently achieved double digit annual revenue
growth in each of the four years since your Company first invested. To
maintain this momentum, BioAscent is focused on expanding its range of
services and the near term objective is to move into complementary areas such
as custom protein production, immune-oncology and further translational
assays. As part of the long term growth strategy, and to ensure that the
business is able to meet the requirements of its global customer base,
BioAscent is in advanced discussions to achieve a significant increase in
laboratory and office space, whilst remaining at a single location in
Scotland. This additional space will enable the company to increase its market
presence by making the drug discovery process more efficient, which should
help it to attract more clients and achieve further scale.
Graduate recruitment specialist Bright Network continues to make positive
progress, with revenues now in excess of £11 million and over 900,000 active
members. Its digital solution enables leading employers to identify, reach and
recruit high quality graduates and young professionals and has established a
leading market position. Working with over 300 partner firms such as Amazon,
Bloomberg, Google and Vodafone, it offers a comprehensive range of services,
including advice and support to assist its members in securing their first job
or internship, as well as providing access to a range of in-person networking
events. The business is committed to serving a diverse range of applicants and
it is encouraging to note that 79% of the membership base are state educated,
55% are female and 40% are from first generation university households. During
2021, the business launched its Technology Academy, which seeks to address the
digital skills shortage by providing high performing graduates with an
intensive software development training programme, and then deploying them in
client organisations. The Technology Academy has gained good commercial
traction and already has consultants deployed with Lloyds Bank and Marks and
Spencer. It was also named the Learning Solution of the Year at the 2022 Tiara
Talent Tech Star Awards, which recognise excellence in the recruitment and
talent acquisition industry.
Following a challenging period during the pandemic, when global electronic
component shortages and supply chain disruption impacted order fulfilment
capabilities, specialist manufacturer CB Technology has experienced a good
recovery, with sales now back to pre-pandemic levels. Over recent years, the
strategy to diversify the customer base away from a reliance on the oil &
gas sector has been successful, with new clients secured in sectors such as
communication, instrumentation and medical technology, where demand has
remained resilient. To support future growth, the business continues to make
strategic investments to ensure that it has the necessary infrastructure in
place to best serve its clients. As part of this initiative, it is currently
implementing a new enterprise resource planning (ERP) system, which will help
to improve operational efficiencies. With a strong orderbook, the prospects
for the year ahead are positive.
Over recent years, cybercrime has become an increasing threat to everyday
business activities, with most companies and organisations recognising the
need to implement robust defences. Against this backdrop, cyber security
specialist CYSIAM has made good progress. The business, which provides a 24/7
managed detection and response service, aims to reduce system security
breaches and stop ransomware attacks and is a preferred partner to public
sector organisations in the UK. The team at CYSIAM are experts in their field,
with a background in military intelligence, law enforcement and national
security, which has also enabled the business to launch a consultancy arm that
is gaining commercial traction. The consultants work with clients to help them
understand their security position and build appropriate cyber resilience.
CYSIAM has achieved good growth in the year to date and, with a good pipeline
of opportunities, the outlook is encouraging.
Following changes to the senior leadership team and the appointment of a new
CEO, data transfer specialist DiffusionData has delivered strong growth, with
ARR nearly doubling since your Company first invested in 2020. The business,
which provides a market leading platform to improve the speed, security and
efficiency of critical data transfer, is focused on the financial services,
gaming and internet of things (IoT) markets, where accurate and timely data
transfer is vital. DiffusionData has established a blue chip client base that
includes 188 Bet, Baker Technology, Betfair, Caesars, Lloyds Bank and William
Hill, with an objective for the year ahead of growing its market position. To
support this strategy, a new engineering and testing hub is being established
in Newcastle, which will create a number of local jobs and serve as a quality
and assurance centre to ensure that DiffusionData can maintain its high
standard of service delivery as it scales. In 2022, the business achieved
notable industry recognition for its innovative data platform, winning four
awards and being shortlisted for a further 12.
During the period under review, sustainable packaging manufacturer iPac has
continued to deliver a good rate of sales growth and has a strong pipeline of
new opportunities. The business, which manufactures and supplies thermoformed
sustainable packaging solutions to the food and pharmaceutical sectors,
recently opened its sixth production line to accommodate increased demand. In
February 2023, it opened a new production and warehousing facility in County
Durham, which has created a number of local jobs and has capacity to house up
to eight new production lines that will be phased in over time to meet client
demand. iPac continues to develop new products and its strategic objective is
to move into adjacent markets where there is demand for sustainable packaging
solutions. Given its strong and expanding product portfolio, coupled with
attractive ESG credentials, the business is well placed to continue to deliver
good growth in the year ahead.
Crematorium developer and operator Horizon Ceremonies continues to make good
operational and strategic progress. Since your Company first invested in 2017,
Horizon has established a portfolio of three crematoria, all of which are
trading ahead of plan and the business continues to build a strong market
position. Whilst the planning process for a new crematorium can be lengthy,
there is a good pipeline of opportunities at varying stages of the approval
process. The medium term strategic objective remains to build a portfolio of
modern, technologically advanced crematoria that offer a professional and
compassionate service, whilst also meeting the highest environmental
standards, including the objective of achieving net zero status by 2025, and
to sell the business to a trade, private equity or infrastructure acquirer
when all sites are fully developed.
Since your Company first invested in December 2021, Liftango, a provider of
environmentally friendly transport planning solutions, has achieved
significant commercial traction. The business, which enables clients such as
corporates, universities and public transport providers, to plan, launch and
scale sustainable transport solutions, including climate-positive carpooling,
fixed-route shuttles and on-demand buses, recently signed a five year contract
with National Express to digitalise its existing dial-a-ride service, adding
to an impressive blue chip list that includes Amazon, IKEA, Tesla, Qantas and
Volvo. During the period, Liftango received additional funding from the Maven
VCTs as part of a larger funding round supported by existing investors. This
further investment will help the business to increase ARR by accelerating its
international growth plan and capitalising on emerging opportunities in Europe
and North America, whilst also broadening its product offering to existing
regions and clients.
Digital archiving specialist MirrorWeb continues to deliver impressive revenue
growth and has increased ARR by over 80% compared to the prior year. During
the period, the business received additional funding from the Maven VCTs to
support its expansion into the US, which is regarded as a pivotal market for
future growth. The international expansion is being led by the CEO, who
relocated to Austin, Texas in early 2023. The strategy for growth in the US
will focus on increasing sales by targeting large financial institutions and
compliance consultancies, where the need to archive digital communications is
either a regulatory or best practice requirement, and where MirrorWeb's
comprehensive and secure product offering provides a compelling solution. The
business will also continue to build its presence in the UK, where its blue
chip customer base includes Aegon, Baillie Gifford, the BBC, HM Treasury,
Tesco Bank and The National Archives.
During the period under review, Rockar, a developer of a disruptive digital
platform for buying new and used cars, has made positive progress and further
enhanced its position in the evolving automotive ecommerce market. The
business, which provides a white label cloud-based solution to help
manufacturers and retailers develop digital alternatives to replace or
complement existing showroom models, has achieved good commercial traction and
recently added Volvo to its existing client base which includes BMW, Jaguar
Land Rover, Porsche and Toyota. The strategy for the year ahead remains
focused on building relationships with global automotive manufacturers to
enable the business to scale further.
Whilst the majority of companies in the unlisted portfolio have continued to
make positive progress, there are a small number that have not achieved their
commercial targets, largely as a result of conditions within the wider
economy. Martel Instruments, a manufacturer and supplier of custom-built
compact printers and data loggers, traded very well during the pandemic,
buoyed by high demand from customers within the medical devices market. More
recently, however, trading has been affected by the well-publicised global
shortage of micro processing chips, which are used in printers. The disruption
to the supply chain has had an impact on performance during the reporting
period and, consequently, the valuation has been reduced. Specialist IT
integrator Flow has experienced challenging trading conditions resulting from
hardware and component shortages, and a provision against cost has been taken
to reflect the lower than expected trading performance.
New Investments
During the reporting period, two new private companies were added to the
portfolio:
• iAM Compliant is a software company that has established a
strong position in the eLearning market and operates through two core
divisions. The first, iAM Compliant, is a cloud-based estates and compliance
management platform, covering areas such as estates management, health and
safety, status reporting and premises checks. The division has achieved a good
rate of recurring revenue and maintains a high client retention rate. The
second division, iAM Learning, has developed a digital learning library that
contains over 275 continuing professional development (CPD) and Institute of
Occupational Safety and Health (IOSH) approved courses covering a wide range
of topics such as cyber security, leadership, mental health and safeguarding.
The courses are designed to be accessible and engaging, and existing clients
include Countrywide, DPD, Dunelm, Lotus Cars and Moonpig. The funding from the
Maven VCTs will enable the business to enhance product development, support
sales and marketing initiatives, and provide general working capital headroom.
• Manufacture 2030 (M2030) has developed a software solution
to assist large corporates with complex manufacturing supply chains to work
with their suppliers to measure and actively reduce carbon emissions. The
platform enables companies to collate environmental impact data and formulate
reduction strategies, whilst tracking progress and reporting this to their
customers. The business has developed a strong client base, including
multi-nationals such as Asda, Bayer, Ford, General Motors, Morrisons and SC
Johnson. The funding from the Maven VCTs is being used to expand M2030's
market position in key sectors such as automotive, chemical, pharmaceuticals
and retail, and to support further product development to enhance the platform
functionality.
The following investments were completed during the reporting period:
Investments Date Sector Investment Cost
£'000
New Unlisted
2 degrees Limited March 2023 Software & technology 598
(trading as Manufacture 2030)
iAM Compliant Limited May 2023 Learning & development/ recruitment technology 149
Total new unlisted 747
Follow-on unlisted
Draper & Dash Limited April 2023 Pharmaceuticals, 75
(trading as RwHealth) biotechnology & healthcare
Enpal Limited (trading as Guru Systems) April 2023 Software & technology 82
Liftango Group Limited February 2023 Software & technology 200
MirrorWeb Limited February 2023 Software & technology 90
Turnkey Group (UK) Holdings Limited March 2023 Software & technology 299
Zinc Digital Business Solutions Limited April 2023 Software & technology 19
Total follow-on unlisted 765
Total unlisted 1,512
Open-ended investment companies(1)
Royal London Short Term Fixed Income Fund (Class Y Income) February 2023 Money market fund 1,000
Royal London Short Term Money Market Fund (Class Y Income) March 2023 Money market fund 2,000
Total open-ended investment companies 3,000
Money market funds(1)
Aberdeen Standard Liquidity Fund (Lux) - Sterling Fund (Class K3) April 2023 Money market fund 1,000
Aviva Investors April 2023 Money market fund 1,003
Sterling Liquidity Fund (Class 3)
BlackRock Institutional Sterling Liquidity Fund (Core) May 2023 Money market fund 1,000
Fidelity Institutional Liquidity Sterling Fund (Class F) March 2023 Money market fund 1,010
Goldman Sachs Sterling Government Liquid Reserves Ireland (Institutional) May 2023 Money market fund 1,000
HSBC Sterling Liquidity Fund (Class A) May 2023 Money market fund 1,000
Total money market funds 6,013
Investments Date Sector Investment Cost
£'000
Private equity investment trusts(1)
abrdn Private Equity Opportunities Trust PLC (formerly Standard Life Private March 2023 Investment trust 264
Equity Trust PLC)
Alliance Trust PLC May 2023 Investment trust 149
Apax Global Alpha Limited May 2023 Investment trust 60
HgCapital Trust PLC March 2023 Investment trust 250
ICG Enterprise Trust PLC May 2023 Investment trust 73
JPMorgan Global Growth & Income PLC May 2023 Investment trust 150
NB Private Equity Partners Limited March 2023 Investment trust 371
Total private equity investment trusts 1,317
Real estate investment trust(1)
Impact Healthcare REIT PLC May 2023 Investment trust 167
Total real estate investment trust 167
Infrastructure investment trusts(1)
3i Infrastructure PLC May 2023 Investment trust 270
BBGI Global Infrastructure SA May 2023 Investment trust 260
International Public Partnerships Limited May 2023 Investment trust 235
JLEN Environmental Assets Group Limited May 2023 Investment trust 270
Pantheon Infrastructure PLC March 2023 Investment trust 251
Total infrastructure investment trusts 1,286
Total investments 13,295
(1) Investments completed as part of the liquidity management strategy,
details of which can be found in the investments table on pages 12 and 13 of
this Interim Report
At the period end, the portfolio stood at 114 unlisted and quoted investments,
at a total cost of £48.06 million.
Realisations
The table below gives details of all realisations completed during the
reporting period:
Realisations Year Complete/ Cost of shares disposed of Value at Sales proceeds Realised gain/ Gain/(loss) over 30 November 2022 value
first invested partial £'000 30 November 2022 £'000 (loss) £'000
exit £'000 £'000
Unlisted
ADC Biotechnology Limited(1) 2017 Complete - - 129 129 129
Ensco 969 Limited (trading as DPP)(2) 2013 Partial 63 82 63 - (19)
Maven Co-invest Endeavour Limited Partnership(3) 2013 Complete 2 499 513 511 14
Optoscribe Limited(4) 2018 Complete - - 40 40 40
R&M Engineering Group Limited 2013 Complete 761 172 120 (641) (52)
Others - - 1 1 1
Total unlisted 826 753 866 40 113
Money Market Funds
Fidelity Institutional Liquidity Sterling Fund (Class F) 2023 Partial 10 - 10 - 10
Total money market funds 10 - 10 - 10
Total realisations 836 753 876 40 123
(1) Deferred consideration following the sale in March 2021.
(2) Proceeds from loan note repayment, which excludes yield received and is
disclosed as revenue for financial reporting purposes.
(3) Release of monies following the sale of the underlying company in June
2022.
(4) Deferred consideration following the sale in January 2022.
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 2022 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, 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.
The invasion of Ukraine by Russia 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 the
conflict, and wider market conditions, on portfolio companies.
Share Buy-backs
Shareholders will be aware that a primary objective for the Board is to ensure
that the Company retains sufficient liquidity for making investments in line
with its stated policy, and for the continued payment of dividends. However,
the Directors also acknowledge the need to maintain an orderly market in the
Company's shares and have, therefore, delegated authority to the Manager for
the Company to buy back shares in the market, for cancellation or to be held
in treasury, subject always to such transactions being in the best interests
of Shareholders.
It is intended that the Company should seek to maintain a share price at a
discount that is approximately 5% below the latest published NAV per share,
subject to market conditions, availability liquidity and the maintenance of
the Company's VCT qualifying status.
Shareholders should be aware that neither the Company nor the Manager can
execute a direct transaction in the Company's shares. Any instruction to buy
or sell shares on the secondary market must be directed through a stockbroker,
in which case a Shareholder or their broker can contact the Company's Broker,
Shore Capital Stockbrokers on 020 7647 8132, to discuss a transaction. It
should, however, be noted that such transactions cannot take place whilst the
Company is in a closed period, which is the time from the end of a reporting
period until the announcement of the relevant results or an unaudited NAV. A
closed period may also be introduced if the Directors and Manager are in
possession of price sensitive information.
During the period under review, 1,317,000 shares were bought back at a total
cost of £708,000.
VCT Regulatory Update
During the period under review, there were no further amendments to the rules
governing VCTs. However, Shareholders may be aware that, as approved by the
European Commission in 2015, the VCT scheme included a "sunset" clause, which
provided that, unless the legislation was renewed by an HM Treasury order,
income tax relief would no longer be available on subscriptions for new shares
in VCTs made on or after 6 April 2025. There has been a considerable level of
activity by industry representatives such as the Venture Capital Trust
Association (VCTA), of which the Manager is an active member, and The
Association of Investment Companies (AIC), of which the Company is a member,
to demonstrate the important role of VCT investment in supporting SMEs across
the country and stimulating economic growth and regional employment. The Board
and the Manager welcomed the announcement by the UK Government in the Autumn
2022 budget statement, of an intention to extend the income tax relief
available on new VCT shares beyond 2025. This commitment was reaffirmed in the
Spring 2023 budget, and the Manager will remain involved in discussions
regarding the process for implementing this extension.
Consistent with industry best practice, the Board and the Manager continue to
apply the International Private Equity and Venture Capital Valuation (IPEV)
Guidelines (Valuation Guidelines) as the central methodology for all private
company valuations. The Valuation Guidelines are the prevailing framework for
fair value information in the private equity and venture capital industry and
the Directors and the Manager continue to adhere to the Valuation Guidelines
when assessing all private company investments.
Environmental, Social and Governance (ESG)
Whilst your Company's investment policy does not incorporate specific ESG
objectives, and investee companies are not required to meet any particular
targets, Maven continues to develop its ESG framework and oversight
capabilities, recognising the benefits and importance of incorporating these
core principles into its investment approach. Early stage ESG due diligence is
now a standard part of the pre-investment decision making process and is a
core component within the selection criteria, thereby ensuring that all ESG
risks and opportunities are fully discussed prior to an investment completing.
During the period under review, the Manager has invested additional resource
into its ESG capabilities in recognition of the growing importance of this
area, and the requirement to record and monitor ESG information across the
portfolio.
A number of investee companies are already highly focused on the environment
or making improvements to society and local communities and have set
themselves specific ESG related goals. Where this is not the case, the Manager
is able to support and advise on the value of improving these metrics and can
help portfolio companies by sharing best practice.
The ESG regulatory landscape is evolving, and the Manager provides the Board
with regular updates on the latest developments. A relevant regulation is the
Task Force on Climate-related Financial Disclosures (TCFD) on which neither
the Company nor the Manager are required to report. However, the Board and the
Manager acknowledge the aims and importance of the TCFD, and, therefore,
reporting in line with TCFD is an objective of the Manager as part of its
approach to ESG.
The Manager continues to be an active signatory to the UN Principles for
Responsible Investment (UNPRI) and is preparing to complete its first UNPRI
report to demonstrate its ESG capabilities and commitment to the Principles.
Your Company has multiple investments in companies with strong ESG credentials
that are achieving growth in expanding markets and the Manager is committed to
maintaining a responsible approach to new and existing investments.
Additionally, the Manager is a signatory to the Investing in Women Code, which
aims to reduce barriers to tools, resources and finance for UK based female
entrepreneurs.
Constitution of the Board
As announced in December 2022, and in the Annual Report, Chairman Atul Devani
will stand down from the Board and will not seek re-election at the 2024 AGM.
Through its Nomination Committee, the Board will consider its constitution and
Shareholders will be notified of the appointment of a new non-executive
Director in due course, as well as the Board member that will succeed Atul as
Chairman.
Outlook
With good levels of liquidity, your Company's strategy remains focused on
further growing and developing the investee company portfolio. The pipeline of
potential new investments across Maven's regional network of offices remains
strong and it is anticipated that there will be a good rate of new investment
through the second half of the year. The Manager will also continue to work
closely with existing portfolio companies, particularly those that are growing
rapidly and demonstrating the potential to create significant Shareholder
value, to ensure that their value is maximised at the point of exit. This dual
focus on portfolio expansion and value maximisation is aimed at ensuring that
a steady flow of profitable exits occur in support of the objective of
providing Shareholders with regular tax free dividends.
On behalf of the Board
Maven Capital Partners UK LLP
Secretary
21 July 2023
Summary of Investment Changes
For the Six Months Ended 31 May 2023
Valuation Net investment/ (disinvestment) Appreciation/ (depreciation) Valuation
30 November 2022 £'000 £'000 31 May 2023
£'000 % £'000 %
Unlisted Investments
Equities 29,253 48.8 527 (778) 29,002 47.5
Loan stock 7,861 13.1 173 (426) 7,608 12.5
37,114 61.9 700 (1,204) 36,610 60.0
AIM/AQSE investments(1)
Equities 2,065 3.4 - (371) 1,694 2.8
Listed investments(2)
OEICs - - 3,000 (15) 2,985 4.9
Money market funds - - 6,003 - 6,003 9.8
Investment trusts 1,981 3.3 2,770 30 4,781 7.8
Total investments 41,160 68.6 12,473 (1,560) 52,073 85.3
Other net assets 18,783 31.4 - (9,774) 9,009 14.7
Net assets 59,943 100.0 12,473 (11,334) 61,082 100.0
(1) Shares traded on the Alternative Investment Market (AIM) and the Aquis
Stock Exchange (AQSE).
(2) These holdings represent the liquidity management portfolio, which has
been constructed from a range of carefully selected, permitted non-qualifying
holdings in open-ended investment companies (OEICs), investment trusts and
money market funds.
Investment Portfolio Summary
As at 31 May 2023
Investment Valuation Cost % of total assets % of equity held % of equity held by other clients(1)
£'000 £'000
Unlisted
Horizon Ceremonies Limited 2,798 1,288 4.7 8.7 44.0
(trading as Horizon Cremation)
Bright Network (UK) Limited 2,359 1,015 4.0 8.9 31.0
Rockar 2016 Limited (trading as Rockar) 1,427 971 2.4 4.3 15.1
Ensco 969 Limited (trading as DPP) 1,302 1,032 2.2 4.8 29.7
BioAscent Discovery Limited 1,207 199 2.1 5.0 35.0
Nano Interactive Group Limited 1,126 625 1.8 3.7 11.2
NorthRow Limited 997 997 1.6 8.7 23.5
(formerly Contego Solutions Limited)
Relative Insight Limited 953 700 1.6 3.0 28.7
CB Technology Group Limited 914 558 1.5 10.6 64.4
Martel Instruments Holdings Limited 879 671 1.4 12.4 31.8
MirrorWeb Limited 865 490 1.4 3.8 46.1
DiffusionData Limited 855 625 1.4 2.9 13.7
(formerly Push Technology Limited)
Vodat Communications Group (VCG) Holding Limited 852 567 1.4 5.0 26.9
Delio Limited 821 533 1.3 2.5 11.2
Filtered Technologies Limited 816 750 1.3 7.6 17.8
GradTouch Limited 800 400 1.3 4.0 30.7
WaterBear Education Limited 785 370 1.3 7.8 31.4
Hublsoft Group Limited 763 600 1.2 5.5 18.2
Precursive Limited 750 750 1.2 5.4 28.8
HCS Control Systems Group Limited 746 746 1.2 6.1 30.4
Horizon Technologies Consultants Limited 746 448 1.2 3.1 14.1
QikServe Limited 658 658 1.1 3.0 12.8
Bud Systems Limited 647 647 1.1 3.7 13.3
TC Communications Holdings Limited 645 980 1.1 8.3 21.7
Cat Tech International Limited 627 627 1.0 6.0 24.0
2 degrees Limited 598 598 1.0 2.1 9.0
(trading as Manufacture 2030)
Boomerang Commerce Inc 580 773 0.9 0.1 0.3
(trading as CommerceIQ)(2)
Whiterock Group Limited 557 320 0.9 5.1 24.9
Glacier Energy Services Holdings Limited 544 686 0.9 2.6 25.0
As at 31 May 2023
Investment Valuation Cost % of total assets % of equity held % of equity held by other clients(1)
£'000 £'000
Unlisted
Liftango Group Limited 498 498 0.8 1.8 12.1
CODILINK UK Limited (trading as Coniq) 450 450 0.7 1.3 3.6
Turnkey Group (UK) Holdings Limited 448 448 0.7 6.9 31.9
Summize Limited 448 448 0.7 2.9 30.2
mypura.com Group Limited (trading as Pura) 431 216 0.7 1.1 21.3
The Algorithm People Limited 420 420 0.7 6.1 10.2
Flow UK Holdings Limited 420 597 0.7 7.0 28.0
Enpal Limited (trading as Guru Systems) 381 381 0.6 3.2 18.4
Novatus Global Limited 348 348 0.6 2.3 11.0
(formerly Novatus Advisory Limited)
Biorelate Limited 348 348 0.6 2.0 23.7
Plyable Limited 348 348 0.6 3.3 14.1
HiveHR Limited 346 346 0.6 4.4 40.2
CYSIAM Limited 336 199 0.6 3.5 16.5
Project Falcon Topco Limited (trading as Quorum Cyber)(3) 335 335 0.5 0.8 2.1
ORCHA Health Limited 332 332 0.5 1.4 4.2
Kanabo GP Limited(4) 331 1,611 0.5 13.5 53.6
Growth Capital Ventures Limited 331 319 0.5 5.8 41.6
Snappy Shopper Limited 298 298 0.5 0.4 1.3
Draper & Dash Limited (trading as RwHealth) 274 274 0.4 1.0 12.6
ebb3 Limited 265 326 0.4 9.3 69.6
Shortbite Limited (trading as Fixtuur) 254 423 0.4 5.6 51.7
XR Games Limited 242 149 0.4 0.8 19.4
Zinc Digital Business Solutions Limited 218 218 0.4 3.3 20.6
Rico Developments Limited 200 200 0.3 1.5 8.2
(trading as Adimo)
FodaBox Limited 199 199 0.3 0.7 4.4
iAM Compliant Limited 149 149 0.2 1.9 36.9
ISN Solutions Group Limited 127 321 0.2 4.5 50.5
Reed Thermoformed Packaging Limited (trading as iPac) 106 100 0.2 0.5 11.8
RevLifter Limited 100 100 0.2 1.0 25.6
Other unlisted investments 10 1,206 -
Total unlisted 36,610 31,231 60.0
As at 31 May 2023
Investment Valuation £'000 Cost % of total assets % of equity % of equity held by other clients(1)
£'000 held
AIM/AQSE quoted
GENinCode PLC 440 598 0.7 3.5 7.5
MaxCyte Inc 262 137 0.5 0.1 0.1
Faron Pharmaceuticals Oy 194 250 0.3 0.1 -
Diaceutics PLC 169 161 0.3 0.3 0.3
C4X Discovery Holdings PLC 125 119 0.2 0.3 0.6
Destiny Pharma PLC 68 150 0.1 0.3 1.2
Spectral MD Holdings PLC 67 99 0.1 0.1 0.1
Feedback PLC 67 121 0.1 0.4 1.2
AFC Energy PLC 54 57 0.1 - -
Polarean Imaging PLC 50 129 0.1 0.1 0.5
Eden Research PLC 48 83 0.1 0.4 1.0
Crossword Cybersecurity PLC 37 122 0.1 0.4 1.7
RUA Life Sciences PLC 32 100 0.1 0.4 1.3
ReNeuron Group PLC 22 278 - 0.7 1.4
Pelatro PLC 19 146 - 0.6 1.8
Vianet Group PLC 18 31 - 0.1 1.4
Oncimmune Holdings PLC 10 100 - 0.1 0.4
Other quoted investments 12 885 -
Total AIM/AQSE quoted 1,694 3,566 2.8
Private equity investment trusts(5)
HgCapital Trust PLC 648 420 1.1 - 0.1
abrdn Private Equity Opportunities Trust PLC (formerly Standard Life Private 411 374 0.7 - 0.1
Equity Trust PLC)
ICG Enterprise Trust PLC 382 300 0.6 0.1 0.1
NB Private Equity Partners Limited 346 371 0.6 - -
CT Private Equity Trust PLC 337 253 0.6 0.1 0.3
(formerly BMO Private Equity Trust PLC)
Princess Private Equity Holding Limited 266 270 0.4 0.1 0.1
HarbourVest Global Private Equity Limited 254 167 0.4 - 0.1
Apax Global Alpha Limited 240 219 0.4 - 0.1
Pantheon International PLC 179 138 0.3 - 0.1
JPMorgan Global Growth & Income PLC 149 150 0.2 - -
Alliance Trust PLC 148 149 0.2 - -
Total private equity investment trusts 3,360 2,811 5.5
As at 31 May 2023
Investment Valuation £'000 Cost % of total assets % of equity % of equity held by other clients(1)
£'000 held
Real estate investment trust(5)
Impact Healthcare REIT PLC 172 167 0.3 - 0.1
Total real estate investment trust 172 167 0.3
Infrastructure investment trusts(5)
JLEN Environmental Assets Group Limited 262 270 0.4 - 0.1
3i Infrastructure PLC 261 270 0.4 - -
BBGI Global Infrastructure SA 253 260 0.4 - 0.1
Pantheon Infrastructure PLC 246 251 0.4 0.1 0.2
International Public Partnerships Limited 227 235 0.4 - -
Total infrastructure investment trusts 1,249 1,286 2.0
Open-ended investment companies(5)
Royal London Short Term Money Market Fund (Class Y Income) 1,983 2,000 3.3 - -
Royal London Short Term Fixed Income Fund (Class Y Income) 1,002 1,000 1.6 - 0.1
Total open-ended investment companies 2,985 3,000 4.9
Money market funds(5)
Aviva Investors Sterling Liquidity Fund (Class 3) 1,003 1,002 1.8 - -
Aberdeen Standard Liquidity Fund (Lux) - Sterling Fund (Class K3) 1,000 1,000 1.6 - -
BlackRock Institutional Sterling Liquidity Fund (Core) 1,000 1,000 1.6 - 0.1
Fidelity Institutional Liquidity Sterling Fund (Class F) 1,000 1,000 1.6 0.1 0.1
Goldman Sachs Sterling Government Liquid Reserves Ireland (Institutional) 1,000 1,000 1.6 0.3 0.3
HSBC Sterling Liquidity Fund (Class A) 1,000 1,000 1.6 - -
Total money market funds 6,003 6,002 9.8
Total investments 52,073 48,063 85.3
(1) Other clients of Maven Capital Partners UK LLP.
(2) The holding reflects the retained minority interest following the sale of
e.fundamentals (Group) Limited to CommerceIQ in July 2022.
(3) Retained minority interest following the sale of Quorum Cyber Security
Limited in December 2021.
(4) The holding in this investment resulted from the sale of The GP Service
(UK) Limited to Kanabo GP Limited in a share for share exchange, which
completed in February 2022.
(5) Liquidity management portfolio.
Shaded line indicates that the investment was completed pre November 2015.
Income Statement
For the six months ended 31 May 2023
Six months ended Six months ended Year ended
31 May 2023 31 May 2022 30 November 2022
(unaudited) (unaudited) (audited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
(Losses)/gains on investments - (1,560) (1,560) - (1,378) (1,378) - 626 626
Income from investments 323 - 323 435 - 435 730 - 730
Other income 147 - 147 3 - 3 55 - 55
Investment management fees (154) (616) (770) (132) (528) (660) (277) (1,111) (1,388)
Other expenses (241) - (241) (179) - (179) (479) - (479)
Net return on ordinary activities before taxation 75 (2,176) (2,101) 127 (1,906) (1,779) 29 (485) (456)
Tax on ordinary activities - - - (8) 8 - - - -
Return attributable to Equity Shareholders 75 (2,176) (2,101) 119 (1,898) (1,779) 29 (485) (456)
Earnings per share (pence) 0.07 (1.99) (1.92) 0.13 (2.10) (1.97) 0.03 (0.50) (0.47)
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 columns are supplementary to this and are
prepared under guidance published by the AIC. 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
Six Months Ended 31 May 2023
Six months ended 31 May 2023 (unaudited)
Non-distributable reserves Distributable reserves Total
£'000
Share capital Share premium account Capital redemption reserve Capital reserve unrealised Capital reserve realised Special distributable reserve Revenue reserve
£'000 £'000 £'000 £'000 £'000 £'000 £'000
At 30 November 2022 10,457 19,920 346 7,422 1,050 19,974 774 59,943
Net return - - - (1,545) (15) (616) 75 (2,101)
Dividends paid - - - - - (2,112) - (2,112)
Repurchase and cancellation (132) - 132 - - (708) - (708)
of shares
Net proceeds of share issue 1,024 4,801 - - - - - 5,825
Net proceeds of DIS issue* 42 193 - - - - - 235
At 31 May 2023 11,391 24,914 478 5,877 1,035 16,538 849 61,082
Six months ended 31 May 2022 (unaudited)
Non-distributable reserves Distributable reserves Total
£'000
Share capital Share premium account Capital redemption reserve Capital reserve unrealised Capital reserve realised Special distributable reserve Revenue reserve
£'000 £'000 £'000 £'000 £'000 £'000 £'000
At 30 November 2021 7,866 6,436 287 9,669 (1,823) 26,020 745 49,200
Net return - - - (5,085) 3,707 (520) 119 (1,779)
Dividends paid - - - - - (3,299) - (3,299)
Repurchase and cancellation of shares (24) - 24 - - (138) - (138)
Net proceeds of share issue 2,303 11,841 - - - - - 14,144
Net proceeds of DIS issue* 28 118 - - - - - 146
At 31 May 2022 10,173 18,395 311 4,584 1,884 22,063 864 58,274
Year ended 30 November 2022 (audited)
Non-distributable reserves Distributable reserves Total
£'000
Share capital Share premium account Capital redemption reserve Capital reserve unrealised Capital reserve realised Special distributable reserve Revenue reserve
£'000 £'000 £'000 £'000 £'000 £'000 £'000
At 30 November 2021 7,866 6,436 287 9,669 (1,823) 26,020 745 49,200
Net return - - - (2,247) 2,873 (1,111) 29 (456)
Dividends paid - - - - - (4,607) - (4,607)
Repurchase and cancellation of shares (59) - 59 - - (328) - (328)
Net proceeds of share issue 2,562 13,074 - - - - - 15,636
Net proceeds of DIS issue* 88 410 - - - - - 498
At 30 November 2022 10,457 19,920 346 7,422 1,050 19,974 774 59,943
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.
*DIS represents the Dividend Investment Scheme, as detailed in the Investment
Manager's Review in the Interim Report.
The accompanying Notes are an integral part of the Financial Statements.
Balance Sheet
As at 31 May 2023
31 May 2023 31 May 2022 30 November 2022
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Fixed assets
Investments at fair value through profit or loss 52,073 38,297 41,160
Current assets
Debtors 665 512 703
Cash 8,528 19,528 18,261
9,193 20,040 18,964
Creditors
Amounts falling due within one year (184) (63) (181)
Net current assets 9,009 19,977 18,783
Net assets 61,082 58,274 59,943
Capital and reserves
Called up share capital 11,391 10,173 10,457
Share premium account 24,914 18,395 19,920
Capital redemption reserve 478 311 346
Capital reserve - unrealised 5,877 4,584 7,422
Capital reserve - realised 1,035 1,884 1,050
Special distributable reserve 16,538 22,063 19,974
Revenue reserve 849 864 774
Net assets attributable to Ordinary Shareholders 61,082 58,274 59,943
Net asset value per Ordinary Share (pence) 53.62 57.28 57.32
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
Director
21 July 2023
The accompanying Notes are an integral part of the Financial Statements.
Cash Flow Statement
For the six months ended 31 May 2023
Six months ended 31 May 2023 (unaudited) Six months ended Year ended
£'000 31 May 2022 30 November 2022 (audited)
(unaudited) £'000
£'000
Net cash flows from operating activities (556) (735) (1,329)
Cash flows from investing activities
Purchase of investments (13,295) (1,527) (5,626)
Sale of investments 896 5,289 8,369
Net cash flows from investing activities (12,399) 3,762 2,743
Cash flows from financing activities
Equity dividends paid (2,112) (3,299) (4,607)
Issue of Ordinary Shares 6,042 14,290 16,134
Repurchase of Ordinary Shares (708) (138) (328)
Net cash flows from financing activities 3,222 10,853 11,199
Net (decrease)/increase in cash (9,733) 13,880 12,613
Cash as at beginning of period 18,261 5,648 5,648
Cash at end of period 8,528 19,528 18,261
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 2023 and the six
months ended 31 May 2022 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
2022, which have been filed at Companies House and 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. 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 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. 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 2023
The returns per share have been based on the following figures:
Weighted average number of Ordinary Shares 109,430,676
Revenue return £75,000
Capital return (£2,176,000)
Total return (£2,101,000)
Directors' Responsibility Statement
Each Director believes that, to the best of their knowledge:
• the Financial Statements for the six months ended 31 May 2023
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 and emerging risks
and uncertainties facing the Company during the second six months, of the year
ending 30 November 2023; 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 2023, which was 113,917,040. A summary of
investment changes for the six months under review and an investment portfolio
summary as at 31 May 2023 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/migvct3 (http://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
21 July 2023
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