REG - Maven Inc &Grwth VCT - Half-year Report
24/10/2024 07:00
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RNS Number : 3565J Maven Income & Growth VCT PLC 24 October 2024
Maven Income and Growth VCT PLC
Interim results for the six months ended 31 August 2024 (unaudited)
The Directors are pleased to announce the unaudited Interim Management Report
for the six months ended 31 August 2024.
Highlights
· NAV total return at 31 August 2024 of 148.27p per share
· NAV at 31 August 2024 of 40.71p per share
· Increased interim dividend of 1.15p per share
· Offer for Subscription closed, raising £6.8 million, with a
new fund raising launched in September 2024
· Two new private companies added to the portfolio, with a
further investment completed post the period end
· Exit achieved from GradTouch generating a total return of
1.7x cost
· Final exit achieved from Quorum Cyber, generating a total
return of 8.2x cost
· Partial exit achieved from MirrorWeb, generating a total
return of 4.0x cost inclusive of a retained equity stake
· Partial exit achieved from Novatus Global, generating a total
return of 4.7x cost with a retained equity stake
· Exit achieved from CB Technology, generating a total return
of 2.9x cost
· Exit achieved from QikServe, generating an initial return of
1.3x cost, with the potential for further upside through earn out
Overview
In the six months to 31 August 2024, there has been a strong level of M&A
activity across the private company portfolio, which has resulted in the
completion of six profitable realisations, including several high value exits
to strategic US buyers. In June, the final exit from Quorum Cyber completed,
with the sale of the residual holding, generating a total return of 8.2x cost
over the life of the investment. The partial sale of MirrorWeb completed in
August and generated a total return of 4.0x cost. After the period end, there
were further sales with the partial exit from Novatus Global completing in
early September, generating a total return of 4.7x cost, alongside the
realisations of CB Technology and QikServe. With MirrorWeb and Novatus, the
Manager elected to take proceeds partly in cash combined with a continuing
equity stake, which allows your Company to participate in the future growth of
these businesses with scope for a further return in the future. In recognition
of the exit activity, your Board has increased the annual dividend target from
5% to 6% per annum and is pleased to declare an increased interim dividend of
1.15p per share for payment in November 2024.
In the year to date, your Company has completed six profitable private company
exits to UK and US buyers, helping to validate the Manager's investment
strategy and sector focus. Following a muted period for M&A within the
technology sector in 2023, the market has recovered strongly. Notably, there
has been a re-emergence of US private equity buyers who are attracted to UK
speciality technology companies that have a market leading product within a
high growth sector. A key part of their acquisition rationale is to provide
enhanced financial resource to help these businesses accelerate their business
plans and, when structuring an exit, Maven will seek, where possible, to
retain an equity stake to enable your Company to share in future success.
In early June, the final exit from cyber security specialist Quorum Cyber
completed. Your Company first invested in Quorum in 2020, backing an
experienced team that had established a leading position in a high growth
market. Following a period of rapid expansion, the investment was partially
realised through a sale to UK private equity house Livingbridge in December
2021, generating an initial return of 6.5x cost over an 18 month holding
period. This transaction provided Quorum with additional capital to support
the next phase of its strategic development and, given the growth prospects,
the Maven VCTs retained a minority equity interest in the business. The final
exit from this investment was achieved through a sale of the business to US
private equity firm, Charlesbank Capital Partners, taking the total proceeds
to 8.2x cost over the life of the investment.
A further notable exit was the partial sale of digital archiving specialist
MirrorWeb, which completed in August 2024. Your Company first invested in
MirrorWeb in 2020, supporting an ambitious management team who had developed a
disruptive software platform with significant growth potential and a large
addressable market. Since investment, the business delivered consistent strong
revenue growth and established a leading position in the communications
surveillance market, with a focus on the financial services sector where the
platform supports regulatory requirements in relation to data archiving. In
2023, the business successfully expanded into the US, which led to an
unsolicited approach from a US private equity buyer to acquire the company.
Following this approach, a competitive exit process was initiated, with the
sale to US private equity acquirer MainSail completing in August. The exit
generated a total return of 4.0x cost, comprising of a cash consideration and
a retained equity stake, which enables your Company to maintain an economic
interest in the business with the potential for a further return in the
future.
In early September 2024, the partial sale of regtech specialist Novatus Global
completed, achieving the highest sale price to date from the unlisted
technology portfolio. Following the investment in 2022, Novatus made rapid
commercial progress, capitalising on the growth opportunities within the core
market, where the advisory services and software platform help financial
institutions to prevent and resolve regulatory and compliance issues. Over the
past two years, the business achieved a 250% increase in annual recurring
revenue (ARR), driven by the development of the proprietary transaction
reporting software platform, which is gaining market traction and a strong
industry reputation. The business recently opened its first international
office in Australia to capture the significant opportunity in this region.
Earlier this year, Novatus received an unsolicited acquisition approach from
US private equity firm Silversmith Capital Partners at a premium to carrying
value. The exit completed in August and generated a total return of 4.7x cost,
comprised of cash and a retained equity stake that enables your Company to
participate in future growth.
In May 2024, the exit from graduate recruitment specialist GradTouch
completed, with a sale to a UK private equity house that generated a total
return of 1.7x cost, inclusive of a small deferred element. Specialist
electronics manufacturer CB Technology was one of the more mature holdings in
the portfolio and, following a period of strong trading performance, an exit
process was initiated in 2023. An offer to acquire the business was
subsequently received from a trade buyer, with the exit completing in early
September 2024 and generating a total return of 2.9x cost. The exit from
digital payment software provider QikServe also completed in September,
generating an initial cash return of 1.3x cost with further contingent
proceeds, which could take the total return up to c1.8x cost over the next two
years.
Achieving profitable exits in order to maximise Shareholder returns and
distributions remains a key priority, however, this has to be balanced against
selling a business too early and before its value has been fully optimised. In
cases such as MirrorWeb, Novatus and Quorum where a business is performing
strongly and has the potential to become a large and valuable asset, the
Manager will seek to maintain an economic interest when structuring an exit.
This approach allows your Company to generate a healthy initial cash return
from a secondary transaction or partial sale, to help support the dividend
programme, whilst retaining an ongoing equity interest in the business, which
offers the potential for a further return in the future.
Your Company continues to make further progress in line with its long term
growth strategy, which is focused on constructing a large and diverse
portfolio of innovative companies that have the potential to grow rapidly and
ultimately become attractive to a wide range of acquirers. During the
reporting period, there was a good level of investment with the addition of
two new private companies to the portfolio, alongside the provision of
follow-on funding to support the further development of 10 existing unlisted
portfolio holdings and one small AIM transaction, resulting in the deployment
of £1.87 million. The investment strategy continues to focus on identifying
entrepreneurial companies that operate in disruptive or high growth markets,
where there is an opportunity to achieve scale over the medium term. Maven
retains a strong preference for investing in companies that operate in dynamic
sectors such as cyber security, software, niche manufacturing, data analytics,
healthtech and training, where growth is less sensitive to consumer or
discretionary spending and the revenue model tends to be recurring in nature,
which provides good visibility on the growth trajectory of each portfolio
company. To ensure the business plan can be delivered, Maven also spends time
assessing the calibre of management and their track record, recognising that
ambitious and cohesive teams are crucial to success.
Enhanced Dividend Policy
As Shareholders will be aware from recent Interim and Annual Reports decisions
on distributions take into consideration a number of factors, including the
realisation of capital gains, the adequacy of distributable reserves, the
availability of surplus revenue and the VCT qualifying level, all of which are
kept under close and regular review. As the portfolio continues to expand and
a greater proportion of holdings are invested in younger companies with growth
potential, the timing of distributions will be more closely linked to
realisation activity, whilst also reflecting the requirement to maintain its
VCT qualifying level.
The Board and the Manager recognise the importance of tax free Shareholder
distributions and, further to the completion of several profitable exits, the
Directors have elected to improve the dividend policy. From the current
financial year, your Company has increased its target annual dividend from 5%
to 6% of the NAV per share at the immediately preceding year end.
Interim Dividend
In line with the enhanced dividend policy, the Directors are pleased to
announce that, in respect of the year ending 28 February 2025, an increased
interim dividend of 1.15p per share will be paid on 29 November 2024 to
Shareholders who are on the register at 1 November 2024. Since the Company's
launch, and after receipt of this interim dividend, a total of 108.71p per
share will have been paid in tax free Shareholder distributions. It should be
noted that payment of a dividend reduces the NAV by the total amount of the
distribution.
Dividend Investment Scheme (DIS)
Your Company operates a DIS, through which Shareholders can, at any time,
elect to have their dividend payments utilised to subscribe for new Ordinary
Shares issued under the standing authority requested from Shareholders at
Annual General Meetings. Shares issued under the DIS should qualify for VCT
tax relief applicable for the tax year in which they are allotted, subject to
an individual Shareholder's particular circumstances.
Shareholders can elect to participate in the DIS in respect of future
dividends by completing a DIS mandate form and returning it to the Registrar
(The City Partnership). In order for the DIS to apply to the 2025 interim
dividend, the mandate form must be received before 15 November 2024, this
being the relevant dividend election date. The mandate form, terms &
conditions and full details of the scheme (including tax considerations) are
available from the webpage at: mavencp.com/migvct (http://mavencp.com/migvct3)
. Election to participate in the DIS can also be made through the Registrar's
online investor hub at: maven-cp.cityhub.uk.com/login.
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
In April, the Offer for Subscription for the 2023/24 and 2024/25 tax years
closed, raising a total of £6.8 million. All new shares in relation to this
Offer have now been allotted, with four allotments for the 2023/24 tax year
and one allotment for the 2024/25 tax year.
This additional liquidity will facilitate the further expansion and
development of the portfolio in line with the investment strategy. The funds
raised will also allow your Company to maintain its share buy-back policy,
whilst also spreading costs over a wider asset base with the objective of
maintaining a competitive ongoing charges ratio for the benefit of all
Shareholders.
On 27 September 2024, your Company launched a new Offer for Subscription
alongside offers by the three other Maven managed VCTs. Your Company has a
target raise of £10 million, including the ability to utilise an
over-allotment facility of up to £5 million. The Offers remain open until 1
May 2025, unless fully subscribed ahead of this date, and further details,
including the Prospectus, can be found at: mavencp.com/vctoffer.
Portfolio Developments
It is encouraging to report on the progress that has been achieved across the
private equity portfolio, where most companies have continued to meet the
operational and financial targets as set out in their business plans. Many of
the earlier stage growth companies are now achieving scale and establishing
strong positions in their respective markets, and in recognition of the
progress achieved, the valuations of certain holdings have been uplifted.
Cyber security specialist CYSIAM has made further commercial progress, with
revenues increasing by more than 200% since your Company first invested. The
business is building a strong reputation as a leading provider of Managed
Detection and Response (MDR) security services for protection against,
detection of, and response to cyber attacks. CYSIAM is a recognised expert in
its field and, as an accredited member of the National Cyber Security Centre's
Cyber Incident Response scheme, can provide direct support to a range of
organisations when they become victims of cyber attacks. CYSIAM operates in a
dynamic, high growth market and the near term strategic objective remains to
further pivot the business towards a Software as a Service (SaaS) model, which
will result in an increased level of recurring revenue.
Demand responsive transport provider Liftango continues to extend its global
footprint. Having achieved success in Australia and the UK, Liftango is now
focused on expanding into international markets, with the Middle East and
Americas identified as key growth territories. The business provides the
technology to support on-demand transport programmes by enabling users to
plan, launch and scale shared mobility projects that help to reduce costs by
optimising routes, whilst simultaneously addressing sustainability goals such
as decreasing carbon emissions through lower vehicle usage, which also helps
to combat localised congestion. Liftango already operates in 21 countries and
works with many Fortune 500 companies, as well as large global bus operators
and government transport agencies. With strong ESG credentials, Liftango is
well positioned to deliver sustained growth as it secures new contracts within
its target markets.
Carbon reduction software specialist Manufacture 2030 has delivered impressive
revenue growth, with ARR doubling since your Company first invested in 2021.
The business provides a disruptive software solution that helps multinationals
achieve Scope 3 carbon reduction targets by measuring, managing and reducing
carbon emissions across their supply chain. The business is establishing a
strong position in a high growth market, where its proposition is aligned with
various carbon reduction initiatives including the United Nations Sustainable
Development Goals. Manufacture 2030 partners with a wide range of blue chip
clients, including 10 of the major UK grocery retailers, automotive
manufacturers such as Ford, Honda and Toyota and pharma giants including
AstraZeneca, GSK and Pfizer. Manufacture 2030 has received a number of awards
as a technology pioneer within this evolving market. The near term objective
is to expand its presence in North America, which is viewed as a key market.
Automotive ecommerce software specialist Rockar continues to grow market share
and is now a leading provider of a disruptive white label solution for buying
and selling new and used cars online. The business has signed commercial
agreements with various high profile automotive manufacturers such as BMW,
Jaguar Land Rover, Toyota Motor Group and Volvo UK, with development work
ongoing with several others. Rockar's new operating platform, Evolution, is
gaining traction amongst clients, with a number already using or committed to
migrating across to the new operating system. The business continues to
deliver strong revenue growth and remains focused on building relationships
with global automotive manufacturers that will enable the company to achieve
further scale.
Contract software specialist Summize continues to make positive commercial
progress, with ARR growing by almost 200% since the investment first completed
in October 2022. The business has developed an AI powered digital contracting
software solution that simplifies and streamlines the process for writing and
renewing contracts, helping to drive operational efficiencies for customers.
Since inception in 2018, Summize has secured numerous industry awards for its
innovation and entrepreneurialism. Having established a strong foothold in the
UK, the next phase of growth is focused on expanding into the US, where the
business has the potential to exploit a significant market opportunity and,
during the reporting period, the Maven VCTs provided follow-on funding to
support this growth strategy
As may be expected with a large portfolio, there are a small number of
investee companies that have not achieved commercial targets and are trading
behind plan. The performance of fintech specialist Delio has been impacted by
slower than expected sales cycles and, although corrective measures have been
taken, the business continues to trade behind plan. A protective provision has
therefore been taken against the cost of this investment. As a result of
significant underperformance, the Manager elected not to provide further
funding to Drovo and Turnkey, and the valuations of these holdings have been
written down in full.
Treasury Management
Your Company maintains a proactive approach to treasury management, where the
objective remains to optimise the income generated from cash held prior to
investment in VCT qualifying companies, whilst meeting the requirements of the
Nature of Income condition. This is a mandatory part of the VCT legislation
which stipulates that not less than 70% of a VCT's income must be derived from
shares or securities. During 2023, the rise in interest rates required the
Board and the Manager to revise its approach and, following a whole of market
review, the composition of the treasury management portfolio was expanded to
include holdings in leading money market funds and open-ended investment
companies (OEICs), alongside carefully selected London Stock Exchange listed
investment trusts. This approach enables your Company to maintain compliance
with the Nature of Income condition, whilst also generating a healthy new
stream of income from the portfolio of treasury management holdings and cash.
In line with the liquidity requirements, there were several new investments
and realisations within this portfolio, details of which can be found in the
Interim Report.
New Investments
During the reporting period, two new private companies were added to the
portfolio:
· Alderley Lighthouse Labs is a provider of clinical diagnostic
testing services, specialising in the analysis of human samples such as blood,
urine and cells, with the objective of improving healthcare outcomes. The
business was initially established as a COVID-19 testing facility, as part of
the Government supported "Test and Trace" programme. As pandemic related
testing subsided, the business evolved into a laboratory-based facility
providing blood science and molecular diagnostics to a wide range of clients.
The healthcare diagnostics and testing market continues to experience high
growth, and Alderley is well placed to leverage its existing position, with
scope to achieve considerable scale. The funding from the Maven VCTs provides
capital that will enable the business to invest in product development, expand
its current suite of services and grow monthly revenues.
· Zing is a specialist services provider operating in the
cloud-communications sector. It is a leading partner of global cloud
communication platform business, Twilio, providing consultancy and managed
services. Zing was a spin out from CRM provider ProspectSoft, a previous Maven
portfolio company, which was successfully exited in 2022. The funding from the
Maven VCTs will enable the business to benefit from the growth opportunities
in the Communications Platform as a Service (CPaaS) market. Since becoming an
independent business, Zing has made encouraging commercial progress and
strengthened its relationship with Twilio. The next stage of development is
focused on expanding into the US, developing a new AI proposition and
enhancing the management team through new strategic hires.
In addition, a small position was also taken in AIM quoted neuroscience
technology company Cambridge Cognition, which is a developer and marketer of
digital health products to better understand, detect and treat conditions
affecting brain health, including Alzheimer's, Multiple Sclerosis and
depression. The VCT funding is being used to accelerate growth in this rapidly
expanding market.
The following investments were completed during the reporting period:
Investments Date Sector £'000
New unlisted
Alderley Lighthouse Labs Limited(1) April & May 2024 Pharmaceuticals, biotechnology & healthcare 249
MirrorWeb Holdings LLC(2) August 2024 Software & technology 708
Zing TopCo Limited (trading as Zing)(1) April & May 2024 Business services 185
Total new unlisted 1,142
Follow-on unlisted
Automated Analytics Limited August 2024 Marketing & advertising technology 99
Draper & Dash Limited (trading as RwHealth)(1) April & May 2024 Pharmaceuticals, biotechnology & healthcare 51
Filtered Technologies Limited June 2024 Learning & development/ recruitment technology 100
Hublsoft Group Limited April 2024 Software & technology 56
Liftango Group Limited March 2024 Software & technology 165
Plyable Limited August 2024 Software & technology 149
Shortbite Limited (trading as Fixtuur) July 2024 Software & technology 300
Snappy Shopper Limited April 2024 Software & technology 11
Summize Limited June 2024 Software & technology 348
Turnkey Group (UK) Holdings Limited(1) April & June 2024 Software & technology 95
Total follow-on unlisted 1,374
Total unlisted 2,516
New AIM quoted
Cambridge Cognition Holdings PLC June 2024 Pharmaceuticals, biotechnology & healthcare 63
Total new AIM quoted 63
Open-ended investment companies(3)
Royal London Short Term Fixed Income Fund (Class Y Income) April 2024 Money market fund 1,000
Total open-ended investment companies 1,000
Money market funds(3)
Aviva Investors Sterling Liquidity Fund (Class 3) August 2024 Money market fund 1,000
BlackRock Institutional Sterling Liquidity Fund (Core) June 2024 Money market fund 1,000
BlackRock Institutional Sterling Government Liquidity Fund (Core Dis) June 2024 Money market fund 2
Goldman Sachs Sterling Government Liquid Reserves Ireland (Institutional) March 2024 Money market fund 1,000
Total money market funds 3,002
Private equity investment trusts(3)
Caledonia Investments PLC May 2024 Investment trust 100
CT Private Equity Trust PLC May 2024 Investment trust 141
Pantheon International PLC June 2024 Investment trust 200
NB Private Equity Partners Limited May 2024 Investment trust 100
ICG Enterprise Trust PLC May 2024 Investment trust 54
Total private equity investment trusts 595
Global equity investment trusts(3)
Alliance Trust PLC May 2024 Investment trust 200
Total global equity investment trusts 200
Infrastructure investment trusts(3)
3i Infrastructure PLC June 2024 Investment trust 100
BBGI Global Infrastructure SA June 2024 Investment trust 80
Pantheon Infrastructure PLC June 2024 Investment trust 130
Total infrastructure investment trusts 310
Total investments 7,686
(1) Follow-on investment completed in two tranches.
(2) Retained minority interest following the sale of MirrorWeb Limited.
(3 )Investments completed as part of the treasury management strategy.
At the period end, the portfolio comprised of 120 unlisted and quoted
investments, at a total cost of £53.4 million.
Realisations
As previously outlined, this has been an exceptional period for profitable
realisations from the private company portfolio. The table below provides
details of all the exits that have completed during the reporting period,
including GradTouch, MirrorWeb and Quorum Cyber which, along with the
subsequent sale of Novatus Global, provide a meaningful increase to cash
reserves.
In contrast, there have been a number of disposals from the AIM portfolio at
prices where cost has not been recovered. Given the widely publicised
challenges experienced in the AIM market, the Manager has elected to exit
certain holdings where performance has not been in line with expectations, or
where the share price is depressed and not expected to recover.
There remains value and upside potential within a selected number of AIM
holdings, which continue to offer the prospect for re-rating or a strategic
premium on acquisition. However, the Manager intends to continue to
rationalise the AIM portfolio towards a residual high conviction portfolio
where it has continuing confidence in each management team and their ability
to deliver positive share price returns. New AIM investments will continue to
be considered, but only where there is a very convincing and capital light
business case, or where the Manager believes there is an opportunity for early
share price arbitrage following investment.
Realisations Year first Cost of shares disposed of Value at Sales proceeds Realised Gain/(loss)
invested Complete/ £'000 29 February £'000 gain/ (loss) over
partial 2024 £'000 29 February 2024 value
exit £'000 £'000
Unlisted
GradTouch Limited 2019 Complete 567 955 974 407 19
Life's Great Group Limited (trading as Mojo Mortgages)(1) 2019 Complete - - 37 37 37
MirrorWeb Limited(2) 2020 Complete 890 1,731 3,382 2,492 1,651
Project Falcon TopCo Limited (trading as Quorum Cyber) 2021 Complete 126 126 383 257 257
Other unlisted 1 - 1 - 1
Total unlisted 1,584 2,812 4,777 3,193 1,965
AIM/AQSE quoted
Destiny Pharma PLC 2020 Complete 103 51 4 (99) (47)
Oncimmune Holdings PLC 2021 Complete 236 28 31 (205) 3
RUA Life Sciences PLC 2020 Complete 182 41 46 (136) 5
Strip Tinning PLC 2022 Complete 62 12 15 (47) 3
SulNox PLC 2021 Complete 33 39 36 3 (3)
Verici Dx PLC 2022 Partial 20 7 5 (15) (2)
Other AIM/AQSE quoted 3 2 8 5 6
Total AIM/AQSE quoted 639 180 145 (494) (35)
Money market funds(3)
BlackRock Institutional Sterling Government Liquidity Fund (Core Dis) 2023 Complete 1,002 1,002 1,002 - -
Goldman Sachs Sterling Government Liquid Reserves Ireland (Institutional) 2023 Complete 1,000 1,000 1,000 - -
Total money market funds 2,002 2,002 2,002 - -
Open-ended investment companies(3)
Royal London Short Term Fixed Income Fund (Class Y Income) 2023 Partial 1,002 1,007 1,003 1 (4)
Total open-ended investment companies 1,002 1,007 1,003 1 (4)
Total realisations 5,227 6,001 7,927 2,700 1,926
(1 ) Escrow proceeds following the sale in December 2021.
(2 ) Of the proceeds, £708,127 has been re-invested as a retained minority
interest in the continuing entity, MirrorWeb Holdings LLC, which remains VCT
qualifying for three years.
(3 ) Realisations completed as part of the treasury management strategy.
During the year, one private company was struck off the Register of Companies,
resulting in a total realised loss of £100,000 (cost £100,000). This had no
effect on the NAV of the Company as a full provision had been taken against
the value of the holding in a previous period.
Material Developments Since the Period End
Since 31 August 2024, one new private company has been added to the portfolio:
· Connected Data is a provider of a data enabled debt management
software solution that is designed to improve recovery outcomes for utility
and financial services companies, which arise during changes in tenancy and
result in billions of pounds of unpaid energy and other bills. The cloud-based
platform uses propriety technology to help manage the debt life cycle from
pre-delinquency through to late stage collection, offering a more cost
effective solution to using a single credit bureau, whilst also using multiple
data sets to ensure fairer outcomes for customers. The business is gaining
commercial traction and has quickly established a blue chip client base. The
funding from the Maven VCTs will be used to further develop the technology
platform and invest in sales and marketing.
Principal and Emerging Risks and Uncertainties
The principal and emerging risks and uncertainties facing the Company were set
out in full in the Strategic Report contained within the 2024 Annual Report,
and are the risks associated with investment in small and medium sized
unlisted and AIM quoted companies which, by their nature, carry a higher level
of risk and are subject to lower liquidity than investments in larger quoted
companies. The valuation of investee companies may be affected by economic
conditions, the credit environment and other risks including legislation,
regulation, adherence to VCT qualifying rules and the effectiveness of the
internal controls operated by the Company and the Manager. These risks and
procedures are reviewed regularly by the Risk Committee and reported to your
Board. The Board continues to monitor the criteria for VCT qualifying status
and can confirm that these are being adhered to.
Global conflict and political instability was added to the Risk Register as an
emerging risk during a previous period, as the Directors were not only aware
of the heightened cyber security risk but were mindful of the impact that any
change in the underlying economic conditions could have on the valuation of
investee companies. These included fluctuating interest rates, increased fuel
and energy costs, and the availability of bank finance, all of which could be
impacted during times of geopolitical uncertainty and volatile markets. The
Board and the Manager continue to monitor the impact of geopolitical issues,
and wider market conditions, on portfolio companies.
Share Buy-backs
In order to maintain an orderly market in the Company's shares, the Directors
have delegated authority to the Manager to enable the Company to buy back
shares in the secondary market for cancellation or to be held in treasury,
subject always to such transactions being in the best interests of
Shareholders.
It is intended that the Company will seek to buy back shares with a view to
maintaining a share price that is at a discount of approximately 5% to the
latest published NAV per share, subject to market conditions, availability
liquidity and the maintenance of VCT qualifying status. During the period
under review, 3,811,610 shares were bought back at a total cost of £1.42
million.
Shareholders should note that neither the Company nor the Manager can execute
a transaction in the Company's shares and an instruction to buy or sell shares
on the secondary market must be directed through a stockbroker. If a
Shareholder wishes to discuss a transaction, they or their broker can contact
the Company's stockbroker, Shore Capital Stockbrokers on 020 7647 8132. Such
transactions are, however, prohibited whilst the Company is in a closed
period, which is the time from the end of a reporting period until the
announcement of the relevant results, or the release of an unaudited NAV.
Additionally, a closed period may be introduced if the Directors and Manager
are in possession of price sensitive information.
VCT Regulatory Update
During the period under review, there were no further amendments to the rules
governing VCTs, and your Company remains fully compliant with the complex
conditions and requirements as set out by HMRC.
Although the precise details of the new Government's economic and fiscal
policy are currently unknown, the Manager has, through the VCT Association
(VCTA), been actively involved in positive cross party dialogue to promote and
reinforce the important role that VCTs play in supporting some of Britain's
brightest and most entrepreneurial smaller companies, whilst also assisting in
job creation across the regions. It is pleasing to note that, on 3 September
2024, HM Treasury approved the regulations required to lift the "sunset
clause" and extend VCT and EIS schemes until 2035. This provides greater
certainty to Shareholders and SMEs seeking growth capital, that VCTs will
remain a central component of the UK's funding infrastructure.
Valuation Methodology
Consistent with industry best practice, the Board and the Manager continue to
apply the International Private Equity and Venture Capital Valuation (IPEV)
Guidelines as the central methodology for all private company valuations. The
IPEV Guidelines are the prevailing framework for fair value assessment in the
private equity and venture capital industry. The Directors and the Manager
continue to follow industry guidelines and adhere to the IPEV Guidelines in
all private company valuations. In accordance with normal market practice,
investments quoted on AIM, or another recognised stock exchange, are valued at
their closing bid price at the period end.
Environmental, Social and Governance (ESG)
Whilst the Manager continues to enhance its ESG framework, it should be noted
that your Company's investment policy does not incorporate specific ESG aims,
and portfolio companies are not required to meet any specific targets.
However, as a growth investor, Maven is well positioned to help each portfolio
company establish robust ESG practices at an early stage of its corporate
development, ensuring that they are ingrained in the culture as the business
grows. The Manager believes that strong core ESG credentials help support
responsible growth and encourage positive social and environmental behaviours.
Your Company has multiple investments in companies with strong ESG credentials
and which are achieving growth in expanding markets. The Manager is committed
to maintaining a responsible approach to new and existing investments and has
developed a framework for promoting ESG credentials by actively engaging with
portfolio companies, taking into consideration material issues at the point of
investment as well as monitoring progress annually. All potential investment
opportunities are required to complete an ESG assessment, which covers ten key
areas and provides a comprehensive pre-investment evaluation of the business
with a focus on governance, board composition and culture, alongside
environmental and social considerations.
The Manager continues to be an active signatory to the UN Principles for
Responsible Investment (UNPRI) and the Investing in Women Code. Alongside
these external initiatives, Maven has developed internal diversity
initiatives, including launching a Female Founder Funding programme that aims
to offer mentorship and collaboration opportunities to female entrepreneurs
across the UK.
Outlook
Whilst M&A activity in 2023 was stifled by market uncertainty and
geopolitical concerns, there has been a strong recovery in the year to date
and it is pleasing to note the completion of several high value exits. A
number of the companies in the unlisted portfolio continue to attract regular
acquisition interest from a range of UK and international buyers and
completing further profitable exits, to help support and enhance your
Company's ongoing dividend programme, remains a key objective.
John Pocock
Chairman
24 October 2024
Summary of Investment Changes
For the Six Months Ended 31 August 2024
Valuation Net investment/ (disinvestment) Appreciation/ (depreciation) Valuation
29 February 2024 £'000 £'000 31 August 2024
£'000 % £'000 %
Unlisted investments
Equities 36,073 59.1 (2,459) 4,155 37,769 57.8
Loan stock 8,140 13.3 198 (275) 8,063 12.3
44,213 72.4 (2,261) 3,880 45,832 70.1
AIM/AQSE investments(1)
Equities 1,174 1.9 (82) 38 1,130 1.7
Other investments(2)
Investment trusts 3,454 5.7 1,105 159 4,718 7.2
OEICs 2,043 3.4 (3) (13) 2,027 3.1
MMFs 4,500 7.4 1,000 - 5,500 8.4
Total investments 55,384 90.8 (241) 4,064 59,207 90.5
Net current assets 5,639 9.2 560 - 6,199 9.5
Net assets 61,023 100.0 319 4,064 65,406 100.0
(1) Shares traded on the AIM, Aquis Stock Exchange (AQSE) and the Main Market
of the London Stock Exchange.
(2 ) These holdings represent the treasury management portfolio, which has
been constructed from a range of carefully selected, permitted non-qualifying
holdings in investment trusts, open-ended investment companies (OEICs) and
money market funds (MMFs).
Investment Portfolio Summary
As at 31 August 2024
Investment Valuation £'000 Cost £'000 % of total assets % of equity held % of equity held by other clients(1)
Unlisted
Novatus Global Limited 4,684 1,000 7.1 6.2 12.5
Bright Network (UK) Limited 2,335 1,164 3.5 6.9 32.2
Rockar 2016 Limited (trading as Rockar) 1,608 948 2.4 4.2 15.3
Horizon Ceremonies Limited (trading as Horizon Cremation) 1,535 788 2.2 4.2 48.5
HCS Control Systems Group Limited 1,246 846 1.9 6.9 29.6
DiffusionData Limited 1,205 875 1.9 4.2 13.9
Zinc Digital Business Solutions Limited 1,201 801 1.8 8.0 35.6
Summize Limited 1,194 796 1.8 3.9 32.1
NorthRow Limited 1,179 1,179 1.8 6.6 26.2
CB Technology Group Limited 1,088 579 1.7 11.2 63.8
Martel Instruments Holdings Limited 1,058 807 1.6 14.9 29.3
Bud Systems Limited 1,057 846 1.6 4.7 13.0
Precursive Limited 1,000 1,000 1.5 6.8 27.7
CYSIAM Limited 986 373 1.5 6.0 21.7
2degrees Limited (trading as Manufacture 2030) 970 698 1.5 2.5 8.6
Hublsoft Group Limited 969 786 1.5 5.5 18.3
Nano Interactive Group Limited 929 625 1.4 3.7 11.2
Enpal Limited (trading as Guru Systems) 888 888 1.4 7.5 14.1
mypura.com Group Limited (trading as Pura) 862 448 1.3 2.1 20.8
Vodat Communications Group (VCG) Holding Limited 852 567 1.3 5.0 26.9
Horizon Technologies Consultants Limited 828 796 1.3 5.5 11.7
QikServe Limited 803 659 1.2 3.0 12.8
BioAscent Discovery Limited 785 174 1.2 4.4 35.6
Ensco 969 Limited (trading as DPP) 780 557 1.2 4.9 29.6
Liftango Group Limited 763 763 1.2 4.7 36.0
Filtered Technologies Limited 735 700 1.1 4.1 21.3
WaterBear Education Limited 728 245 1.1 5.0 33.8
MirrorWeb Holdings LLC(2) 708 708 1.1 1.1 3.9
Relative Insight Limited 700 700 1.1 2.7 28.6
Sensoteq Limited 697 697 1.1 6.6 17.0
Metrion Biosciences Limited 696 696 1.1 5.1 13.1
XR Games Limited 687 497 1.1 2.6 23.4
CODILINK UK Limited (trading as Coniq) 675 450 1.0 1.3 3.6
Plyable Limited 647 647 1.0 6.8 21.5
Reed Thermoformed Packaging Limited (trading as iPac Packaging Innovations) 631 448 1.0 2.5 9.9
Laverock Therapeutics Limited 597 597 0.9 2.8 6.5
Biorelate Limited 562 468 0.9 2.7 23.1
Cat Tech International Limited 510 627 0.8 6.0 24.0
ORCHA Health Limited 497 497 0.8 1.1 6.7
Draper & Dash Limited (trading as RwHealth) 478 478 0.7 4.7 44.2
Whiterock Group Limited 470 470 0.7 8.1 29.8
Flow UK Holdings Limited 420 598 0.6 7.3 27.7
Rico Developments Limited (trading as Adimo) 380 760 0.6 3.4 6.5
ebb3 Limited 370 252 0.6 8.0 70.9
HiveHR Limited 346 346 0.5 4.4 40.2
Boomerang Commerce Inc (trading as CommerceIQ)(3) 338 451 0.5 0.1 0.4
Delio Limited 325 882 0.5 2.8 12.4
Automated Analytics Limited 319 249 0.5 2.4 23.7
Snappy Shopper Limited 309 309 0.5 0.4 1.3
Growth Capital Ventures Limited 300 288 0.5 5.3 42.1
AMufacture Limited 261 261 0.4 4.8 15.2
Alderley Lighthouse Labs Limited 249 249 0.4 6.7 46.9
iAM Compliant Limited 246 149 0.4 1.9 47.2
Shortbite Limited (trading as Fixtuur) 239 884 0.4 6.9 50.5
The Algorithm People Limited (trading as Optimize) 187 140 0.3 2.0 14.2
Zing TopCo Limited 185 185 0.3 4.9 42.8
TC Communications Holdings Limited 181 413 0.3 4.1 31.2
McKenzie Intelligence Services Limited 159 159 0.2 1.6 4.8
RevLifter Limited 100 100 0.2 1.0 25.6
ISN Solutions Group Limited 84 323 0.1 4.6 50.4
Other unlisted investments 11 2,750 -
Total unlisted 45,832 37,636 70.1
AIM/AQSE quoted(4)
GENinCode PLC 319 557 0.6 2.8 10.6
Kanabo Group PLC(5) 155 1,639 0.3 2.0 7.9
Intelligent Ultrasound Group PLC 126 118 0.2 0.4 1.5
Incanthera PLC 108 46 0.2 0.5 0.5
Cambridge Cognition Holdings PLC 68 62 0.1 0.4 1.1
Arecor Therapeutics PLC 61 167 0.1 0.2 0.2
Eden Research PLC 39 59 0.1 0.2 1.3
Vianet Group PLC 38 37 0.1 0.1 1.3
Avacta Group PLC 31 7 - - -
C4X Discovery Holdings PLC 28 40 - 0.1 0.8
Feedback PLC 28 74 - 0.4 1.3
Crossword Cybersecurity PLC 20 150 - 0.5 1.3
Gelion PLC 19 121 - 0.1 0.1
Directa Plus PLC 14 120 - 0.1 0.1
Verici Dx PLC 12 63 - 0.1 0.8
XP Factory PLC 11 26 - - 0.1
Angle PLC 10 50 - - -
Other AIM/AQSE investments 43 832 -
Total AIM/AQSE quoted 1,130 4,168 1.7
Private equity investment trusts(6)
HgCapital Trust PLC 687 434 1.1 - 0.1
Patria Private Equity Trust PLC (formerly abrdn Private Equity Opportunities 494 349 0.8 0.1 0.2
Trust PLC)
NB Private Equity Partners Limited 417 430 0.6 0.1 0.2
ICG Enterprise Trust PLC 406 343 0.6 0.1 0.2
Pantheon International PLC 352 307 0.5 - -
CT Private Equity Trust PLC 334 276 0.5 0.1 0.3
HarbourVest Global Private Equity Limited 334 194 0.5 - -
Partners Group Private Equity Limited 126 110 0.2 - 0.1
Apax Global Alpha Limited 115 121 0.2 - 0.1
Caledonia Investments PLC 101 100 0.2 - -
Total private equity investment trusts 3,366 2,664 5.2
Global equity investment trusts(6)
Alliance Trust PLC 288 280 0.4 - -
Total global equity investment trusts 288 280 0.4
Real estate investment trusts(6)
Impact Healthcare REIT PLC 103 114 0.2 - 0.2
Total real estate investment trusts 103 114 0.2
Infrastructure investment trusts(6)
3i Infrastructure PLC 258 249 0.4 - -
Pantheon Infrastructure PLC 255 270 0.4 0.1 0.2
BBGI Global Infrastructure SA 207 220 0.2 - 0.1
International Public Partnerships Limited 124 140 0.2 - -
JLEN Environmental Assets Group Limited 117 150 0.2 - 0.1
Total infrastructure investment trusts 961 1,029 1.4
Open-ended investment companies(6)
Royal London Short Term Money Market Fund (Class Y Income) 1,017 1,009 1.6 - -
Royal London Short Term Fixed Income Fund (Class Y Income) 1,010 1,018 1.5 0.1 -
Total open-ended investment companies 2,027 2,027 3.1
Money market funds(6)
Aberdeen Standard Liquidity Fund (Lux) - Sterling Fund (Class K3) 1,000 1,000 1.5 - -
Aviva Investors Sterling Government Liquidity Fund 1,000 1,000 1.5 - -
Aviva Investors Sterling Liquidity Fund (Class 3) 1,000 1,000 1.5 - -
BlackRock Institutional Sterling Liquidity Fund (Core) 1,000 1,000 1.5 - -
HSBC Sterling Liquidity Fund (Class A) 1,000 1,000 1.5 - -
Fidelity Institutional Liquidity Sterling Fund (Class F) 500 500 0.9 - 0.2
Total money market funds 5,500 5,500 8.4
Total investments 59,207 53,418 90.5
(1) Other clients of Maven Capital Partners UK LLP.
(2) This holding reflects the retained minority interest following the sale of
MirrorWeb Limited to MirrorWeb Holdings LLC.
(3) This holding reflects the retained minority interest following the sale of
e.fundamentals (Group) Limited to CommerceIQ in July 2022.
(4) Investments are quoted on AIM/AQSE with the exception of Kanabo Group PLC,
which is listed on the Main Market of the London Stock Exchange.
(5) The holding in this investment resulted from the sale of The GP Service
(UK) Limited, which completed in February 2022. The unlisted shares in Kanabo
GP Limited were, in accordance with the terms of the original transaction,
exchanged for shares in Kanabo Group PLC, which is listed on the Main Market
of the London Stock Exchange.
(6) Treasury management portfolio.
Shaded line indicates that the investment was completed pre November 2015.
Income Statement
For the six months ended 31 August 2024
Six months ended Six months ended Year ended
31 August 2024 31 August 2023 29 February 2024
(unaudited) (unaudited) (audited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Gains/(losses) on investments - 4,064 4,064 - (1,220) (1,220) - (1,483) (1,483)
Income from investments 536 - 536 380 - 380 858 - 858
Other income 90 - 90 106 - 106 183 - 183
Investment management fees (126) (504) (630) (120) (482) (602) (240) (962) (1,202)
Other expenses (200) - (200) (261) - (261) (488) - (488)
Net return on ordinary activities before taxation 300 3,560 3,860 105 (1,702) (1,597) 313 (2,445) (2,132)
Tax on ordinary activities - - - - - - - - -
Return attributable to 300 3,560 3,860 105 (1,702) (1,597) 313 (2,445) (2,132)
Equity Shareholders
Earnings per share (pence) 0.19 2.22 2.41 0.07 (1.16) (1.09) 0.21 (1.65) (1.44)
All gains and losses are recognised in the Income Statement.
The total column of this statement is the Profit & Loss Account of the
Company. The revenue and capital return columns are prepared in accordance
with the AIC SORP. All items in the above statement derive from continuing
operations. No operations were acquired or discontinued during the period.
There are no potentially dilutive capital instruments in issue and, therefore,
no diluted earnings per share figures are relevant. The basic and diluted
earnings per share are, therefore, identical.
The accompanying Notes are an integral part of the Financial Statements.
Statement of Changes in Equity
For the Six Months Ended 31 August 2024
Six months ended Non-distributable reserves Distributable reserves Total
31 August 2024 £'000
(unaudited)
Share capital Share premium account Capital redemption reserve Capital reserve unrealised Capital reserve realised Special distributable reserve Revenue reserve
£'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 - - - 2,046 2,018 (504) 300 3,860
Dividends paid - - - - - (1,612) (242) (1,854)
Repurchase and cancellation of shares (381) - 381 - - (1,425) - (1,425)
Net proceeds of share issue 938 2,699 - - - - - 3,637
Net proceeds of DIS issue(*) 43 122 - - - - - 165
At 31 August 2024 16,069 25,940 1,216 7,722 1,472 12,057 930 65,406
Six months ended Non-distributable reserves Distributable reserves Total
31 August 2023 £'000
(unaudited)
Share capital Share premium account Capital redemption reserve Capital reserve realised Capital reserve realised Special distributable reserve Revenue reserve
£'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 - - - (1,211) (9) (482) 105 (1,597)
Dividends paid - - - - - (1,713) - (1,713)
Repurchase and cancellation of shares (98) - 98 - - (389) - (389)
Net proceeds of share issue 1,513 5,092 - - - - - 6,605
Net proceeds of DIS issue(*) 39 123 - - - - - 162
At 31 August 2023 14,854 20,929 667 5,556 (163) 18,201 664 60,708
Year ended Non-distributable reserves Distributable reserves
29 February 2024
(audited)
Total
£'000
Share capital Share premium account Capital redemption reserve Capital reserve realised Capital reserve realised Special distributable reserve Revenue reserve
£'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)
Net 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 Interim
Review.
The capital reserve unrealised is generally non-distributable, other than the
part of the reserve relating to gains/(losses) attributable to readily
realisable quoted investments that are distributable.
Where all, or an element of the proceeds of sales have not been received in
cash or cash equivalent, and are not readily convertible to cash, they do not
qualify as realised gains for the purposes of distributable reserves
calculations and, therefore, do not form part of distributable reserves.
The accompanying Notes are an integral part of the Financial Statements.
Balance Sheet
As at 31 August 2024
31 August 2024 (unaudited) 31 August 2023 (unaudited) 29 February 2024
£'000 £'000 (audited)
£'000
Fixed assets
Investments at fair value through profit or loss 59,207 53,514 55,384
Current assets
Debtors 607 658 460
Cash 5,935 6,849 5,476
6,542 7,507 5,936
Creditors
Amounts falling due within one year (343) (313) (297)
Net current assets 6,199 7,194 5,639
Net assets 65,406 60,708 61,023
Capital and reserves
Called up share capital 16,069 14,854 15,469
Share premium account 25,940 20,929 23,119
Capital redemption reserve 1,216 667 835
Capital reserve - unrealised 7,722 5,556 5,676
Capital reserve - realised 1,472 (163) (546)
Special distributable reserve 12,057 18,201 15,598
Revenue reserve 930 664 872
Net assets attributable to Ordinary Shareholders 65,406 60,708 61,023
Net asset value per Ordinary Share (pence) 40.71 40.87 39.4
The Financial Statements of Maven Income and Growth VCT PLC, registered number
03908220, were approved and authorised for issue by the Board of Directors and
were signed on its behalf by:
John Pocock
Director
24 October 2024
The accompanying Notes are an integral part of the Financial Statements.
Cash Flow Statement
For the Six Months Ended 31 August 2024
Six months ended 31 August 2024 (unaudited) Six months ended 31 August 2023 (unaudited) Year ended
£'000 £'000 29 February 2024
(audited)
£'000
Net cash flows from operating activities (280) (339) (706)
Cash flows from investing activities
Purchase of investments (7,686) (10,213) (15,966)
Sale of investments 7,845 2,902 6,674
Net cash flows from investing activities 159 (7,311) (9,292)
Cash flows from financing activities
Equity dividends paid (1,854) (1,713) (3,191)
Issue of Ordinary Shares 3,694 6,605 9,565
Net proceeds of DIS issue 165 162 300
Repurchase of Ordinary Shares (1,425) (389) (1,034)
Net cash flows from financing activities 580 4,665 5,640
Net increase/(decrease) in cash 459 (2,985) (4,358)
Cash at beginning of period 5,476 9,834 9,834
Cash at end of period 5,935 6,849 5,476
The accompanying Notes are an integral part of the Financial Statements.
Notes to the Financial Statements
1. Accounting Policies
The financial information for the six months ended 31 August 2024 and the six
months ended 31 August 2023 comprises non-statutory accounts within the
meaning of S435 of the Companies Act 2006.The financial information contained
in this report has been prepared on the basis of the accounting policies set
out in the Annual Report and Financial Statements for the year ended 29
February 2024, which have been filed at Companies House and contained an
Auditor's Report that was not qualified and did not contain a statement under
S498(2) or S498(3) of the Companies Act 2006.
2. Reserves
Share premium account
The share premium account represents the premium above nominal value received
by the Company on issuing shares net of issue costs, including £63,644
current period trail commission (cumulative £189,110). 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 as a dividend. This reserve is
distributable.
3. Return per Ordinary Share
Six months ended
31 August 2024
The returns per share have been based on the following figures:
Weighted average number of Ordinary Shares 160,330,858
Revenue return £300,000
Capital return £3,560,000
Total return £3,860,000
Directors' Responsibility Statement
The Directors confirm that, to the best of their knowledge:
• the Financial Statements for the six months ended 31 August 2024 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 28 February 2025; 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
The NAV per Ordinary Share at 31 August 2024 has been calculated using the
number of Ordinary Shares in issue of 160,679,275.
A full copy of the Interim Report and Financial Statements will be issued to
Shareholders. Copies of this announcement will be available to the public at
the office of Maven Capital Partners UK LLP, Kintyre House, 205 West George
Street, Glasgow G2 2LW and at the registered office of the Company, 6th Floor,
Saddlers House, 44 Gutter Lane, London EC2V 6BR.
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.
By order of the Board
Maven Capital Partners UK LLP
Secretary
24 October 2024
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