REG - MavIncGroVCT4 MavIncGroVCT4. - Half-year Report
30/08/2023 14:15
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RNS Number : 8428K Maven Income & Growth VCT 4 PLC 30 August 2023
Maven Income and Growth VCT 4 PLC
Interim Results for the Six Months Ended 30 June 2023 (Unaudited)
The Directors announce the unaudited interim results for the six months ended
30 June 2023.
Highlights
• NAV total return at 30 June 2023 of 154.27p per share
• NAV at 30 June 2023 of 64.92p per share, after payment of
the 2022 final dividend of 1.75p per share in May 2023
• Interim dividend of 1.75p per share declared for payment
on 13 October 2023
• Offer for Subscription closed, raising £6.83 million,
with a further fund raising to be launched in Autumn 2023
• Two new private companies added to the portfolio
Overview
During the first half of the financial year, the macroeconomic environment
remained challenging, with growth prospects suppressed by ongoing inflationary
pressures and rising interest rates. Against this backdrop, it is encouraging
to report on the further progress that has been achieved by your Company.
Whilst NAV total return has reduced modestly compared to the position at the
previous year end, most companies in the unlisted portfolio have continued to
deliver revenue growth and achieve their commercial milestones. Notably, the
performance across the early stage portfolio has been generally resilient,
which helps to validate the investment strategy that your Company has been
following for a number of years. The Board and the Manager recognise the
importance of regular tax free Shareholder distributions and an interim
dividend of 1.75p per share has been declared for payment in October 2023.
Whilst the outlook for the UK economy has improved slightly, during the
reporting period inflation remained stubbornly high and interest rates
continued to rise, which created challenges for many businesses and consumers.
Notwithstanding these market conditions, your Company has delivered a robust
performance. This reflects the strength of the underlying portfolio that has
been carefully constructed over recent years and provides exposure to a wide
range of high quality, growth companies, many of which operate in defensive or
emerging sectors where demand has continued to grow. It is worthwhile noting
that, across the portfolio, the level of external debt remains low, which
helps to insulate against further upward movements in interest rates and,
furthermore, there is limited direct exposure to consumer facing sectors. The
Board and the Manager believe that the underlying growth prospects for the
majority of companies within the portfolio remain positive, and that your
Company is well positioned to make further progress in line with its long term
investment objective.
Your Company continues to follow a strategy focused on constructing a large
and sectorally diversified portfolio of dynamic and entrepreneurial private
and AIM quoted companies that operate in attractive markets such as
Software-as-a-Service (SaaS), cyber security, data analytics and healthcare,
where growth is less dependent on the conditions in the wider economy. Most
companies within the unlisted portfolio have continued to make positive
progress, with some of the more mature holdings now trading ahead of
pre-pandemic levels. In the earlier stage portfolio, most companies are
meeting their commercial milestones, increasing annual recurring revenue (ARR)
and achieving further scale. Where there has been sustained positive
performance, valuations have been uplifted, although the impact has been
moderated by the well-publicised reduction in valuation multiples across
public and private markets, particularly within the technology sector.
In May 2023, your Company closed its most recent Offer for Subscription,
raising a total of £6.83 million across the 2022/23 and 2023/24 tax years.
This new capital provides additional liquidity to support the further
expansion and development of the portfolio through the completion of new
investments and the provision of follow-on funding to support those companies
that are achieving their commercial targets and require additional capital to
fully scale before progressing to an exit. During the period, two new private
companies were added to the portfolio, both of which provide disruptive
software solutions and operate in growing markets. Maven remains focused on
identifying companies that can demonstrate meaningful commercial traction and
the potential for further strong revenue growth. This is often measured in
terms of contracted ARR, which provides a degree of visibility on a company's
growth trajectory. Maven's regional network of investment executives continues
to review a healthy pipeline of opportunities and, at the time of writing,
there are a number of potential investments, across a wide range of sectors,
which are at various stages of due diligence and legal contract. Based on this
pipeline, it is anticipated that there will be further new investment during
the second half of this financial year.
Within the AIM portfolio, performance has continued to be muted. Although some
listed markets have experienced a recovery, investor sentiment towards AIM
continues to be subdued and there has been limited IPO and new share issuance
activity to help stimulate demand. As a result of these market conditions, the
value of your Company's AIM portfolio has declined. For the majority of
holdings, the share price reductions reflect the general market volatility
that has persisted throughout the period and the reduced appetite for
investment in smaller, earlier stage growth businesses. The Board and the
Manager nevertheless believe that, over the long term, selective exposure to
AIM offers the potential to broaden the portfolio, as well as providing the
ability to generate early liquidity if companies perform well. The Manager
will, however, remain cautious towards new AIM investments until there is
clear evidence of a recovery in this market, and an improvement in the quality
and quantity of companies seeking VCT funding.
The Manager maintains an active approach to portfolio management, with a view
to supporting investee companies throughout the period of ownership. The Maven
appointed board representative works closely with each unlisted portfolio
company that is considering, or is engaged in, a sale process, helping to
identify the most suitable corporate finance adviser and potential acquirers
that may be willing to pay a premium or strategic price for the business.
Whilst there have been no material realisations during the period, there
remains a good level of external interest in a number of portfolio companies
and, based on historical trends, the Manager is optimistic that M&A
activity will resume when economic conditions stabilise.
Liquidity Management
As Shareholders will be aware from recent Annual and Interim Reports, your
Company has a proactive approach to liquidity management, with the objective
of generating income from cash resources held prior to investment in VCT
qualifying companies. This strategy also helps to satisfy the criteria of the
Nature of Income condition, which is a mandatory requirement of the VCT
legislation where not less than 70% of a VCT's income must be derived from
shares or securities. To meet this requirement, the Board had previously
approved the construction of a focused portfolio of permitted, non-qualifying
holdings in carefully selected investment trusts with strong fundamentals and
attractive income characteristics. The recent upward trend in interest rates
has, however, required the Board and the Manager to revise this approach.
Following a whole of market review, the Manager has selected a number of
leading money market funds and a portfolio of investment trusts that will
allow your Company to maximise the income receivable on residual cash, whilst
also ensuring compliance with the Nature of Income condition. During the
reporting period, several new investments were completed in support of the
revised liquidity management strategy, details of which can be found in the
Investments table in the Interim Report.
Interim Dividend
In respect of the year ending 31 December 2023, an interim dividend of 1.75p
per share will be paid on 13 October 2023 to Shareholders who are on the
register at 15 September 2023. Since the Company's launch, and after receipt
of this interim dividend, a total of 91.10p per share will have been paid in
tax free Shareholder distributions. It should be noted that payment of a
dividend reduces the NAV of the Company by the total cost of the distribution.
Dividend Policy
Decisions on distributions take into consideration a number of factors,
including the realisation of capital gains, the adequacy of distributable
reserves, the availability of surplus revenue and the VCT qualifying level,
all of which are kept under close and regular review. The Board and the
Manager recognise the importance of tax free distributions to Shareholders
and, subject to the considerations outlined above, will seek, as a guide, to
pay an annual dividend that represents 5% of the NAV per share at the
immediately preceding year end.
As the portfolio continues to expand and a greater proportion of holdings are
in younger companies with growth potential, the timing of distributions will
be more closely linked to realisation activity, whilst also reflecting the
Company's requirement to maintain its VCT qualifying level. If larger
distributions are required as a consequence of significant exits, this will
result in a corresponding reduction in NAV per share. However, the Board and
the Manager consider this to be a tax efficient means of returning value to
Shareholders, whilst ensuring ongoing compliance with the VCT legislation.
Dividend Investment Scheme (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 in respect of the tax year in which they are
allotted, subject to an individual Shareholder's particular circumstances.
In order for the DIS to apply in respect of the interim dividend that is due
to be paid on 13 October 2023, a mandate form must be received by the
Registrar (The City Partnership) before 29 September 2023, this being the
relevant dividend election date, and that election will apply in respect of
all future dividends until the Registrar is instructed to the contrary. The
mandate form, terms & conditions and full details of the scheme (including
a summary of tax considerations) are available from the Company's webpage 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
On 7 October 2022, your Company, alongside Maven Income and Growth VCT PLC,
Maven Income and Growth VCT 3 PLC and Maven Income and Growth VCT 5 PLC,
launched Offers for Subscription for up to £30 million in aggregate, with
over-allotment facilities for up to a further £10 million in aggregate. On 26
May 2023, the Offers closed to new applications, with your Company raising a
total of £6.83 million across the 2022/23 and 2023/24 tax years.
With respect to the 2022/23 tax year, an allotment of 5,035,459 new Ordinary
Shares completed on 8 February 2023, with a further allotment of 495,482 new
Ordinary Shares on 3 March 2023 and a final allotment of 2,639,275 new
Ordinary Shares on 5 April 2023. An allotment of 1,607,513 new Ordinary Shares
for the 2023/24 tax year took place on 2 June 2023.
The Directors are confident that Maven's regional office network will continue
to source and complete attractive investments in VCT qualifying companies
across a range of sectors. The additional liquidity provided by the
fundraising will facilitate further expansion and development of the portfolio
in line with the investment strategy. Furthermore, the funds raised will allow
your Company to maintain its share buy-back policy, whilst also spreading
costs over a wider asset base in line with the objective of maintaining a
competitive total expense ratio for the benefit of all Shareholders.
Further to the announcement of 6 July 2023, the Directors have elected to
launch a new Offer in Autumn 2023, in tandem with Offers by the three other
Maven managed VCTs. Full details of the Offers will be included in a
Prospectus, which is expected to be published in Autumn 2023.
Portfolio Developments
Integrated drug discovery services provider BioAscent Discovery continues to
make strong progress and has consistently achieved double digit annual revenue
growth in each of the four years since your Company first invested. To
maintain this momentum, BioAscent is focused on expanding its range of
services, and the near term objective is to move into complementary areas such
as custom protein production, immune-oncology and further translational
assays. As part of the longer term growth strategy, and to ensure that the
business is able to meet the requirements of its global customer base,
BioAscent is in advanced discussions to achieve a significant increase in
laboratory and office space, whilst remaining at a single location in
Scotland. This additional capacity will enable the company to increase its
market presence by making the drug discovery process more efficient, which
should help it to attract more clients, thereby achieving further scale.
Graduate recruitment specialist Bright Network continues to make positive
progress, with revenues now in excess of £11 million and over 900,000 active
members. Its digital solution, which enables leading employers to identify,
reach and recruit high quality graduates and young professionals, has
established a leading market position. Working with over 300 partner firms
such as Amazon, Bloomberg, Google and Vodafone, it offers a comprehensive
range of services, including advice and support to assist its members in
securing their first job or internship, as well as providing access to a range
of in-person networking events. The business is committed to serving a diverse
range of applicants and it is encouraging to note that 79% of its members are
state educated, 55% are female and 40% are from first generation university
households. During 2021, the business launched its Technology Academy, which
seeks to address the digital skills shortage by providing high performing
graduates with an intensive software development training programme, and then
deploying them in client organisations.
Over the past year, the Technology Academy has gained good commercial traction
and already has consultants deployed with Lloyds Bank and Marks & Spencer.
It was also recently named the Learning Solution of the Year at the 2022 Tiara
Talent Tech Star Awards, which recognise excellence in the recruitment and
talent acquisition industry. Shortly after the period end, follow-on funding
was provided to Bright Network to support its targeted international expansion
strategy.
Following a challenging period during the pandemic, when global electronic
component shortages and supply chain disruption impacted order fulfilment
capabilities, specialist manufacturer CB Technology has experienced a good
recovery, with sales now back to pre-pandemic levels. Over recent years, the
strategy to diversify the customer base away from a reliance on the oil &
gas sector has been successful, with new clients secured in sectors such as
communication, instrumentation and medical technology, where demand has
remained resilient. To support future growth, the business continues to make
strategic investments to ensure that it has the necessary infrastructure in
place to best serve its clients. As part of this initiative, it is
implementing a new enterprise resource planning (ERP) system, which will help
to improve operational efficiency. With a strong orderbook, the outlook for
the year ahead is positive.
Over recent years, cybercrime has become an increasing threat to everyday
business activities, with most companies and organisations recognising the
need to implement robust defences. Against this backdrop, cyber security
specialist CYSIAM has made good progress. The business provides a 24/7 managed
detection and response service that aims to reduce system security breaches
and stop ransomware attacks. It is also a preferred partner to public sector
organisations in the UK. The CYSIAM team are experts in their field, with
backgrounds in military intelligence, law enforcement and national security,
which has enabled the business to launch a consultancy arm that is making
encouraging progress. Its consultants work with clients to help them
understand their security position and to build appropriate cyber resilience.
CYSIAM has achieved good growth during the year to date, and the outlook is
encouraging.
Following changes to the senior leadership team and the appointment of a new
CEO, data transfer specialist DiffusionData has delivered strong growth, with
ARR nearly doubling since your Company first invested in 2020. The business,
which provides a market leading platform to improve the speed, security and
efficiency of critical data transfer, is focused on the financial services,
gaming and internet of things (IoT) markets, where accurate and timely data
transfer is vital. DiffusionData has established a blue chip client base that
includes 188 Bet, Baker Technology, Betfair, Caesars, Lloyds Bank and William
Hill, with an objective for the year ahead of growing its market position. To
support this strategy, a new engineering and testing hub is being established
in Newcastle, which will create a number of skilled local jobs and serve as a
quality and assurance centre to ensure that DiffusionData can maintain its
high standard of service delivery as it scales. In 2022, the business achieved
notable industry recognition for its innovative data platform, winning four
awards and being shortlisted for a further 12.
During the period under review, sustainable packaging manufacturer iPac has
continued to deliver a good rate of sales growth and has a strong pipeline of
new opportunities. The business manufactures and supplies thermoformed
sustainable packaging solutions to the food and pharmaceutical sectors, and
recently opened its sixth production line to accommodate increased demand. In
February 2023, it opened a new production and warehousing facility in County
Durham, which has created a number of local jobs and has capacity to house up
to eight new production lines that will be phased in to meet client demand.
iPac continues to develop new products and its strategic objective is to move
into adjacent markets where there is demand for sustainable packaging
solutions. Given its strong and expanding product portfolio, coupled with
attractive ESG credentials, the business is well placed to continue to deliver
further growth in the year ahead.
Crematorium developer and operator Horizon Ceremonies continues to make good
operational and strategic progress. Since your Company first invested in 2017,
it has established a portfolio of three crematoria, all of which are trading
ahead of plan, and the business is continuing to build a strong market
position. Whilst the planning process for a new crematorium can be lengthy,
there is a good pipeline of opportunities at varying stages of the approval
process. The medium term strategic objective remains to build a portfolio of
modern, technologically advanced crematoria that offer a professional and
compassionate service whilst also meeting the highest environmental standards,
and to sell the business to a trade, private equity or infrastructure acquirer
when all sites are fully developed.
Liftango, a provider of an environmentally friendly transport planning
solution, has achieved significant sales growth since your Company first
invested in December 2021. The business enables corporates, universities and
public transport providers, to plan, launch and scale sustainable transport
solutions, including climate-positive carpooling, fixed-route shuttles and
on-demand buses, and recently signed a five year contract with National
Express to digitalise its existing dial-a-ride service, adding another client
to an impressive blue chip list that includes Amazon, IKEA, Qantas, Tesla and
Volvo. During the period, Liftango received additional funding from the Maven
VCTs as part of a larger funding round supported by existing investors. This
further investment will help the business to increase ARR by accelerating its
international growth plan and capitalising on emerging opportunities in Europe
and North America, whilst also broadening its product offering to existing
customers and regions.
Digital archiving specialist MirrorWeb continues to deliver impressive revenue
growth and has increased ARR by over 80% compared to the prior year. During
the period, the business received additional funding from the Maven VCTs to
support its expansion into the US, which is regarded as a pivotal market for
future growth. The US growth strategy is being led by the CEO, who relocated
to Texas in early 2023, and will focus on increasing sales by targeting large
financial institutions and compliance consultancies, where the need to archive
digital communications is either a regulatory or best practice requirement,
and where MirrorWeb's comprehensive product offering provides a compelling
solution. The business will also continue to build its presence in the UK,
where its blue chip customer base includes Aegon, Baillie Gifford, the BBC, HM
Treasury, Tesco Bank and The National Archives.
During the period under review, Rockar, a developer of a disruptive digital
platform for buying new and used cars, has made positive progress and further
enhanced its position in the evolving automotive eCommerce market. The
business, which provides a white label cloud-based solution to help
manufacturers and retailers develop digital alternatives to replace or
complement existing showroom models, has recently added Volvo to a client base
that includes BMW, Jaguar Land Rover, Porsche and Toyota. The strategy for the
year ahead remains focused on building relationships with global automotive
manufacturers to enable the business to scale further.
Whilst the majority of companies in the unlisted portfolio have continued to
make positive progress, there are a small number that have not achieved their
commercial targets, largely as a result of conditions within the wider
economy. Martel Instruments, a manufacturer and supplier of custom-built
compact printers and data loggers, traded very well during the pandemic,
buoyed by high demand from customers within the medical devices market. More
recently, however, trading has been affected by the well-publicised global
shortage of micro processing chips, which are used in printers. The disruption
to the supply chain has had an impact on performance during the reporting
period and, consequently, the valuation has been reduced. Specialist IT
integrator Flow has experienced challenging trading conditions resulting from
hardware and component shortages, and a provision against cost has been taken
to reflect the lower than expected trading performance.
New Investments
During the reporting period, two new private companies were added to the
portfolio:
• iAM Compliant is a software company that has established a strong
position in the eLearning market and operates through two core divisions. The
first, iAM Compliant, is a cloud-based estates and compliance management
platform, covering areas such as estates management, health and safety, status
reporting and premises checks. The division has achieved a good rate of
recurring revenue and maintains a high client retention rate. The second
division, iAM Learning, has developed a digital learning library that contains
over 275 continuing professional development (CPD) and Institute of
Occupational Safety and Health (IOSH) approved courses covering a wide range
of topics such as cyber security, leadership, mental health and safeguarding.
The courses are designed to be accessible and engaging, and existing clients
include Countrywide, DPD, Dunelm, Lotus Cars and Moonpig. The funding from the
Maven VCTs will enable the business to enhance product development, support
sales and marketing initiatives and provide general working capital headroom.
• Manufacture 2030 (M2030) has developed a software solution to
assist large corporates with complex manufacturing supply chains to work with
their suppliers to measure and reduce carbon emissions. The platform enables
companies to collate environmental impact data and formulate reduction
strategies, before tracking progress and reporting this to their customers.
The business has developed a strong client base, including multinationals such
as Asda, Bayer, Ford, General Motors, Morrisons and SC Johnson. The funding
from the Maven VCT's is being used to expand M2030's market position in key
sectors such as automotive, chemical, pharmaceuticals and retail, and to
support further product development to enhance the platform's functionality.
The following investments have been completed during the reporting period:
Investments Investment
cost
Date Sector £'000
New unlisted
2 degrees Limited March 2023 Software & technology 698
(trading as Manufacture 2030)
iAM Compliant Limited May 2023 Learning & development / recruitment technology 298
Total new unlisted 996
Follow-on unlisted
Draper & Dash Limited April 2023 Pharmaceuticals, biotechnology & healthcare 100
(trading as RwHealth)
Enpal Limited April 2023 Software & technology 82
(trading as Guru Systems)
Liftango Group Limited February 2023 Software & technology 250
MirrorWeb Limited February 2023 Software & technology 90
Relative Insight Limited May 2023 Marketing & advertising technology 135
Turnkey Group (UK) Holdings Limited March 2023 Software & technology 348
Zinc Digital Business Solutions Limited(1) April & June 2023 Software & technology 209
Total follow-on unlisted 1,214
Total unlisted 2,210
Open-ended investment companies(2)
Royal London Short Term Fixed Income February 2023 Money market fund 1,009
Fund (Class Y Income)
Royal London Short Term Money Market March 2023 Money market fund 2,035
Fund (Class Y Income)
Total open-ended investment companies 3,044
Money market funds(2)
Aberdeen Standard Liquidity Fund (Lux) - April 2023 Money market fund 1,004
Sterling Fund (Class K3)
Aviva Investors Sterling Liquidity Fund April 2023 Money market fund 1,003
(Class 3)
BlackRock Institutional Sterling Liquidity May 2023 Money market fund 1,003
Fund (Core)
Total money market funds 3,010
Private equity investment trusts(2)
abrdn Private Equity Opportunities Trust PLC (formerly Standard Life Private March 2023 Investment trust 226
Equity
Trust PLC)
Alliance Trust PLC May 2023 Investment trust 149
Apax Global Alpha Limited May 2023 Investment trust 50
HgCapital Trust PLC March 2023 Investment trust 250
ICG Enterprise Trust PLC May 2023 Investment trust 159
JPMorgan Global Growth & Income PLC May 2023 Investment trust 125
NB Private Equity Partners Limited March 2023 Investment trust 371
Total private equity investment trusts 1,330
Real estate investment trust(2)
Impact Healthcare REIT PLC May 2023 Investment trust 236
Total real estate investment trust 236
Infrastructure investment trusts(2)
3i Infrastructure PLC May 2023 Investment trust 260
BBGI Global Infrastructure SA May 2023 Investment trust 280
International Public Partnerships Limited May 2023 Investment trust 270
JLEN Environmental Assets Group Limited May 2023 Investment trust 260
Pantheon Infrastructure PLC March2023 Investment trust 250
Total infrastructure investment trusts 1,320
Total investments 11,150
(1) Follow-on investments completed in two tranches.
(2) Investments completed as part of the liquidity management strategy.
At the period end, the portfolio compromised of 129 unlisted and quoted
investments, at a total cost of £67.68 million.
Realisations
The table below gives details of the realisations completed during the
reporting period:
Realisations Cost of shares disposed of Gain/(loss)
£'000 Value at 31 December over 31 December 2022 value
2022 Sales proceeds Realised gain/(loss) £'000
Year first Complete/ £'000 £'000 £'000
invested partial exit
Unlisted
ADC Biotechnology Limited(1) 2017 Complete - - 249 249 249
Ensco 969 Limited 2013 Partial 104 124 95 (9) (29)
(trading as DPP)(2)
Maven Co-invest Endeavour 2013 Complete 4 773 795 791 22
Limited Partnership(3)
Optoscribe Limited(4) 2018 Complete - - 135 135 135
R&M Engineering Group Limited 2013 Complete 1,087 268 187 (900) (81)
Others - - 12 12 12
Total unlisted 1,195 1,165 1,473 278 308
Total realisations 1,195 1,165 1,473 278 308
1 Deferred consideration following the sale in March 2021.
2 Proceeds from loan note repayment exclude yield received, which is disclosed
as revenue for financial reporting purposes.
3 Release of monies following the sale of the underlying company in June 2022.
4 Deferred consideration following the sale in January 2022.
Principal and Emerging Risks and Uncertainties
The principal and emerging risks and uncertainties facing the Company were set
out in full in the Strategic Report contained within the 2022 Annual Report,
and are the risks associated with investment in small and medium sized
unlisted and AIM/AQSE quoted companies which, by their nature, carry a higher
level of risk and are subject to lower liquidity than investments in larger
quoted companies. The valuation of investee companies may be affected by
economic conditions, the credit environment and other risks such as
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 has confirmed that all tests,
including the criteria for VCT qualifying status, continue to be monitored and
met.
The invasion of Ukraine by Russia was added to the Risk Register as an
emerging risk during a previous period, as the Directors were not only aware
of the heightened cyber security risk but were mindful of the impact that any
change in the underlying economic conditions could have on the valuation of
investment companies. These included fluctuating interest rates, increased
fuel and energy costs, and the availability of bank finance, all of which
could be impacted during times of geopolitical uncertainty and volatile
markets. The Board and the Manager continue to monitor the impact of the
conflict, and wider market conditions, on portfolio companies.
Share Buy-backs
Shareholders will be aware that a primary objective for the Board is to ensure
that the Company retains sufficient liquidity for making investments in line
with its stated policy, and for the continued payment of dividends. However,
the Directors also acknowledge the need to maintain an orderly market in the
Company's shares and have, therefore, delegated authority to the Manager for
the Company to buy back shares in the market, for cancellation or to be held
in treasury, subject always to such transactions being in the best interests
of Shareholders.
It is intended that the Company should seek to maintain a share price 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.
Shareholders should be aware that neither the Company nor the Manager can
execute a direct transaction in the Company's shares. Any instruction to buy
or sell shares on the secondary market must be directed through a stockbroker.
A Shareholder, or their broker, can contact the Company's broker, Shore
Capital Stockbrokers on 020 7647 8132, to discuss a transaction. It should,
however, be noted that such transactions cannot take place whilst the Company
is in a closed period, which is the time from the end of a reporting period
until the announcement of the relevant results or an unaudited NAV. A closed
period may also be introduced if the Directors and Manager are in possession
of price sensitive information.
During the period under review, 1,775,000 shares were bought back at a total
cost of £1,145,000.
VCT Regulatory Update
During the period under review, there were no further amendments to the rules
governing VCTs. However, Shareholders may be aware that, as approved by the
European Commission in 2015, the VCT scheme included a "sunset" clause, which
provided that, unless the legislation was renewed by an HM Treasury order,
income tax relief would no longer be available on subscriptions for new shares
in VCTs made on or after 6 April 2025. There has been a considerable level of
activity by industry representatives such as the Venture Capital Trust
Association (VCTA), of which the Manager is an active member, and The
Association of Investment Companies (AIC), of which the Company is a member,
to demonstrate the important role of VCT investment in supporting SMEs across
the country and stimulating economic growth and regional employment. The Board
and the Manager welcomed the announcement by the UK Government in its Autumn
2022 budget statement of an intention to extend the income tax relief
available on new VCT shares beyond 2025. This commitment was reaffirmed in the
Spring 2023 budget, and the Manager will remain involved in discussions
regarding the process for implementing this extension.
Consistent with industry best practice, the Board and the Manager continue to
apply the International Private Equity and Venture Capital Valuation (IPEV)
Guidelines (Valuation Guidelines) as the central methodology for all private
company valuations. The Valuation Guidelines are the prevailing framework for
fair value information in the private equity and venture capital industry, and
the Directors and the Manager continue to adhere to the Valuation Guidelines
when assessing all private company investments.
Environmental, Social and Governance (ESG) Considerations
Whilst your Company's investment policy does not incorporate specific ESG
objectives, and investee companies are not required to meet any particular
targets, Maven continues to develop its ESG framework and oversight
capabilities, recognising the benefits and importance of incorporating these
core principles into its investment approach. Early stage ESG due diligence is
now a standard part of the pre-investment decision making process and is a
core component within the selection criteria, thereby ensuring that all ESG
risks and opportunities are discussed fully prior to the completion of any
investment. During the period under review, in recognition of the growth
within this area, the Manager has invested additional resource into its ESG
capabilities, and the requirement to record and monitor detailed ESG
information across the portfolio.
A number of investee companies are already highly focused on the environment
or delivering improvements to society and local communities, and have set
themselves specific ESG related goals. Where this is not the case, the Manager
is able to support and advise on the value of improving these metrics and can
help portfolio companies by sharing best practice.
The ESG regulatory landscape is evolving, and the Manager provides the Board
with regular updates on the latest developments. A relevant regulation is the
Task Force on Climate-related Financial Disclosures (TCFD) on which neither
the Company nor the Manager are required to report. However, the Board and the
Manager acknowledge the aims and importance of the TCFD, and, therefore,
reporting in line with TCFD is an objective of the Manager as part of its
approach to ESG.
Your Company has multiple investments in companies with strong ESG credentials
that are achieving growth in expanding markets, and the Manager is committed
to maintaining a responsible approach to new and existing investments. The
Manager continues to be an active signatory to the UN Principles for
Responsible Investment (UNPRI) and, at the time of writing, is in the process
of preparing its first UNPRI report to demonstrate its ESG capabilities and
commitment to the Principles. Additionally, the Manager is a signatory to the
Investing in Women Code, which aims to reduce barriers to tools, resources and
finance for UK based female entrepreneurs.
Outlook
With sufficient levels of liquidity, your Company's strategy remains focused
on further growing and developing the investee company portfolio. The pipeline
of potential new investments across Maven's regional network of offices
remains strong and it is anticipated that there will be a good rate of new
investment through the second half of the year. The Manager will also continue
to work closely with existing portfolio companies, particularly those that are
growing rapidly and demonstrating the potential to create significant
Shareholder value, to ensure that their value is maximised at the point of
exit. This dual focus on portfolio expansion and value maximisation is aimed
at ensuring that a steady flow of profitable exits occur, in support of the
objective of providing Shareholders with regular tax free dividend payments.
On behalf of the Board
Maven Capital Partners UK LLP
Secretary
30 August 2023
Summary of Investment Changes
For the Six Months Ended 30 June 2023
Valuation Net investment/ (disinvestment)(1) Appreciation/ (depreciation) Valuation
31 December 2022 30 June 2023
£'000 % £'000 £'000 £'000 %
Unlisted investments
Equities 45,900 51.8 198 (738) 45,360 50.6
Loan stock 14,470 16.3 148 (681) 13,937 15.5
60,370 68.1 346 (1,419) 59,297 66.1
AIM/AQSE investments(2)
Equities 3,988 4.4 464 (242) 4,210 4.7
Listed investments(3)
OEICs - - 3,044 (4) 3,040 3.4
Money market funds - - 3,010 - 3,010 3.4
Investment trusts 2,500 2.8 2,886 (24) 5,362 6.0
Total investments 66,858 75.3 9,750 (1,689) 74,919 83.6
21,786 24.7 (7,011) - 14,775 16.4
Other net assets
Net assets 88,644 100.0 2,739 (1,689) 89,694 100.0
1 These movements include the transfer of the unlisted holding in Kanabo GP
Limited into shares in AIM quoted Kanabo Group PLC, alongside the delisting
from AIM of DeepMatter PLC, both of which took place during the reporting
period.
2 Shares traded on the Alternative Investment Market (AIM) and the Aquis
Stock Exchange (AQSE).
3 These holdings represent the liquidity management portfolio, which has
been constructed from a range of carefully selected, permitted
non-qualifying holdings in open-ended investment companies (OEICs), money
market funds and investment trusts.
Investment Portfolio Summary
As at 30 June 2023
Valuation Cost % of % of % of equity
Investment £'000 £'000 total equity held by other clients(1)
assets held
Unlisted
BioAscent Discovery Limited 6,335 1,532 7.1 26.1 13.9
Horizon Ceremonies Limited 4,769 2,463 5.3 12.9 39.7
(trading as Horizon Cremation)
Bright Network (UK) Limited 2,989 1,383 3.3 11.7 28.2
Rockar 2016 Limited (trading as Rockar) 2,615 1,766 2.9 6.2 13.2
WaterBear Education Limited 2,075 987 2.3 20.1 19.1
Ensco 969 Limited (trading as DPP) 1,994 1,657 2.2 7.4 27.1
MirrorWeb Limited 1,743 890 1.9 8.5 41.4
QikServe Limited 1,674 1,674 1.9 7.6 8.2
Relative Insight Limited 1,611 1,135 1.8 5.7 26.0
CB Technology Group Limited 1,584 1,097 1.8 18.6 56.4
Whiterock Group Limited 1,482 1,014 1.7 13.0 17.0
Vodat Communications Group (VCG) Holding Limited 1,427 1,240 1.6 8.4 23.5
NorthRow Limited (formerly Contego Solutions Limited) 1,364 1,581 1.5 12.1 20.2
Delio Limited 1,339 994 1.5 4.0 9.6
ebb3 Limited 1,285 1,307 1.4 31.4 47.5
Glacier Energy Services Holdings Limited 1,219 1,540 1.4 6.0 21.7
HCS Control Systems Group Limited 1,201 1,201 1.3 10.7 25.8
Nano Interactive Group Limited 1,126 625 1.3 3.7 11.2
Martel Instruments Holdings Limited 1,038 701 1.2 14.7 29.6
Filtered Technologies Limited 1,034 950 1.2 9.7 15.8
Hublsoft Group Limited 1,017 800 1.1 7.3 16.4
RevLifter Limited 1,000 1,000 1.1 10.2 16.4
Cat Tech International Limited 875 1,115 1.0 8.4 21.6
Boomerang Commerce Inc 873 1,164 1.0 0.2 0.3
(trading as CommerceIQ)(2)
DiffusionData Limited 855 625 1.0 2.9 13.7
(formerly Push Technology Limited)
Precursive Limited 750 750 0.8 5.4 28.8
Liftango Group Limited 748 748 0.8 3.1 10.9
Horizon Technologies Consultants Limited 746 448 0.8 3.1 14.1
Flow UK Holdings Limited 735 1,047 0.8 12.7 22.3
TC Communications Holdings Limited 734 958 0.8 10.7 19.3
2 degrees Limited (trading as Manufacture 2030) 698 698 0.8 2.5 8.6
Growth Capital Ventures Limited 650 639 0.7 11.5 36.0
Maven Capital (Marlow) Limited 650 650 0.7 0.0 100.0
Bud Systems Limited 647 647 0.7 3.7 13.3
Draper & Dash Limited (trading as RwHealth) 498 498 0.6 2.0 11.6
Turnkey Group (UK) Holdings Limited 497 497 0.6 7.7 31.0
Summize Limited 448 448 0.5 2.9 30.2
mypura.com Group Limited (trading as Pura) 431 216 0.5 1.1 21.3
The Algorithm People Limited 420 420 0.5 6.1 10.2
Project Falcon Topco Limited 419 419 0.5 1.1 1.9
(trading as Quorum Cyber)(3)
Zinc Digital Business Solutions Limited 408 408 0.5 7.5 27.1
CODILINK UK Limited (trading as Coniq) 400 400 0.4 1.1 3.8
GradTouch Limited 400 200 0.4 2.0 32.7
FodaBox Limited 398 398 0.4 1.3 3.7
Enpal Limited (trading as Guru Systems) 381 381 0.4 3.2 18.4
Shortbite Limited (trading as Fixtuur) 367 610 0.4 8.0 49.3
Novatus Global Limited 348 348 0.4 2.3 11.0
(formerly Novatus Advisory Limited)
Biorelate Limited 348 348 0.4 2.0 23.7
Plyable Limited 348 348 0.4 3.3 14.1
HiveHR Limited 346 346 0.4 4.4 40.2
CYSIAM Limited 336 199 0.4 3.5 16.5
ORCHA Health Limited 332 332 0.4 1.4 4.2
Snappy Shopper Limited 298 298 0.3 0.4 1.3
iAM Compliant Limited 298 298 0.3 3.9 35.0
ISN Solutions Group Limited 216 467 0.2 7.8 47.2
Rico Developments Limited (trading as Adimo) 200 200 0.2 1.5 8.2
XR Games Limited 149 149 0.2 0.8 19.4
Reed Thermoformed Packaging Limited 106 100 0.1 0.5 11.8
(trading as iPac Packaging Innovations)
Other unlisted investments 23 2,315 -
Total unlisted 59,297 47,669 66.1
AIM/AQSE quoted
Kanabo Group PLC(4) 466 2,986 0.5 25.1 42.1
GENinCode PLC 435 600 0.5 4.0 7.1
MaxCyte Inc 421 207 0.5 0.1 0.1
Intelligent Ultrasound Group PLC 343 400 0.4 1.2 0.8
Oxford Metrics PLC 271 80 0.3 0.2 -
Verici Dx PLC 241 438 0.3 1.3 0.3
Avacta Group PLC 214 33 0.2 0.1 0.1
KRM22 PLC 189 220 0.2 1.2 -
Diaceutics PLC 178 161 0.2 0.3 0.3
C4X Discovery Holdings PLC 177 137 0.2 0.4 0.5
SkinBioTherapeutics PLC 156 208 0.2 0.7 -
Eden Research PLC 128 83 0.1 0.4 1.0
Destiny Pharma PLC 123 300 0.1 0.6 0.8
One Media IP Group PLC 120 186 0.1 1.2 -
Creo Medical Group PLC 98 497 0.1 0.2 -
Pelatro PLC 72 496 0.1 1.8 0.6
Spectral MD Holdings PLC 67 99 0.1 0.1 0.1
Faron Pharmaceuticals PLC 66 70 0.1 - 0.1
Feedback PLC 61 121 0.1 0.4 1.2
TPXimpact Holdings PLC 54 107 0.1 0.2 -
(formerly The Panoply Holdings PLC)
Polarean Imaging PLC 51 129 0.1 0.1 0.5
Access Intelligence PLC 48 35 0.1 0.1 0.4
AFC Energy PLC 45 57 0.1 - -
ReNeuron Group PLC 35 277 - 0.7 1.4
Vianet Group PLC 32 49 - 0.1 1.3
Crossword Cybersecurity PLC 30 122 - 0.4 1.7
RUA Life Sciences PLC 27 100 - 0.4 1.3
Hardide PLC 24 122 - 0.3 0.2
Angle PLC 17 82 - 0.1 -
Oncimmune Holdings PLC 8 100 - 0.1 0.4
Osirium Technologies PLC 5 100 - 0.2 1.8
Seeen PLC 5 75 - 0.2 0.8
Other quoted investments 3 395 -
Total AIM/AQSE quoted 4,210 9,072 4.7
Private equity investment trusts(5)
HgCapital Trust PLC 777 531 0.9 0.1 0.1
abrdn Private Equity Opportunities Trust PLC 435 367 0.5 0.1 0.1
(formerly Standard Life Private Equity Trust PLC)
Apax Global Alpha Limited 433 344 0.5 - 0.1
ICG Enterprise Trust PLC 418 358 0.5 0.1 0.1
CT Private Equity Trust PLC 400 293 0.4 0.1 0.2
(formerly BMO Private Equity Trust PLC)
Princess Private Equity Holding Limited 347 336 0.4 0.1 0.1
NB Private Equity Partners Limited 338 371 0.4 - -
HarbourVest Global Private Equity Limited 236 153 0.3 - -
Alliance Trust PLC 151 149 0.2 - -
JPMorgan Global Growth & Income PLC 127 125 0.1 - -
Pantheon International PLC 120 99 0.1 0.1 0.2
Total private equity investment trusts 3,782 3,126 4.3
Fixed income investment trusts(5)
TwentyFour Income Fund Limited 153 196 0.2 0.1 -
Alcentra European Floating Rate Income Fund Limited 9 11 - - -
Total fixed income investment trusts 162 207 0.2
Real estate investment trust(5)
Impact Healthcare REIT PLC 216 236 0.2 - 0.1
Total real estate investment trust 216 236 0.2
Infrastructure investment trusts(5)
BBGI Global Infrastructure SA 258 280 0.3 - 0.1
3i Infrastructure PLC 249 260 0.3 - -
International Public Partnerships Limited 243 270 0.3 - -
JLEN Environmental Assets Group Limited 227 260 0.2 - 0.1
Pantheon Infrastructure PLC 225 250 0.2 0.1 0.2
Total infrastructure investment trusts 1,202 1,320 1.3
Open-ended investment companies(5)
Royal London Short Term Money Market Fund 2,027 2,035 2.3 - 0.1
(Class Y Income)
Royal London Short Term Fixed Income Fund 1,013 1,009 1.1 - -
(Class Y Income)
Total open-ended investment companies 3,040 3,044 3.4
Money market funds(5)
Aberdeen Standard Liquidity Fund (Lux) - Sterling Fund (Class K3) 1,004 1,004 1.2 - -
Aviva Investors Sterling Liquidity Fund (Class 3) 1,003 1,003 1.1 - -
BlackRock Institutional Sterling Liquidity Fund (Core) 1,003 1,003 1.1 - 0.1
Total money market funds 3,010 3,010 3.4
Total investments 74,919 67,684 83.6
(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) Retained minority interest from the sale of Quorum Cyber Security Limited
in December 2022.
(4) The holding in this investment resulted from the sale of The GP Service
(UK) Limited, which completed in February 2022. During the
reporting period, the unlisted shares in Kanabo GP Limited were,
in accordance with the terms of the original transaction, exchanged for shares
in AIM quoted Kanabo Group PLC.
(5) Liquidity management portfolio.
Shaded line indicates that the investment was completed pre November 2015.
Income Statement
For the six month ended 30 June 2023
Six months ended Six months ended Year ended
30 June 2023 30 June 2022 31 December 2022
(unaudited) (unaudited) (audited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
(Losses)/gains on investments - (1,689) (1,689) - (3,719) (3,719) - (787) (787)
Income from investments 561 - 561 713 - 713 1,297 - 1,297
Other income 176 - 176 5 - 5 92 - 92
Investment management fees (225) (898) (1,123) (211) (842) (1,053) (435) (1,738) (2,173)
Other expenses (286) - (286) (218) - (218) (497) - (497)
Net return on ordinary activities before taxation 226 (2,587) (2,361) 289 (4,561) (4,272) 457 (2,525) (2,068)
Tax on ordinary activities - - - (18) 18 - - - -
Return attributable to Equity Shareholders 226 (2,587) (2,361) 271 (4,543) (4,272) 457 (2,525) (2,068)
Earnings per share (pence) 0.17 (1.92) (1.75) 0.22 (3.73) (3.51) 0.36 (2.00) (1.64)
All gains and losses are recognised in the Income Statement.
The total column of this statement is the Profit & Loss Account of the
Company. The revenue and capital columns are supplementary to this and are
prepared under guidance published by the AIC. All items in the above statement
are derived from continuing operations. The Company has only one class of
business and one reportable segment, the results of which are set out in the
Income Statement and Balance Sheet. The Company derives its income from
investments made in shares, securities and bank deposits.
There are no potentially dilutive capital instruments in issue and, therefore,
no diluted earnings per share figures are relevant. The basic and diluted
earnings per share are, therefore, identical.
The accompanying Notes are an integral part of the Financial Statements.
Statement of Changes in Equity
For the six month ended 30 June 2023
Six months ended 30 June 2023 (unaudited)
Non-distributable reserves Distributable reserves
Share Share Capital Capital Capital Special Revenue Total
capital premium redemption reserve reserve distributable reserve £'000
£'000 account reserve unrealised realised reserve £'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 - - - (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
Six months ended 30 June 2022 (unaudited)
Non-distributable reserves Distributable reserves
Share Share Capital Capital Capital Special Revenue Total
capital premium redemption reserve reserve distributable reserve £'000
£'000 account reserve unrealised realised reserve £'000
£'000 £'000 £'000 £'000 £'000
At 31 December 2021 10,992 23,244 502 14,583 2,517 29,367 1,107 82,312
Net return - - - (7,206) 3,487 (824) 271 (4,272)
Dividends paid - - - - - (3,687) (35) (3,722)
Repurchase and cancellation of shares (126) - 126 - - (865) - (865)
Net proceeds of share issue 2,157 13,692 - - - - - 15,849
Net proceeds of DIS issue 49 282 - - - - - 331
At 30 June 2022 13,072 37,218 628 7,377 6,004 23,991 1,343 89,633
Year ended 31 December 2022 (audited)
Non-distributable reserves Distributable reserves
Share Share Capital Capital Capital Special Revenue Total
capital premium redemption reserve reserve distributable reserve £'000
£'000 account reserve unrealised realised reserve £'000
£'000 £'000 £'000 £'000 £'000
At 31 December 2021 10,992 23,244 502 14,583 2,517 29,367 1,107 82,312
Net return - - - (2,483) 1,696 (1,738) 457 (2,068)
Dividends paid - - - - - (5,940) (390) (6,330)
Repurchase and cancellation of shares (260) - 260 - - (1,714) - (1,714)
Net proceeds of share issue 2,157 13,692 - - - - - 15,849
Net proceeds of DIS issue* 88 507 - - - - - 595
At 31 December 2022 12,977 37,443 762 12,100 4,213 19,975 1,174 88,644
The capital reserve unrealised is generally non-distributable, other than the
part of the reserve relating to gains/(losses) attributable to readily
realisable quoted investments that are distributable.
Where all, or an element, of the proceeds of sales have not been received in
cash or cash equivalent, and are not readily convertible to cash, they do not
qualify as realised gains for the purposes of distributable reserves
calculations and, therefore, do not form part of distributable reserves.
The accompanying Notes are an integral part of the Financial Statements.
*DIS represents the Dividend Investment Scheme.
Balance Sheet
As at 30 June 2023
30 June 2023 30 June 2022 31 December 2022
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Fixed assets
Investments at fair value through profit or loss 74,919 63,480 66,858
Current assets
Debtors 1,542 1,322 1,610
Cash 13,419 24,968 20,352
14,961 26,290 21,962
Creditors
Amounts falling due within one year (186) (137) (176)
Net current assets 14,775 26,153 21,786
Net assets 89,694 89,633 88,644
Capital and reserves
Called up share capital 13,815 13,072 12,977
Share premium account 43,380 37,218 37,443
Capital redemption reserve 939 628 762
Capital reserve - unrealised 10,207 7,377 12,100
Capital reserve - realised 4,417 6,004 4,213
Special distributable reserve 15,604 23,991 19,975
Revenue reserve 1,332 1,343 1,174
Net assets attributable to Ordinary Shareholders 89,694 89,633 88,644
Net asset value per Ordinary Share (pence) 64.92 68.56 68.30
The Financial Statements of Maven Income and Growth VCT 4 PLC, registered
number SC272568, were approved by the Board and were signed on its behalf by:
Fraser Gray
Director
30 August 2023
The accompanying Notes are an integral part of the Financial Statements.
Cash Flow Statement
For the Six Months Ended 30 June 2023
Six months ended Six months ended Year ended
30 June 2023 30 June 2022 31 December 2022
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Net cash flows from operating activities (662) (1,424) (2,187)
Cash flows from investing activities
Purchase of investments (11,150) (1,010) (5,471)
Sale of investments 1,468 5,267 9,068
Net cash flows from investing activities (9,682) 4,257 3,597
Cash flows from financing activities
Equity dividends paid (2,396) (3,722) (6,330)
Net proceeds of DIS issue 245 331 595
Issue of Ordinary Shares 6,707 15,849 15,849
Repurchase of Ordinary Shares (1,145) (865) (1,714)
Net cash flows from financing activities 3,411 11,593 8,400
Net increase/(decrease) in cash (6,933) 14,426 9,810
Cash at beginning of period 20,352 10,542 10,542
Cash at end of period 13,419 24,968 20,352
The accompanying Notes are an integral part of the Financial Statements.
Notes to the Financial Statements
For the Six Months Ended 30 June 2023
1. Accounting policies
The financial information for the six months ended 30 June 2023 and the six
months ended 30 June 2022 comprises non-statutory accounts within the meaning
of S435 of the Companies Act 2006. The financial information contained in this
report has been prepared on the basis of the accounting policies set out in
the Annual Report and Financial Statements for the year ended 31 December
2022, which have been filed at Companies House and contained an Auditor's
Report that was not qualified and did not contain a statement under S498(2) or
S498(3) of the Companies Act 2006.
2. Reserves
Share premium account
The share premium account represents the premium above nominal value received
by the Company on issuing shares net of issue costs. This reserve is
non-distributable.
Capital redemption reserve
The nominal value of shares repurchased and cancelled is represented in the
capital redemption reserve. This reserve is non-distributable.
Capital reserve - unrealised
Increases and decreases in the fair value of investments are recognised in the
Income Statement and are then transferred to the capital reserve unrealised
account. This reserve is generally non-distributable, other than the part of
the reserve relating to gains/(losses) attributable to readily realisable
quoted investments 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 2023
The returns per share have been based on the following figures:
Weighted average number of Ordinary Shares 134,913,434
Revenue return £226,000
Capital return (£2,587,000)
Total return (£2,361,000)
Directors' Responsibility Statement
The Directors confirm that, to the best of their knowledge:
• the Financial Statements for the six months ended 30 June 2023
have been prepared in accordance with FRS 102, the Financial Reporting
Standard applicable in the UK and Republic of Ireland;
• the Interim Management Report includes a fair review of the
information required by DTR 4.2.7R in relation to the indication of important
events during the first six months, and of the principal risks and
uncertainties facing the Company during the second six months, of the year
ending 31 December 2023; and
• the Interim Management Report includes adequate disclosure of
the information required by DTR 4.2.8R in relation to related party
transactions and any changes therein.
Other information
A full copy of the Interim Report and Financial Statements will be printed and
issued to Shareholders. 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 webpage nor the contents of any website
accessible from hyperlinks on the Company's webpage (or any other webpage) is
incorporated into, or forms part of, this announcement.
By order of the Board
Maven Capital Partners UK LLP
Secretary
30 August 2023
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