REG - MavIncGroVCT4 - Half-year Report
18/09/2024 11:15
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RNS Number : 7038E Maven Income & Growth VCT 4 PLC 18 September 2024
Maven Income and Growth VCT 4 PLC
Interim Results for the Six Months Ended 30 June 2024
Highlights
• NAV total return at 30 June 2024 of 155.04p per share
• NAV at 30 June 2024 of 62.19p per share
• Interim dividend of 2.00p per share
• Offer for Subscription closed, raising £5.8 million
• Two new private companies added to the portfolio, with a further two
investments completed post period end
• Exit achieved from GradTouch, generating a total return of 1.5x cost
• Final exit achieved from Quorum Cyber, generating a total return of
8.2x cost
• Post period end partial exit achieved from MirrorWeb, generating a
total return of 4.7x cost, including an ongoing equity stake
• Post period end partial exit achieved from Novatus Global,
generating a total return of 4.7x cost, including an ongoing equity stake
• Post period end exit achieved from CB Technology, generating a total
return of 2.9x cost
Interim Review
Overview
In the six months to 30 June 2024, your Company has made further positive
progress and it is pleasing to report an increase in NAV total return. Since
the year end, there has been a strong level of M&A activity across the
private company portfolio, which has resulted in the completion of five
profitable realisations, including several high value exits to strategic US
buyers. In June, the sale of the residual interest in Quorum Cyber completed,
generating a total return of 8.2x cost over the life of the investment and, in
August, the partial sale of MirrorWeb completed, generating a total return of
4.7x cost, with the partial exit from Novatus Global completing in early
September and generating a total return of 4.7x cost. With MirrorWeb and
Novatus, the exit considerations consisted of a combination of cash and a
continuing equity stake, which allows your Company to participate in the
future growth of these businesses with scope for a further return in the
future. In recognition of the exit activity and the commitment to make regular
tax free distributions, an increased interim dividend of 2.00p per share has
been declared for payment in October 2024.
In the year to date, your Company has completed five profitable private
company exits to UK and US buyers, helping to validate the Manager's
investment strategy and sector focus. Following a muted period for M&A
within the technology sector in 2023, the market has recovered strongly.
Notably, there has been a reemergence of US private equity buyers who are
attracted to UK speciality software companies that have a market leading
product and a clear path to scalable growth. A key part of their acquisition
rationale is to provide financial resource to help these businesses accelerate
growth plans and realise their full potential.
In early June, the final exit from cyber security specialist Quorum Cyber
completed with the sale of the residual holding. Your Company first invested
in Quorum in 2020, backing an experienced team that had established a leading
position in a high growth market. Following a period of rapid expansion, the
investment was partially realised through a sale to UK private equity house
Livingbridge in December 2021, generating an initial return of 6.5x cost over
an 18 month holding period. This transaction provided Quorum with additional
capital to support the next phase of its strategic development and, in
recognition of the growth prospects, the Maven VCTs retained a minority equity
interest in the business in order to participate in its future success. In
June this year, a final exit from this investment was achieved through a sale
of the business to US private equity firm, Charlesbank Capital Partners,
taking the total proceeds to 8.2x cost over the life of the investment.
A further notable exit was the partial sale of digital archiving specialist
MirrorWeb, which completed in August 2024. Your Company first invested in
MirrorWeb in 2020, supporting an ambitious management team who had developed a
disruptive software platform with significant growth potential and a large
addressable market. Since investment, the business consistently delivered
strong revenue growth and established a leading position in the communications
surveillance market, with a focus on the financial services sector where the
platform supports regulatory requirements in relation to data archiving. In
2023, the business successfully expanded into the US, which led to an
unsolicited approach to acquire the business from a US private equity buyer.
Following this approach, a competitive exit process was initiated, with the
sale to US private equity acquirer MainSail completing in August. The exit
generated a total return of 4.7x cost, comprising of a cash consideration and
an ongoing equity stake that enables your Company to maintain an economic
interest in the business with the potential for a further return in the
future.
In early September 2024, the partial sale of regtech specialist Novatus Global
completed, achieving the highest value sale price to date from your Company's
unlisted technology portfolio. Following investment by your Company, Novatus
made rapid commercial progress, capitalising on the growth opportunities
within its core market, where its advisory services and software platform
helps financial institutions to prevent and resolve regulatory and compliance
issues. Over the past two years, the business achieved a 250% increase in
annual recurring revenue (ARR), driven by the development of its proprietary
transaction reporting software platform, which is gaining market traction and
a strong reputation. The business recently opened its first international
office in Australia to capture the significant opportunity in this region.
Novatus received an unsolicited acquisition approach from US private equity
firm Silversmith Capital Partners at a premium to carrying value, reflective
of the strategic value of the technology. The exit generated a total return of
4.7x cost, which includes cash and an ongoing equity element that enables your
Company to participate in the future growth of this business.
Specialist electronics manufacturer CB Technology was one of the more mature
holdings in the portfolio and, following a period of strong trading
performance, an exit process was initiated in 2023. An offer to acquire the
business was subsequently received from a private equity backed trade
acquirer, with the exit completing in early September 2024 and generating a
total return of 2.9x cost. In addition, in May 2024 your Company completed the
exit from graduate recruitment specialist GradTouch, with a sale to a UK
private equity house that generated a total return of 1.5x cost, inclusive of
a small deferred element.
Achieving profitable exits in order to maximise Shareholder returns and
distributions remains a key priority. However this has to be balanced against
selling a business too early before its value has been fully optimised. In
cases like Quorum, MirrorWeb and Novatus, where a business is performing
strongly and has the potential to become a large and valuable asset, the
Manager will seek to maintain an economic interest when structuring an exit.
This approach allows your Company to generate a healthy initial cash return
from a secondary transaction or partial sale, to help support the dividend
programme, whilst retaining an ongoing equity interest in the business, which
offers the potential for a further return in the future.
Your Company continues to make further progress in line with its long term
growth strategy, which is focused on constructing a large and diverse
portfolio of innovative companies that have the potential to grow rapidly and
ultimately become attractive to a wide range of acquirers. During the
reporting period, a total of £2.6 million was deployed through the addition
of two new private companies to the portfolio, alongside the provision of
follow-on funding to support the further development of 13 existing unlisted
holdings, as well as two small AIM transactions. The investment strategy
continues to focus on identifying entrepreneurial companies that operate in
disruptive or high growth markets, where there is an opportunity to achieve
scale over the medium term. Maven retains a strong preference for investing in
companies that operate in dynamic sectors such as cyber security, software,
niche manufacturing, data analytics, healthtech and training, where growth is
less sensitive to consumer or discretionary spending and the revenue model
tends to be recurring in nature, which provides good visibility on the growth
trajectory of each portfolio company. To ensure that the business plan can be
delivered, Maven also spends time assessing the calibre of management and
their track record, recognising that experienced and cohesive teams are
crucial to the success of early stage businesses.
In April 2024, your Company closed its most recent top-up Offer having raised
a total of £5.8 million for the 2023/24 and 2024/25 tax years. These funds
will enable your Company to progress its investment strategy which, over the
past four years, has provided growth capital to more than 40 private
companies, many of which are delivering strong growth and achieving a leading
position in their respective markets.
Dividend Policy
The Board and the Manager recognise the importance of tax free distributions
to Shareholders and will seek, as a guide, to pay an annual dividend that
represents 5% of the NAV per share at the immediately preceding year end. This
policy is under close and regular review by the Board and the Manager,
particularly in light of the current level of profitable exit activity.
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 a greater proportion of holdings are invested in
younger companies with growth potential, the timing of distributions will be
more closely linked to realisation activity, whilst also reflecting the
Company's requirement to maintain its VCT qualifying level.
Interim Dividend
In respect of the year ending 31 December 2024, an increased interim dividend
of 2.00p per share will be paid on 18 October 2024 to Shareholders who are on
the register at 20 September 2024. Since the Company's launch, and after
receipt of this interim dividend, a total of 94.85p per share will have been
paid in tax free Shareholder 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 by the Company under the standing authority requested from
Shareholders at Annual General Meetings. Shares issued under the DIS should
qualify for VCT tax relief applicable for the tax year in which they are
allotted, subject to an individual Shareholder's particular circumstances.
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 2024 interim
dividend, the mandate form must be received before 4 October 2024, 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 webpages at: mavencp.com/migvct4. Election to participate
in the DIS can also be made through the Registrar's online investor hub at:
maven-cp.cityhub.uk.com/login.
If a Shareholder is in any doubt about the merits of participating in the DIS,
or their own tax status, they should seek advice from a suitably qualified
adviser.
Offer for Subscription
The most recent Offer for Subscription closed on 26 April 2024, with your
Company raising a total of £5.8 million for the 2023/24 and 2024/25 tax
years. All new shares in relation to this Offer have now been issued, with
four allotments for the 2023/24 tax year and one allotment for the 2024/25 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 18 June 2024, the Directors have elected to launch a new Offer
for Subscription, which will run alongside Offers by the other Maven managed
VCTs. Full details will be included in the Prospectus, which is expected to be
published in Autumn 2024.
Portfolio Developments
It is encouraging to report on the progress that has been achieved across the
private equity portfolio, where most companies have continued to meet
operational and financial targets as part of their business plans. Many of the
earlier stage growth companies are now achieving scale and establishing strong
positions in their respective markets and, in recognition of the progress
achieved, the valuations of certain holdings have been uplifted.
Cyber security specialist CYSIAM continues to make positive progress, with
revenues increasing by more than 200% since your Company first invested. The
business is building a strong reputation as a leading provider of Managed
Detection and Response (MDR) security services for protection against,
detection of and response to cyber attacks. CYSIAM is a recognised expert in
its field and, as an accredited member of the National Cyber Security Centre's
Cyber Incident Response scheme, it can provide direct support to a range of
organisations when they become victims of cyber attacks. CYSIAM operates in a
dynamic, high growth market and the near term strategic objective remains to
further pivot the business towards a Software as a Service (SaaS) model, which
will result in an increased level of recurring revenue.
In 2021, your Company invested in Guru Systems, a supplier of hardware,
software and data analytics designed to improve the performance and cost
effectiveness of heat networks. Since investment, the business has gained
commercial traction in an emerging sector that has positive ESG credentials.
Heat networks are an important part of the government's decarbonisation
strategy and are increasingly required to be included as part of the design of
any new residential and commercial property developments. Given the strong
growth potential of this market, Guru is well placed to achieve scale over the
medium term.
Carbon reduction software specialist Manufacture 2030 has delivered impressive
revenue growth over the past year, with ARR increasing by over 75%. The
business provides a disruptive software solution that helps multinationals
achieve Scope 3 carbon reduction targets by measuring, managing and reducing
carbon emissions across their supply chain. The business is establishing a
leading position in a high growth market, where its proposition is aligned
with various carbon reduction initiatives including the United Nations
Sustainable Development Goals. Manufacture 2030 partners with a wide range of
blue chip clients, including Asda, Co-op, GSK, Toyota and Unilever, and has
received a number of awards as a technology pioneer within this evolving
sector. The near term objective is to expand its presence in North America,
which is viewed as a key growth market.
Automotive ecommerce software specialist Rockar continues to increase its
market share and is now a leading provider of a disruptive white label
solution for buying and selling new and used cars online. The business has
signed commercial agreements with various high profile automotive
manufacturers such as BMW, Jaguar Land Rover, Toyota Motor Group and Volvo UK,
with development work ongoing with several others. Rockar's new operating
platform, Evolution, is gaining traction amongst clients, with a number
already using or committed to migrating across to the new operating system.
The business continues to deliver strong revenue growth and remains focused on
building relationships with global automotive manufacturers, and the outlook
for the year ahead is encouraging.
Digital payments software provider QikServe has made further encouraging
commercial progress and is capitalising on the shift within the hospitality
sector towards mobile ordering and pay-at-table technology. The business
continues to expand its market presence in targeted sectors that include
restaurants, international coffee chains and transportation hubs. QikServe has
a growing estate, with more than 8,000 sites in over 40 countries and a
healthy pipeline of near term opportunities, particularly in the US.
Contract software specialist Summize continues to make positive commercial
progress, with ARR growing by almost 200% since the Maven VCTs first invested
in October 2022. The business has developed an AI-powered digital contracting
software solution that simplifies and streamlines the process for writing and
renewing contracts, helping to drive operational efficiencies for customers.
Since inception in 2018, Summize has secured numerous industry awards for its
innovation and entrepreneurialism. Having established a strong foothold in the
UK, the next phase of growth for the business is to expand into the US, where
a significant market opportunity has been identified.
As may be expected with a large portfolio, there are a small number of
investee companies that have not achieved commercial targets and are trading
behind plan. Protective provisions have, therefore, been taken against the
cost of certain holdings. The performance of fintech specialist Delio has been
impacted by slower than expected sales cycles and, although corrective
measures have been taken, the business continues to trade behind plan. As a
result of significant underperformance, the Manager elected not to provide
further support to Drovo and Turnkey, and the valuations of these holdings
have been written down in full.
Treasury Management
Your Company maintains 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. During 2023, the rise in interest rates required the
Board and the Manager to revise its approach and, following a whole of market
review, the composition of the treasury management portfolio was expanded to
include holdings in leading money market funds and open ended investment
companies (OEICs), alongside carefully selected London Stock Exchange listed
investment trusts. This approach enables your Company to maintain compliance
with the Nature of Income condition, whilst also generating a healthy new
stream of income from the portfolio of treasury management holdings and cash.
In line with the liquidity requirements of your Company, there were several
new investments and realisations within the Treasury Management portfolio,
details of which can be found in the Interim Report.
New Investments
During the reporting period, two new private companies were added to the
portfolio:
• Alderley Lighthouse Labs is a provider of clinical diagnostic
testing services, specialising in the analysis of human samples such as blood,
urine and cells, with the objective of improving healthcare outcomes. The
business was initially established as a COVID-19 testing facility, as part of
the Government supported "Test and Trace" programme. As pandemic related
testing subsided, the business evolved into a laboratory based facility
providing blood science and molecular diagnostics to a wide range of clients.
The healthcare testing market continues to experience high growth and Alderley
is well placed to leverage its existing position, with scope to achieve
considerable scale. The funding from the Maven VCTs provides capital that will
enable the business to invest in product development, expand its current suite
of services and grow monthly revenues.
• Zing is a specialist services provider operating in the
cloud-communications sector. It is a leading partner of global cloud
communication platform business Twilio, providing consultancy and managed
services. Zing was spun out from CRM provider ProspectSoft, a previous Maven
portfolio company, which was successfully exited in 2022. The funding from the
Maven VCTs will enable the business to benefit from the growth opportunities
in the Communications Platform as a Service (CPaaS) market. Since becoming an
independent business, Zing has made encouraging commercial progress and
strengthened its relationship with Twilio. The next stage of development is
focused on expanding into the US, developing a new AI proposition, and
enhancing the management team through new strategic hires.
The following investments were completed during the reporting period:
Investments Date Sector £'000
New unlisted
Alderley Lighthouse Labs Limited(1) April & May 2024 Pharmaceuticals, 249
biotechnology & healthcare
Zing TopCo Limited April & May 2024 Business services 185
(trading as Zing)(1)
Total new unlisted 434
Follow-on unlisted
Bud Systems Limited May 2024 Learning & development/ recruitment technology 116
Delio Limited February 2024 Software & technology 125
Draper & Dash Limited April & May 2024 Pharmaceuticals, 68
(trading as RwHealth)(1) biotechnology & healthcare
Hublsoft Group Limited April 2024 Software & technology 56
Liftango Group Limited March 2024 Software & technology 269
mypura.com Group Limited March 2024 Business services 193
(trading as Pura)
Relative Insight Limited February 2024 Software & technology 66
Shortbite Limited (trading as Fixtuur) April 2024 Software & technology 37
Snappy Shopper Limited April 2024 Software & technology 11
Summize Limited June 2024 Software & technology 348
Turnkey Group (UK) Holdings Limited(2) January, February, Software & technology 335
April & June 2024
XR Games Limited February 2024 Software & technology 48
Zinc Digital Business Solutions Limited(1) March & May 2024 Software & technology 239
Total follow-on unlisted 1,911
Total unlisted 2,345
New AIM quoted
Cambridge Cognition Holdings PLC June 2024 Pharmaceuticals, 62
biotechnology & healthcare
Total new AIM quoted 62
Follow-on AIM quoted
GENinCode PLC January 2024 Pharmaceuticals, 160
biotechnology & healthcare
Total follow-on AIM quoted 160
Total AIM quoted 222
Open ended investment companies(3)
Royal Lond Short Term Money Market Fund (Class Y Income) April 2024 Money market fund 1,000
Total open-ended investment companies 1,000
Money market funds(3)
Aberdeen Standard Liquidity Fund (Lux) - Sterling Fund (Class K3) May 2024 Money market fund 1,000
BlackRock Institutional Sterling Liquidity Fund (Core) March 2024 Money market fund 1,000
Fidelity Institutional Liquidity Sterling Fund (Class F) March 2024 Money market fund 1,000
Goldman Sachs Sterling Liquid Reserves (Institutional) January 2024 Money market fund 1,000
Total money market funds 4,000
Total investments 7,567
(1) Follow-on investment completed in two tranches.
(2) Follow-on investment completed in four tranches.
(3) Investments completed as part of the treasury management strategy.
At the period end, the portfolio comprised of 131 unlisted and quoted
investments, at a total cost of £73.4 million.
Realisations
In May 2024, the exit from graduate recruitment specialist GradTouch
completed. Your Company first invested in GradTouch in November 2019, backing
a team with a strategic plan to build a market leading position in the
graduate recruitment market. Throughout the period of ownership, the company
achieved steady organic growth alongside a series of self funded,
complementary acquisitions that helped to transform the business. During the
period under review, an offer to acquire the business was received from UK
private equity house Pelican Capital, and the exit generated a total return of
1.5x cost, inclusive of a small deferred consideration.
The table below gives details of the realisations completed during the
reporting period, including the exit from Quorum Cyber, which completed in
June 2024:
Realisations Cost of shares Sales proceeds Gain/(loss) over 31 December 2023 value
Year first Complete/ disposed Value at 31 £'000 Realised £'000
invested partial exit of December gain/(loss)
£'000 2023 £'000
£'000
Unlisted
GradTouch Limited 2019 Complete 200 292 303 103 11
Project Falcon Topco Limited (trading as Quorum Cyber) 2021 Complete 419 419 1,278 859 859
Other unlisted 3 - 14 11 14
Total unlisted 622 711 1,595 973 884
AIM quoted
Faron Pharmaceuticals Oy 2019 Complete 71 83 48 (23) (35)
Oncimmune Holdings PLC 2021 Complete 100 14 13 (87) (1)
RUA Life Sciences PLC 2020 Complete 133 37 42 (91) 5
Verici Dx PLC 2020 Partial 65 31 26 (39) (5)
Total AIM quoted 369 165 129 (240) (36)
Money market funds(1)
Aberdeen Standard Liquidity Fund (Lux) - Sterling Fund (Class K3) 2023 Partial 1,000 1,000 1,000 - -
Goldman Sachs Sterling Liquid Reserves (Institutional) 2024 Complete 1,000 - 1,000 - -
HSBC Sterling Liquidity Fund (Class A) 2023 Complete 1,000 1,000 1,000 - -
Total money market funds 3,000 2,000 3,000 - -
Open-ended investment companies(1)
Royal London Short Term Money Market Fund (Class Y Income) 2023 Partial 986 983 974 (12) (9)
Total open-ended investment companies 986 983 974 (12) (9)
Total realisations 4,977 3,859 5,698 721 839
(1) Realisations completed as part of the treasury management strategy.
During the year, one private company was struck off the Register of Companies,
resulting in a total realised loss of £249,000 (cost £249,000). This had no
effect on the NAV of the Company as a full provision had been taken against
the value of the holding in a previous period.
Material Developments Since the Period End
Since 30 June 2024, two new private company holdings have been added to the
portfolio:
· Automated Analytics is the developer of a sales and marketing
platform that tracks the conversion of online "clicks" once they become
offline conversions, thereby enabling marketing and recruitment professionals
to optimise campaigns and budgets effectively. The platform uses advanced data
analytics alongside proprietary AI technology to analyse and process large
sets of data in real time, in order to allow clients to maximise the impact of
marketing spend and measure the true success of a digital campaign. Since
2021, the business has achieved a fivefold increase in ARR and built a strong
customer base that includes household names such as British Gas, Europcar, KFC
and Pizza Hut. The funding from the Maven VCTs is being used to accelerate
growth by expanding into new markets and making a number of strategic hires to
help further develop the technology platform.
· Connected Data is a provider of a data enabled debt
management software solution, that is designed to improve recovery outcomes
for utility and financial services companies, which arise during unnotified
changes in tenancy and result in billions of pounds of unpaid energy and other
bills. The cloud-based platform uses propriety technology to help manage the
debt life cycle from pre-delinquency through to late stage collection,
offering a more cost effective solution to using a single credit bureau,
whilst also using multiple data sets to ensure fairer outcomes for customers.
The business is gaining commercial traction and has quickly established a blue
chip client base. The funding from the Maven VCTs will be used to further
develop the technology platform and invest in sales and marketing.
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 2023 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 Risk Committee and reported to your
Board. The Board continues to monitor the criteria for VCT qualifying status
and can confirm that these are being adhered to.
Global conflict and political instability was added to the Risk Register as an
emerging risk during a previous period, as the Directors were not only aware
of the heightened cyber security risk but were mindful of the impact that any
change in the underlying economic conditions could have on the valuation of
investment companies. These included fluctuating interest rates, increased
fuel and energy costs, and the availability of bank finance, all of which
could be impacted during times of geopolitical uncertainty and volatile
markets. The Board and the Manager continue to monitor the impact of
geopolitical issues, and wider market conditions, on portfolio companies.
Share Buy-backs
In order to maintain an orderly market in the Company's shares, the Directors
have delegated authority to the Manager to enable the Company to buy back
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 share, subject to market conditions, availability
liquidity and the maintenance of the Company's VCT qualifying status. During
the period under review, 2,214,662 shares were bought back at a total cost of
£1.28 million.
Shareholders should note that neither the Company nor the Manager can execute
a transaction in the Company's shares and an instruction to buy or sell shares
on the secondary market must be directed through a stockbroker. If a
Shareholder wishes to discuss a transaction, they or their broker can contact
the Company's stockbroker, Shore Capital Stockbrokers on 020 7647 8132. Such
transactions are, however, prohibited whilst the Company is in a closed
period, which is the time from the end of a reporting period until the
announcement of the relevant results, or 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.
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 as set out by HMRC.
Although the precise details of the new Government's economic and fiscal
policy are currently unknown, the Manager has, through the VCT Association
(VCTA), been actively involved in positive cross party dialogue to promote and
reinforce the important role that VCTs play in supporting some of Britain's
brightest and most entrepreneurial smaller companies, whilst also assisting in
job creation across the regions. It is pleasing to note that, on 3 September
2024, HM Treasury approved the regulations required to lift the "sunset
clause" and extend VCT and EIS schemes until 2035. This provides greater
certainty to SME's seeking growth capital that VCTs will remain a central
component of the UK's funding infrastructure.
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 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.
Environmental, Social and Governance (ESG)
Whilst the Manager continues to enhance its ESG framework, it should be noted
that your Company's investment policy does not incorporate specific ESG aims,
and portfolio companies are not required to meet any specific targets.
However, as a growth investor, Maven is well positioned to help each company
establish robust ESG practices at an early stage of its corporate development,
ensuring that they are ingrained in the culture as the business grows. The
Manager believes that strong core ESG credentials help support responsible
growth and encourage positive social and environmental behaviours.
Your Company has multiple investments in companies with strong ESG credentials
that are achieving growth in expanding markets. The Manager is committed to
maintaining a responsible approach to new and existing investments, and has
developed a framework for promoting ESG credentials by actively engaging with
portfolio companies, taking into consideration material issues at the point of
investment as well as monitoring progress annually. All potential investee
companies are required to complete an ESG assessment that covers ten key areas
and provides a comprehensive pre-investment evaluation of the business, with a
focus on governance, board composition and culture, alongside environmental
and social considerations.
The Manager continues to be an active signatory to the UN Principles for
Responsible Investment (UNPRI) and Investing in Women Code. Alongside these
external initiatives, Maven has developed diversity initiatives, including
launching a Female Founder Funding programme that aims to offer mentorship and
collaboration opportunities to female entrepreneurs across the UK.
Outlook
Whilst M&A activity in 2023 was stifled by market uncertainty and
geopolitical concerns, there has been a strong recovery in the year to date
and it is pleasing to note the completion of several high value exits. The
companies in the unlisted portfolio continue to attract regular acquisition
interest from a range of UK and international buyers, and completing further
profitable exits to help support your Company's ongoing dividend programme
remains a key objective for the second half of the year.
Fraser Gray
Chairman
18 September 2024
Summary Of Investment Changes
Six Months Ended 30 June 2024
Valuation Net investment/ (disinvestment) Appreciation/ (depreciation) Valuation
31 December 2023 £'000 £'000 30 June 2024
£'000 % £'000 %
Unlisted investments
Equities 48,291 57.5 652 4,325 53,268 59.8
Loan stock 13,382 15.9 98 (5) 13,485 15.1
61,673 73.4 750 4,330 66,753 74.9
AIM Investments(1)
Equities 3,894 4.6 93 (817) 3,170 3.6
Other investments(2)
OEICs 2,035 2.4 26 (25) 2,036 2.3
MMFs 4,000 4.8 1,000 - 5,000 5.5
Investment trusts 5,635 6.7 - 142 5,777 6.5
Total investments 77,237 91.9 1,869 3,630 82,736 92.8
Other net assets 6,680 8.1 (266) - 6,414 7.2
Net assets 83,917 100.0 1,603 3,630 89,150 100.0
(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 30 June 2024
Investment Valuation Cost % of % of % of equity held by other clients(1)
£'000 £'000 total equity
assets held
Unlisted
Horizon Ceremonies Limited 4,769 2,463 5.3 12.9 39.7
(trading as Horizon Cremation)
BioAscent Discovery Limited 4,713 1,532 5.2 26.1 13.9
MirrorWeb Limited 4,179 990 4.7 8.5 41.4
Bright Network (UK) Limited 3,218 1,706 3.6 9.8 29.3
Rockar 2016 Limited (trading as Rockar) 3,110 1,766 3.5 6.2 13.2
WaterBear Education Limited 2,905 987 3.3 19.9 18.9
QikServe Limited 2,038 1,674 2.3 7.6 8.2
HCS Control Systems Group Limited 1,942 1,201 2.2 10.7 25.8
Ensco 969 Limited (trading as DPP) 1,857 1,532 2.1 7.4 27.1
CB Technology Group Limited 1,813 1,097 2.0 18.6 56.4
Novatus Global Limited 1,649 562 1.8 3.5 15.2
NorthRow Limited 1,482 1,699 1.7 12.3 20.5
Vodat Communications Group (VCG) Holding Limited 1,427 1,240 1.6 8.4 23.5
Zinc Digital Business Solutions Limited 1,301 867 1.5 15.6 28.0
Summize Limited 1,275 796 1.4 4.0 30.3
Relative Insight Limited 1,201 1,201 1.3 5.7 25.6
Filtered Technologies Limited 1,184 1,100 1.3 9.7 15.8
Hublsoft Group Limited 1,138 922 1.3 7.3 16.4
ebb3 Limited 1,125 1,307 1.3 31.4 47.5
Martel Instruments Holding Limited 1,038 701 1.2 14.7 29.6
Liftango Group Limited 1,016 1,016 1.1 6.3 34.4
Whiterock Group Limited 1,014 1,014 1.1 11.2 26.7
RevLifter Limited 1,000 1,000 1.1 10.2 16.4
2degrees Limited 970 698 1.1 2.5 8.6
(trading as Manufacture 2030)
Bud Systems Limited 953 762 1.1 4.1 13.5
CYSIAM Limited 944 448 1.1 5.8 22.0
Nano Interactive Group Limited 929 625 1.0 3.7 11.2
Boomerang Commerce Inc 873 1,164 1.0 0.2 0.3
(trading as CommerceIQ)(2)
DiffusionData Limited 853 625 1.0 3.1 14.9
Precursive Limited 750 750 0.8 5.5 29.0
Flow UK Holdings Limited 735 1,047 0.8 12.7 22.3
Cat Tech International Limited 717 1,115 0.8 8.4 21.6
ORCHA Health Limited 709 709 0.8 2.8 5.0
Growth Capital Ventures Limited 650 639 0.7 11.5 36.0
Maven Capital (Marlow) Limited 650 650 0.7 - 100.0
Delio Limited 644 1,294 0.7 6.0 11.6
XR Games Limited 639 299 0.7 1.7 21.5
Draper & Dash Limited 621 621 0.7 6.0 43.0
(trading as RwHealth)
mypura.com Group Limited 608 409 0.7 1.6 21.2
(trading as Pura)
CODILINK UK Limited (trading as Coniq) 600 400 0.7 1.1 3.8
Metrion Biosciences Limited 597 597 0.7 4.3 13.9
Plyable Limited 597 597 0.7 6.8 19.8
Sensoteq Limited 597 597 0.7 5.6 18.0
Enpal Limited 581 581 0.7 3.2 18.4
(trading as Guru Systems)
The Algorithm People Limited 558 420 0.6 6.1 10.2
(trading as Optimize)
TC Communications Holdings Limited 551 958 0.6 12.6 22.7
iAM Compliant Limited 492 298 0.6 3.9 45.3
Horizon Technologies Consultants Limited 466 448 0.5 3.1 14.1
Biorelate Limited 419 348 0.5 2.0 23.7
Laverock Therapeutics Limited 398 398 0.4 1.9 7.5
Shortbite Limited 347 798 0.4 10.0 60.8
(trading as Fixtuur)
HiveHR Limited 346 346 0.4 4.4 40.2
Snappy Shopper Limited 309 309 0.3 0.4 1.3
AMufacture Limited 261 261 0.3 4.8 15.2
Alderley Lighthouse Labs Limited 249 249 0.3 6.7 46.9
Zing TopCo Limited (trading as Zing) 185 185 0.2 4.9 42.8
McKenzie Intelligence Services Limited 159 159 0.2 1.6 4.8
ISN Solutions Group Limited 143 467 0.2 7.8 47.2
Reed Thermoformed Packaging Limited (trading as iPac Packaging Innovations) 140 100 0.2 0.5 11.8
Rico Developments Limited 100 200 0.1 1.6 8.3
(trading as Adimo)
Other unlisted investments 19 3,699 -
Total unlisted 66,753 52,643 74.9
AIM quoted(3)
GENinCode PLC 454 760 0.6 6.4 15.3
MaxCyte Inc 383 207 0.5 0.1 0.1
Kanabo Group PLC(4) 330 2,986 0.4 3.7 6.3
Diaceutics PLC 260 161 0.3 0.3 0.3
Intelligent Ultrasound Group PLC 248 400 0.3 1.2 0.8
Oxford Metrics PLC 231 80 0.3 0.2 -
Verici Dx PLC 112 373 0.1 1.1 0.3
Eden Research PLC 111 160 0.1 0.5 1.0
KRM22 PLC 110 220 0.1 1.2 -
SkinBioTherapeutics PLC 110 208 0.1 0.7 -
One Media IP Group PLC 106 186 0.1 1.2 -
C4X Discovery Holdings PLC 96 137 0.1 0.4 0.5
Creo Medical Group PLC 89 497 0.1 0.1 -
TPXimpact Holdings PLC 66 107 0.1 0.2 -
Pulsar Group PLC 61 35 0.1 0.1 0.4
(formerly Access Intelligence PLC)
AFC Energy PLC 59 57 0.1 - -
Cambridge Cognition Holdings PLC 59 62 0.1 0.4 1.1
Avacta Group PLC 54 16 0.1 - -
Vianet Group PLC 43 49 - 0.1 1.3
Feedback PLC 42 121 - 0.4 1.2
Destiny Pharma PLC 27 206 - 0.3 0.3
Crossword Cybersecurity PLC 24 122 - 0.4 1.7
Spectral AI Inc 22 99 - - -
Angle PLC 19 82 - 0.1 -
Hardide PLC 15 122 - 0.3 0.2
ReNeuron Group PLC 13 277 - 0.7 1.4
Other quoted investments 26 1,071 -
Total AIM quoted 3,170 8,801 3.6
Private equity investment trusts(5)
HgCapital Trust PLC 1,012 531 1.1 - 0.1
Patria Private Equity Trust PLC 516 367 0.6 0.1 0.2
(formerly abrdn Private Equity Opportunities Trust PLC)
ICG Enterprise Trust PLC 483 381 0.5 0.1 0.1
Partners Group Private Equity Limited (formerly Princess Private Equity 379 336 0.4 0.1 0.1
Holding Limited)
Apax Global Alpha Limited 370 344 0.4 - 0.1
CT Private Equity Trust PLC 362 293 0.4 0.1 0.3
NB Private Equity Partners Limited 360 371 0.4 0.1 0.2
HarbourVest Global Private Equity Limited 268 153 0.3 - -
Pantheon International PLC 144 99 0.2 - 0.1
Total private equity investment trusts 3,894 2,875 4.3
Infrastructure investment trusts(5)
3i Infrastructure PLC 256 260 0.3 - -
BBGI Global Infrastructure SA 248 280 0.3 - 0.1
International Public Partnerships Limited 238 270 0.3 - -
Pantheon Infrastructure PLC 225 250 0.3 0.1 0.2
JLEN Environmental Assets Group Limited 187 260 0.2 - 0.1
Total infrastructure investment trusts 1,154 1,320 1.4
Fixed income investment trusts(5)
TwentyFour Income Fund Limited 175 195 0.2 0.1 -
Alcentra European Floating Rate Income Fund Limited 9 11 - - -
Total fixed income investment trust 184 206 0.2
Global equity investment trusts(5)
Alliance Trust PLC 181 149 0.2 - -
JPMorgan Global Growth & Income PLC 157 25 0.2 - -
Total fixed income investment trusts 338 274 0.4
Real estate investment trusts(5)
Impact Healthcare REIT PLC 207 235 0.2 0.1 0.1
Total real estate investment trusts 207 235 0.2
Open-ended investment companies(5)
Royal London Short Term Fixed Income Fund (Class Y Income) 1,028 1,020 1.2 0.1 0.2
Royal London Short Term Monet Market Fund (Class Y Income) 1,008 1,026 1.1 - -
Total open-ended investment companies 2,036 2,046 2.3
Money market funds(5)
Aberdeen Standard Liquidity Fund (Lux) - Sterling Fund (Class K3) 1,000 1,000 1.1 - -
Aviva Investors Sterling Government Liquidity Fund 1,000 1,000 1.1 - -
BlackRock Institutional Sterling Government Liquidity Fund (Core Dis) 1,000 1,000 1.1 - -
BlackRock Institutional Sterling Liquidity Fund (Core) 1,000 1,000 1.1 - -
Fidelity Institutional Liquidity Sterling Fund (Class F) 1,000 1,000 1.1 0.1 0.2
Total money market funds 5,000 5,000 5.5
Total investments 82,736 73,400 92.8
(1) Other clients of Maven Capital Partners UK LLP.
(2) This holding reflects the retained minority interest following the sale of
e.fundamentals (Group) Limited to CommerceIQ in July 2022.
(3) Investments are quoted on AIM with the exception of Kanabo Group PLC,
which is listed on the Main Market of the London Stock Exchange.
(4) 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.
(5) Treasury management portfolio.
Shaded line indicates that the investment was completed pre November 2015.
Income Statement
For the Six Months Ended 30 June 2024
Six months ended to Six months ended to Year ended
30 June 2024 (unaudited) 30 June 2023 (unaudited) 31 December 2023 (audited)
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Gain/(loss) on investments - 3,630 3,630 - (1,689) (1,689) - (2,989) (2,989)
Income from investments 792 - 792 561 - 561 1,262 - 1,262
Other income 87 - 87 176 - 176 299 - 299
Investment management fees (212) (850) (1,062) (225) (898) (1,123) (449) (1,797) (2,246)
Other expenses (222) - (222) (286) - (286) (633) - (633)
Net return on ordinary 445 2,780 3,225 226 (2,587) (2,361) 479 (4,786) (4,307)
activities before taxation
Tax on ordinary activities - - - - - - - - -
Return attributable to Equity Shareholders 445 2,780 3,225 226 (2,587) (2,361) 479 (4,786) (4,307)
Earnings per share (pence) 0.32 1.97 2.29 0.17 (1.92) (1.75) 0.35 (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 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
For the six months ended 30 June 2024
Six months ended 30 June 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 31 December 2023 13,596 43,470 1,196 9,150 4,174 10,883 1,448 83,917
Net return - - - 2,739 891 (850) 445 3,225
Dividends paid - - - - - (2,295) (215) (2,510)
Repurchase and cancellation of shares (221) - 221 - - (1,285) - (1,285)
Net proceeds of share issue 916 4,657 - - - - - 5,573
Net proceeds of DIS issue* 42 188 - - - - - 230
At 30 June 2024 14,333 48,315 1,417 11,889 5,065 6,453 1,678 89,150
Six months ended 30 June 2023 (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 31 December 2022 12,977 37,443 762 12,100 4,213 19,975 1,174 88,644
Net return - - - (1,893) 204 (898) 226 (2,361)
Dividends paid - - - - - (2,328) (68) (2,396)
Repurchase and cancellation of shares (177) - 177 - - (1,145) - (1,145)
Net proceeds of share issue 978 5,729 - - - - - 6,707
Net proceeds of DIS issue* 37 208 - - - - - 245
At 30 June 2023 13,815 43,380 939 10,207 4,417 15,604 1,332 89,694
Year ended 31 December 2023 (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 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 of shares (434) - 434 - - (2,715) - (2,715)
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 Interim
Review.
The capital reserve unrealised is generally non-distributable other than the
part of the reserve relating to gains/(losses) attributable to readily
realisable quoted investments which are distributable.
Where all, or an element, of the proceeds of sales have not been received in
cash or cash equivalent, and are not readily convertible to cash, they do not
qualify as realised gains for the purposes of distributable reserves
calculations and, therefore, do not form part of distributable reserves.
The accompanying Notes are an integral part of the Financial Statements.
Balance Sheet
As at 30 June 2024
30 June 2024 30 June 2023 31 December 2023
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Fixed assets
Investments at fair value through profit or loss 82,736 74,919 77,237
Current assets
Debtors 1,486 1,542 1,506
Cash 5,243 13,419 5,458
6,729 14,961 6,964
Creditors
Amounts falling due within one year (315) (186) (284)
Net current assets 6,414 14,775 6,680
Net assets 89,150 89,694 83,917
Capital and reserves
Called up share capital 14,333 13,815 13,596
Share premium account 48,315 43,380 43,470
Capital redemption reserve 1,417 939 1,196
Capital reserve - unrealised 11,889 10,207 9,150
Capital reserve - realised 5,065 4,417 4,174
Special distributable reserve 6,453 15,604 10,883
Revenue reserve 1,678 1,332 1,448
Net assets attributable to Ordinary Shareholders 89,150 89,694 83,917
Net asset value per Ordinary Share (pence) 62.19 64.92 61.71
The Financial Statements of Maven Income and Growth VCT 4 PLC, registered
number SC272568, were approved and authorised for issue by the Board of
Directors and were signed on its behalf by:
Fraser Gray
Director
18 September 2024
The accompanying Notes are an integral part of the Financial Statements.
Cash Flow Statement
For the Six Months Ended 30 June 2024
Six months ended Six months ended 30 June 2023 Year ended
30 June 2024 (unaudited) 31 December 2023
(unaudited) £'000 (audited)
£'000 £'000
Net cash flows from operating activities (612) (662) (1,308)
Cash flows from investing activities
Purchase of investments (7,567) (11,150) (19,583)
Sale of investments 5,861 1,468 6,320
Net cash flows from investing activities (1,706) (9,682) (13,263)
Cash flows from financing activities
Equity dividends paid (2,510) (2,396) (4,785)
Net proceeds of DIS issue 234 245 6,707
Issue of Ordinary Shares 5,664 6,707 470
Repurchase of Ordinary Shares (1,285) (1,145) (2,715)
Net cash flows from financing activities 2,103 3,411 (323)
Net decrease in cash (215) (6,933) (14,894)
Cash as at beginning of period 5,458 20,352 20,352
Cash at end of period 5,243 13,419 5,458
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 30 June 2024 and the six
months ended 30 June 2023 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 31 December
2023, 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 £67,880
current period trail commission (cumulative £181,574). 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 that 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. This reserve is distributable.
3. Return per Ordinary Share
Six months ended 30 June 2024
The returns per share have been based on the following figures:
Weighted average number of Ordinary Shares 141,047,313
Revenue return £445,000
Capital return £2,780,000
Total return £3,225,000
Directors' Responsibility Statement
Each Director believes that, to the best of their knowledge:
· the Financial Statements for the six months ended 30 June 2024 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 31 December 2024; 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 30 June 2024, which was 143,341,152. A Summary of
Investment Changes for the six months under review and an Investment Portfolio
Summary as at 30 June 2024 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
registered office of the Company at Kintyre House, 205 West George Street,
Glasgow G2 2LW; at the office of the Manager, Maven Capital Partners UK LLP,
Saddlers House, 44 Gutter Lane, London, EC2V 6BR; and, in due course, on the
Company's webpage at mavencp.com/migvct4 (http://www.mavencp.com/migvct4) .
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
18 September 2024
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