REG - Maven IncGwth VCT 3 - Half-year Report
23/07/2025 16:45
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RNS Number : 2927S Maven Income and Growth VCT 3 PLC 23 July 2025
Maven Income and Growth VCT 3 PLC
Interim Results for the Six Months Ended 31 May 2025
Highlights
• NAV total return at 31 May 2025 of 151.29p per Ordinary Share
• NAV at 31 May 2025 of 48.42p per Ordinary Share
• Enhanced interim dividend of 2.00p 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 2.4x cost with the potential for further
deferred proceeds
Interim Review
Overview
Your Company has delivered a resilient performance in the first half of the
financial year. Most of the companies in the private equity portfolio continue
to make positive progress and achieve scale, which has resulted in the
valuations of certain holdings being uplifted. Conversely, AIM continues to be
a challenging market, and the value of your Company's AIM quoted portfolio has
further declined, which has modestly impacted overall performance. Over recent
years, your Company's exposure to AIM has been reducing and now represents
1.1% of NAV. The Manager will continue to focus on narrowing this portfolio to
a small number of conviction holdings where there is scope for M&A
activity, with new investment activity concentrated on expanding the private
equity portfolio where the Manager continues to see good demand for growth
capital. It is, therefore, encouraging to report that on 1 April 2025, the
most recent Offer for Subscription closed early, fully subscribed, having
raised £10 million. This liquidity will enable your Company to continue to
progress its investment strategy, which is focused on expanding the unlisted
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
material exit, the Directors are pleased to declare an enhanced interim
dividend of 2.00p per Ordinary Share for payment on 29 August 2025.
During the period under review, the macroeconomic outlook has been dominated
by ongoing geopolitical tensions, whilst domestic growth prospects have
remained subdued as the full extent of the Autumn 2024 Budget filters through
the economy. Against this backdrop, 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 to maintain a steady rate of investment to
replenish the portfolio through the addition of high growth companies, whilst
also providing follow-on funding to support those portfolio companies 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, £2.8 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 has 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, data analytics, regtech, speciality
software 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 in
their local areas and have consistently received industry recognition and
awards for their exceptional service and support to families. Having received
several unsolicited acquisition approaches, a competitive exit process was
initiated in 2024, with the sale to UK pension fund, Railpen completing in
early July 2025. The exit generated an initial return of 2.4x cost, with
potential for a further deferred element, contingent on the receipt of
planning approval at two sites where advanced processes are currently
underway.
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
Horizon Ceremonies, an enhanced interim dividend of 2.00p 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 104.87p 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/migvct3
(http://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 (http://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 1 April 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.
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
5th 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.
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 achieving 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.
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 to prevent breaches and enhance cyber security. The cyber security
market remains a high growth area and CYSIAM is well placed to continue to
scale and achieve the financial and strategic objectives within the business
plan.
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.
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.
As previously noted, this has been another challenging period for AIM, with
investor appetite for smaller quoted equities remaining subdued. Low levels of
liquidity have also resulted in high volatility with share prices responding
disproportionately to limited news flow or trading activity. The Manager
retains a highly selective approach to supporting new AIM investment
opportunities and, during the period, completed only one small follow-on
transaction.
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.
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
where there is growth potential.
The following investments were completed during the reporting period:
Investments Date Sector £'000
New unlisted
Arimon Limited March 2025 Software & technology 125
(trading as Digilytics)
Blackdot Solutions Limited January 2025 Software & technology 995
Kani Payments Holdings Limited February 2025 Software & technology 249
Kerrera TopCo Limited April 2025 Software & technology 76
(trading as Kube Networks)(1)
Total new unlisted 1,445
Follow-on unlisted
Alderley Lighthouse Labs Limited May 2025 Pharmaceuticals, 137
biotechnology & healthcare
AMufacture Limited May 2025 Industrials & engineering 124
DiffusionData Limited(2) February & March 2025 Software & technology 155
Filtered Technologies Limited(2) February & May 2025 Learning & development/ 92
recruitment technology
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 128
RevLifter Limited March 2025 Marketing & 16
advertising technology
Sensoteq Limited March 2025 Software & technology 185
The Algorithm People Limited April 2025 Software & technology 66
(trading as Optimize)
XR Games Limited February 2025 Software & technology 12
Zinc Digital Business March 2025 Software & technology 121
Solutions Limited
Total follow-on unlisted 1,238
Total unlisted 2,683
Follow-on AIM quoted
GENinCode PLC March 2025 Pharmaceuticals, biotechnology & healthcare 126
Total follow-on AIM quoted 126
Total AIM quoted 126
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
Money market funds(3)
Aviva Investors Sterling Liquidity Fund (Class 3) December 2024 Money market fund 1,000
BlackRock Institutional Sterling March 2025 Money market fund 1,000
Liquidity Fund (Core)
State Street GBP Liquidity LVNAV January 2025 Money market fund 1,000
Fund (Institutional)
Total money market funds 3,000
Total investments completed during the period 6,085
(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 119 unlisted and quoted
investments, at a total cost of £55.2 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 chief executive 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 Kube Networks as part of a 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 Kube Networks.
The table below gives details of the realisations completed during the
reporting period:
Realisations Cost of shares Sales proceeds Gain/(loss) over 30
Year first Complete/partial exit disposed Value at 30 £'000 Realised November 2024 value
invested of November gain/(loss) £'000
£'000 2024 £'000
£'000
Unlisted
Cat Tech International 2012 Partial 421 272 235 (186) (37)
Limited
ISN Solutions Group 2014 Complete 321 84 76 (245) (8)
Limited(1)
Total unlisted 742 356 311 (431) (45)
Real estate investment trust(2)
Care REIT PLC 2023 Complete 220 183 242 22 59
Total real estate investment trust 220 183 242 22 59
Money market fund(2)
abrdn Liquidity Fund 2024 Complete 1,000 1,000 1,000 - -
(Lux) - Sterling Fund
K-1 Inc GBP
Total money market fund 1,000 1,000 1,000 - -
Total realisations completed during the period 1,962 1,539 1,553 (409) 14
(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) Realisations completed as part of the treasury management strategy.
Material Developments Since the Period End
Since 31 May 2025, one new private company 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 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 exposure in the UK and US.
As highlighted earlier in this Interim Review, an exit was achieved from
Horizon Ceremonies following the period end. The sale generated an initial
return of 2.4x cost, with the potential for further deferred consideration if
planning consent is approved for two additional sites.
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 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.
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, and wider market conditions, on portfolio companies.
During 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 when it is 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, 2,258,056 Ordinary
Shares were bought back at a total cost of £1.09 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, thereby 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 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 these 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, with good levels of liquidity and
a proven investment strategy, your Company is well placed to continue to
deliver growth in Shareholder value. In the second half of the year, a key
objective will be to maintain a healthy rate of new investment. Maven's
regionally based team of investment executives are currently assessing an
extensive pipeline of opportunities, which should result in several new
companies being added to the portfolio over the coming months. In addition,
the Manager will continue to assess exit opportunities which help to maximise
Shareholder value, whilst also supporting your Company's dividend policy and
annual target yield of 6%.
Keith Pickering
Chair
23 July 2025
Summary Of Investment Changes
Six Months Ended 31 May 2025
Valuation Net investment/ (disinvestment) Appreciation/ (depreciation) Valuation
30 November 2024 £'000 £'000 31 May 2025
£'000 % £'000 %
Unlisted investments
Equities 33,195 53.4 2,377 (74) 35,498 52.8
Loan stock 7,393 11.9 (5) (112) 7,276 10.8
40,588 65.3 2,372 (186) 42,774 63.6
AIM Investments(1)
Equities 1,025 1.6 126 (378) 773 1.1
Other investments(2)
OEICs 1,995 3.2 - 1 1,996 3.0
MMFs 5,500 8.9 2,000 - 7,500 11.2
Investment trusts 5,233 8.4 34 (52) 5,215 7.8
Total investments 54,341 87.4 4,532 (615) 58,258 86.7
Cash 7,586 12.2 1,220 - 8,806 13.0
Other net assets 219 0.4 (33) - 186 0.3
Net assets 62,146 100.0 5,719 (615) 67,250 100.0
(1) Shares traded on the Alternative Investment Market (AIM) and the Main
Market of the London Stock Exchange.
(2) 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 held by other clients(1)
£'000 £'000 total equity
assets held
Unlisted
Horizon Ceremonies Limited 2,729 1,288 4.0 8.3 46.2
(trading as Horizon Cremation)
Summize Limited 1,994 796 3.0 4.0 32.3
Bright Network (UK) Limited 1,969 1,139 2.9 7.1 32.0
2degrees Limited 1,929 896 2.9 4.9 32.8
(trading as Manufacture 2030)
Rockar 2016 Limited 1,771 971 2.6 4.3 15.1
(trading as Rockar)
Bud Systems Limited 1,593 762 2.4 4.1 13.5
Ensco 969 Limited 1,398 957 2.1 4.8 29.7
(trading as DPP)
HCS Control Systems Group Limited 1,099 746 1.6 6.1 30.4
CYSIAM Limited 1,095 448 1.6 5.8 22.0
The Algorithm People Limited 1,041 486 1.5 5.7 9.5
(trading as Optimize)
Blackdot Solutions Limited 995 995 1.5 3.1 9.2
WaterBear Education Limited 984 370 1.5 7.8 31.4
Zinc Digital Business Solutions Limited 919 768 1.4 11.7 37.1
DiffusionData Limited 918 780 1.4 4.1 17.3
Biorelate Limited 909 547 1.4 2.5 25.1
Liftango Group Limited 888 888 1.3 4.9 36.9
Hublsoft Group Limited 882 705 1.3 5.5 18.2
Martel Instruments Holdings Limited 879 671 1.3 12.4 31.8
Vodat Communications Group 852 567 1.3 5.0 26.9
(VCG) Holding Limited
BioAscent Discovery Limited 839 199 1.2 5.0 35.0
Nano Interactive Group Limited 820 727 1.2 4.0 11.9
Sensoteq Limited 782 782 1.2 6.6 21.1
Plyable Limited 775 775 1.2 11.6 47.5
Relative Insight Limited 760 760 1.1 3.7 27.4
Precursive Limited 750 750 1.1 5.5 29.0
mypura.com Group Limited 716 516 1.1 2.0 22.7
(trading as Pura)
CODILINK UK Limited 675 450 1.0 1.3 3.6
(trading as Coniq)
Novatus Global Limited(2) 627 134 0.9 0.8 3.4
Delio Limited 624 833 0.9 4.1 11.1
Metrion Biosciences Limited 597 597 0.9 4.3 13.9
Enpal Limited 581 581 0.9 3.2 18.4
(trading as Guru Systems)
Laverock Therapeutics Limited 498 498 0.7 2.3 7.0
RiskSmart Limited 497 199 0.7 2.4 43.2
MirrorWeb Holdings LLC(3) 479 479 0.7 0.8 4.2
Automated Analytics Limited 477 247 0.7 1.6 30.4
Whiterock Group Limited 470 470 0.7 8.0 29.9
Horizon Technologies Consultants Limited 466 448 0.7 3.1 14.1
Connected Data Company Limited 423 423 0.6 3.9 11.8
Flow UK Holdings Limited 420 597 0.6 7.0 28.0
McKenzie Intelligence Services Limited 403 159 0.6 1.6 4.8
AMufacture Limited 394 385 0.6 6.8 21.8
Alderley Lighthouse Labs Limited 386 386 0.6 8.0 56.1
ebb3 Limited 356 326 0.5 6.5 64.0
HiveHR Limited 346 346 0.5 4.4 40.2
Fixtuur Limited 332 960 0.5 8.0 49.4
(formerly Shortbite Limited)
Growth Capital Ventures Limited 331 319 0.5 5.8 41.6
NorthRow Limited 328 1,115 0.5 8.9 23.9
Filtered Technologies Limited 318 917 0.5 7.6 17.8
Snappy Shopper Limited 309 309 0.5 0.4 1.3
Boomerang Commerce Inc 303 773 0.5 0.1 0.4
(trading as CommerceIQ)(4)
Kani Payments Holdings Limited 249 249 0.4 1.5 13.3
iAM Compliant Limited 246 149 0.4 1.9 47.2
TC Communications Holdings Limited 241 980 0.4 9.8 25.5
Cat Tech International Limited 238 206 0.4 - -
Zing TopCo Limited 185 185 0.3 4.9 42.8
(trading as Zing)
Reed Thermoformed Packaging Limited (trading as iPac Packaging Innovations) 0.2 0.5 11.8
140 100
XR Games Limited 134 353 0.2 5.2 55.8
Arimon Limited 126 126 0.2 1.1 3.3
(trading as Digilytics)
RevLifter Limited 116 116 0.2 1.6 36.4
C4X Discovery Holdings PLC(5) 82 119 - 0.3 0.6
Kerrera TopCo Limited 76 76 - 0.1 39.7
(trading as Kube Networks)(6)
Other unlisted investments 15 3,005 -
Total unlisted 42,774 36,904 63.6
AIM quoted(7)
Diaceutics PLC 286 161 0.4 0.2 2.6
GENinCode PLC 150 884 0.3 5.2 14.4
MaxCyte Inc 130 137 0.3 0.1 1.1
Cambridge Cognition Holdings PLC 56 62 0.1 0.4 3.5
Eden Research PLC 54 83 - 0.2 4.3
Kanabo Group PLC(8) 25 1,611 - 2.0 8.0
Vianet Group PLC 19 31 - 0.1 1.3
Spectral AI Inc 19 99 - - -
ReNeuron Group PLC 13 278 - 0.7 1.4
Total AIM quoted 773 4,357 1.1
Private equity investment trusts(9)
HgCapital Trust PLC 810 420 1.2 - 0.1
Patria Private Equity Trust PLC
(formerly abrdn Private Equity Opportunities Trust PLC)
536 374 0.8 0.1 0.2
ICG Enterprise Trust PLC 507 380 0.8 0.1 0.2
CT Private Equity Trust PLC 343 253 0.5 0.1 0.3
NB Private Equity Partners Limited 320 371 0.5 - 0.2
HarbourVest Global Private Equity Limited 286 167 0.4 - -
Partners Group Private Equity Limited 254 270 0.4 - 0.1
Pantheon International PLC 196 138 0.3 - 0.1
Apax Global Alpha Limited 170 219 0.3 - 0.1
Total private equity investment trusts 3,422 2,592 5.2
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 281 251 0.4 0.1 0.2
3i Infrastructure PLC 277 270 0.4 - -
BBGI Global Infrastructure SA 249 260 0.4 - 0.1
International Public Partnerships Limited 189 235 0.3 - -
Foresight Environmental Infrastructure Limited (formerly JLEN Environmental 167 270 0.2 - 0.1
Assets Group Limited)
Foresight Solar Fund Limited 123 125 0.1 - 0.1
Total infrastructure investment trusts 1,286 1,411 1.8
Open-ended investment companies(9)
Royal London Short Term Fixed Income Fund (Class Y Income) 1,004 1,011 1.5 - -
Royal London Short Term Money Market Fund (Class Y Income) 992 1,000 1.5 0.1 0.2
Total open-ended investment companies 1,996 2,011 3.0
Money market funds(9)
BlackRock Institutional Sterling Liquidity Fund (Core) 2,000 2,000 3.0 - -
Aviva Investors Sterling Liquidity Fund (Class 3) 1,000 1,000 1.5 - -
BlackRock Institutional Sterling Government Liquidity Fund (Core Dis) 1,000 1,000 1.5 - 0.1
Goldman Sachs Sterling Government Liquid Reserves Ireland (Institutional) 1,000 1,000 1.5 0.4 0.9
HSBC Sterling Liquidity Fund (Class A) 1,000 1,000 1.5 - -
State Street GBP Liquidity LVNAV Fund (Institutional) 1,000 1,000 1.5 - -
Fidelity Institutional Liquidity Sterling Fund (Class F) 500 500 0.7 - 0.2
Total money market funds 7,500 7,500 11.2
Total investments 58,258 55,225 86.7
(1)Other clients of Maven Capital Partners UK LLP.
(2)This holding reflects the retained minority interest following the partial
sale in September 2024.
(3)This holding reflects the retained minority interest following the partial
sale of the holding in MirrorWeb Limited in August 2024, with a
proportion of the proceeds re-invested in the new
entity, MirrorWeb Holdings LLC.
(4)This holding reflects the retained minority interest following the sale of
e.fundamentals (Group) Limited to CommerceIQ in July 2022.
(5)This company delisted from AIM during a previous period.
(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 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.
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
281
251
0.4
0.1
0.2
3i Infrastructure PLC
277
270
0.4
-
-
BBGI Global Infrastructure SA
249
260
0.4
-
0.1
International Public Partnerships Limited
189
235
0.3
-
-
Foresight Environmental Infrastructure Limited (formerly JLEN Environmental
Assets Group Limited)
167
270
0.2
-
0.1
Foresight Solar Fund Limited
123
125
0.1
-
0.1
Total infrastructure investment trusts
1,286
1,411
1.8
Open-ended investment companies(9)
Royal London Short Term Fixed Income Fund (Class Y Income)
1,004
1,011
1.5
-
-
Royal London Short Term Money Market Fund (Class Y Income)
992
1,000
1.5
0.1
0.2
Total open-ended investment companies
1,996
2,011
3.0
Money market funds(9)
BlackRock Institutional Sterling Liquidity Fund (Core)
2,000
2,000
3.0
-
-
Aviva Investors Sterling Liquidity Fund (Class 3)
1,000
1,000
1.5
-
-
BlackRock Institutional Sterling Government Liquidity Fund (Core Dis)
1,000
1,000
1.5
-
0.1
Goldman Sachs Sterling Government Liquid Reserves Ireland (Institutional)
1,000
1,000
1.5
0.4
0.9
HSBC Sterling Liquidity Fund (Class A)
1,000
1,000
1.5
-
-
State Street GBP Liquidity LVNAV Fund (Institutional)
1,000
1,000
1.5
-
-
Fidelity Institutional Liquidity Sterling Fund (Class F)
500
500
0.7
-
0.2
Total money market funds
7,500
7,500
11.2
Total investments
58,258
55,225
86.7
(1)Other clients of Maven Capital Partners UK LLP.
(2)This holding reflects the retained minority interest following the partial
sale in September 2024.
(3)This holding reflects the retained minority interest following the partial
sale of the holding in MirrorWeb Limited in August 2024, with a
proportion of the proceeds re-invested in the new
entity, MirrorWeb Holdings LLC.
(4)This holding reflects the retained minority interest following the sale of
e.fundamentals (Group) Limited to CommerceIQ in July 2022.
(5)This company delisted from AIM during a previous period.
(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 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 to Six months ended to Year ended
31 May 2025 (unaudited) 31 May 2024 (unaudited) 30 November 2024 (audited)
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
(Loss)/gain on investments - (615) (615) - 1,707 1,707 - 3,143 3,143
Income from investments 551 - 551 580 - 580 1,128 - 1,128
Other income 112 - 112 72 - 72 184 - 184
Investment management fees (160) (638) (798) (151) (605) (756) (311) (1,243) (1,554)
Other expenses (210) - (210) (202) - (202) (413) - (413)
Net return on ordinary 293 (1,253) (960) 299 1,102 1,401 588 1,900 2,488
activities before taxation
Tax on ordinary activities - - - - - - - - -
Return attributable to Equity Shareholders 293 (1,253) (960) 299 1,102 1,401 588 1,900 2,488
Earnings per share (pence) 0.23 (0.96) (0.74) 0.25 0.94 1.19 0.49 1.59 2.08
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 Capital redemption Capital Capital Special Revenue reserve Total
£'000 premium reserve reserve reserve distributable £'000 £'000
account £'000 unrealised realised reserve
£'000 £'000 £'000 £'000
At 30 November 2024 12,113 29,866 999 5,250 4,380 8,314 1,224 62,146
Net return - - - (206) (409) (638) 293 (960)
Dividends paid - - - - - (2,672) (200) (2,872)
Repurchase and cancellation of shares (226) - 226 - - (1,087) - (1,087)
Net proceeds of share issue 1,944 7,798 - - - - - 9,742
Net proceeds of DIS issue* 57 224 - - - - - 281
At 31 May 2025 13,888 37,888 1,225 5,044 3,917 3,917 1,317 67,250
Six months ended 31 May 2024 (unaudited)
Non-distributable reserves Distributable reserves
Share capital Share Capital redemption Capital Capital Special Revenue reserve Total
£'000 premium reserve reserve reserve distributable £'000 £'000
account £'000 unrealised realised reserve
£'000 £'000 £'000 £'000
At 30 November 2023 11,307 25,518 719 5,489 998 14,134 1,172 59,337
Net return - - - 2,093 (386) (605) 299 1,401
Dividends paid - - - - - (2,220) (292) (2,512)
Repurchase and cancellation of shares (125) - 125 - - (617) - (617)
Net proceeds of share issue 1,008 4,114 - - - - - 5,122
Net proceeds of DIS issue* 53 195 - - - - - 248
At 31 May 2024 12,243 29,827 844 7,582 612 10,692 1,179 62,979
Year ended 30 November 2024 (audited)
Non-distributable reserves Distributable reserves
Share capital Share Capital redemption Capital Capital Special Revenue reserve Total
£'000 premium reserve reserve reserve distributable £'000 £'000
account £'000 unrealised realised reserve
£'000 £'000 £'000 £'000
At 30 November 2023 11,307 25,518 719 5,489 998 14,134 1,172 59,337
Net return - - - (239) 3,382 (1,243) 588 2,488
Dividends paid - - - - - (3,196) (536) (3,732)
Repurchase and cancellation of shares (280) - 280 - - (1,381) - (1,381)
Net proceeds of share issue 1,009 4,050 - - - - - 5,059
Net proceeds of DIS issue* 77 298 - - - - - 375
At 30 November 2024 12,113 29,866 999 5,250 4,380 8,314 1,224 62,146
*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 that 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 58,258 57,058 54,341
Current assets
Debtors 556 706 565
Cash 8,806 5,505 7,586
9,362 6,211 8,151
Creditors
Amounts falling due within one year (370) (290) (346)
Net current assets 8,992 5,921 7,805
Net assets 67,250 62,979 62,146
Capital and reserves
Called up share capital 13,888 12,243 12,113
Share premium account 37,888 29,827 29,866
Capital redemption reserve 1,225 844 999
Capital reserve - unrealised 5,044 7,582 5,250
Capital reserve - realised 3,971 612 4,380
Special distributable reserve 3,971 10,692 8,314
Revenue reserve 1,317 1,179 1,224
Net assets attributable to Ordinary Shareholders 67,250 62,979 62,146
Net asset value per Ordinary Share (pence) 48.42 51.44 51.31
The Financial Statements of Maven Income and Growth VCT 3 PLC, registered
number 04283350, were approved and authorised for issue by the Board of
Directors and were signed on its behalf by:
Keith Pickering
Director
23 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 Six months ended 31 May 2024 Year ended
31 May 2025 (unaudited) 30 November 2024
(unaudited) £'000 (audited)
£'000 £'000
Net cash flows from operating activities (376) (379) (759)
Cash flows from investing activities
Purchase of investments (6,085) (5,708) (11,775)
Sale of investments 1,582 6,145 16,529
Net cash flows from investing activities (4,503) 437 4,754
Cash flows from financing activities
Equity dividends paid (2,872) (2,512) (3,732)
Issue of Ordinary Shares 10,058 5,459 5,587
Repurchase of Ordinary Shares (1,087) (617) (1,381)
Net cash flows from financing activities 6,099 2,330 474
Net increase in cash 1,220 2,388 4,469
Cash as at beginning of period 7,586 3,117 3,117
Cash at end of period 8,806 5,505 7,586
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 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 £82,979
current period (cumulative £236,298) 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 129,919,753
Revenue return £293,000
Capital return (£1,253,000)
Total return (£960,000)
Directors' Responsibility Statement
Each Director believes 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 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 2025; 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 2025, which was 138,895,230. 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 webpage at:
mavencp.com/migvct3 (http://www.mavencp.com/migvct3) .
Neither the content of the Company's webpages 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
23 July 2025
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