REG - Maven Renovar VCT - Half-year Report
09/10/2025 07:00
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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
(https://www.mavencp.com/investment-opportunities/venture-capital-trusts/renovar-vct)
.
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 (http://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 (mailto:MavenRenovarVCTChair@mavencp.com)
Fiona Wollocombe
Chairman
8 October 2025
Summary of Investment Changes
For the Six Months Ended 31 July 2025
Valuation Net investment/ (disinvestment) Appreciation/ (depreciation) Valuation
31 January 2025 £'000 £'000 31 July 2025
£'000 % £'000 %
Listed investments(1)
Equities 70,093 62.8 (15,776) (370) 53,947 55.9
Unlisted investments
Equities 3,900 3.5 1,830(2) 2,460 8,190 8.4
Loan Stock 4,507 4.0 - (63) 4,444 4.6
Other investments(3)
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
( )
(1) Shares traded on the Alternative Investment Market (AIM), National
Association of Securities Dealers Automated Quotations (NASDAQ) and Main
Market of the London Stock Exchange.
(2 ) These movements include the transfer of shares, during the period,
of Merit Group PLC and The Brighton Pier Group PLC from AIM to unlisted equity
holdings.
(3) The Open-Ended Investment Companies (OEICs) include WS Amati UK
Listed Smaller Companies Fund.
Investment Manager's Interim Review
Highlights
• Cash proceeds of £14.7 million generated following M&A activity
across the AIM portfolio, underpinning the special dividends
• In line with the existing Investment Policy, holdings in two new
private companies were added to the portfolio
Overview
In the period leading up to the appointment of Maven as the new Investment
Manager, our dedicated London based AIM team gained familiarity with your
Company's existing portfolio of investments, which has included a detailed
review and analysis of each AIM holding. Recognising that AIM remains a
challenging market for new VCT qualifying investments and smaller quoted
growth companies, Maven's priority will be to evaluate and grade the
portfolio, and begin the process of rationalising your Company's AIM holdings
with the objective of retaining a core, high conviction portfolio and reducing
the exposure to more challenged, loss making companies. Across the portfolio
it is evident that the older and more established businesses have continued to
perform relatively well, whereas the AIM investments completed in the last
five years are generally underperforming and reflect a loss in value. It is
anticipated that these holdings will be the focus of our efforts to protect
Shareholder value. Maven will also gradually start to introduce new
investments to the portfolio through the selective addition of carefully
curated private companies sourced through our nationwide investment team,
which meet the criteria of the existing Investment Policy.
Maven is a leading UK private equity firm and VCT manager with more than 100
executives and has the capability to offer a dual private company and AIM VCT
investment strategy. This allows the VCTs under its management to maximise
asset and sector diversification and spread risk across large, broadly based
portfolios. Since the VCT rule changes in November 2015, Maven has been one of
the most active managers in the industry, completing 81 new unlisted and 46
AIM investments in UK based growth businesses operating across a range of
dynamic sectors such as software, cyber security, data analytics, fintech,
regtech and specialist engineering. We continue to see good demand for VCT
eligible growth capital across our network of regional offices and, during the
last 18 months, have also seen an acceleration in exit activity, notably, to
US private equity buyers. We look forward to working with the Board to deliver
the recovery plan for your Company and generating positive Shareholder
returns. Further information about Maven can be found by visiting our website
at: mavencp.com (https://www.mavencp.com) . (https://www.mavencp.com)
Performance review
The six months to 31 July 2025 were positive but volatile for stock markets.
Initially, listed equities declined in April following the tariff policies
announced by President Trump. However, a mix of postponements, concessions and
subsequent trade deals have improved investor sentiment with markets
rebounding sharply in May. There is some optimism that the UK could be a
beneficiary of a higher tariff environment being more focused on services
rather than goods and having achieved an early trade agreement with the US.
However, consumer and business confidence remains fragile, and there is
considerable uncertainty around the UK Government's fiscal policy.
During the six month period, AIM recorded a total return gain of 7.2%. Despite
a difficult market for valuations M&A activity remained at a high level,
which benefitted your Company directly. Unfortunately, the market continues to
favour profitable companies, and it remained a challenging period for the
valuations of younger, pre-profitable emerging companies. New IPO activity
continues to be heavily depressed, and both share price performance and
trading volumes for many AIM companies remains weak.
Portfolio Developments
During the period under review there were several significant realisations
from the AIM portfolio. The previously announced bids for Learning
Technologies, Intelligent Ultrasound and Equals completed generating total
cash proceeds of £11.7 million. Furthermore, Kinovo received a bid that
resulted in cash proceeds of £1.9 million and the takeover of Science in
Sport also completed generating cash proceeds of £1.0 million, with gains of
41% and 31% recorded respectively in the period. These proceeds underpinned
the payment of the special dividend at the end of May, and the intention
remains to ensure that proceeds from AIM realisations are generally
redistributed to Shareholders by way of dividends.
In the AIM portfolio, the largest positive contributor during the six month
period was Aurrigo, the designer and manufacturer of smart airside solutions
for the aviation industry, which recorded a 61% share price rise. The company
announced a narrowed loss for 2024 and a strong level of commercial interest
including a strategic partnership with Swissport, the world's largest ground
handler, for a pilot of its autonomous airport solutions. Disappointingly,
this gain reversed post the period end as Aurrigo announced tariff related
weakness in its automotive division and slower revenue growth in its
autonomous division with initial testing phases extended and tender processes
delayed. In August, the company announced a £14 million fundraise to
accelerate growth, largely sponsored by non VCT investors; though dilutive, we
regard this as a positive de-risking given the company's early stage.
Followings its merger with Belvoir, The Property Franchise Group, the UK's
largest multi-brand property franchisor, reported positive results for the
full year to 30 April 2025. The larger scale of the business continued to
attract investor demand, and its share price increased by a further 29% during
the period.
In June, healthcare financial performance solutions provider, Craneware
rejected a proposed takeover from Bain Capital at £26.50 per share, on the
basis that the bid fundamentally undervalued the company. The business
reported positive trading in the year to 30 June 2025 and anticipates
accelerating revenue growth in 2026; the share price rose 16% during the
period.
Maritime electronics specialist SRT Marine provided a detailed trading update
for the year ended 30 June 2025, reporting revenue up 426%, across five
separate sovereign customers, and a maiden profit before tax of £4.4 million.
Whilst the Maritime Domain Awareness deployments, and end markets, are at an
early stage, this was a transformation year for the company and SRT has a
validated sales pipeline of up to £1.4 billion.
In June, MaxCyte delisted from AIM, retaining a sole NASDAQ listing. The
delisting resulted in selling by UK investors and a 59% share price decline
during the reporting period, coupled with weak demand for biotech in the US.
Though MaxCyte has numerous strategic licences for its technology, which have
the potential to deliver meaningful long term royalties, current biotech
spending is weak and the 2025 outlook disappointed investors. Following the
delisting, your Company's holding remains VCT qualifying until July 2026.
Following its April trading update, the earnings forecasts for identity and
location verification software provider GB Group were reduced, and the shares
declined by 33% during the period. The business maintains a high level of
repeatable and subscription revenues, but the latest update on the turnaround
of its Americas identity verification business was disappointing, and growth
is currently limited.
During the period, Northcoders' share price declined by 75% after the
technology training provider announced that its key UK contract with the
Department for Education would not be extended. Management anticipate they can
win replacement regionally devolved funding, but this rollout has been slower
than expected.
Within the unlisted portfolio, a key positive performer was carbon reduction
software specialist Manufacture 2030 (M2030). In March 2023, your Company
co-invested in M2030, following a direct introduction from Maven, investing
alongside the other Maven managed VCTs. Since investment, M2030 has
consistently delivered strong revenue growth, with Annual Recurring Revenue
(ARR) more than doubling in two years and projected to increase further
throughout the current year. M2030 operates in a rapidly growing sector, where
it provides a disruptive software solution that allows large corporates and
multinationals to achieve Scope 3 carbon reduction targets by measuring,
managing and reducing carbon emissions across their supply chain, with the
objective of achieving the targets set out in the United Nations' Sustainable
Development Goals. The business continues to expand its blue chip client base
and has added six new large corporate customers to the platform so far this
year. M2030 maintains a strong pipeline of opportunities and a near term
objective is to expand its presence in North America, which is an identified
growth market. In light of the positive performance, and specifically the
growth in ARR, and consistent with IPEV Guidelines, the value of this holding
has been uplifted to reflect the progress that has been achieved.
Treasury Management
At 31 July 2025, the Company held treasury management holdings comprising
£8.0 million in cash, £12.8 million in three money market funds, and a £9.5
million investment in the WS Amati UK Listed Smaller Companies Fund. The
latter was reduced by £2.5 million through a partial redemption in May.
As previously outlined, Maven will maintain 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.
During the second half of the financial year, we intend to reposition your
Company's treasury management portfolio in line with Maven's preferred
approach and the revised strategy approved by the Board.
New Investments
Your Company's current Investment Policy permits investment in qualifying
private companies that are likely to seek a quotation on AIM or AQSE. During
the first half of the financial year, two new private companies, sourced
through Maven's regional network of offices, were added to the portfolio.
These companies operate in dynamic or emerging markets and have the potential
to achieve scale over the medium term. In both cases, your Company has
invested alongside the other four Maven managed VCTs.
• Digilytics is a provider of an AI enabled solution that automates
loan application processing. The platform uses machine learning and large
language models to read and extract data from key documents such as payslips,
bank statements and utility bills, ensuring both consistency and completeness.
It then evaluates the application against eligibility criteria and
affordability metrics, while also screening for potential fraud. Digilytics
helps lenders to reduce costs and error rates, whilst improving the response
time for applicants. The VCT funding is being used to support the sales and
marketing function and invest in product development. The company has a near
term objective of launching in the US, where there is an identified market
opportunity.
• Liftango is a provider of a demand responsive transport (DRT)
solution, which enables users to plan, launch and scale shared mobility
projects that reduce costs by optimising routes, whilst simultaneously
addressing sustainability goals such as reducing carbon emissions and
combating localised congestion. Having achieved success in Australia and the
UK, Liftango is now focused on expanding the Middle East and the Americas,
which are identified as key growth territories. Liftango works with many
Fortune 500 companies, as well as large global bus operators and government
transport agencies, and is well positioned to deliver further growth as it
secures new contracts and expands its market position. The Maven VCTs first
invested in Liftango in 2021, and since investment the business has increased
revenues fivefold with the Maven VCTs providing follow-on funding to support
growth. The VCT investment is being used to support international expansion
and further product development.
The following investments were completed during the reporting period:
Investments Date Sector £'000
New unlisted
Arimon Limited July 2025 Software & technology 500
(trading as Digilytics)(1)
Liftango Group Limited(2) May 2025 Software & technology 250
Total new unlisted
750
Total unlisted
750
Money market funds(3)
Goldman Sachs Sterling Government February 2025 Money market fund 9,436
Liquid Reserves (Institutional)
Northern Trust Global Funds PLC February 2025 Money market fund 9,437
- The Sterling Fund Class D
Total money market funds
18,873
Total investments completed
19,623
during the period
(1) The Maven VCTs first invested in Arimon Limited (trading as Digilytics) in
March 2025.
(2) The Maven VCTs first invested in Liftango Group Limited in December
2021,and have subsequently provided follow-on funding.
(3) Investments completed as part of the treasury management strategy.
( )
At the period end, the portfolio comprised of 61 unlisted and quoted
investments, at a total cost of £111.2 million.
Realisations
The table below gives details of the realisations completed during the
reporting period:
Realisations Cost of shares Sales proceeds Gain/(loss) over 31 January 2025 value
Year first Complete/ disposed Value at 31 January 2025 £'000 Realised £'000
invested partial exit of £'000 gain/(loss)
£'000 £'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 2019 Complete 2,194 2,808 2,863 669 55
Group PLC
Kinovo PLC 2014 Complete 1,681 1,336 1,886 205 550
Learning Technologies 2015 Complete 4,551 6,307 6,900 2,349 593
Group PLC
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 company(1)
WS Amati UK Listed 2014 Partial 2,163 2,384 2,507 344 123
Smaller Companies Fund
Total open-ended investment company 2,163 2,384 2,507 344 123
Money market funds(1)
Goldman Sachs Sterling 2023 Partial 9,685 9,685 9,685 - -
Government Liquid
Reserves (Institutional)
Northern Trust Global Funds 2023 Partial 9,685 9,685 9,685 - -
PLC - The Sterling Fund
Class D
Total money market funds 19,370 19,370 19,370 - -
Total realisations completed 33,149 35,045 36,573 3,424 1,528
during the period
(1) Realisations were completed as part of the treasury management strategy.
Outlook
As the new Investment Manager, we are keen to move forward with an investment
strategy that optimises access to VCT qualifying companies in order to return
your Company to a steady growth path. To show our commitment, and alignment
with Shareholders, Maven is waiving its management fee for the first two years
following our appointment. Although it is early in the recovery plan, we have
made good progress in our analysis and understanding of the portfolio and,
working with the Board, we are formulating a strategy to help recover value
for Shareholders.
Maven Capital Partners UK LLP
Manager
8 October 2025
Investment Portfolio Summary
As at 31 July 2025
Investment Valuation Cost % of % of % of equity held by other clients(1)
£'000 £'000 total equity
assets held
Unlisted
2 Degrees Limited 6,194 2,702 6.4 15.1 22.6
(trading as Manufacture 2030)
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 731 800 0.8 - -
10% Loan Notes
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 PLC(2) 373 1,209 0.4 5.5 -
Liftango Group Limited 250 250 0.2 1.3 34.4
The Brighton Pier Group PLC(3) 30 489 - 1.0 -
Merit Group PLC(3) 14 596 - 0.3 0.2
Total unlisted 12,634 11,246 13.0
AIM quoted(4)
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 PLC(5) 1,631 1,154 1.7 0.6 -
AB Dynamics PLC 1,588 631 1.6 0.5 -
MaxCyte Inc(6) 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 company(7)
WS Amati UK Listed Smaller 9,548 8,145 9.9 5.3 -
Companies Fund
Total open-ended investment 9,548 8,145 9.9
company
Money market funds(7)
Royal London Short Term Money 4,478 4,414 4.6 0.1 -
Market Fund (Class Y Accumulation)
Northern Trust Global Funds PLC - 4,150 4,150 4.3 0.2 -
The Sterling Fund Class D
Goldman Sachs Sterling Liquid 4,149 4,149 4.3 - -
Reserves (Institutional)
Total money market funds 12,777 12,713 13.2
Total investments 88,906 110,986 92.0
( )
(1) Other clients of Maven Capital Partners UK LLP.
(2) This company delisted from AIM during a previous period.
(3) This company delisted from AIM during the period.
(4) Investments are quoted on AIM with the exception of Brooks Macdonald Group
PLC, which is listed on the Main Market of the London Stock Exchange.
(5) This company is listed on the Main Market of the London Stock Exchange.
(6) This company delisted from AIM during the period and retains a NASDAQ
listing.
(7) Treasury management holdings.
Income Statement
For the Six Months Ended 31 July 2025
Six months ended Six months ended Year ended
31 July 2025 (unaudited) 31 July 2024 (unaudited) 31 January 2025 (audited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'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 (591) 1,644 1,053 1,127 3,530 4,657 1,693 (4,635) (2,942)
activities before taxation
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)
* Now included within the comparative periods are the net losses on
current asset investments of £10,000 at 31 July 2024 and £162,000 at 31
January 2025.
** Included within the comparative periods was interest from deposits of
£270,000 at 31 July 2024 and £422,000 at 31 January 2025 that are now
separately disclosed within other income.
*** Other expenses include non-recurring costs in relation to the requisition
of a General Meeting held on 13 August 2025 of £397,000 and £242,000 in
relation to the Strategic Review.
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 accompanying Notes are an integral part of the Financial Statements.
Statement of Changes in Equity
Six months ended 31 July 2025
Six months ended 31 July 2025 (unaudited) Non-distributable reserves Distributable reserves
Share capital Share Capital redemption Capital Capital Special Revenue reserve Total
£'000 premium reserve reserve reserve distributable £'000 £'000
account Merger Reserve £'000 unrealised realised reserve
£'000 £'000 £'000 £'000 £'000
At 31 January 2025 7,300 3,137 425 1,303 (21,251) (14,158) 134,779 3 111,538
Transfer between non-distributable - - (320) - - 320 - - -
and distributable reserves*
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 Share Capital redemption Capital Capital Special Revenue reserve Total
£'000 premium Merger Reserve reserve reserve reserve distributable £'000 £'000
account £'000 £'000 unrealised realised reserve
£'000 £'000 £'000 £'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 Share Capital redemption Capital Capital Special Revenue reserve Total
£'000 premium Merger Reserve reserve reserve reserve distributable £'000 £'000
account £'000 £'000 unrealised realised reserve
£'000 £'000 £'000 £'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
* ( ) The Board approved the write-off of LeisureJobs.com (formerly
Sportsweb), this reserve movement reflects this full asset impairment leaving
one remaining asset (Synectics PLC) in the merger reserve.
** Refer to page 33 for allocation of costs through the special distributable
reserve.
The capital reserve unrealised is generally non-distributable other than the
part of the reserve relating to gains/(losses) attributable to readily
realisable quoted investments which are distributable.
Where all, or an element of the proceeds of sales have not been received in
cash or cash equivalent, and are not readily convertible to cash, they do not
qualify as realised gains for the purposes of distributable reserves
calculations and, therefore, do not form part of distributable reserves.
The accompanying Notes are an integral part of the Financial Statements.
Balance Sheet
As at 31 July 2025
31 July 2025 31 July 2024 31 January 2025
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Fixed assets
Investments at fair value through profit or loss(1) 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
(1) Investments now include MMFs, which were previously reported in current
assets. These were £20,751,000 at 31 July 2024 and £13,176,000 at 31 January
2025. Further details of the investment composition can be found in the
Interim Report.
The Financial Statements of Maven Renovar VCT PLC, registered number 04138683,
were approved and authorised for issue by the Board of Directors and were
signed on its behalf by:
Fiona Wollocombe
Director
8 October 2025
The accompanying Notes are an integral part of the Financial Statements.
Cash Flow Statement
For the Six Months Ended 31 July 2025
Six months ended Six months ended 31 July 2024 Year ended
31 July 2025 (unaudited) 31 January 2025
(unaudited) £'000 (audited)
£'000 £'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
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 July 2025 and the six
months ended 31 July 2024 are unaudited and comprise non-statutory accounts
within the meaning of S435 of the Companies Act 2006. The financial
information contained in this report has been prepared on the basis of the
accounting policies set out in the Annual Report and Financial Statements for
the year ended 31 January 2025, which have been filed at Companies House and
which contained an Auditor's Report which was not qualified and did not
contain a statement under S498(2) or S498(3) of the Companies Act 2006.
2. Reserves
Share premium account
The share premium account represents the premium above nominal value received
by the Company on issuing shares net of issue costs. This reserve is
non-distributable.
Capital redemption reserve
The nominal value of shares repurchased and cancelled is represented in the
capital redemption reserve. This reserve is non-distributable.
Merger reserve
This reserve originally represented the share premium on shares issued when
the Company merged with Singer & Friedlander AIM VCT and Singer &
Friedlander AIM 2 VCT in February 2006. The merger reserve is released to the
realised capital reserve as the assets acquired as a consequence of the merger
are subsequently disposed of or permanently impaired. The impairment of
LeisureJobs.com Limited was reflected during the period. 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 special distributable reserve includes the total cost to the Company of
the repurchase and cancellation of shares as well as capital dividends. In
addition, from this period onwards, this reserve includes capital investment
management fees and the tax effect of capital items that were previously
reflected in the distributable capital reserve. 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 July 2025
The returns per share have been based on the following figures:
Weighted average number of Ordinary Shares 144,471,911
Revenue return (£591,000)
Capital return £1,644,000
Total return £1,053,000
4. Related Party Transactions
Amati Global Investors Limited (AGI) was the investment manager up to the date
of termination of the fund management contract on 30 April 2025. During this
period, the Company was charged £431,087 in management fees, £21,202 in
administration fees and a termination fee of £1,192,473.
Following the termination of AGI, the Company appointed Maven Capital Partners
UK LLP (Maven) as Investment Manager. The Company will not be charged a
management fee for the initial two years post appointment of Maven.
From 1 April 2025, the Company appointed Maven as Company Administrator. The
Company has been charged £34,500 as an administration fee for the period to
31 July 2025.
Directors' Responsibility Statement
The Directors will continue to adopt the going concern basis when preparing
the Financial Statements and confirm that, to the best of their knowledge:
• the condensed set of Financial Statements for the six months ended
31 July 2025 have been prepared in accordance with FRS 104, the Financial
Reporting Standard applicable in the UK and Republic of Ireland and give a
true and fair view of the assets, liabilities, financial position and profit
of the Company as required by DTR 4.2.4R;
• the Interim Management Report includes a fair review of the
information required by DTR 4.2.7R in relation to the indication of important
events during the first six months, and of the principal and emerging risks
and uncertainties facing the Company during the second six months, of the year
ending 31 January 2026; 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.
On behalf of the Board
Fiona Wollocombe
Director
8 October 2025
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