REG - MavIncGroVCT4 - Annual Financial Report
02/04/2025 18:00
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RNS Number : 4274D Maven Income & Growth VCT 4 PLC 02 April 2025
Maven Income and Growth VCT 4 PLC
Final results for the year ended 31 December 2024
The Directors report the Company's financial results for the year ended 31
December 2024.
Highlights
• NAV total return at the year end of 154.32p per Ordinary Share
(2023: 152.81p)
• NAV at the year end of 59.47p per Ordinary Share (2023: 61.71p)
• Seven profitable private company realisations completed, generating
total returns of up to 8.2x cost and £12 million in cash proceeds
• Annual dividend target increased to 6% of NAV per Ordinary Share
• Final dividend of 1.75p per Ordinary Share proposed for payment in
May 2025
• £4.9 million deployed in new and follow-on investments
• Offer for Subscription launched in September 2024 and closed fully
subscribed in April 2025
Strategic Report
Chairman's Statement
On behalf of your Board, I am pleased to present the Annual Report for the
year to 31 December 2024. Against a mixed economic backdrop your Company has
made further positive progress, and it is encouraging to report an increase in
NAV total return during the year. A key feature of the reporting period was
the high level of exit activity across the private company portfolio, which
resulted in the completion of seven profitable realisations. Several of these
exits achieved a premium over carrying value, which has helped drive the
growth in NAV total return. These exits also generated a significant inflow of
cash, which has enabled the Directors to enhance the annual dividend policy by
increasing the target yield from 5% to 6% of NAV per Ordinary Share. On this
basis, your Board is proposing that a final dividend of 1.75p per Ordinary
Share be paid in May 2025, taking the dividend yield for the financial year to
6.1%.
During the period under review, the economic and geopolitical outlook has
remained uncertain. Whilst domestic inflation has significantly reduced from
the previous peaks it remains unpredictable and, consequently, interest rate
cuts have been slower and more gradual than originally anticipated.
Notwithstanding these ongoing challenges, your Company has made encouraging
progress and your Board is pleased to report on the resilient performance that
has been achieved during the year.
Since the change to the VCT rules in 2015, your Company has consistently
applied an investment strategy focused on constructing a large and broadly
based portfolio of predominantly private companies with high growth potential
that operate across diverse sectors with limited direct exposure to
discretionary or consumer spending. Following several years of active
investment, your Company's portfolio has increased steadily in size and scale
and now includes over 100 growth focused private and AIM quoted companies,
providing access to a wide range of dynamic and emerging sectors such as cyber
security, healthtech, software, regtech and specialist manufacturing. The
recent high level of realisation activity demonstrates that this strategy and
sector focus is bearing fruit, with the completion of seven profitable exits
to a range of UK and international trade and private equity buyers, including
three sales to strategic US acquirers. Importantly, several of these
realisations achieved exit valuations that were ahead of the carrying value at
the previous year end, which has supported the uplift in NAV total return. In
addition, the cash proceeds generated from the exits has underpinned the
Board's decision to increase the annual target yield.
This year has been your Company's most successful period for exits from the
growth portfolio. In May 2024, the exit from graduate recruitment specialist
GradTouch completed, generating a total return of 1.5x cost. In June 2024, the
final exit from cyber security specialist Quorum Cyber completed, through a
sale of the residual holding, generating a total return of 8.2x cost across
two separate exit transactions. The partial sale of digital archiving
specialist MirrorWeb completed in August 2024, generating a total return of
3.8x cost, comprising an initial cash return in tandem with a retained equity
stake. In early September 2024, the partial exit from regtech specialist
Novatus Global also completed, generating a total return of 4.7x cost
consisting of an initial cash return alongside a retained equity stake. In
September 2024, specialist electronics contract manufacturer CB Technology and
digital payments software provider QikServe were both sold to trade acquirers
in all cash transactions, generating total returns of 2.8x cost and 1.3x cost
respectively. Finally, in October 2024, the exit from Maven Capital (Marlow)
completed, generating a total return of 1.8x cost.
The partial exit from Quorum Cyber in 2021 was the first transaction where the
Manager negotiated a sale that consisted of an initial cash return together
with a retained equity stake in the business, which allowed your Company to
participate in its future growth in value. Where an investee company is
performing strongly and achieving scale, often a large secondary funding round
at a premium valuation will help it to accelerate growth. This can also
provide the ability to achieve a partial exit, and healthy initial cash
return, whilst retaining an equity stake in the business. This is a model that
the Manager has subsequently replicated with the partial exits from MirrorWeb
and Novatus Global, where both businesses made rapid commercial progress
following your Company's initial investment and attracted the attention of US
based private equity funds who provided substantial new capital. This
additional funding will support the delivery of ambitious growth objectives,
with your Company retaining a minority equity interest to participate in
future growth.
During the year, there has been further expansion and development of the
portfolio with £4.9 million deployed in new and follow-on funding. Five
private company investments completed adding further sectoral diversity to the
portfolio, and follow-on funding was provided to 17 existing portfolio
companies, with two small AIM transactions also completing. The Investment
Manager's Review in the Annual Report contains further details of the
investments and realisations that have been completed during the year, as well
as a summary of the key developments across the portfolio. It is encouraging
to note that most of the companies in the private equity portfolio continue to
deliver revenue growth and achieve their strategic objectives, which has
resulted in the valuations of certain holdings being uplifted. Conversely,
there are a small number of companies that are performing behind plan, or
which ceased to trade, where provisions have been taken.
In line with your Company's long term growth objective, and with the "sunset
clause" for VCT and EIS schemes now extended until 2035, in late September
2024 the Board was pleased to launch a new Offer for Subscription, alongside
Offers by the other Maven managed VCTs for the 2024/25 and 2025/26 tax years.
Your Company had a target raise of £10 million, including an over-allotment
facility of up to £5 million and, on 1 April 2025, the Offer closed early,
fully subscribed.
Treasury Management
During the year, your Company has maintained a proactive approach to treasury
management, where the objective remains to optimise the income from cash
reserves held prior to investment in VCT qualifying companies by building a
diversified portfolio of high yielding securities. For several years, your
Company has held a focused portfolio of permitted, non-qualifying holdings in
carefully selected investment trusts with strong fundamentals and attractive
income characteristics, with the remaining cash held on deposit across several
UK banks. This approach also ensured ongoing compliance with the VCT
legislation, which states that not less than 70% of a VCT's income must be
derived from shares or securities.
The rapid rise in interest rates during 2023 resulted in a significant
increase in the level of interest income generated from the uninvested cash
held on deposit, requiring the Board and the Manager to revise its approach to
treasury management. After conducting a detailed whole of market review, a
broadly based portfolio of listed securities was constructed, including
holdings in money market funds (MMFs) and open-ended investment companies
(OEICs), alongside carefully selected London Stock Exchange listed investment
trusts diversified across private equity, infrastructure and other classes,
with the remaining cash held on deposit with several UK banks to minimise
counterparty risk. This strategy has ensured ongoing compliance with the
Nature of Income condition and also provides your Company with a significant
new stream of income that currently generates a blended annualised yield of 4%
across the 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, investee company realisations
and overall liquidity levels. Full details of the holdings in this portfolio
can be found in the Investment Portfolio Summary in the Annual Report.
Enhanced Dividend Policy
Your Board recognises the importance to Shareholders of regular tax free
distributions and, further to the completion of several profitable
realisations, has elected to enhance the dividend policy. From the year to 31
December 2024 onwards, your Company has increased its target annual dividend
from 5% to 6% of the 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.
Proposed Final Dividend
In line with the enhanced dividend policy, the Directors propose that a final
dividend of 1.75p per Ordinary Share, in respect of the year ended 31 December
2024, be paid on 16 May 2025 to Shareholders who are on the register at 11
April 2025. This will bring the annual dividend to 3.75p per Ordinary Share,
representing a yield of 6.1% based on the NAV per Ordinary Share at the
immediately preceding year end. Since the Company's launch, and after receipt
of the proposed final dividend, a total of 96.60p per Ordinary Share will have
been paid in tax free distributions. It should be noted that payment of a
dividend reduces the NAV of the Company by the total amount of the
distribution.
The Board wishes to take this opportunity to remind Shareholders that it is
their responsibility to ensure that the Company's Registrar (The City
Partnership) has correct contact and bank account details to allow for the
timely payment of dividends. Dividend tax vouchers are available to download
from the Registrar's investor hub at: maven-cp.cityhub.uk.com/login
(https://maven-cp.cityhub.uk.com/login) , with hard copies being posted to
those Shareholders who have not opted to receive communications from the
Company electronically.
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 City
Partnership. In order for the DIS to apply to the 2024 final dividend to be
paid on 16 May 2025, the mandate form must be received by the Registrar before
2 May 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/migvct4 (http://www.mavencp.com/migvct4) . Election to participate
in the DIS can also be made through the Registrar's online investor hub.
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.
Fund Raising
In April 2024, your Company closed the Offer for Subscription that was
launched in October 2023, having raised a total of £5.8 million. Details
regarding the new Ordinary Shares issued in relation to this Offer can be
found in Note 12 to the Financial Statements in the Annual Report.
On 27 September 2024, a new Offer for Subscription was launched, alongside
Offers by the other Maven managed VCTs, accepting applications for the 2024/25
and 2025/26 tax years. Your Company had a target raise of £10 million,
including an over-allotment facility of up to £5 million and, on 1 April
2025, the Offer closed early, fully subscribed.
Consistent with the objective of making regular allotments of new Ordinary
Shares, the first allotment for the 2024/25 tax year completed on 28 January
2025, with further allotments taking place on 19 February and 27 March 2025. A
final allotment for the 2024/25 tax year will take place on 4 April 2025 and
an allotment for the 2025/26 tax year will take place as soon as practicable
after 5 April 2025.
The Directors are confident that Maven's regionally based team of investment
executives has the capability to continue to source attractive investment
opportunities in VCT qualifying companies across a range of sectors, and that
the additional liquidity provided by this fundraising will facilitate further
expansion and development of the portfolio in line with the investment
strategy. In addition, the funds raised will allow your Company to maintain
its active share buy-back policy, whilst also spreading costs over a wider
asset base, with the objective of maintaining a competitive ongoing charges
ratio (OCR) for the benefit of all Shareholders.
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 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. Any purchase of the Company's own
shares will be subject to various factors including market conditions,
available liquidity and the maintenance of the Company's VCT qualifying
status. It should, however, be noted that buy backs are prohibited whilst the
Company 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 and Manager are in possession of price sensitive information.
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 Developments
During the year, 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.
On 3 September 2024, HM Treasury approved the regulations required to extend
the "sunset clause" for VCT and EIS schemes until 2035. This provides greater
certainty to Shareholders, as well as SMEs seeking growth capital, that VCTs
will remain a central component of the UK's funding infrastructure.
Furthermore, and as expected, the new Government's first Budget Statement in
October 2024 did not introduce changes to tax reliefs for VCT and EIS schemes.
As part of the growth agenda, the Chancellor confirmed that the Government
would continue to work with entrepreneurs and venture capital firms to support
investment to grow the UK economy by ensuring that policies provide a positive
environment for entrepreneurship. The Venture Capital Trust Association
(VCTA), of which the Manager is a founding member, and the Association of
Investment Companies (AIC), of which the Company is a member, will continue to
work with HM Treasury to build on this positive relationship, which recognises
the important role of VCTs in supporting Britain's brightest entrepreneurs and
creating regional employment opportunities.
The October 2024 Budget did, however, introduce a widely expected change to
the tax regime for AIM quoted shares with the announcement that with effect
from 6 April 2026, business relief, which applies to shares that do not trade
on recognised stock exchanges such as AIM and AQSE, will be reduced to 50%
from the current 100%. As Shareholders will be aware, the performance of AIM
over the past few years has been disappointing, with depressed valuations and
limited high quality new investment opportunities. Against this backdrop, the
value and size of your Company's AIM portfolio has gradually declined and as
at 31 December 2024 accounted for 3.2% of NAV. Throughout the year, your
Company has maintained a cautious approach to AIM and has only completed two
small AIM investments, one of which was a follow-on. Whilst the Board and
Manager recognise the beneficial liquidity characteristics of listed shares,
it is not anticipated that there will be a significant increase in the number
of new AIM investments. It is also likely that certain legacy AIM holdings
will be liquidated where, based on operational performance and market
dynamics, there is limited expectation of a near term share price recovery or
M&A activity.
Environmental, Social and Governance (ESG) Considerations
Whilst your Company's investment policy does not incorporate specific ESG
objectives, the Board and the Manager recognise the importance of considering
and understanding ESG matters as an integral part of the investment process.
Maven has established an ESG and Responsible Investment Policy which ensures
that all related ESG risks and opportunities are identified during
pre-investment due diligence, and can be carefully considered as part of the
investment process. Maven's ESG framework for companies post investment then
provides a structure for regular engagement with the Manager, which ensures
that ESG metrics can be monitored annually throughout the period of
investment.
In addition, Maven has an ESG steering group, which comprises members from all
areas of the business, bringing a diverse range of skills, experience and
perspective. The core objective is to develop and embed effective ESG
principles throughout Maven's business. The scope of the steering group
includes setting the strategy for the collation and assessment of ESG data,
consideration of regulatory reporting requirements, promoting ESG aims amongst
Maven employees and portfolio companies, and oversight of reporting to
stakeholders.
The Manager continues to be an active member of the United Nations Principles
of Responsible Investment and submitted its first public investor report in
July 2024. This allows Maven to re-establish its commitment to include ESG as
integral part of the investment process. Over the past year, the Manager has
become increasingly involved with social initiatives that focus on diversity
supporting schemes such as Future Asset, the Investing in Women Code, Lifted
Project and the 10,000 Interns Foundation, as it considers the early
introduction of females and ethnic minorities to the investment sector as
crucial to reducing the disparities that still exist. During the year, Maven
also launched a Female Founder Workshop programme that has increased
introductions to female led businesses.
Valuation Methodology
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, and the most recent update (December 2022) incorporates the special
guidance, issued post COVID-19 and the Ukraine war, which expands on the
concept of and impact on valuations of distressed markets, as well as looking
at ESG factors as part of the valuation methodology. The Directors and the
Manager continue to follow industry guidelines and 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. Further details on your
Company's approach to valuing portfolio companies can be found in the Business
Report and in Note 1 to the Financial Statements in the Annual Report. The
principal Key Performance Indicators (KPIs) are outlined in the Business
Report and a summary of the Alternative Performance Measures (APMs) is
included in the Financial Highlights in the Annual Report, with definitions of
terms contained in the Glossary in the Annual Report.
Constitution of the Board
Further to the announcement of his appointment on 1 April 2025, I am pleased
to welcome Daniel Bittner to the Board as a Non-executive Director. Daniel has
an MBA from the University of St Gallen and over 30 years' experience in the
financial services sector, having worked for some of the world's largest
investment banks before moving into direct investment and entrepreneurial
support as founding partner and CEO of Arsago Capital Partners AG. Further
details can be found in his biography in the Annual Report. Daniel will stand
for election at the forthcoming Annual General Meeting.
Also, as announced on 1 April 2025, Steven Scott has informed the Board of his
decision to retire as a Non-executive Director following the conclusion of the
AGM in May 2025, and will not stand for re-election. Steven has served on the
Board and as Chair of the Audit Committee for a number of years and, during
his tenure, has helped to oversee the significant growth of your Company
through several major fundraisings and three successful mergers, as well as
overseeing the gradual transition of the portfolio towards one focused on
younger companies with high growth potential. On behalf of my fellow Directors
and the Manager, I wish to extend my thanks to Steven for his valuable
contribution and we wish him all the best for the future.
Further to discussion, and recommendation by the Nomination Committee, the
Board confirms that, following Steven's retirement, Brian Colquhoun will be
appointed as Chair of the Audit Committee.
Annual General Meeting (AGM)
The 2025 AGM will be held on 8 May 2025 in Maven's London office, at 6th
Floor, Saddlers House, 44 Gutter Lane, London, EC2V 6BR. The AGM will commence
at 12.00 noon and the Notice of Annual General Meeting can be found in the
Annual Report.
The Future
Following a quieter year for exits in 2023, the key highlight during the
reporting period was the resurgence in M&A activity across the private
equity portfolio, which demonstrates the strength of your Company's investment
strategy and its ability to deliver growth in Shareholder value. In the year
ahead the Board and the Manager will continue to focus on implementing this
strategy by further expanding the portfolio through the additional of fast
growing businesses that operate in dynamic markets where there is evidence of
buyer demand to support the enhanced dividend policy.
Fraser Gray
Chairman
2 April 2025
Business Report
This Business Report is intended to provide an overview of the strategy and
business model of the Company, as well as the key measures used by the
Directors in overseeing its management. The Company is a VCT and invests in
accordance with the investment objective set out below.
Investment Objective
Under an investment policy approved by the Directors, the Company aims to
achieve long-term capital appreciation and generate income for Shareholders.
Business Model and Investment Policy
The Company intends to achieve its objective by:
• investing the majority of its funds in a diversified portfolio of
shares and securities in smaller, unquoted UK companies and AIM quoted
companies that meet the criteria for VCT qualifying investments and have
strong growth potential;
• investing no more than £1.25 million in any company in one year
and no more than 15% of the Company's assets by cost in one business at any
time; and
• borrowing up to 15% of net asset value, if required and only on a
selective basis, in pursuit of its investment strategy.
Principal and Emerging Risks
The Board and the Risk Committee have an ongoing process for identifying,
evaluating and monitoring the principal and emerging risks facing the Company.
The risk register and dashboard form key parts of the Company's risk
management framework used to carry out a robust assessment of the risks,
including a significant focus on the controls in place to mitigate them. The
current principal and emerging risks facing the Company are considered to be
as follows:
Principal risk Root cause Control measures
Investment risk · The majority of investments are in small and medium sized unquoted UK · The Company appoints an FCA authorised investment manager with the
companies and AIM quoted companies, which carry a higher level of risk and appropriate skills, experience and resources required to achieve the
lower liquidity relative to investments in larger quoted companies. Investment Objective.
· The Board ensures that a robust and structured selection, monitoring
and realisation process is applied by the Manager to all investments, and
regularly reviews the investment portfolio with the Manager.
· The Company's investment portfolio is diversified across a large
number of companies and a range of economic sectors, and is actively and
closely monitored.
Operational risk · Failure of a significant outsourcer to perform duties and · All outsourcers are selected following the completion of appropriate
responsibilities in accordance with service level agreements. due diligence, with the Manager carrying out an annual review of key
outsourcers.
· The Manager and Custodian are FCA authorised and subject to FCA Rules
requiring the maintenance of adequate financial resources, including enabling
an orderly wind-down.
VCT qualifying status risk · Failure to meet VCT qualifying status could result in Shareholders · The Board works closely with the Manager to ensure compliance with
losing the income tax relief on initial investment and loss of tax relief on all applicable and upcoming legislation, such that VCT qualifying status is
any tax free income or capital gains received. Failure to meet the qualifying maintained.
requirement could result in a loss of listing of the shares.
· Further information on the management of this risk is detailed under
other headings in this Business Report.
IT and Cyber Security risk · Heightened cyber security risk and potential IT failure, which could · The Board closely monitors the systems and controls in place to
cause a third party to fail to perform its duties and responsibilities or prevent or mitigate against a systems or data security failure.
experience financial difficulties such that it is unable to carry on trading
and cannot provide services to the Company.
· The Board reviews control and compliance reports from the Manager,
which includes oversight of third party cyber security arrangements, to ensure
these adequately address systems and data security risks.
· The ability of third parties to operate effective business continuity
plan (BCP) arrangements has been validated.
Legislative and regulatory risk · Breaches of regulations including, but not limited to, the Companies · The Board strives to maintain a good understanding of the changing
Act 2006, the FCA Listing Rules, the FCA Disclosure Guidance and Transparency regulatory landscape and consider emerging issues so that appropriate changes
Rules, the General Data Protection Regulation (GDPR), or the Alternative can be developed and implemented in good time.
Investment Fund Managers Directive (AIFMD) by the Company could lead to a
number of detrimental outcomes and reputational damage.
· The Board and the Manager continue to make representations where
appropriate, either directly or through relevant industry bodies such as the
AIC, the British Private Equity and Venture Capital Association (BVCA) and the
Venture Capital Trust Association (VCTA) in relation to any changes in
legislation.
Political risk · Political changes leading to uncertainty in markets, legislation and · The Board regularly reviews the political situation, together with
the economy. any associated changes to the economic, regulatory and legislative
environment.
Emerging risk Root cause Control measures
Global conflict and political instability · Escalating global conflict and political instability resulting in the · The Board regularly reviews the investment portfolio with the
potential for escalating prices, disruption to supply chains and general Manager. Maven works closely with portfolio companies to identify, and
market uncertainty. support, the management of any challenges resulting from global conflict and
political instability.
· The Board and the Manager are monitoring this risk closely and,
whilst it cannot be obviated entirely, the Company's investment portfolio is
diversified across a large number of investee companies and a range of
economic sectors.
An explanation of certain economic and financial risks and how they are
managed is contained in Note 16 to the Financial Statements in the Annual
Report.
Statement of Compliance with Investment Policy
The Company is adhering to its stated investment policy and managing the risks
arising from it. This can be seen in various tables and charts throughout this
Annual Report, and from information provided in the Chairman's Statement and
in the Investment Manager's Review. A review of the Company's business, its
financial position as at 31 December 2024 and its performance during the year
then ended is included in the Chairman's Statement, which also includes an
overview of the Company's business model and strategy.
The management of the investment portfolio has been delegated to Maven, which
also provides company secretarial, administrative and financial management
services to the Company. The Board is satisfied with the breadth and depth of
the Manager's resources and its nationwide network of offices, which supply
new deals and enable it to monitor the geographically widespread portfolio of
companies effectively.
The Investment Portfolio Summary in the Annual Report discloses the
investments in the portfolio and the degree of co-investment with other
clients of the Manager. The Portfolio Analysis charts in the Annual Report
show the profile of the investee companies by industry sector, demonstrate the
broadly spread end market exposure across the portfolio, and provide insight
into the age of the investments within the portfolio. The level of VCT
qualifying investments is monitored continually by the Manager and reported to
the Risk Committee quarterly, or as otherwise required.
Key Performance Indicators (KPIs)
During the year, the net return on ordinary activities before taxation was
£2,235,000 (2023: loss of £4,307,000); there was a net gain on investments
of £3,107,000 (2023: loss of £2,989,000) and earnings per share of 1.58p
(2023: deficit of 3.17p). The Directors also use a number of APMs in order to
assess the Company's success in achieving its objectives, which enable
Shareholders and prospective investors to gain an understanding of its
business. The APMs are shown in the Financial History table in the Annual
Report and definitions of the APMs can be found in the Glossary in the Annual
Report. The Board considers the following to be KPIs:
• NAV total return;
• annual yield;
• cumulative dividends paid;
• share price discount to NAV;
• share price total return; and
• ongoing charges ratio (OCR).
The NAV total return is considered to be a more appropriate long-term measure
of Shareholder value as it includes both the current NAV per share and the sum
of dividends paid to date. Cumulative dividends paid is the total amount of
both capital and income distributions paid since the launch of the Company.
The annual yield is the total of dividends paid per share for the financial
year, expressed as a percentage of the NAV per share at the immediately
preceding year end. During the year, the Directors revised the Company's
dividend policy and will now target a dividend that provides a yield of 6% of
the NAV per share at the immediately preceding year end, subject to always
complying with the VCT rules, and taking into consideration the level of
distributable reserves, profitable realisations in each accounting period and
the Company's future cash flow projections. The share price discount to NAV is
the percentage by which the mid-market price of a share is lower than its NAV
per share. Share price total return is the percentage movement in the share
price over a period of time including any re-invested dividends paid over that
timeframe. The OCR is a measure of the total cost to an investor and is the
total recurring annual expenses of the Company, including management fees
charged to the capital reserve, expressed as a percentage of the average net
assets attributable to Shareholders. The Company's OCR for the year ended 31
December 2024 was 3.00% (2023: 3.26%) and is detailed in Note 4 to the
Financial Statements in the Annual Report. A historical record of these
measures is shown in the Financial Highlights, and the profile of the
portfolio is reflected in the Summary of Investment Changes in the Annual
Report. The Board also reviews the Company's operational expenses on a
quarterly basis as the Directors consider that this element is an important
component in the generation of Shareholder returns. Further information can be
found in Notes 2 and 4 to the Financial Statements in the Annual Report.
Your Board continues to believe that a blended portfolio of private equity and
AIM quoted holdings provides the optimal structure for delivering long term
growth in Shareholder value. However, as detailed in the Chairman's Statement,
the Manager will remain cautious on any new AIM investments.
There is no VCT index against which to compare the financial performance of
the Company. However, for reporting to the Board and Shareholders, the Manager
uses comparisons with the most appropriate index, being the FTSE AIM All-Share
Index, and the graph in the Annual Report compares the Company's performance
against the FTSE AIM All-Share Index. The Directors also consider
non-financial performance measures, such as the flow of investment proposals,
and ranking of the VCT sector by independent analysts. In addition, the
Directors will consider economic, regulatory and political trends and factors
that may impact on the Company's future development and performance.
Valuation Process
Investments held by Maven Income and Growth VCT 4 PLC in unquoted companies
are valued in accordance with the IPEV Guidelines, being the prevailing
framework for fair value assessment in the private equity and venture capital
industry. The guidelines were updated in December 2022 and incorporate the
special guidance issued post COVID and following the invasion of Ukraine, and
expand on the concept of and impact on valuations of distressed markets, as
well as looking at how ESG factors impact valuations. The Directors and the
Manager continue to follow the IPEV Guidelines in all private company
valuations. Investments quoted or traded on a recognised stock exchange,
including AIM, are valued at their closing bid price at the year end.
Share Buy-backs
At the forthcoming AGM, the Board will seek the necessary Shareholder
authority to continue to conduct a share buy-back programme under appropriate
circumstances.
The Board's Duty and Stakeholder Engagement
The Directors recognise the importance of an effective Board and its ability
to discuss, review and make decisions to promote the long term success of the
Company and protect the interests of its key stakeholders. As required by
Provision 5 of the AIC Code (and in line with the UK Code), the Board has
discussed the Directors' duty under Section 172 of the Companies Act and how
the interests of key stakeholders have been considered in the Board
discussions and decision making during the year.
This has been summarised in the table below:
Form of engagement Influence on Board decision making
Shareholders
Shareholders are encouraged to attend and vote at the AGM and have the The Board recognises the importance of tax-free dividends to Shareholders and
opportunity to ask questions and engage with the Directors and the Manager. takes this into consideration when making decisions to pay interim and propose
final dividends for each year. During the year under review, after taking into
account the interests of Shareholders and strategies employed by the other
VCTs in its peer group, the Directors agreed an enhancement to the dividend
The Company reports formally to Shareholders by publishing Annual and Interim policy and now target an annual dividend of 6% of the NAV per Ordinary Share
Reports. In the instance of a corporate action taking place, the Board will at the immediately preceding year end. Further details regarding dividends for
communicate with Shareholders through the issue of a Circular and, if the year under review can be found in the Chairman's Statement.
required, a Prospectus. In addition, significant matters or reporting
obligations are disseminated to Shareholders by way of announcements to the
London Stock Exchange.
The Directors recognise the importance to Shareholders of the Company
maintaining an active buy-back policy, with the intention that share buy backs
will be conducted with a view to maintaining a share price that is at a
The Secretary acts as a key point of contact for the Directors and discount of approximately 5% to the latest published NAV per share. Further
communications received from Shareholders are circulated to the whole Board. details can be found in the Chairman's Statement, and in the Directors' Report
in the Annual Report.
The Manager also publishes its bi-annual newsletter, which is available on the
Manager's website, mavencp.com (http://www.mavencp.com) , and provides regular In making the decision to launch the current Offer for Subscription, the
portfolio updates by email. Directors considered that it would be in the interest of Shareholders to
continue to expand the portfolio and make investments across a diverse range
of sectors. By growing the Company, as certain costs are fixed, these costs
are spread over a wider asset base, which helps to promote a competitive
ongoing charges ratio and is in the interests of Shareholders. In addition,
the increased liquidity helps support the buy-back policy referred to above.
Further details regarding the latest Offer for Subscription can be found in
the Chairman's Statement.
Environment and society
The Directors and the Manager take account of the social, environmental and The Directors and the Manager are aware of their duty to act in the interests
ethical factors impacted by the Company and the investments that it makes. of the Company and acknowledge that there are risks associated with investment
in companies that fail to conduct business in a socially responsible manner.
The Manager's ESG assessment of investee companies focuses heavily on their
impact on the environment, as well as broader social themes such as the
companies' approach to diversity and inclusion in the workplace, and their
work with charities.
Further details can be found in the Chairman's Statement, the Investment
Manager's Review, and in the Statement of Corporate Governance in the Annual
Report.
Portfolio companies
At quarterly Board Meetings, the Manager reports to the Board on the portfolio Through the Manager, the Directors encourage portfolio companies to adopt best
companies and the Directors challenge the Manager where they feel it is practice corporate governance, exercising voting rights where needed. The
appropriate. Board has delegated the responsibility for monitoring the portfolio companies
to the Manager and has given it discretion to vote in respect of the Company's
holdings in the investment portfolio, in a way that reflects the concerns and
key governance matters discussed by the Directors. The Board is also mindful
The Manager communicates directly with each private investee company, normally that, as the portfolio expands and the proportion of early stage investments
through the Maven representative who sits on its board. increases, follow-on funding will represent an important part of the Company's
investment strategy and this forms a key part of the Directors' discussions in
relation to valuations, risk management and fundraising.
From time to time, the management teams of investee companies give
presentations to the Board.
Meeting with the management teams of private companies gives the Board
a better understanding of the investee business.
Manager
The Manager attends the quarterly Board Meeting, presenting a detailed The Board ensures that the Manager implements the investment objective and
strategy, in accordance with the terms of the Management and Administration
portfolio analysis and reports on key issues such as VCT compliance, Deed, and in compliance with the VCT, and other, regulations. On an annual
investment pipeline, utilisation of any new monies raised, share liquidity and basis, as part of its decision on the re-appointment of the Manager, the Board
peer group performance. conducts a review of the Manager's performance and management fee.
Information provided by the Manager supports the Board's policies regarding
dividends and share buy-backs, and the decisions made on fundraising.
The Board has an active treasury management policy, which has the objective of
generating income from the cash held prior to investment. As detailed in the
Chairman's Statement and in the Investment Manager's Report in the Annual
Report, during the year under review, several new permitted non-qualifying
investments were completed for treasury management purposes. After conducting
a detailed whole of market review, the composition of the treasury management
portfolio was refined to include holdings in MMFs and OEICs, alongside listed
investment trusts diversified across private equity, infrastructure and other
classes, with the remaining cash held on deposit with a range of UK banks.
Registrar
Annual review meetings and control reports. Through review and discussion of reports from the Manager, the Directors
consider the performance of all third party service providers on an annual
basis, including ensuring compliance with GDPR.
Banks and Custodian
Regular statements and control reports received, with all holdings and Through review and discussion of reports from the Manager, the Directors
balances reconciled. consider the performance of all third party service providers on an annual
basis, including oversight of securing the Company's assets.
Employee, Environmental and Human Rights Policy
As a VCT, the Company has no direct employee or environmental
responsibilities, nor is it responsible directly for the emission of
greenhouse gases. The Board's principal responsibility to Shareholders is to
ensure that the investment portfolio is managed and invested properly. As the
Company has no employees, it has no requirement to report separately on
employment matters. The Board comprises four male Directors and delegates
responsibility for diversity to the Nomination Committee, as explained in the
Statement of Corporate Governance in the Annual Report.
The management of the portfolio is undertaken by the Manager through members
of its portfolio management team. The Manager engages with the Company's
underlying investee companies in relation to their corporate governance
practices and in developing their policies on social, community and
environmental matters. Further information can be found in the Investment
Manager's Review and in the Statement of Corporate Governance in the Annual
Report. The Manager is continuing to focus on developing its ESG framework and
oversight capabilities. Further details regarding the Manager's approach to
ESG and the progress made on developing its ESG framework can be found in the
Chairman's Statement. The Manager will be overseeing the collation of this
information for the benefit of the Board but will also be supporting
individual companies to identify ESG risks and opportunities and, where
potential improvements are identified, will work jointly with investee
businesses to make positive changes.
In light of the nature of the Company's business, there are no relevant human
rights issues and, therefore, the Company does not have a human rights policy.
Auditor
The Company's Auditor is required to report if there are any material
inconsistencies between the content of the Strategic Report and the Financial
Statements. The Independent Auditor's Report can be found in the Annual
Report.
Future Strategy
The Board and the Manager intend to maintain the policies set out above for
the year ending 31 December 2025, as it is believed that these are in the best
interests of Shareholders.
Approval
The Business Report, and the Strategic Report as a whole, was approved by the
Board of Directors and signed on its behalf by:
Fraser Gray
Director
2 April 2025
Income Statement
For the year ended 31 December 2024
Year ended Year ended
31 December 2024 31 December 2023
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
Gain / (loss) on investments - 3,107 3,107 - (2,989) (2,989)
Income from investments 1,522 - 1,522 1,262 - 1,262
Other income 227 - 227 299 - 299
Investment management fees (437) (1,746) (2,183) (449) (1,797) (2,246)
Other expenses (438) - (438) (633) - (633)
Net return on ordinary activities before taxation 874 1,361 2,235 479 (4,786) (4,307)
Tax on ordinary activities - - - - - -
Return attributable to Equity Shareholders 874 1,361 2,235 479 (4,786) (4,307)
Earnings per share (pence) 0.96 1.58 0.35
0.62 (3.52) (3.17)
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 year.
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 Notes are an integral part of the Financial Statements and can be found in
full in the Annual Report.
Statement of Changes in Equity
For the year ended 31 December 2024
Year ended 31 December 2024 Non-distributable Reserves Distributable Reserves
Share capital Share premium account Capital redemption reserve Capital reserve unrealised Capital reserve realised Special distributable reserve Revenue reserve Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
At 31 December 2023 13,596 43,470 1,196 9,150 4,174 10,883 1,448 83,917
Net return - - - (911) 4,018 (1,746) 874 2,235
Dividends paid - - - - - (4,782) (570) (5,352)
Repurchase and cancellation of shares (438) - 438 - - (2,556) - (2,556)
Net proceeds of share issue 916 4,589 - - - - - 5,505
Net proceeds of DIS issue* 87 396 - - - - - 483
At 31 December 2024 14,161 48,455 1,634 8,239 8,192 1,799 1,752 84,232
Year ended 31 December 2023 Non-distributable Reserves Distributable Reserves
Share capital Share premium account Capital redemption reserve Capital reserve unrealised Capital reserve realised Special distributable reserve Revenue reserve Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
At 31 December 2022 12,977 37,443 762 12,100 4,213 19,975 1,174 88,644
Net return - - - (2,950) (39) (1,797) 479 (4,307)
Dividends paid - - - - - (4,580) (205) (4,785)
Repurchase and cancellation (434) - 434 - - (2,715) - (2,715)
of shares
Net proceeds of share issue 978 5,615 - - - - - 6,593
Net proceeds of DIS issue* 75 412 - - - - - 487
At 31 December 2023 13,596 43,470 1,196 9,150 4,174 10,883 1,448 83,917
*DIS represents the Dividend Investment Scheme as detailed in the Chairman's
Statement.
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. The capital reserve
unrealised contains £4,547,000 (2023: £4,325,000) of losses in relation to
level 1 and level 2 investments, which could be converted to cash, and as
such, could be deemed realised.
Where all, or an element of the proceeds of sales have not been received in
cash or cash equivalent (as noted on the realisations table in the Annual
Report), 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 split of unrealised
gains/(losses) for the year is detailed within the portfolio valuation section
of Note 8 in the Annual Report.
The Notes are an integral part of the Financial Statements and can be found in
full in the Annual Report.
Balance Sheet
As at 31 December 2024
31 December 2024 £'000 31 December 2023 £'000
Fixed assets
Investments at fair value through profit or loss 74,130 77,237
Current assets
Debtors 763 1,506
Cash 9,670 5,458
10,433 6,964
Creditors
Amounts falling due within one year (331) (284)
Net current assets 10,102 6,680
Net assets 84,232 83,917
Capital and reserves
Called up share capital 14,161 13,596
Share premium account 48,455 43,470
Capital redemption reserve 1,634 1,196
Capital reserve - unrealised 8,239 9,150
Capital reserve - realised 8,192 4,174
Special distributable reserve 1,799 10,883
Revenue reserve 1,752 1,448
Net assets attributable to Ordinary Shareholders 84,232 83,917
Net asset value per Ordinary Share (pence) 59.47 61.71
The Financial Statements of Maven Income and Growth VCT 4 PLC, registered
number SC272568, were approved by the Board of Directors and were signed on
its behalf by:
Fraser Gray
Director
2 April 2025
The Notes are an integral part of the Financial Statements and can be found in
full in the Annual Report.
Cash Flow Statement
For the Year Ended 31 December 2024
Year ended Year ended
31 December 2024 £'000 31 December 2023 £'000
Net cash flows from operating activities (597) (1,308)
Cash flows from investing activities
Purchase of investments (13,830) (19,583)
Sale of investments 20,432 6,320
Net cash flows from investing activities 6,602 (13,263)
Cash flows from financing activities
Equity dividends paid (5,352) (4,785)
Net proceeds of share issue 5,615 6,707
Net proceeds of DIS issue 500 470
Repurchase of Ordinary Shares (2,556) (2,715)
Net cash flows from financing activities (1,793) (323)
Net increase/(decrease) in cash 4,212 (14,894)
Cash at beginning of year 5,458
20,352
Cash at end of year 9,670 5,458
The Notes are an integral part of the Financial Statements and can be found in
full in the Annual Report.
Notes to the Financial Statements
For the Year Ended 31 December 2024
Accounting policies
The Company is a public limited company, incorporated in Scotland and its
registered office is shown in the Corporate Summary in the Annual Report.
(a) Basis of preparation
The Financial Statements have been prepared on a going concern basis, further
details can be found in the Directors' Report in the Annual Report. The
Financial Statements have been prepared under the historical cost convention,
as modified by the revaluation of investments and in accordance with FRS 102,
The Financial Reporting Standard applicable in the UK and Republic of Ireland,
and in accordance with the Statement of Recommended Practice for Investment
Trust Companies and Venture Capital Trusts (the SORP) issued by the AIC in
July 2022.
(b) Income
Equity income
Dividends receivable on quoted equity shares are recognised on the ex-dividend
date. Dividends receivable on unquoted equity shares are recognised when the
Company's right to receive payment is established and there is no reasonable
doubt that payment will be received.
Unquoted loan stock and other preferred income
Fixed returns on non-equity shares and debt securities are recognised when the
Company's right to receive payment and expected settlement is established.
Where interest is rolled up and/or payable at redemption, it is recognised as
income unless there is reasonable doubt as to its receipt.
Redemption premiums
When a redemption premium is designed to protect the value of the instrument
holder's investment rather than reflect a commercial rate of revenue return
the redemption premium should be recognised as capital. The treatment of
redemption premiums is analysed to consider if they are revenue or capital in
nature on a company by company basis. A revenue redemption premium of £nil
(2023: £nil) was received in the year ended 31 December 2024.
Bank interest
Deposit Interest is recognised on an accruals basis using the rate of interest
agreed with the bank. Income from unquoted loan stock and deposit interest is
included on an effective interest rate basis.
(c) Expenses
All expenses are accounted for on an accruals basis and charged to the Income
Statement. Expenses are charged through the revenue account, except as
follows:
• expenses that are incidental to the acquisition and disposal of
an investment are charged to capital;
• expenses are charged to the special distributable reserve where
a connection with the maintenance or enhancement of the value of the
investments can be demonstrated. In this respect, the investment management
fee and performance fee has been allocated 20% to revenue and 80% to special
distributable reserve to reflect the Company's investment policy and
prospective income and capital growth; and
• share issue and merger costs are charged to the share premium
account.
(d) Taxation
Deferred taxation is recognised in respect of all timing differences that have
originated but not reversed at the balance sheet date, where transactions or
events that result in an obligation to pay more tax in the future or right to
pay less tax in the future have occurred at the balance sheet date. This is
subject to deferred tax assets only being recognised if it is considered more
likely than not that there will be suitable profits from which the future
reversal of the underlying timing differences can be deducted. Timing
differences are differences arising between the Company's taxable profits and
its results as stated in the Financial Statements which are capable of
reversal in one or more subsequent periods.
Deferred tax is measured on a non-discounted basis at the tax rates that are
expected to apply in the periods in which timing differences are expected to
reverse, based on tax rates and laws enacted or substantively enacted at the
balance sheet date.
The tax effect of different items of income/gain and expenditure/loss is
allocated between capital reserves and revenue account on the same basis as
the particular item to which it relates using the Company's effective rate of
tax for the period.
UK corporation tax is provided at amounts expected to be paid/recovered using
the tax rates and laws that have been enacted or substantively enacted at the
balance sheet date.
(e) Investments
In valuing unlisted investments the Directors follow the criteria set out
below. These procedures comply with the revised IPEV Guidelines for the
valuation of private equity and venture capital investments.
Investments are recognised at their trade date and are designated by the
Directors as fair value through profit or loss. At subsequent reporting dates,
investments are valued at fair value, which represent the Directors' view of
the amount for which an asset could be exchanged between knowledgeable willing
parties in an arm's length transaction. This does not assume that the
underlying business is saleable at the reporting date or that its current
shareholders have an intention to sell their holding in the near future.
A financial asset or liability is generally derecognised when the contract
that gives rise to it is settled, sold, cancelled or expires.
1. For early stage investments completed in the reporting period, fair
value is determined using the Price of Recent Investment Method, calibrating
for any material change in the trading circumstances of the investee company.
Other early stage companies are valued by applying a multiple to the
investee's revenue to derive the enterprise value of each company. Where
relevant, an investee company may be valued on a discounted cash flow basis.
2. Whenever practical, recent investments will be valued by reference to
a material arm's length transaction or a quoted price.
3. Mature companies are valued by applying a multiple to their
maintainable earnings to determine the enterprise value of the company.
To obtain a valuation of the total ordinary share capital held by
management and the institutional investors, the value of third party debt,
institutional loan stock, debentures and preference share capital is deducted
from the enterprise value. The effect of any performance related mechanisms is
taken into account when determining the value of the ordinary share capital.
4. All unlisted investments are valued individually by Maven's portfolio
management team and discussed by Maven's valuation committee. The resultant
valuations are subject to detailed scrutiny and approval by the Directors of
the Company.
5. In accordance with normal market practice, investments quoted on AIM
or a recognised stock exchange are valued at their closing bid price at the
year end.
(f) Fair value measurement
Fair value is defined as the price that the Company would receive upon selling
an investment in a timely transaction to an independent buyer in the principal
or the most advantageous market of the investment.
A three-tier hierarchy has been established to maximise the use of observable
market data and minimise the use of unobservable inputs and to establish
classification of fair value measurements for disclosure purposes. Inputs
refer broadly to the assumptions that market participants would use in pricing
the asset or liability, including assumptions about risk, for example, the
risk inherent in a particular valuation technique used to measure fair value
including such a pricing model and/or the risk inherent in the inputs to the
valuation technique. Inputs may be observable or unobservable.
Observable inputs are inputs that reflect the assumptions market participants
would use in pricing the asset or liability developed based on market data
obtained from sources independent of the reporting entity.
Unobservable inputs are inputs that reflect the reporting entity's own
assumptions about the assumptions market participants would use in pricing the
asset or liability developed based on best information available in the
circumstances.
The three-tier hierarchy of inputs is summarised in the three broad levels
listed below:
• Level 1 - the unadjusted quoted price in an active market for
identical assets or liabilities that the entity can access at the measurement
date;
• Level 2 - inputs other than quoted prices included within Level
1 that are observable (i.e. developed using market data) for the asset or
liability, either directly or indirectly; and
• Level 3 - inputs are unobservable (i.e. for which market data is
unavailable) for the asset or liability.
(g) Gains and losses on investments
When the Company sells or revalues its investments during the year, any gains
or losses arising are credited/charged to the Income Statement.
(h) Critical accounting judgements and key sources of estimation uncertainty
Disclosure is required of judgements and estimates made by the Board and the
Manager in applying the accounting policies that have a significant effect on
the Financial Statements. The area involving the highest degree of judgement
and estimates is the valuation of unlisted investments recognised in Note 8
and 16 in the Annual Report and explained in Note 1(e) above.
In the opinion of the Board and the Manager, there are no critical accounting
judgements.
Reserves
Share premium account
The share premium account represents the premium above nominal value received
by the Company on issuing shares net of share issue cost, including £249,455
(2023: £113,694) 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 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.
Return per Ordinary Share
Year ended Year ended
31 December 2024 31 December 2023
The returns per share have been based on the following figures:
Weighted average number of Ordinary Shares 141,840,449 136,002,183
Revenue return £874,000 £479,000
Capital return £1,361,000 (£4,786,000)
Total return £2,235,000 (£4,307,000)
Net asset value per Ordinary Share
The net asset value per Ordinary Share as at 31 December 2024 has been
calculated using the number of Ordinary Shares in issue at that date of:
141,626,927 (2023: 135,982,341).
Directors' Responsibility Statement
The Directors confirm that, to the best of their knowledge:
• the Financial Statements have been prepared in accordance with the
applicable accounting standards and give a true and fair view of the assets,
liabilities, financial position and profit or loss of the Company as at 31
December 2024 and for the year to that date;
• the Directors' Report includes a fair review of the development and
performance of the Company, together with a description of the principal and
emerging risks that it faces; and
• the Annual Report and Financial Statements taken as a whole is fair,
balanced and understandable and provides the information necessary for
Shareholders to assess the Company's position and performance, business model
and strategy.
Other Information
The Annual General Meeting will be held on Thursday 8 May 2025, commencing at
12.00 noon at the offices of Maven Capital Partners UK LLP, 6th Floor,
Saddlers House, 44 Gutter Lane, London EC2V 6BR.
The Annual Report and Financial Statements for the year ended 31 December 2024
will be issued to Shareholders and filed with the Registrar of Companies in
due course.
The financial information contained within this announcement does not
constitute the Company's statutory Financial Statements as defined in the
Companies Act 2006. The statutory Financial Statements for the year ended 31
December 2023 have been delivered to the Registrar of Companies and contained
an audit report that was unqualified and did not constitute statements under
S498(2) or S498(3) of the Companies Act 2006.
Copies of this announcement, and of the Annual Report and Financial Statements
for the year ended 31 December 2024, will be available, in due course, to the
public at the registered office of the Company, Kintyre House, 205 West George
Street, Glasgow, G2 2LW and on the Company's webpage: mavencp.com/migvct4
(http://www.mavencp.com/migvct4) .
Neither the content of the Company's webpage nor the contents of any website
accessible from hyperlinks on the Company's webpage (or any other website) is
incorporated into, or forms part of, this announcement.
The Annual Report will shortly be submitted to the National Storage Mechanism
and will be available for inspection at:
www.fca.org.uk/markets/primary-markets/regulatory-disclosures/national-storage-mechanism
(http://www.fca.org.uk/markets/primary-markets/regulatory-disclosures/national-storage-mechanism)
.
By Order of the Board
Maven Capital Partners UK LLP
Secretary
2 April 2025
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