Maven Renovar VCT - Half-year Report
09/10/2025 07:00
RNS Number : 6232C Maven Renovar VCT PLC 09 October 2025 Maven Renovar VCT PLC Legal Entity Identifier: 213800HAEDBBK9RWCD25 Interim Results for the Six Months Ended 31 July 2025 Chairman's Statement Highlights • Appointment of Maven Capital Partners UK LLP as Investment Manager effective 1 May 2025 • Stable performance achieved during the period under review, with a modest increase in NAV total return since the year end • NAV total return at 31 July 2025 of 214.58p per Ordinary Share • NAV at 31 July 2025 of 67.24p per Ordinary Share • Special dividend of 10.00p per Ordinary Share paid on 30 May 2025 • Interim dividend of 2.50p per Ordinary Share to be paid on 14 November 2025 • Special dividend of 2.50p per Ordinary Share to be paid on 14 November 2025 Introduction This interim period has been a busy time for your Company. There has been much already communicated to Shareholders over the past few months, following the AGM and the recent General Meetings. All of the documentation surrounding these events as well as information regarding the lengthy Strategic Review, which resulted in the change of Investment Manager to Maven, is readily accessible on the Company's webpage which can be found at: mavencp.com/renovarvct. Since the appointment on 1 May 2025 of the new Investment Manager, your Board and Maven have established an effective, professional and collaborative partnership and the Board remains confident that Maven has the necessary experience, skills, expertise and resources to deliver an improvement to Shareholder value. Despite the continued lack of quality and the scarcity of opportunities currently available on AIM, the Board looks forward to working with Maven's AIM and private equity teams to explore the pipeline of investment opportunities generated across Maven's nationwide network of regionally based investment executives. Investment Policy As Shareholders will be aware, a central component of the Strategic Review was to identify opportunities to improve your Company's performance, in light of the ongoing structural challenges within the AIM market. A key outcome of this process was your Board's belief that moving to an "AIM Plus" strategy would provide an opportunity to enhance performance by allowing a greater degree of investment in private companies, alongside continued investment in the AIM and AQSE markets. This proposal was presented to Shareholders at the 2025 AGM, where the resolution, unfortunately, did not meet the requisite majority of votes cast to be passed. The Investment Policy, therefore, remains unchanged and the Company's portfolio will continue to be managed in accordance with the parameters of the existing policy. Maven's appointment was not contingent on a change in Investment Policy and Maven has a well established and highly experienced, London based, dedicated AIM and Listed Markets team with a track record of making and managing AIM investments. Although AIM remains a challenging market, Maven's AIM and Listed Markets team will continue to assess new AIM and AQSE investment opportunities, progressing those that present a credible investment case with a clear opportunity for value creation. The existing Investment Policy does permit investment in qualifying private companies that are likely to seek a quotation on AIM or AQSE and, in this regard, the Board anticipates that certain unlisted companies sourced through Maven's nationwide team of investment executives, which meet these criteria, will be selectively completed. The Board believes that Maven has the resource and expertise to support the management of your Company's portfolio going forward, whether under the existing Investment Policy or under an "AIM Plus" strategy, if that were to be approved by Shareholders in the future. In order for your Company to benefit from Maven's preferred approach to treasury management, the strategy with respect to permitted, non-qualifying holdings has been amended to bring it in line with the approach adopted by the other Maven managed VCTs. Maven's preferred treasury management strategy is to invest excess liquidity across a diversified portfolio of treasury management investments with strong fundamentals and attractive income characteristics, comprising money market funds (MMFs) and London Stock Exchange listed investment companies, with the remaining cash held on deposit across several UK banks in order to minimise counterparty risk. The objective of this strategy is to optimise the income generated from cash held prior to investment in VCT qualifying companies, whilst also meeting the requirements of the Nature of Income condition, a mandatory part of VCT legislation, which states that not less than 70% of a VCT's income must be derived from shares or securities. Maven has been operating this diversified treasury management strategy for several years and the Board has approved the adoption of this approach. It is worthwhile reiterating that Maven is waiving its investment management fee for two years from the date of appointment, which the Board believes represents excellent value for Shareholders. Increased Dividend Policy Your Board understands the importance of tax free distributions to Shareholders and, following approval by Shareholders at the AGM, has improved the dividend policy by increasing the target annual yield from 5% to 6% of the Company's NAV at its immediately preceding financial year end. This will be subject to distributable reserves, cash resources and other relevant factors such as realisations and VCT qualifying levels, and with the authority to increase or decrease this level at the Directors' discretion. This improvement brings your Company's dividend policy in line with the other Maven managed VCTs. Dividends will continue to be paid in cash while the Dividend Reinvestment Scheme remains suspended. Interim and Special Dividends In line with the increased dividend policy, and given your Company's high level of distributable cash, the Directors are pleased to announce an interim dividend, for the year ending 31 January 2026, of 2.50p per Ordinary Share. As previously communicated, the Directors confirm that where holdings in the AIM portfolio are realised (as and when market opportunities arise) the intention is that the majority of these proceeds will generally be returned to Shareholders by way of a dividend. In light of the ongoing realisations within the AIM quoted portfolio, and consistent with the stated approach, the Directors are also pleased to announce a special dividend of 2.50p per Ordinary Share. The 2026 interim and special dividend, totalling 5.00p per Ordinary Share, will be paid on 14 November 2025 to Shareholders who are on the register at 17 October 2025, with an ex-dividend date of 16 October 2025. As detailed in the 2025 Annual Report, given the high level of distributable cash, ongoing realisations within the AIM quoted portfolio and with the quality of new AIM investment opportunities remaining sub-optimal, the Directors announced that a special dividend of 10.00p per Ordinary Share would be paid on 30 May 2025 to Shareholders who were on the register at 2 May 2025, with an ex-dividend date of 1 May 2025. After receipt of these two special dividends and the 2026 interim dividend, a total of 15.00p per Ordinary Share will have been paid to Shareholders so far this year. This represents a yield of 19.6%, based on the NAV at the immediately preceding year end. Since the Company's launch, and after receipt of the two special dividends and the 2026 interim dividend, a total of 152.34p per Ordinary Share will have been paid to Shareholders in tax free distributions. It should be noted that the payment of a dividend reduces the NAV of the Company by the total amount of the distribution. The Board would like to remind Shareholders that the Company has moved to paying all cash dividends by bank transfer, rather than by cheque. Shareholders are encouraged to complete a bank mandate form by contacting the Registrar (The City Partnership) on 01484 240910 or by emailing: registrars@city.uk.com. Please check that you have received your dividends and contact the Registrar if you have not. Whilst we will make every effort to ensure that dividends are received correctly by Shareholders, unpaid dividends are kept by the Registrar for a period of 12 years after the payment date. 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, subject always to such transactions being in the best interests of Shareholders. The Board has revised its policy to now maintain a share price that is at a discount of approximately 5% to the latest published NAV per Ordinary Share, subject to the overall constraint that such purchases are in the Company's best interest, and take into consideration market conditions, available liquidity (both for making new and follow-on investments and the continued payment of dividends to Shareholders) and the maintenance of the Company's VCT qualifying status. This change brings the Company in line with the other Maven managed VCTs. The Board is pleased to confirm that the Company has continued to buy back shares on a regular basis and, subject to the factors outlined above, will continue to support this approach. During the period under review, 2,360,209 Ordinary Shares were bought back at a total cost of £1.58 million. Shareholders should note that neither the Company nor the Manager can execute a transaction in the Company's shares. Any instruction by a Shareholder to buy or sell shares on the secondary market must be directed through a stockbroker of their choice. Constitution of the Board During the period under review, the Board has been strengthened by the addition of two new, highly experienced, independent non-executive Directors. Importantly, neither of these new Directors were involved in the Strategic Review process and, as such, bring a fresh perspective and impartial viewpoint, and to date they have made very valuable contributions. On 1 May 2025, Neeta Patel CBE joined the Board. Neeta is currently a non-executive director of Allianz Technology Trust PLC and European Opportunities Trust PLC and was, until recently, a director of Albion Venture Capital Trust PLC. Neeta's experience includes senior leadership roles at Legal & General Group PLC, ft.com (the Financial Times' website) and the British Council, the government's international education and cultural agency. More recently, she was the founding CEO of the Centre for Entrepreneurs, a board adviser at Tech London Advocates, a member of the advisory board at City University Ventures and an entrepreneur mentor-in-residence at London Business School. Neeta was awarded a CBE in the Queen's Honours List in October 2020 for services to entrepreneurship and technology. Julia Henderson had previously informed the Directors of her intention to retire from the Board during 2025, and, at that time, a recruitment process was initiated to identify her successor. Owing to family circumstances and time commitments, Julia decided to stand down at the conclusion of the 2025 AGM, which expedited the recruitment process. On 19 June 2025, the Board resolved to appoint Robert Legget, a long standing shareholder in the Company, as a non-executive Director. Robert is a seasoned financial professional with over two decades of industry experience. He co-founded Progressive Value Management Limited (PVML) in 2000, a firm dedicated to unlocking value and liquidity for institutional investors in underperforming companies. He served as Chairman of PVML until stepping down in 2023. Robert has held several prominent directorships, including roles at Quayle Munro Holdings plc, Sureserve Group plc, Trian Investors 1 Limited, CT Private Equity Trust plc, R & Q Insurance Holdings Limited, and Downing Strategic Micro-Cap Investment Trust plc. Robert is a member of the Institute of Chartered Accountants of Scotland and is widely respected for his expertise in shareholder value creation. Robert succeeds Julia as Chair of the Nomination Committee and Neeta will Chair the Remuneration Committee. On behalf of my fellow Directors, I would like to take this opportunity to extend sincere thanks to Julia for her invaluable contribution during her tenure on the Board and in particular for the important role she played during the lengthy Strategic Review process. We wish her a well deserved and happy retirement. General Meetings As Shareholders will be well aware, your Company held two General Meetings on 13 August 2025. The resolutions to re-appoint your Independent Board were passed by a majority of those voting and the requisitioned resolutions were decisively defeated. As previously noted, all relevant documentation published in connection with those meetings is available on the Company's webpage. Owing to the legal obligations imposed by the Requisition and the efforts the Board made to ensure that as many Shareholders as possible were able to have their say, costs have been incurred by the Company, as detailed in the notes to the Income Statement on page 27, which have, unfortunately, been borne by Shareholders through the Company's NAV. These are in addition to the costs already borne by the Company in conducting the full Strategic Review. While the legal framework does not allow the Company to reclaim these costs from the Requisitioners, the Board has sought to minimise costs borne by the Company and is separately continuing to explore whether it may be possible (and in the best interests of shareholders) to seek to recover any sums paid to, or otherwise due to the Company from, the Company's former manager. Tender Offer The Board recognises that some Shareholders, including the Requisitioners, may not want to remain invested in the Company and may wish to seek liquidity in respect of their shares. In this respect, the Board re-confirms the commitment for the Company to continue to buy back shares and to explore other options which may enable those Shareholders who wish to sell their shares to do so. As detailed in the General Meetings Circular, dated 21 July 2025, the Board intends to consult with Shareholders on proposals for a tender offer. It is intended that any tender offer would only be made once a majority of shares have been held for over five years and tax relief is not expected to be subject to claw back on sale. Fund Raising Given the ongoing challenges within the AIM market and the decision by Shareholders to vote against a change to the Company's Investment Policy, the Board has decided that your Company will not raise funds this year. Shareholders wishing to make a VCT investment this tax year may wish to consider the Joint Offers currently being marketed by the other four Maven managed VCTs, where existing Maven Renovar Shareholders will qualify for the early incentive discount. Further details of the Offers can be found on Maven's website at: www.mavencp.com/vctoffer. Principal and Emerging Risks and Uncertainties The principal and emerging risks and uncertainties facing the Company are those associated with investment in small and medium sized AIM quoted and unlisted companies which, by their nature, carry a higher level of risk and are generally 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 factors such as investor sentiment and market liquidity. Other risks considered on an ongoing basis by the Company and the Manager include compliance with relevant legislation, regulation, adherence to VCT qualifying rules, as well as the effectiveness of the internal controls operated by the Manager and associated third parties. Global conflict and political stability alongside geopolitical risk and uncertainty were considered by the Directors as emerging risks and uncertainties facing the Company over the period under review. The increased use of Artificial Intelligence by either the Manager or portfolio companies, which could lead to increased exposure to risks relating to data protection, cyber security and improper use of intellectual property was also noted as an emerging risk. The Directors also acknowledge the increased level of uncertainty created by recent events, in particular the outcome of the AGM, whereby the proposal to re-elect the Directors standing for re-election and to change the Investment Policy to an "AIM Plus" strategy did not pass, followed by the requisition of a General Meeting, which proposed the appointment of an alternative board of directors and a different investment strategy. The Directors hope that this period of uncertainty for Shareholders has come to an end but recognise that there remain a number of investors with significant shareholdings who are not aligned with the Board's view and strategy for the Company. The Directors are committed to engaging with these Shareholders in order to minimise any future disruption and enable the Board and the Manager to focus on improving the performance of your Company. 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 of the VCT scheme. In the 2025 Spring Statement, the Chancellor confirmed that the UK Government would continue to work with leading entrepreneurs and venture capital firms to ensure that its policy supports the UK business environment, including the role of tax relief schemes such as VCTs and the EIS. Through the VCT Association (VCTA), of which the Manager is a founding member, and the Association of Investment Companies (AIC), of which the Company is a member, the Manager will remain actively involved in discussions with policy makers to promote and reinforce the important role that VCTs play in supporting some of Britain's brightest and most entrepreneurial smaller companies and creating regional employment opportunities. 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 adhere to the IPEV Guidelines in all private company valuations. Investments quoted on AIM are generally valued at their closing bid price at the period end and those traded on SETS (the London Stock Exchange's electronic order book) are valued at their last traded price. The Board and the Manager are cognisant of the FCA Review of Private Market Valuations and will continue to prioritise governance as the fundamental building block for robust valuation reviews, ensuring ongoing accountability. Outlook On behalf of your Board, I would like to take this opportunity to thank those Shareholders who exercised their right to vote at the recent Shareholder Meetings. Your Board remains committed to working with Maven to help improve the performance of your Company and returning it to a steady growth path. Your Board acknowledges that there may be a minority of Shareholders who do not wish to remain invested, and we will seek to provide opportunities for those Shareholders to exit through the ongoing share buy back programme, or by participating in any future tender offer. The objective at the outset of the Strategic Review process was to examine the strategic options that could improve the performance of your Company, given the challenging dynamic in AIM and in light of a deteriorating NAV. Notwithstanding the recent challenges, your Board is optimistic for the future prospects for your Company. Maven has a demonstrable track record for achieving growth in Shareholder value across its stable of managed VCTs and specifically has proven experience of turning round and repositioning an underperforming AIM focused VCT, all of which reinforced the decision to change Manager and appoint Maven. Whilst it has only been a short period of time since Maven's appointment, it is important to highlight several key positive improvements that have already been introduced. These include: • Increasing the annual dividend target from 5% to 6%; • Announcing an interim dividend of 2.50p per Ordinary Share; • Announcing of a further special dividend of 2.50p per Ordinary Share, following AIM realisations; • Improving the share buyback policy by narrowing the target discount from 7% to 5%; • Introducing Maven's diversified and well established treasury management policy to manage excess liquidity; and • Completing two carefully selected private company investments. We look forward to continuing to work with the team to deliver a brighter future for all Shareholders. The objective remains to balance the interests of all Shareholders, and, to this end, the Directors will continue to actively engage with Shareholders who wish to express their views on the Company's strategy and future prospects or who may wish to exit their holding. I am always keen to hear from Shareholders and can be contacted by email at: MavenRenovarVCTChair@mavencp.com Fiona Wollocombe Chairman 8 October 2025 Summary of Investment Changes For the Six Months Ended 31 July 2025
| Valuation 31 January 2025 | Net investment/ (disinvestment) £'000 | Appreciation/ (depreciation) £'000 | Valuation 31 July 2025 | |||
| £'000 | % | £'000 | % | |||
| Listed investments1 | ||||||
| Equities | 70,093 | 62.8 | (15,776) | (370) | 53,947 | 55.9 |
| Unlisted investments | ||||||
| Equities | 3,900 | 3.5 | 1,8302 | 2,460 | 8,190 | 8.4 |
| Loan Stock Other investments3 | 4,507 | 4.0 | - | (63) | 4,444 | 4.6 |
| OEICs | 11,356 | 10.2 | (2,507) | 699 | 9,548 | 9.9 |
| Money Market Funds | 13,176 | 11.8 | (497) | 98 | 12,777 | 13.2 |
| Total investments | 103,032 | 92.3 | (16,950) | 2,824 | 88,906 | 92.0 |
| Cash | 8,963 | 8.1 | (959) | - | 8,004 | 8.3 |
| Other net liabilities | (457) | (0.4) | 137 | - | (320) | (0.3) |
| Net assets | 111,538 | 100.0 | (17,772) | 2,824 | 96,590 | 100.0 |
| Investments | Date | Sector | £'000 | |||
| New unlisted | ||||||
| Arimon Limited (trading as Digilytics)1 | July 2025 | Software & technology | 500 | |||
| Liftango Group Limited2 | May 2025 | Software & technology | 250 | |||
| Total new unlisted 750 | ||||||
| Total unlisted 750 | ||||||
| Money market funds3 | ||||||
| Goldman Sachs Sterling Government Liquid Reserves (Institutional) | February 2025 | Money market fund | 9,436 | |||
| Northern Trust Global Funds PLC - The Sterling Fund Class D | February 2025 | Money market fund | 9,437 | |||
| Total money market funds 18,873 | ||||||
| Total investments completed 19,623 during the period | ||||||
| Realisations | Year first invested | Complete/ partial exit | Cost of shares disposed of £'000 | Value at 31 January 2025 £'000 | Sales proceeds £'000 | Realised gain/(loss) £'000 | Gain/(loss) over 31 January 2025 value £'000 |
| Unlisted | |||||||
| Tcom Limited | 2014 | Complete | - | - | 4 | 4 | 4 |
| Total unlisted | - | - | 4 | 4 | 4 | ||
| AIM quoted | |||||||
| Arecor Therapeutics PLC | 2021 | Partial | 113 | 29 | 24 | (89) | (5) |
| Equals Group PLC | 2014 | Complete | 1,137 | 2,038 | 2,008 | 871 | (30) |
| Intelligent Ultrasound Group PLC | 2019 | Complete | 2,194 | 2,808 | 2,863 | 669 | 55 |
| Kinovo PLC | 2014 | Complete | 1,681 | 1,336 | 1,886 | 205 | 550 |
| Learning Technologies Group PLC | 2015 | Complete | 4,551 | 6,307 | 6,900 | 2,349 | 593 |
| Science in Sport PLC | 2015 | Complete | 1,940 | 773 | 1,011 | (929) | 238 |
| Total AIM quoted | 11,616 | 13,291 | 14,692 | 3,076 | 1,401 | ||
| Open-ended investment company1 | |||||||
| WS Amati UK Listed Smaller Companies Fund | 2014 | Partial | 2,163 | 2,384 | 2,507 | 344 | 123 |
| Total open-ended investment company | 2,163 | 2,384 | 2,507 | 344 | 123 | ||
| Money market funds1 | |||||||
| Goldman Sachs Sterling Government Liquid Reserves (Institutional) | 2023 | Partial | 9,685 | 9,685 | 9,685 | - | - |
| Northern Trust Global Funds PLC - The Sterling Fund Class D | 2023 | Partial | 9,685 | 9,685 | 9,685 | - | - |
| Total money market funds | 19,370 | 19,370 | 19,370 | - | - | ||
| Total realisations completed during the period | 33,149 | 35,045 | 36,573 | 3,424 | 1,528 | ||
| Investment | Valuation £'000 | Cost £'000 | % of total assets | % of equity held | % of equity held by other clients1 |
| Unlisted | |||||
| 2 Degrees Limited (trading as Manufacture 2030) | 6,194 | 2,702 | 6.4 | 15.1 | 22.6 |
| Chorus Intelligence Limited | 2,850 | 3,000 | 3.0 | 0.6 | - |
| Zelim Limited | 1,200 | 1,200 | 1.2 | 5.2 | - |
| Rosslyn Data Technologies PLC 10% Loan Notes | 731 | 800 | 0.8 | - | - |
| Arimon Limited (trading as Digilytics) | 500 | 500 | 0.5 | 3.6 | 14.3 |
| Strip Tinning Holdings PLC 10% Unsecured Convertible Loan Notes | 492 | 500 | 0.5 | - | - |
| Byotrol PLC2 | 373 | 1,209 | 0.4 | 5.5 | - |
| Liftango Group Limited | 250 | 250 | 0.2 | 1.3 | 34.4 |
| The Brighton Pier Group PLC3 | 30 | 489 | - | 1.0 | - |
| Merit Group PLC3 | 14 | 596 | - | 0.3 | 0.2 |
| Total unlisted | 12,634 | 11,246 | 13.0 | ||
| AIM quoted4 | |||||
| The Property Franchise Group PLC | 4,965 | 1,135 | 5.1 | 1.5 | - |
| Craneware PLC | 4,812 | 3,899 | 5.0 | 0.4 | - |
| Aurrigo International PLC | 3,137 | 2,280 | 3.2 | 7.6 | - |
| SRT Marine Systems PLC | 3,003 | 1,174 | 3.1 | 1.5 | - |
| Diaceutics PLC | 2,705 | 1,557 | 2.8 | 2.4 | 0.5 |
| GB Group PLC | 2,637 | 3,203 | 2.7 | 0.5 | - |
| Water Intelligence PLC | 2,525 | 1,218 | 2.6 | 4.0 | 1.2 |
| Windar Photonics PLC | 2,292 | 1,530 | 2.4 | 4.2 | - |
| EnSilica PLC | 2,107 | 2,450 | 2.2 | 5.1 | - |
| Solid State PLC | 1,758 | 520 | 1.8 | 1.8 | - |
| Brooks Macdonald Group PLC5 | 1,631 | 1,154 | 1.7 | 0.6 | - |
| AB Dynamics PLC | 1,588 | 631 | 1.6 | 0.5 | - |
| MaxCyte Inc6 | 1,504 | 1,984 | 1.6 | 0.9 | 0.2 |
| Tan Delta Systems PLC | 1,442 | 1,875 | 1.5 | 9.8 | - |
| Velocity Composites PLC | 1,413 | 2,603 | 1.5 | 10.3 | - |
| Frontier Developments PLC | 1,328 | 2,706 | 1.4 | 0.9 | - |
| Fadel Partners Inc | 1,146 | 3,000 | 1.2 | 10.3 | - |
| Nexteq PLC | 1,133 | 4,196 | 1.2 | 2.6 | - |
| Cordel Group PLC | 1,068 | 992 | 1.1 | 7.6 | - |
| Itaconix PLC | 1,020 | 2,000 | 1.1 | 5.8 | - |
| Accesso Technology Group PLC | 991 | 221 | 1.0 | 0.6 | - |
| Ixico PLC | 990 | 1,670 | 1.0 | 9.3 | - |
| Xeros Technology Group PLC | 867 | 1,000 | 0.9 | 12.8 | - |
| Netcall PLC | 734 | 110 | 0.8 | 0.4 | 0.2 |
| One Media IP Group PLC | 709 | 1,240 | 0.7 | 7.4 | 1.1 |
| Feedback PLC | 700 | 1,000 | 0.7 | 26.9 | 1.2 |
| Sosandar PLC | 686 | 1,872 | 0.7 | 5.0 | - |
| Eden Research PLC | 536 | 1,057 | 0.6 | 3.0 | 1.5 |
| PCI-Pal PLC | 522 | 650 | 0.5 | 1.6 | - |
| Fusion Antibodies PLC | 472 | 2,449 | 0.5 | 4.2 | - |
| Northcoders Group PLC | 419 | 2,111 | 0.4 | 13.8 | - |
| Block Energy PLC | 409 | 3,000 | 0.4 | 6.6 | - |
| Synectics PLC | 396 | 342 | 0.4 | 0.8 | 0.8 |
| Arecor Therapeutics PLC | 373 | 1,537 | 0.4 | 2.2 | 0.5 |
| Polarean Imaging PLC | 372 | 1,055 | 0.4 | 2.9 | 0.1 |
| Hardide PLC | 339 | 2,361 | 0.4 | 5.4 | 0.4 |
| Cambridge Cognition Holdings PLC | 252 | 420 | 0.3 | 2.4 | 1.5 |
| LifeSafe Holdings PLC | 240 | 800 | 0.2 | 16.7 | - |
| Creo Medical Group PLC | 168 | 1,613 | 0.2 | 0.4 | 0.1 |
| Strip Tinning Holdings PLC | 154 | 1,054 | 0.2 | 3.0 | - |
| MyCelx Technologies Corporation | 97 | 645 | 0.1 | 1.7 | - |
| Getech Group PLC | 95 | 1,040 | 0.1 | 3.1 | - |
| RUA Life Sciences | 85 | 931 | 0.1 | 1.2 | 0.1 |
| Verici Dx PLC | 61 | 1,449 | 0.1 | 4.8 | 0.7 |
| Rosslyn Data Technologies PLC | 29 | 1,922 | - | 1.0 | - |
| Zenova PLC | 18 | 900 | - | 4.7 | - |
| Aptamer Group PLC | 11 | 3,672 | - | 0.1 | - |
| Other quoted investments | 8 | 2,654 | - | ||
| Total AIM quoted | 53,947 | 78,882 | 55.9 | ||
| Open-ended investment company7 | |||||
| WS Amati UK Listed Smaller Companies Fund | 9,548 | 8,145 | 9.9 | 5.3 | - |
| Total open-ended investment company | 9,548 | 8,145 | 9.9 | ||
| Money market funds7 | |||||
| Royal London Short Term Money Market Fund (Class Y Accumulation) | 4,478 | 4,414 | 4.6 | 0.1 | - |
| Northern Trust Global Funds PLC - The Sterling Fund Class D | 4,150 | 4,150 | 4.3 | 0.2 | - |
| Goldman Sachs Sterling Liquid Reserves (Institutional) | 4,149 | 4,149 | 4.3 | - | - |
| Total money market funds | 12,777 | 12,713 | 13.2 | ||
| Total investments | 88,906 | 110,986 | 92.0 | ||
| Six months ended 31 July 2025 (unaudited) | Six months ended 31 July 2024 (unaudited) | Year ended 31 January 2025 (audited) | |||||||
| Revenue £'000 | Capital £'000 | Total £'000 | Revenue £'000 | Capital £'000 | Total £'000 | Revenue £'000 | Capital £'000 | Total £'000 | |
| Gain/(loss) on investments* | - | 2,824 | 2,824 | - | 4,385 | 4,385 | - | (3,051) | (3,051) |
| Income from investments** | 680 | - | 680 | 1,447 | - | 1,447 | 2,488 | - | 2,488 |
| Other income | 121 | - | 121 | 270 | - | 270 | 422 | - | 422 |
| Investment management fees | (393) | (1,180) | (1,573) | (282) | (846) | (1,128) | (524) | (1,570) | (2,094) |
| Other expenses*** | (999) | - | (999) | (308) | (9) | (317) | (693) | (14) | (707) |
| Net return on ordinary activities before taxation | (591) | 1,644 | 1,053 | 1,127 | 3,530 | 4,657 | 1,693 | (4,635) | (2,942) |
| Tax on ordinary activities | - | - | - | - | - | - | - | - | - |
| Return attributable to Equity Shareholders | (591) | 1,644 | 1,053 | 1,127 | 3,530 | 4,657 | 1,693 | (4,635) | (2,942) |
| Earnings per share (pence) | (0.41) | 1.14 | 0.73 | 0.75 | 2.36 | 3.11 | 1.14 | (3.12) | (1.98) |
| Six months ended 31 July 2025 (unaudited) | Non-distributable reserves | Distributable reserves | ||||||||
| Share capital £'000 | Share premium account £'000 | Merger Reserve £'000 | Capital redemption reserve £'000 | Capital reserve unrealised £'000 | Capital reserve realised £'000 | Special distributable reserve £'000 | Revenue reserve £'000 | Total £'000 | ||
| At 31 January 2025 Transfer between non-distributable and distributable reserves* | 7,300 - | 3,137 - | 425 (320) | 1,303 - | (21,251) - | (14,158) 320 | 134,779 - | 3 - | 111,538 - | |
| Net return | - | - | - | - | (600) | 3,424 | (1,180)** | (591) | 1,053 | |
| Dividends paid | - | - | - | - | - | - | (14,417) | - | (14,417) | |
| Repurchase and cancellation of shares | (118) | - | - | 118 | - | - | (1,584) | - | (1,584) | |
| At 31 July 2025 | 7,182 | 3,137 | 105 | 1,421 | (21,851) | (10,414) | 117,598 | (588) | 96,590 | |
| Non-distributable reserves | Distributable reserves | ||||||||
| Six months ended 31 July 2024 (unaudited) | Share capital £'000 | Share premium account £'000 | Merger Reserve £'000 | Capital redemption reserve £'000 | Capital reserve unrealised £'000 | Capital reserve realised £'000 | Special distributable reserve £'000 | Revenue reserve £'000 | Total £'000 |
| At 31 January 2024 | 7,553 | 3,137 | 425 | 1,050 | (24,643) | (6,131) | 161,685 | 2 | 143,078 |
| Net return | - | - | - | - | 3,081 | 449 | - | 1,127 | 4,657 |
| Dividends paid | - | - | - | - | - | - | (14,918) | - | (14,918) |
| Repurchase and cancellation of shares | (137) | - | - | 137 | - | - | (2,365) | - | (2,365) |
| At 31 July 2024 | 7,416 | 3,137 | 425 | 1,187 | (21,562) | (5,682) | 144,402 | 1,129 | 130,452 |
| Non-distributable reserves | Distributable reserves | ||||||||
| Year ended 31 January 2025 (audited) | Share capital £'000 | Share premium account £'000 | Merger Reserve £'000 | Capital redemption reserve £'000 | Capital reserve unrealised £'000 | Capital reserve realised £'000 | Special distributable reserve £'000 | Revenue reserve £'000 | Total £'000 |
| At 31 January 2024 | 7,553 | 3,137 | 425 | 1,050 | (24,643) | (6,131) | 161,685 | 2 | 143,078 |
| Net return | - | - | - | - | 3,392 | (8,027) | - | 1,693 | (2,942) |
| Dividends paid | - | - | - | - | - | - | (22,791) | (1,692) | (24,483) |
| Repurchase and cancellation of shares | (253) | - | - | 253 | - | - | (4,115) | - | (4,115) |
| At 31 January 2025 | 7,300 | 3,137 | 425 | 1,303 | (21,251) | (14,158) | 134,779 | 3 | 111,538 |
| 31 July 2025 (unaudited) £'000 | 31 July 2024 (unaudited) £'000 | 31 January 2025 (audited) £'000 | |
| Fixed assets | |||
| Investments at fair value through profit or loss1 | 88,906 | 122,080 | 103,032 |
| Current assets | |||
| Debtors | 309 | 328 | 228 |
| Cash | 8,004 | 9,002 | 8,963 |
| 8,313 | 9,330 | 9,191 | |
| Creditors | |||
| Amounts falling due within one year | (629) | (958) | (685) |
| Net current assets | 7,684 | 8,372 | 8,506 |
| Net assets | 96,590 | 130,452 | 111,538 |
| Capital and reserves | |||
| Called up share capital | 7,182 | 7,416 | 7,300 |
| Share premium account | 3,137 | 3,137 | 3,137 |
| Merger reserve | 105 | 425 | 425 |
| Capital redemption reserve | 1,421 | 1,187 | 1,303 |
| Capital reserve - unrealised | (21,851) | (21,562) | (21,251) |
| Capital reserve - realised | (10,414) | (5,682) | (14,158) |
| Special distributable reserve | 117,598 | 144,402 | 134,779 |
| Revenue reserve | (588) | 1,129 | 3 |
| Net assets attributable to Ordinary Shareholders | 96,590 | 130,452 | 111,538 |
| Net asset value per Ordinary Share (pence) | 67.24 | 88.00 | 76.40 |
| Six months ended 31 July 2025 (unaudited) £'000 | Six months ended 31 July 2024 (unaudited) £'000 | Year ended 31 January 2025 (audited) £'000 | |
| Net cash flows from operating activities | (1,908) | (345) | (742) |
| Cash flows from investing activities | |||
| Purchase of investments | (19,623) | (16,255) | (33,310) |
| Sale of investments | 36,573 | 27,812 | 56,840 |
| Net cash flows from investing activities | 16,950 | 11,557 | 23,530 |
| Cash flows from financing activities | |||
| Equity dividends paid | (14,417) | (14,918) | (24,483) |
| Issue of Ordinary Shares | - | (19) | (19) |
| Repurchase of Ordinary Shares | (1,584) | (2,276) | (4,326) |
| Net cash flows from financing activities | (16,001) | (17,213) | (28,828) |
| Net decrease in cash | (959) | (6,001) | (6,040) |
| Cash at beginning of period | 8,963 | 15,003 | 15,003 |
| Cash at end of period | 8,004 | 9,002 | 8,963 |
| Six months ended 31 July 2025 | |
| The returns per share have been based on the following figures: Weighted average number of Ordinary Shares Revenue return Capital return | 144,471,911 (£591,000) £1,644,000 |
| Total return | £1,053,000 |