REG - Maven Inc &Grwth VCT - Annual Financial Report
28/05/2025 16:30
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RNS Number : 4735K Maven Income & Growth VCT PLC 28 May 2025
Maven Income and Growth VCT PLC
Final results for the year ended 28 February 2025
The Directors report the Company's financial results for the year ended 28
February 2025.
Highlights
· NAV total return at the year end of 148.08p per Ordinary Share
(2024: 145.86p)
· NAV at the year end of 39.37p per Ordinary Share (2024: 39.45p)
· Six profitable private company realisations completed,
generating proceeds of up to 8.2x cost and cash receipts of over £10 million
· Annual target yield increased to 6% of NAV per Ordinary Share
· Final dividend of 1.25p per Ordinary Share proposed for payment
in July 2025
· £4.6 million deployed in new and follow-on investments
· Offer for Subscription closed early, fully subscribed, raising
£10 million
Strategic Report
Chairman's Statement
On behalf of your Board, I am pleased to present the Annual Report. The year
to 28 February 2025 has been a period of positive progress for your Company,
where the high level of M&A activity across the private company portfolio
has helped to deliver an increase in NAV total return. During the year, your
Company completed six profitable realisations, several of which achieved
strategic premiums that were materially ahead of carrying value at the
previous year end and have supported the uplift in NAV total return. This
represents your Company's most successful year for exits from the growth
portfolio and provides important validation of the investment strategy, and
sector focus, that your Company has been following. These exits also generated
over £10 million in cash proceeds, which has enabled the Directors to improve
the dividend policy by increasing the annual target yield from 5% to 6% of NAV
per Ordinary Share at the immediately preceding year end. In line with this
new policy, the Directors are pleased to propose a final dividend of 1.25p per
Ordinary Share for payment in July 2025, which takes the annual yield to
6.08%.
During the year, the economic and geopolitical landscape has remained
unsettled and, following the recent imposition of tariffs by the US, the
outlook for the UK economy continues to be uncertain. Although domestic
inflation has significantly reduced, it remains above the Bank of England's
target and, as a consequence, interest rate cuts have been slower and more
gradual than expected, with business and consumer confidence suppressed.
Against this backdrop, the Directors are pleased to report that your Company
has delivered a resilient performance and, with good levels of liquidity,
remains well placed to continue to achieve its long term investment objective.
It has been nearly a decade since the changes to the VCT rules were announced
and, during this time, the Manager has carefully transitioned the portfolio to
one focused on earlier stage businesses with high growth potential. The
consistent application of the investment strategy, which is focused on
constructing a large and broadly based portfolio of companies that operate
across a diverse range of sectors, with limited direct exposure to
discretionary or consumer spending has resulted in your Company increasing in
size and scale. At the end of the financial year, your Company had a portfolio
of over 90 private and AIM quoted holdings, providing access to dynamic and
emerging sectors such as cyber security, healthtech, regtech, software and
specialist manufacturing. Many of these companies are progressively achieving
scale and establishing a leading presence in their respective markets, with
several attracting the attention of credible acquirers. The increased level of
M&A activity experienced during the year has resulted in the completion of
six profitable exits to a range of UK and international trade and private
equity buyers, including three sales to strategic US acquirers. A number of
these exits completed at valuations that were ahead of carrying value, which
helps to demonstrate the strength of your Company's investment approach and
its ability to deliver growth in Shareholder value.
In May 2024, the exit from graduate recruitment specialist GradTouch
completed, generating a total return of 1.7x cost. In June 2024, the final
exit from cyber security specialist Quorum Cyber completed, through a sale of
the residual holding, generating a total return of 8.2x cost across two
separate exit transactions. The partial sale of digital archiving specialist
MirrorWeb completed in August 2024, generating a total return of 3.8x cost,
comprising an initial cash return in tandem with a retained equity stake. In
early September 2024, the partial exit from regtech specialist Novatus Global
also completed, generating a total return of 4.7x cost consisting of an
initial cash return alongside a retained equity stake. In September 2024,
specialist electronics contract manufacturer CB Technology and digital
payments software provider QikServe were sold to trade acquirers in all cash
transactions, generating total returns of 2.8x cost and 1.3x cost
respectively.
The partial exit from Quorum Cyber in 2021 was the first transaction where the
Manager negotiated a sale that consisted of an initial cash return together
with a retained equity stake in the business, which allowed your Company to
participate in its future growth in value. Where an investee company is
performing strongly and achieving scale, a large secondary funding round at a
premium valuation can often help it to accelerate growth. This also provides
your Company with the ability to achieve a partial exit and healthy initial
cash return, whilst retaining an equity stake in the business. During the
year, the Manager applied this model to the partial exits from MirrorWeb and
Novatus Global, where both businesses made rapid commercial progress following
investment and attracted the attention of US based private equity investors
that provided substantial new capital to support the next phase of growth.
During the year, your Company has maintained a healthy rate of investment,
with the deployment of £4.6 million in new and follow-on funding. Six new
private companies were added to the portfolio and follow-on investment was
provided to 18 existing portfolio companies, alongside the completion of one
small AIM transaction. It is encouraging to note that most of the companies in
the private equity portfolio continue to deliver revenue growth and achieve
their strategic objectives, which has resulted in the valuations of certain
holdings being uplifted. Conversely, there are a small number of companies
that are performing behind plan, or which have ceased trading, and where
appropriate provisions have been taken. The Investment Manager's Review in the
Annual Report provides further details of key developments across the
portfolio.
In line with your Company's long term growth objective, and with the "sunset
clause" for VCT and EIS schemes now extended until 2035, your Board is pleased
to report that the Offer for Subscription, which was launched in September
2024 alongside Offers by the other Maven managed VCTs, closed early, fully
subscribed in March 2025. Your Company achieved its target raise of £10
million for the 2024/25 and 2025/26 tax years and all new Ordinary Shares in
relation to this Offer have now been allotted. This additional capital
provides important liquidity to enable your Company to continue to progress
its growth strategy.
Treasury Management
During the year, your Company has maintained a proactive approach to treasury
management, where the objective remains to optimise the income from cash
reserves held prior to investment in VCT qualifying companies by building a
diversified portfolio of high yielding securities. For several years, your
Company has held a focused portfolio of permitted, non-qualifying holdings in
carefully selected investment trusts with strong fundamentals and attractive
income characteristics, with the remaining cash held on deposit across several
UK banks in order to broaden counterparty risk. This approach also ensured
ongoing compliance with the VCT legislation, which states that not less than
70% of income generated by a VCT must be derived from shares or securities.
The rapid rise in interest rates during 2023 resulted in a significant
increase in the level of income generated from the uninvested cash held on
deposit, requiring the Board to revise its approach to treasury management.
After conducting a detailed whole of market review, a broadly based portfolio
of listed securities was constructed, including holdings in money market funds
(MMFs) and open-ended investment companies (OEICs), alongside carefully
selected London Stock Exchange listed investment trusts diversified across
private equity, infrastructure and other classes, with the remaining cash held
on deposit with several UK banks. This strategy has ensured ongoing compliance
with the Nature of Income condition and also provides your Company with a
significant stream of income that currently generates a blended annualised
yield of approximately 4% across the combined treasury management portfolio
and uninvested cash. It is worthwhile highlighting that this is a dynamic
portfolio, which will vary in size depending on your Company's rate of
investment, investee company realisations and overall liquidity levels. Full
details of the holdings in this portfolio can be found in the Investment
Portfolio Summary in the Annual Report.
Enhanced Dividend Policy
Your Board recognises the importance to Shareholders of regular tax free
distributions and, further to the completion of several profitable
realisations, has elected to enhance the dividend policy. As a result, from
the year to 28 February 2025 onwards, your Company has increased its target
annual dividend from 5% to 6% of the NAV per Ordinary Share at the immediately
preceding year end.
Shareholders should be aware that this remains a target and that decisions on
distributions take into consideration a number of factors including the
realisation of capital gains, the adequacy of distributable reserves, the
availability of surplus revenue and the VCT qualifying level, all of which are
kept under close and regular review. As the portfolio continues to expand and
the proportion of younger, growth companies increases, the timing of
distributions will be more closely linked to realisation activity, whilst also
reflecting the requirement to maintain the VCT qualifying level.
Proposed Final Dividend
In line with the enhanced dividend policy, the Directors propose that a final
dividend of 1.25p per Ordinary Share, in respect of the year ended 28 February
2025, be paid on 18 July 2025 to Shareholders who are on the register at 20
June 2025. This will bring the annual dividend to 2.40p per Ordinary Share,
representing a yield of 6.08% based on the NAV per Ordinary Share at the
immediately preceding year end. Since the Company's launch, and after receipt
of the proposed final dividend, a total of 109.96p per Ordinary Share will
have been paid in tax free distributions. It should be noted that payment of a
dividend reduces the NAV of the Company by the total amount of the
distribution.
The Board wishes to take this opportunity to remind Shareholders of their
responsibility to ensure that the Company's Registrar (The City Partnership)
has their correct contact and bank account details, to allow for the timely
payment of dividends. Dividend tax vouchers are available to download from the
Registrar's investor hub at: maven-cp.cityhub.uk.com/login, with hard copies
being posted to those Shareholders who have not opted to receive
communications from the Company electronically.
Dividend Investment Scheme (DIS)
Your Company operates a DIS, through which Shareholders can, at any time,
elect to have their dividend payments utilised to subscribe for new Ordinary
Shares issued under the standing authority requested from Shareholders at
Annual General Meetings. Ordinary Shares issued under the DIS are free from
dealing costs and should benefit from the tax reliefs available on new
Ordinary Shares issued by a VCT in the tax year in which they are allotted,
subject to an individual Shareholder's particular circumstances.
Shareholders can elect to participate in the DIS, by completing a DIS mandate
form and returning it to The City Partnership. In order for the DIS to apply
to the 2025 final dividend to be paid on 18 July 2025, the mandate form must
be received by The City Partnership before 4 July 2025, this being the
relevant dividend election date. The mandate form, terms & conditions and
full details of the scheme (including tax considerations) are available from
the Company's webpage at: mavencp.com/migvct. Election to participate in the
DIS can also be made through the Registrar's online investor hub.
If a Shareholder is in any doubt about the merits of participating in the DIS,
or their own tax status, they should seek advice from a suitably qualified
adviser.
Fund Raising
On 27 September 2024, your Company launched a new Offer for Subscription
alongside Offers by the other Maven managed VCTs. The Directors are pleased to
report that, on 27 March 2025, your Company's offer closed early, fully
subscribed, having raised a total of £10 million for the 2024/25 and 2025/26
tax years.
Consistent with the objective of making regular allotments of new Ordinary
Shares, the first allotment for the 2024/25 tax year completed on 23 January
2025, with further allotments taking place on 27 March and 4 April 2025, and
an allotment for the 2025/26 tax year completing on 6 May 2025. Details
regarding the new Ordinary Shares issued can be found in Note 12 to the
Financial Statement in the Annual Report.
The Directors believe that Maven's regionally based team of investment
executives has the capability to continue to source attractive opportunities
in VCT qualifying companies across a range of sectors, and that the additional
liquidity provided by this fundraising will facilitate further expansion and
development of the portfolio in line with the investment strategy. In
addition, the funds raised will allow your Company to maintain its active
share buy- back policy, whilst also spreading costs over a wider asset base,
with the objective of maintaining a competitive OCR for the benefit of all
Shareholders.
Share Buy-backs
The Directors acknowledge the need to maintain an orderly market in the
Company's shares and have delegated authority to the Manager to enable the
Company to buy back its own shares in the secondary market for cancellation,
or to be held in treasury, subject always to such transactions being in the
best interests of Shareholders.
It is intended that the Company will seek to buy back shares with a view to
maintaining a share price that is at a discount of approximately 5% to the
latest published NAV per Ordinary Share. Any purchase of the Company's own
shares will be subject to various factors, including market conditions,
available liquidity and the maintenance of the Company's VCT qualifying
status. It should, however, be noted that buy backs are prohibited whilst the
Company is in a closed period, which is the time from the end of a reporting
period until either the announcement of the relevant results or the release of
an unaudited NAV. Additionally, a closed period may be introduced if the
Directors and Manager are in possession of price sensitive information.
Shareholders should note that neither the Company nor the Manager can execute
a transaction in the Company's shares. Any instruction by a Shareholder to buy
or sell shares on the secondary market must be directed through a broker of
their choice. To discuss a transaction, the Shareholder's broker should
contact the Company's stockbroker, Shore Capital Stockbrokers, on 020 7647
8132.
VCT Regulatory Developments
During the year, there were no further amendments to the rules governing VCTs
and your Company remains fully compliant with the complex conditions and
requirements of the scheme.
On 3 September 2024, HM Treasury approved the regulations required to extend
the "sunset clause" for VCT and EIS schemes until 2035. This provides greater
certainty to Shareholders, as well as SMEs seeking growth capital, that VCTs
will remain a central component of the UK's funding infrastructure.
Furthermore, and as expected, the new Government's first Budget Statement in
October 2024 did not introduce changes to tax reliefs for VCT and EIS schemes.
As part of the growth agenda, the Chancellor confirmed that the Government
would continue to work with entrepreneurs and venture capital firms to support
investment to grow the UK economy, by ensuring that policies provide a
positive environment for entrepreneurship. The Venture Capital Trust
Association (VCTA), of which the Manager is a founding member, and the
Association of Investment Companies (AIC), of which the Company is a member,
will continue to work with HM Treasury to build on this positive relationship,
which recognises the important role of VCTs in supporting Britain's brightest
businesses and creating regional employment opportunities.
The October 2024 Budget did, however, introduce a widely expected change to
the tax regime for AIM quoted shares. With effect from 6 April 2026, business
relief, which applies to shares that do not trade on recognised stock
exchanges such as AIM and AQSE, will be reduced to 50% from the current 100%.
As Shareholders will be aware, the performance of AIM over the past few years
has been disappointing, with depressed valuations and limited high quality new
investment opportunities. Against this backdrop, the value and size of your
Company's AIM portfolio has gradually declined and, as at 28 February 2025,
accounted for less than 1% of NAV. Throughout the year, your Company has
maintained a cautious approach to AIM and has only completed one small AIM
investment. Whilst the Board and Manager recognise the beneficial liquidity
characteristics of listed shares, it is not anticipated that there will be a
significant increase in the number of new AIM investments. It is also likely
that certain legacy AIM holdings will be liquidated in cases where, based on
operational performance and market dynamics, there is limited expectation of a
near term share price recovery or M&A activity.
Environmental, Social and Governance (ESG) Considerations
Whilst your Company's investment policy does not incorporate specific ESG
objectives, the Board and the Manager recognise the importance of considering
and understanding ESG matters as an integral part of the investment process.
Maven has established an ESG and Responsible Investment Policy, which ensures
that all ESG related risks and opportunities are identified during
pre-investment due diligence, and can be carefully considered as part of the
investment process. Maven's ESG framework for companies post investment then
provides a structure for regular engagement with the Manager, which ensures
that ESG metrics can be monitored regularly.
In addition, Maven has an ESG steering group, with representation from all
areas of the business, bringing a diverse range of skill, experience and
perspective. The core objective is to develop and embed effective ESG
principles throughout Maven's business. The scope of the steering group
includes setting the strategy for the collation and assessment of ESG data,
consideration of regulatory reporting requirements, promoting ESG aims amongst
Maven employees and portfolio companies, and oversight of reporting to
stakeholders.
The Manager continues to be an active member of the United Nations Principles
of Responsible Investment and submitted its first public investor report in
July 2024. This allows Maven to re-establish its commitment to include ESG as
an integral part of the investment process. Over the past year, the Manager
has become increasingly involved with social initiatives that focus on
diversity supporting schemes such as Future Asset, the Investing in Women
Code, the Lifted Project and the 10,000 Interns Foundation, as it considers
the early introduction of females and ethnic minorities to the investment
sector as crucial to reducing the disparities that still exist. During the
year, Maven also launched a Female Founder Workshop programme, which has
increased introductions to female led businesses.
Valuation Methodology
The Board and the Manager continue to apply the International Private Equity
and Venture Capital Valuation (IPEV) Guidelines as the central methodology for
all private company valuations. The IPEV Guidelines are the prevailing
framework for fair value assessment in the private equity and venture capital
industry, and the most recent update (December 2022) incorporates the special
guidance, issued post COVID-19 and the start of the Ukraine conflict, which
expands on the concept of, and impact on, valuations of distressed markets, as
well as looking at ESG factors as part of the valuation methodology. In
accordance with normal market practice, investments quoted on AIM, or any
other recognised stock exchange, are valued at their closing bid price at the
period end. Further details on your Company's approach to valuing portfolio
companies can be found in the Business Report and in Note 1 to the Financial
Statements in the Annual Report. The principal Key Performance Indicators
(KPIs) are outlined in the Business Report and a summary of the Alternative
Performance Measures (APMs) is included in the Financial Highlights, with
definitions of terms contained in the Annual Report.
Annual General Meeting (AGM)
The 2025 AGM will be held on 10 July 2025 in Maven's Glasgow office at Kintyre
House, 205 West George Street, Glasgow G2 2LW. The AGM will commence at 12.00
noon and the Notice of Annual General Meeting can be found in the Annual
Report.
The Future
This has been a strong year for exits from the private company portfolio and,
following the successful completion of the recent fundraising, your Company is
well placed to continue to progress its growth strategy. Although the outlook
for the global economy remains uncertain, in the year ahead the Board and the
Manager will continue to focus on further expanding and developing the
portfolio through the selective addition of private companies that operate in
attractive or defensive sectors and which have the ability to achieve scale in
the medium term. In addition, potential exit opportunities will be progressed
in order to maximise Shareholder value and maintain regular dividend payments
in line with the new policy.
John Pocock
Chairman
28 May 2025
Business Report
This Business Report is intended to provide an overview of the strategy and
business model of the Company, as well as the key measures used by the
Directors in overseeing its management. The Board holds at least one meeting
per annum at which strategic matters are discussed. The Company is a VCT and
invests in accordance with the investment objective set out below.
Investment Objective
Under an investment policy approved by the Directors, the Company aims to
achieve long-term capital appreciation and generate income for Shareholders.
Business Model and Investment Policy
Under an investment policy approved by the Directors, the Company intends to
achieve its objective by:
• investing the majority of its funds in a diversified portfolio of
shares and securities in smaller, unquoted UK companies and AIM/AQSE quoted
companies that meet the criteria for VCT qualifying investments and have
strong growth potential;
• investing no more than £1.25 million in any company in one year
and no more than 15% of the Company's assets by cost in one business at any
time; and
• borrowing up to 15% of net asset value, if required and only on a
selective basis, in pursuit of its investment strategy.
The Company had no borrowings as at 28 February 2025 and, as at the date of
this Report, the Board has no intention of utilising the borrowing facility.
Principal and Emerging Risks
The Board and the Risk Committee have an ongoing process for identifying,
evaluating and monitoring the principal and emerging risks and uncertainties
facing the Company. The risk register and dashboard form key parts of the
Company's risk management framework used to carry out a robust assessment of
the risks, including a significant focus on the controls in place to mitigate
them.
The principal and emerging risks facing the Company are as follows:
Principal risk Root cause Control measures
Investment risk · The majority of investments are in small and medium sized unquoted UK · The Company appoints an FCA authorised investment manager with the
companies and AIM quoted companies, which carry a higher level of risk and appropriate skills, experience and resources required to achieve the
lower liquidity relative to investments in larger quoted companies. Investment Objective.
· The Board ensures that a robust and structured selection, monitoring and
realisation process is applied by the Manager to all investments and regularly
reviews the investment portfolio with the Manager.
· The Company's portfolio is diversified across a large number of investee
companies and a range of economic sectors, and is actively and closely
monitored.
Operational risk · Failure of a significant outsourcer to perform duties and · All outsourcers are selected following the completion of appropriate due
responsibilities in accordance with service level agreements. diligence, with the Manager carrying out an annual review of key outsourcers.
· The Manager and Custodian are FCA authorised and subject to FCA Rules
requiring the maintenance of adequate financial resources, including enabling
an orderly wind-down.
VCT qualifying status risk · Failure to meet VCT qualifying status could result in Shareholders · The Board works closely with the Manager to ensure compliance with all
losing the income tax relief on initial investment as well as tax relief applicable and upcoming legislation, such that VCT qualifying status is
obtained on any tax free income or capital gains received. Failure to meet the maintained.
qualifying requirement could result in a loss of listing of the Company's
shares.
· Further information on the management of this risk is detailed under
other headings in this Business Report.
IT and cyber security risk · Heightened cyber security risk and potential IT failure, which could · The Manager, on behalf of the Board, closely monitors the systems and
cause a third party to fail to perform its duties and responsibilities or controls in place to prevent or mitigate against a systems or data security
experience financial difficulties such that it is unable to carry on trading failure.
and cannot provide services to the Company.
· The Board reviews control and compliance reports from the Manager, which
includes oversight of third party cyber security arrangements, to ensure these
adequately address systems and data security risks.
· The ability of third parties to operate effective business continuity
plan (BCP) arrangements has been validated.
Legislative and regulatory risk · Breaches of regulations including, but not limited to, the Companies Act · The Board strives to maintain a good understanding of the changing
2006, the FCA Listing Rules, the FCA Disclosure Guidance and Transparency regulatory landscape and considers emerging issues so that appropriate changes
Rules, the General Data Protection Regulation (GDPR), or the Alternative can be developed and implemented in good time.
Investment Fund Managers Directive (AIFMD) by the Company could lead to a
number of detrimental outcomes and reputational damage.
· The Board and the Manager continue to make representations where
appropriate, either directly or through relevant industry bodies such as the
Association of Investment Companies (AIC), the British Private Equity and
Venture Capital Association (BVCA) and the Venture Capital Trust Association
(VCTA) in relation to any changes in legislation.
Emerging risk Root cause Control measures
Global conflict and political instability · Escalating global conflict and political instability resulting in the · The Board regularly reviews the investment portfolio with the Manager.
potential for escalating prices, disruption to supply chains and general Maven works closely with portfolio companies to identify and support the
market uncertainty. management of any challenges resulting from global conflict and political
instability.
· The Board and the Manager are monitoring this risk closely and, whilst it
cannot be obviated entirely, the Company's investment portfolio is diversified
across a large number of investee companies and a range of economic sectors.
Geopolitical risk and uncertainty · Broader global macro-economic risks have escalated following the change · The Manager has assessed the current impact of trade tariffs on portfolio
of government in the US, in particular the introduction of trade tariffs. companies and is working with management teams to consider potential future
impacts, where these may arise.
· The types of companies in which the VCT invests, together with the
diversification of the portfolio, reduces the overall impact of tariffs.
Artificial Intelligence (AI) · Increase in the use of AI by the Manager or portfolio companies without · The Manager has embarked on a series of risk assessments, governance and
proper consideration of the risks involved, with no mitigating controls being oversight arrangements with respect to AI risk, whilst also acknowledging the
established. potential benefits of AI.
In addition, an explanation of certain economic and financial risks and how
they are managed can be found in Note 16 to the Financial Statements in the
Annual Report.
Statement of Compliance with Investment Policy
The Company is adhering to its stated investment policy and managing the risks
arising from it. This can be seen in various tables and charts throughout this
Annual Report, and from information provided in the Chairman's Statement and
in the Investment Manager's Review. A review of the Company's business, its
financial position as at 28 February 2025, and its performance during the year
then ended, is included in the Chairman's Statement, which also includes an
overview of the Company's strategy and business model.
The management of the investment portfolio has been delegated to Maven, which
also provides company secretarial, administrative and financial management
services to the Company. The Board is satisfied with the breadth and depth of
the Manager's resources and its nationwide network of offices, which supply
new deals and enable it to monitor the geographically widespread portfolio of
companies effectively.
The Investment Portfolio Summary in the Annual Report discloses the Company's
holdings and the degree of co-investment with other clients of the Manager.
The Portfolio Analysis charts in the Annual Report show the profile of
investee companies by industry sector and the broadly spread end market
exposure across the portfolio, and provide insight into the age of the
investments within the portfolio. The level of VCT qualifying investment is
monitored continually by the Manager and reported to the Risk Committee
quarterly, or as otherwise required.
Key Performance Indicators (KPIs)
During the year, the net return on ordinary activities before taxation was
£3,569,000 (2024: a loss of £2,132,000); the gain on investments was
£3,974,000 (2024: a loss of £1,483,000); and earnings per share were 2.22p
(2024: a loss of 1.44p per share). The Directors also consider a number of
Alternative Performance Measures (APMs) to assess the Company's success in
achieving its objective, and these also enable Shareholders and prospective
investors to gain an understanding of the Company's business. These APMs are
shown in the Financial Highlights in the Annual Report.
In addition, the Board considers the following to be KPIs:
• NAV total return;
• cumulative dividends paid;
• annual yield;
• share price discount to NAV;
• investment income;
• operational expenses; and
• ongoing charges ratio (OCR).
The NAV total return is considered to be the most appropriate long term
measure of Shareholder value as it includes both the current NAV per share and
total dividends paid to date. Cumulative dividends paid is the total amount of
both capital and income distributions paid since the launch of the Company.
During the year under review, the Directors elected to enhance the dividend
policy and the Company will now seek to pay dividends to provide an annual
yield which represents 6% of the NAV per share at the immediately preceding
year end, subject to always complying with the VCT rules, and taking into
consideration the level of distributable reserves, profitable realisations in
each accounting period, and the Company's future cash flow projections. The
annual yield is the total dividends paid per share for the financial year,
expressed as a percentage of the net asset value at the immediately preceding
year end. The share price discount to NAV is the percentage by which the
mid-market price of a share is lower than its NAV per share.
The Board reviews the Company's investment income and operational expenses on
a quarterly basis, as these are both important components in the generation of
Shareholder returns. Further information can be found in Notes 2 and 4 to the
Financial Statements in the Annual Report. The OCR is a measure of the total
cost of running a fund to an investor and is the total recurring annual
expenses of the Company, including management fees charged to the capital
reserve, as a percentage of the average net assets attributable to
Shareholders over the year. The Company's OCR for the year ended 28 February
2025 was 2.57% (2024: 2.77%) and is detailed in Note 4 to the Financial
Statements. Definitions of the APMs can be found in the Glossary in the Annual
Report. A historical record of these measures is shown in the Financial
Highlights and the change in the profile of the portfolio is reflected in the
Summary of Investment Changes in the Annual Report.
Your Board continues to believe that a blended portfolio of private companies
and AIM quoted holdings provides the optimal structure for delivering long
term growth in Shareholder value. However, the Manager will remain cautious on
any new AIM investments.
There is no market standard VCT index against which to compare the financial
performance of the Company. However, for reporting to the Board and
Shareholders, the Manager uses comparisons with the most appropriate index,
being the FTSE AIM All-Share Index, and the graph in the Annual Report
compares the Company's performance against the FTSE AIM All-Share Index. The
Directors also consider non-financial performance measures, such as the flow
of investment proposals and the Company's ranking within the VCT sector by
independent analysts. In addition, the Directors consider economic, regulatory
and political trends and factors that may impact on the Company's future
development and performance.
Valuation Process
Investments held by the Company in unquoted companies are valued in accordance
with the IPEV Guidelines, being the prevailing framework for fair value
assessment in the private equity and venture capital industry. The guidelines
were updated in December 2022 and incorporate the special guidance issued post
COVID-19 and following the invasion of Ukraine, and expand on the concept of
and impact on valuations of distressed markets, as well as looking at how ESG
factors impact valuations. The Directors and the Manager continue to follow
the IPEV Guidelines in all private company valuations. Investments that are
quoted or traded on a recognised stock exchange, including AIM, are valued at
their closing bid prices at the year end.
Share Buy-backs
At the forthcoming AGM, the Board will seek the necessary Shareholder
authority to continue to conduct a share buy-back policy as outlined in the
Annual Report.
The Board's Duty and Stakeholder Engagement
The Directors recognise the importance of an effective Board and its ability
to discuss, review and make decisions to promote the long term success of the
Company, and protect the interests of its key stakeholders. As required by
Provision 5 of the AIC Code (and in line with the UK Code), the Board has
discussed the Directors' duty under Section 172 of the Companies Act and how
the interests of key stakeholders have been considered in the Board
discussions and decision making during the year.
This has been summarised in the table below:
Form of shareholder engagement Influence on Board decision making
Shareholders
Shareholders are encouraged to attend and vote at the AGM, and are provided The Board recognises the importance of tax free dividends to Shareholders and
with the opportunity to ask questions and engage with the Directors and the takes this into consideration when making decisions to pay interim and propose
Manager. final dividends for each year. During the year under review, further to the
completion of several profitable realisations and after taking into account
the interests of Shareholders, and the strategies of other VCTs in its peer
group, the Directors agreed an enhancement to the dividend policy and now
The Company reports formally to Shareholders by publishing Annual and Interim target an annual dividend of 6% of the NAV per Ordinary Share at the
Reports. In the instance of a corporate action taking place, the Board will immediately preceding year end. Further details regarding dividends for the
communicate with Shareholders through the issue of a Circular and, if year under review, and the new, enhanced dividend policy, can be found in the
required, a Prospectus. In addition, significant matters or reporting Chairman's Statement.
obligations are disseminated to Shareholders by way of announcements to the
London Stock Exchange.
The Directors recognise the importance to Shareholders of the Company
maintaining an active buy-back policy, with the intention that share buy backs
The Secretary acts as a key point of contact for the Board and communications will be conducted with a view to maintaining a share price that is at a
received from Shareholders are circulated to the whole Board. discount of approximately 5% to the latest published NAV per share. Further
details can be found in the Chairman's Statement and in the Directors' Report
in the Annual Report.
The Manager also publishes its bi-annual newsletter which is available on the
Manager's website, mavencp.com, and provides regular portfolio updates by
email. In making the decision to launch the most recent Offer for Subscription, the
Directors considered that it would be in the interest of Shareholders to
continue to grow the portfolio, making investments across a diverse range of
sectors, via both new and follow on investments. By growing the Company, as
certain costs are fixed, these costs are then spread over a wider asset base,
which helps to promote a competitive OCR, which is in the interests of
Shareholders. In addition, the increased liquidity helps support the buy-back
policy referred to above. Further details regarding the Offer for Subscription
can be found in the Chairman's Statement.
For the year ended 28 February 2025, after considering the interests of
Shareholders and the strategies of other VCTs in its peer group, the Directors
agreed to introduce a cap on total expenses payable to Maven, set at 3.5% per
annum of the average NAV for the relevant financial period (2024: 3.8%).
ESG
The Directors and the Manager take account of the social, environmental and The Directors and the Manager are aware of their duty to act in the interests
ethical factors impacted by the Company and the investments that it makes. of the Company, and acknowledge that there are risks associated with
investment in companies that fail to conduct business in a socially
responsible manner.
The Manager's ESG assessment of investee companies focuses on their impact on
the environment, as well as broader social themes such as the companies'
approach to diversity and inclusion in the workplace, and their work with
charities.
Further details can be found in the Chairman's Statement, the Investment
Manager's Review and in the Statement of Corporate Governance in the Annual
Report.
Portfolio companies
At quarterly Board Meetings, the Manager reports to the Board on the Through the Manager, the Directors encourage portfolio companies to adopt best
performance of portfolio companies, and the Directors challenge the Manager on practice corporate governance, exercising voting rights where needed. The
both portfolio company performance and valuation and, where they feel it is Board has delegated the responsibility for monitoring the portfolio companies
appropriate, on the Manager's monitoring role. The Manager communicates to the Manager and has given it discretion to vote, where appropriate, in
directly with each private investee company, normally through the Maven respect of the Company's holdings in the investment portfolio, in a way that
representative who sits on its board. reflects the concerns and key governance matters discussed by the Board.
From time to time, the management teams of the private investee companies give Meeting with the management teams of the private investee companies gives the
presentations to the Board. Board a better understanding of these businesses.
The Board is also mindful that, as the portfolio expands and the proportion of
early stage investments increases, follow-on funding will represent an
important part of the Company's investment strategy, and this forms a key part
of the Directors' discussions in relation to valuations, risk management and
fundraising.
Manager
The Manager attends the quarterly Board Meetings to present a detailed The Board ensures that the Manager implements the investment objective and
portfolio analysis and report on key issues such as VCT compliance, investment strategy, in accordance with the terms of the Management and Administration
pipeline, the utilisation of any new monies raised, share liquidity, and peer Deed, and in compliance with the VCT, and other, regulations. On an annual
group performance. In addition the Manager communicates with the Board between basis, the Board conducts a review of the Manager's performance and management
Board Meetings, including the notification of any new investments and fee, as part of its decision to re-appoint the Manager.
realisations.
Information provided by the Manager supports the Board's policies regarding
dividends and share buy-backs, and the decisions made on fundraising.
The Board has an active treasury management policy, which has the objective of
generating income from cash held prior to investment. in VCT qualifying
companies. As detailed in the Chairman's Statement and in the Investment
Manager's Report, during the year under review, several new permitted
non-qualifying investments were completed for treasury management purposes.
After conducting a detailed whole of market review, the composition of the
treasury management portfolio continued to include holdings in MMFs and OEICs,
alongside listed investment trusts diversified across private equity,
infrastructure and other classes, with the remaining cash held on deposit with
a range of UK banks.
Registrar
Annual review meetings and control reports. On behalf of the Board, the Manager reviews the performance of all third party
service providers on an annual basis, including ensuring compliance with GDPR,
and reports to the Board. The Directors will take action should there be
unsatisfactory performance by a third party service provider.
Banks and Custodian
Regular statements and control reports received, with all holdings and On behalf of the Board, the Manager reviews the performance of all third party
balances reconciled. service providers on an annual basis, including oversight of securing the
Company's assets, and reports to the Board. The Directors will take action
should there be unsatisfactory performance by a third party service provider.
Employee, Environmental and Human Rights Policy
As a VCT, the Company has no direct employee or environmental
responsibilities, nor is it responsible directly for the emission of
greenhouse gases. The Board's principal responsibility to Shareholders is to
ensure that the investment portfolio is managed and invested properly. As the
Company has no employees, it has no requirement to report separately on
employment matters. The Board comprises one female Director and two male
Directors, all of whom are non-executive, and delegates responsibility for
diversity to the Nomination Committee, as explained in the Statement of
Corporate Governance in the Annual Report.
The management of the Company's assets is undertaken by the Manager through
members of its portfolio management team. The Manager engages with the
Company's underlying investee companies in relation to their corporate
governance practices and in developing their policies on social, community and
environmental matters. Further information may be found in the Investment
Manager's Review and in the Statement of Corporate Governance in the Annual
Report. The Manager has continued with its focus on developing its ESG
framework and oversight capabilities. Further details regarding the Manager's
approach to ESG and the progress made on developing its ESG framework can be
found in the Chairman's Statement. The Manager oversees the collation of the
information received from the investee companies for the benefit of the Board
and helps support individual companies to identify ESG risks and opportunities
and, where potential improvements are identified, will work jointly with
investee businesses to make positive changes.
In light of the nature of the Company's business, there are no relevant human
rights issues and, therefore, the Company does not have a human rights policy.
Auditor
The Company's Auditor is required to report if there are any material
inconsistencies between the content of the Strategic Report and the Financial
Statements. The Auditor's Report can be found in the Annual Report.
Future Strategy
The Board and Manager intend to maintain the policies set out above for the
year ending 28 February 2026, as it is believed that these are in the best
interests of Shareholders.
Approval
The Business Report, and the Strategic Report as a whole, was approved by the
Board of Directors and signed on its behalf by:
John Pocock
Director
28 May 2025
Income Statement
For the year ended 28 February 2025
Year ended Year ended
28 February 2025 29 February 2024
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
Gain/(loss) on - 3,974 3,974 - (1,483) (1,483)
investments
Income from investments 1,043 - 1,043 858 - 858
Other 211 - 211 183 - 183
income
Investment management fees (253) (1,013) (1,266) (240) (962) (1,202)
Other (393) - (393) (488) - (488)
expenses
Net return on ordinary activities before taxation 608 2,961 3,569 313 (2,445) (2,132)
Tax on ordinary - - - - - -
activities
Return attributable to Equity Shareholders 608 2,961 3,569 313 (2,445) (2,132)
Earnings per share 0.38 1.84 2.22 0.21 (1.65) (1.44)
(pence)
All gains and losses are recognised in the Income Statement.
The total column of this statement is the Profit & Loss Account of the
Company. The revenue and capital return columns are prepared in accordance
with the AIC SORP. All items in the above statement derive from continuing
operations. No operations were acquired or discontinued during the year.
There are no potentially dilutive capital instruments in issue and, therefore,
no diluted earnings per share figures are relevant. The basic and diluted
earnings per share are, therefore, identical.
The Notes are an integral part of the Financial Statements and can be found in
full in the Annual Report.
Statement of Changes in Equity
For the year ended 28 February 2025
Year ended 28 February 2025
Non-distributable reserves Distributable reserves
Share capital Share premium account Capital redemption reserve Capital reserve unrealised Capital reserve realised Special distributable reserve Revenue reserve Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
At 29 February 2024 15,469 23,119 835 5,676 (546) 15,598 872 61,023
Net return - - - (860) 4,834 (1,013) 608 3,569
Dividends paid - - - - - (3,204) (481) (3,685)
Repurchase and cancellation of shares (676) - 676 - - (2,552) - (2,552)
Net proceeds of share issue 1,806 5,187 - - - - - 6,993
Net proceeds of DIS issue* 85 247 - - - - - 332
At 28 February 2025 16,684 28,553 1,511 4,816 4,288 8,829 999 65,680
Year ended 29 February 2024
Non-distributable reserves Distributable reserves
Share capital Share premium account Capital redemption reserve Capital reserve unrealised Capital reserve realised Special distributable reserve Revenue reserve Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
At 28 February 2023 13,400 15,714 569 6,767 (154) 20,785 559 57,640
Net return - - - (1,091) (392) (962) 313 (2,132)
Dividends paid - - - - - (3,191) - (3,191)
Repurchase and cancellation of shares (266) - 266 - - (1,034) - (1,034)
New proceeds of share issue 2,261 7,179 - - - - - 9,440
Net proceeds of DIS issue* 74 226 - - - - - 300
At 29 February 2024 15,469 23,119 835 5,676 (546) 15,598 872 61,023
*DIS represents the Dividend Investment Scheme as detailed in the Chairman's
Statement in the Annual Report.
The capital reserve unrealised is generally non-distributable, other than the
part of the reserve relating to gains/(losses) attributable to readily
realisable quoted investments that are distributable. The capital reserve
unrealised contains £2,606,000 of losses (2024: £3,085,000) in relation to
level 1 and level 2 investments that could be converted to cash, and as such,
could be deemed realised.
Where all, or an element of the proceeds of sales have not been received in
cash or cash equivalent (as noted in the Realisations table in the Annual
Report), and are not readily convertible to cash, they do not qualify as
realised gains for the purposes of distributable reserves calculations and,
therefore, do not form part of distributable reserves. The split of unrealised
gains/(losses) for the year is detailed within the portfolio valuation section
of Note 8 in the Annual Report.
The Notes are an integral part of the Financial Statements and can be found in
full in the Annual Report.
Balance Sheet
As at 28 February 2025
28 February 2025 £'000 29 February 2024 £'000
Fixed assets
Investments at fair value through profit or loss 56,017 55,384
Current assets
Debtors 539 460
Cash 9,533 5,476
10,072 5,936
Creditors
Amounts falling due within one year (409) (297)
Net current assets 9,663 5,639
Net assets 65,680 61,023
Capital and reserves
Called up share capital 16,684 15,469
Share premium account 28,553 23,119
Capital redemption reserve 1,511 835
Capital reserve - unrealised 4,816 5,676
Capital reserve - realised 4,288 (546)
Special distributable reserve 8,829 15,598
Revenue reserve 999 872
Net assets attributable to Ordinary Shareholders 65,680 61,023
Net asset value per Ordinary Share (pence) 39.37 39.45
The Financial Statements of Maven Income and Growth VCT PLC, registered number
03908220, were approved and authorised for issue by the Board of Directors on
28 May 2025 and signed on its behalf by:
John Pocock
Director
The Notes are an integral part of the Financial Statements and can be found in
full in the Annual Report.
Cash Flow Statement
For the Year Ended 28 February 2025
Year ended Year ended
28 February 2025 £'000 29 February 2024 £'000
Net cash flows from operating activities (570) (706)
Cash flows from investing activities
Purchase of investments (12,452) (15,966)
Sale of investments 15,794 6,674
Net cash flows from investing activities 3,342 (9,292)
Cash flows from financing activities
Equity dividends paid (3,685) (3,191)
Issue of Ordinary Shares 7,190 9,565
Net proceeds of DIS issue 332 300
Repurchase of Ordinary Shares (2,552) (1,034)
Net cash flows from financing activities 1,285 5,640
Net increase/(decrease) in cash 4,057 (4,358)
Cash at beginning of year 5,476
9,834
Cash at end of year 9,533 5,476
The Notes are an integral part of the Financial Statements and can be found in
full in the Annual Report.
Notes to the Financial Statements
For the Year Ended 28 February 2025
1. Accounting policies
The Company is a public limited company, incorporated in England and Wales,
and its registered office is shown in the Corporate Summary.
(a) Basis of preparation
The Financial Statements have been prepared on a going concern basis, further
details can be found in the Directors' Report in the Annual Report. The
Financial Statements have been prepared under the historical cost convention,
as modified by the revaluation of investments and in accordance with FRS 102,
The Financial Reporting Standard applicable in the UK and Republic of Ireland,
and in accordance with the Statement of Recommended Practice for Investment
Trust Companies and Venture Capital Trusts (the SORP) issued by the AIC in
July 2022.
(b) Income
Equity income
Dividends receivable on quoted equity shares are recognised on the ex-dividend
date. Dividends receivable on unquoted equity shares are recognised when the
Company's right to receive payment is established and there is no reasonable
doubt that payment will be received.
Unquoted loan stock and other preferred income
Fixed returns on non-equity shares and debt securities are recognised when the
Company's right to receive payment and expected settlement is established.
Where interest is rolled up and/or payable at redemption, then it is
recognised as income unless there is reasonable doubt as to its receipt.
Redemption premiums
When a redemption premium is designed to protect the value of the instrument
holder's investment rather than reflect a commercial rate of revenue return,
the redemption premium should be recognised as capital. The treatment of
redemption premiums is analysed to consider if they are revenue or capital in
nature on a company by company basis. A revenue redemption premium of £nil
(2024: £nil) was received in the year ended 28 February 2025.
Bank interest
Deposit interest is recognised on an accruals basis using the rate of interest
agreed with the bank. Income from unquoted loan stock and deposit interest is
included on an effective interest rate basis.
(c) Expenses
All expenses are accounted for on an accruals basis and charged to the Income
Statement. Expenses are charged through the revenue account, except as
follows:
• expenses that are incidental to the acquisition and disposal of
an investment are charged to capital;
• expenses are charged to the special distributable reserves where
a connection with the maintenance or enhancement of the value of the
investments can be demonstrated. In this respect, the investment management
fee has been allocated 20% to revenue and 80% to realised capital reserves to
reflect the Company's investment policy and prospective income and capital
growth; and
• share issue costs are charged to the share premium account.
(d) Taxation
Deferred taxation is recognised in respect of all timing differences that have
originated but not reversed at the balance sheet date, where transactions or
events that result in an obligation to pay more tax in the future or right to
pay less tax in the future have occurred at the balance sheet date. This is
subject to deferred tax assets only being recognised if it is considered more
likely than not that there will be suitable profits from which the future
reversal of the underlying timing differences can be deducted. Timing
differences are differences arising between the Company's taxable profits and
its results as stated in the Financial Statements that are capable of reversal
in one or more subsequent periods.
Deferred tax is measured on a non-discounted basis at the tax rates that are
expected to apply in the periods in which timing differences are expected to
reverse, based on tax rates and laws enacted or substantively enacted at the
balance sheet date.
The tax effect of different items of income/gain and expenditure/loss is
allocated between capital reserves and revenue account on the same basis as
the particular item to which it relates using the Company's effective rate of
tax for the period.
UK corporation tax is provided at amounts expected to be paid/recovered using
the tax rates and laws that have been enacted or substantively enacted at the
balance sheet date.
(e) Investments
In valuing unlisted investments, the Directors follow the criteria set out
below. These procedures comply with the revised International Private Equity
and Venture Capital Valuation Guidelines (IPEV) for the valuation of private
equity and venture capital investments.
Investments are recognised at their trade date and are designated by the
Directors as fair value through profit and loss. At subsequent reporting
dates, investments are valued at fair value, which represents the Directors'
view of the amount for which an asset could be exchanged between knowledgeable
and willing parties in an arm's length transaction. This does not assume that
the underlying business is saleable at the reporting date or that its current
shareholders have an intention to sell their holding in the near future.
A financial asset or liability is generally derecognised when the contract
that gives rise to it is settled, sold, cancelled or expires.
1. For early stage investments completed in the reporting period, fair
value is determined using the price of recent investment, calibrating for any
material change in the trading circumstances of the investee company. Other
early stage companies are valued by applying a multiple to the investee's
revenue to derive the enterprise value of each company. Where relevant an
investee may be valued on a discounted cashflow basis.
2. Whenever practical, recent investments will be valued by reference to
a material arm's length transaction or a quoted price.
3. Mature companies are valued by applying a multiple to their
maintainable earnings to determine the enterprise value of the company.
To obtain a valuation of the total ordinary share capital held by
management and the institutional investors, the value of third party debt,
institutional loan stock, debentures and preference share capital is deducted
from the enterprise value. The effect of any performance related mechanisms is
taken into account when determining the value of the ordinary share capital.
4. All unlisted investments are valued individually by Maven's portfolio
management team and discussed by Maven's valuation committee. The resultant
valuations are subject to detailed scrutiny and approval by the Directors of
the Company.
5. In accordance with normal market practice, investments listed on AIM
or a recognised stock exchange are valued at their closing bid market price at
the year end.
(f) Fair value measurement
Fair value is defined as the price that the Company would receive upon selling
an investment in a timely transaction to an independent buyer in the principal
or the most advantageous market of the investment.
A three-tier hierarchy has been established to maximise the use of observable
market data and minimise the use of unobservable inputs and to establish
classification of fair value measurements for disclosure purposes. Inputs
refer broadly to the assumptions that market participants would use in pricing
the asset or liability, including assumptions about risk, for example, the
risk inherent in a particular valuation technique used to measure fair value
including such a pricing model and/or the risk inherent in the inputs to the
valuation technique. Inputs may be observable or unobservable.
Observable inputs are inputs that reflect the assumptions market participants
would use in pricing the asset or liability developed based on market data
obtained from sources independent of the reporting entity.
Unobservable inputs are inputs that reflect the reporting entity's own
assumptions about the assumptions market participants would use in pricing the
asset or liability developed based on best information available in the
circumstances.
The three-tier hierarchy of inputs is summarised in the three broad levels
listed below.
• Level 1 - the unadjusted quoted price in an active market for
identical assets or liabilities that the entity can access at the measurement
date;
• Level 2 - inputs other than quoted prices included within Level
1 that are observable (i.e. developed using market data) for the asset or
liability, either directly or indirectly; and
• Level 3 - inputs are unobservable (i.e. for which market data is
unavailable) for the asset or liability.
(g) Gains and losses on investments
When the Company sells or revalues its investments during the year, any gains
or losses arising are credited/charged to the Income Statement.
(h) Critical accounting judgements and key sources of estimation uncertainty
Disclosure is required of judgements and estimates made by the Board and the
Manager in applying the accounting policies that have a significant effect on
the financial statements. The area involving the highest degree of judgement
and estimation is the valuation of unlisted investments recognised in Note 8
and explained in Note 1(e) above.
In the opinion of the Board and the Manager, there are no critical accounting
judgements.
Reserves
Share premium account
The share premium account represents the premium above nominal value received
by the Company on issuing shares net of issue costs, including £259,816 trail
commission (2024: £125,466). This reserve is non-distributable.
Capital redemption reserve
The nominal value of shares repurchased and cancelled is represented in the
capital redemption reserve. This reserve is non-distributable.
Capital reserve - unrealised
Increases and decreases in the fair value of investments are recognised in the
Income Statement and are then transferred to the capital reserve unrealised
account. This reserve is generally non-distributable other than the part of
the reserve relating to gains/(losses) attributable to readily realisable
quoted investments which are distributable.
Capital reserve - realised
Gains or losses on investments realised in the year that have been recognised
in the Income Statement are transferred to the capital reserve realised
account on disposal. Furthermore, any prior unrealised gains or losses on such
investments are transferred from the capital reserve unrealised account to the
capital reserve realised account on disposal. This reserve is distributable.
Special distributable reserve
The total cost to the Company of the repurchase and cancellation of shares is
represented in the special distributable reserve account. The special
distributable reserve also represents capital dividends, capital investment
management fees and the tax effect of capital items. This reserve is
distributable.
Revenue reserve
The revenue reserve represents accumulated profits retained by the Company
that have not been distributed to Shareholders as a dividend. This reserve is
distributable.
Return per Ordinary Share
Year ended Year ended
28 February 2025 29 February 2024
The returns per share have been based on the following figures:
Weighted average number of Ordinary Shares 160,670,669 148,045,903
Revenue return £608,000 £313,000
Capital return (£2,961,000) (£2,445,000)
Total return £3,569,000 (£2,132,000)
Net asset value per Ordinary Share
The net asset value per Ordinary Share as at 28 February 2025 has been
calculated using the number of Ordinary Shares in issue at that date of 2025:
166,841,748 (2024: 154,684,497).
Responsibility Statement of the Directors in respect of the Annual Report and
Financial Statements
The Directors believe that, to the best of their knowledge:
• the Financial Statements have been prepared in accordance with the
applicable accounting standards and give a true and fair view of the assets,
liabilities, financial position and profit or loss of the Company as at 28
February 2025 and for the year to that date;
• the Directors' Report includes a fair review of the development and
performance of the Company, together with a description of the principal and
emerging risks and uncertainties that it faces; and
• the Annual Report and Financial Statements, taken as a whole, is
fair, balanced and understandable and provides the information necessary for
Shareholders to assess the Company's position and performance, business model
and strategy.
Other Information
The Annual General Meeting will be held on Thursday 10 July 2025, commencing
at 12.00 noon at the offices of Maven Capital Partners UK LLP, Kintyre House,
205 West George Street, Glasgow, G2 2LW.
The Annual Report and Financial Statements for the year ended 28 February 2025
will be issued to Shareholders and filed with the Registrar of Companies in
due course.
The financial information contained within this announcement does not
constitute the Company's statutory Financial Statements as defined in the
Companies Act 2006. The statutory Financial Statements for the year ended 29
February 2024 have been delivered to the Registrar of Companies and contained
an audit report which was unqualified and did not constitute statements under
S498(2) or S498(3) of the Companies Act 2006.
Copies of this announcement, and of the Annual Report and Financial Statements
for the year ended 28 February 2025, will be available, in due course, to the
public at the offices of Maven Capital Partners UK LLP, Kintyre House, 205
West George Street, Glasgow G2 2LW; at the registered office of the Company,
6th Floor, Saddlers House, 44 Gutter Lane, London, EC2V 6BR; and on the
Company's webpage mavencp.com/migvct. (http://www.mavencp.com/migvct)
Neither the content of the Company's webpage nor the contents of any website
accessible from hyperlinks on the Company's webpage (or any other website) is
incorporated into, or forms part of, this announcement.
The Annual Report will shortly be submitted to the National Storage Mechanism
and will be available for inspection at:
www.fca.org.uk/markets/primary-markets/regulatory-disclosures/national-storage-mechanism
(http://www.fca.org.uk/markets/primary-markets/regulatory-disclosures/national-storage-mechanism)
.
By Order of the Board
Maven Capital Partners UK LLP
Secretary
28 May 2025
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