TIDMMAV4 TIDMMAVC
RNS Number : 9153M
Maven Income & Growth VCT 4 PLC
30 August 2013
Maven Income and Growth VCT 4 PLC
Interim Results
The Directors announce the unaudited interim results for the six
months ended 30 June 2013.
On behalf of your Board I am pleased to announce the financial
results for the six months to 30 June 2013 during which the Company
successfully completed a share class consolidation and the merger
with Ortus VCT PLC on 3 April 2013.
The merger enabled your Company to acquire valuable 'old money'
which can be invested under more favourable VCT regulations, and is
expected to deliver cost savings and administrative efficiency.
The six months to 30 June 2013 have been another period of
progress for your Company with net assets increasing to GBP29.4
million, including the proceeds of the successful Offer for
Subscription which closed on 30 April 2013.
Highlights
-- Total return on Ordinary Shares of 124.90p per share at 30
June 2013, up 2.15p (1.75%) from 31 December 2012;
-- NAV of Ordinary Shares at period end of 97.60p per share;
-- NAV of C Shares at period end of 98.40p per share;
-- Realisation of Atlantic Foods Group for a total return of
1.8x cost;
-- Seven new investments made during the period;
-- Partial exit from Homelux Nenplas alongside a secondary
buy-out of the Nenplas business;
-- Successful IPO of esure; and
-- Interim dividend declared of 2.00p per Ordinary Share (2012:
1.75p).
The most important measure of performance for a VCT is the NAV
total return, which is the long term record of dividend
payments
out of income and capital gains combined with the current
NAV.
Dividends
The Board has declared an interim dividend of 2.00p per Ordinary
Share, comprising 1.00p of revenue and 1.00p of capital, to be paid
on 27 September 2013 to Shareholders on the register on 6 September
2013.
Ortus Shareholders received a special dividend of 2.00p per
Ortus Ordinary Share on 17 April 2013, paid from cash transferred
from Ortus to the C Share pool. By that time, Ordinary, S and Ortus
Shareholders who invested at the outset had received dividends
totalling 27.30p, 13.35p and 15.41p respectively.
The Board regards the growing level of dividends as an
indication of the success of the Company's investment strategy and
is committed to improving Shareholder distributions in future years
as the portfolio continues to expand and mature.
The investment portfolio
During the period your Company participated in seven new private
company transactions, as well as six follow-on investments
supporting the development of existing portfolio companies. Most of
the existing private equity assets are trading acceptably or ahead
of plan. Developments within the portfolio are detailed in the
Investment Manager's Review
Principal risks and uncertainties
The Board has reviewed the principal risks and uncertainties
facing the Company, which were set out in full in the 2012 Annual
Report, and are the risks involved in investment in small and
unquoted companies. In order to reduce the exposure to investment
risk the Company has invested in a broadly-based portfolio of
mature companies in the United Kingdom.
The VCT qualifying status of the Company is reviewed regularly
by your Board and monitored on a continuous basis by the Manager in
order to ensure that all of the criteria for VCT qualifying status
are met. The Board is pleased to confirm that all tests continue to
be met.
Valuation process
Investments held by Maven Income and Growth VCT 4 PLC in
unquoted companies are valued in accordance with the International
Private Equity and Venture Capital Valuation Guidelines.
Investments quoted or traded on a recognised stock exchange,
including AIM, are valued at their bid prices.
VCT regulation
The AIC worked closely with the FSA on Consultation Paper 12-19
(restrictions on the retail distribution of unregulated collective
investment schemes and close substitutes) and its applicability to
venture capital trusts. The Board has supported the AIC in calling
on the FSA to exclude VCTs from the proposals in the same way that
investment trusts have been and was pleased to note the
announcement by the FCA (which replaced the FSA) that VCTs have
been excluded from the marketing restrictions.
The Manager monitors all potential regulatory changes that are
under consideration and keeps the Board informed of any
implications for the Company.
VCT Offers and fund raising
An Offer for subscription was included in the merger
documentation, resulting in the issue of 4,324,206 new Ordinary
Shares and raising an additional GBP4,224,749 of share capital. The
Offer closed on 30 April 2013.
The Company may use the money raised under the Offer to pay
dividends and general running costs, thereby preserving for
investment purposes an equivalent sum of more valuable 'old money'
which operates under more advantageous VCT regulations. The
proceeds of the Offer will provide additional liquidity for the
Company to make further later-stage investments, and enable it to
spread its costs over a larger asset base to the benefit of all
Shareholders.
Share buy-back policy
Shareholders have given the Board authority to buy back Shares
for cancellation when it is in the interests of the Shareholders
and the Company as a whole and 195,000 Ordinary Shares and 105,000
C Ordinary Shares were bought back during the period at a cost of
GBP173,440 and GBP94,825 respectively. Details of the parameters
within which the Company may carry out share buy-backs are given in
the Directors' Report in the Annual Report.
Enhanced Share Buy-back (EBB) Scheme
Within the Shareholder circular and prospectus dated 1 March
2013, the Company announced its intention to offer Shareholders the
opportunity to participate in an EBB scheme during 2013. As HM
Treasury have recently issued a formal consultation on such schemes
a decision will be deferred until the guidelines are available.
The future
As a result of the share consolidation, merger and recent Offer
your Company is well placed to further develop its portfolio of
investments and the Board believes that the selective, later-stage
investment strategy pursued by the Manager will continue to drive
attractive returns to Shareholders.
Ian Cormack
Chairman
30 August 2013
Investment Manager's Review
Overview
The continuing focus for your Company is to achieve long-term
capital appreciation and to generate maintainable levels of
tax-free income for Shareholders through the ongoing expansion of
the private equity asset base.
The Ordinary and C portfolios combined now include almost 50
later-stage private company investments across a wide range of
sectors, the majority of which are trading positively and paying an
income to your Company. The portfolio continues to generate strong
levels of revenue, which is an important component in your
Company's ability to sustain an attractive level of tax-free
distributions to Shareholders.
The Maven team has continued to seek out suitable investment
opportunities in profitable UK companies with established revenue
streams and during the period several significant new assets were
added to the portfolio.
Kelvinlea, a second joint venture residential property
development with the same developer as Moriond, was added to the
portfolio in January 2013, as that first project moves towards a
profitable conclusion. In March 2013 a new company was formed to
acquire DPP, an established mechanical and electrical maintenance
business, and two new investments into long established businesses
completed in June 2013 with the acquisition of HCS Control Systems
Group and the buy-out of Lambert Contracts Holdings. In addition,
Maven has incorporated three new companies to invest in the retail,
manufacturing and e-commerce sectors.
The trend of successful exits seen during the previous financial
year has continued, and three profitable realisations were achieved
during the period generating capital proceeds of GBP1.6
million.
We are pleased to note a number of awards in recognition of the
quality of the Company's unlisted portfolio and Maven's investment
management strategy. In April 2013 our investee company, Torridon,
was announced as the Midlands regional winner of the Mid-Market
Private Equity-Backed Management Team of the Year award at the BVCA
Management Team Awards and in the following month Maven was
announced as winner of Scottish Investor of the Year at the
Acquisition International M&A Awards, which recognise
consistent achievement in the private equity/transactional
marketplace.
Investment activity
During the period the Maven team completed seven new private
equity investments on behalf of your Company, alongside six
follow-on investments in existing portfolio companies. At the
period end, the combined portfolio stood at 64 unlisted and AIM
investments at a total cost of GBP23.6 million.
Investments made
The following investments have been completed during the
period:
Investment
cost
-------------------------- -------------------- ------------------- ------------- ----------------------
GBP'000 GBP'000
------------------------- ------- ------------ ------------------- ------------- ----------------------
Investment Date Sector Ordinary C Website
Shares Ordinary
Shares
------------------------- ------- ------------ ------------------- ------------- ----------------------
Unlisted
------------------------ --------------------- -------------------- ------- ---- ----------------------
Camwatch Limited May 2013 Telecommunication www.camwatch.co.uk
services 62 -
------------------------ --------------------- -------------------- ------- ---- ----------------------
Ensco 969 Limited March Support services No website available
(trading as DPP) 2013 919 -
------------------------ --------------------- -------------------- ------- ---- ----------------------
Glacier Energy Services June 2013 Oil equipment www.glacier.co.uk
Group Limited services 375 -
------------------------ --------------------- -------------------- ------- ---- ----------------------
HCS Control Systems June 2013 Oil & gas www.hcscsl.com
Group Limited 385 -
------------------------ --------------------- -------------------- ------- ---- ----------------------
Kelvinlea Limited January Real estate No website available
2013 185 -
------------------------ --------------------- -------------------- ------- ---- ----------------------
Lambert Contracts www.lambertcontracts.
Holdings Limited June 2013 Construction 664 59 co.uk
------------------------ --------------------- -------------------- ------- ---- ----------------------
Lawrence Recycling January Support services www.lawrenceskiphire.
& Waste Management 2013 co.uk
Limited 105 -
------------------------ --------------------- -------------------- ------- ---- ----------------------
Lemac No. 1 Limited January Automobile www.mcgavigan.com
(trading as John 2013 and parts
McGavigan Limited) 43 -
------------------------ --------------------- -------------------- ------- ---- ----------------------
Manor Retailing Limited June 2013 RetaiI 600 125 No website available
------------------------ --------------------- -------------------- ------- ---- ----------------------
Nenplas Holdings May 2013 Manufacturing No website available
Limited 552 -
------------------------ --------------------- -------------------- ------- ---- ----------------------
Richfield Engineering
Services Limited June 2013 Engineering 600 125 No website available
------------------------ --------------------- -------------------- ------- ---- ----------------------
Search Commerce Limited June 2013 Ecommerce 600 125 No website available
------------------------ --------------------- -------------------- ------- ---- ----------------------
TC Communications February Support services www.tccommunications.
Holdings Limited 2013 112 - co.uk
------------------------ --------------------- -------------------- ------- ---- ----------------------
Total unlisted investment 5,202 434
--------------------------------------------------------------------- ------- ---- ----------------------
Listed fixed income
------------------------ --------------------- -------------------- ------- ---- ----------------------
Treasury Bill 24 April UK Government 2,998 -
June 2013 2013
------------------------ --------------------- -------------------- ------- ---- ----------------------
Treasury Bill 23 May 2013 UK Government
September 2013 4,495 -
------------------------ --------------------- -------------------- ------- ---- ----------------------
Total listed fixed
income
investment 7,493 -
------------------------ --------------------- -------------------- ------- ---- ----------------------
Total listed fixed
income
investment
------------------------ --------------------- -------------------- ------- ---- ----------------------
Total investment 12,695 434
--------------------------------------------------------------------- ------- ---- ----------------------
Your Company has co-invested in some or all of the above
transactions with Maven Income and Growth VCT, Maven Income and
Growth VCT 2, Maven Income and Growth VCT 3, Maven Income and
Growth VCT 5 and Talisman First Venture Capital Trust. The Company
is expected to continue to co-invest with all other Maven VCT
clients, which offers the advantage that, in aggregate, they are
able to underwrite a wider range and larger size of transaction
than would be the case on a stand-alone basis.
New investments
Seven private company investments were added to the portfolio
during the period under review:
-- Kelvinlea, a new company established to acquire a small
portfolio of residential properties at a discount to market value
and carry out a refurbishment and sales programme over an 18 to 24
month period. The transaction provides an 8.5% paid yield and is
also forecast to generate a significant capital gain when the
project is completed and all assets are sold;
-- Ensco 969, a new company formed to acquire DPP, an
established business that provides planned and reactive mechanical
and electrical maintenance services to operators of pubs,
restaurants and retail chains, predominantly in the South of
England. DPP has strong levels of contractual and recurring
revenues and a strong track record of attracting new clients and
increasing both the breadth of service and geography within which
it is delivered;
-- Manor Retailing, a new company set up to invest in the retail
and leisure sector, where Maven has made a number of successful
investments and sees the potential for further opportunities;
-- Richfield Engineering Services, a new company established
with a buy & build strategy targeting engineering businesses
with a strong technical service or product; encompassing
manufacturing, maintenance and spares & service
capabilities;
-- Search Commerce, a new company set up to invest in a business
providing e-commerce platforms focusing on distribution, service
and retail businesses;
-- HCS Control Systems Group, a long established business that
designs, manufactures, assembles and tests instrumentation control
packages for the onshore and worldwide offshore oil & gas
industry. HCS enjoys a large degree of repeat business from a loyal
customer base and will focus on growth through internationalisation
into key overseas markets. This acquisition was made by Burray
Capital, a new company established by Maven in December 2012 to
invest in the oil & gas sector; and
-- Lambert Contracts Holdings, a leading specialist contractor
in insurance reinstatement, property maintenance and fire
protection that benefits from long term embedded relationships with
major insurance companies, loss adjustors and property
managers.
In June 2013, a follow-on investment was made into Glacier
Energy Services Group, an oil & gas service group headquartered
in Aberdeen with two operating divisions, Glacier Engineering and
Glacier Offshore. Glacier Engineering is a specialist provider of
weld overlay and cladding services through the Wellclad trading
company. Glacier Offshore sells onsite machining services via two
trading companies, Roberts Pipeline Machining and Site Machining
Services. Glacier is focused on growth within its core UK market
and this investment funded the acquisition of a business that
provides heat exchanger repair and refurbishment services for the
offshore oil & gas industry.
A commitment has also been made to provide a fully secured
mezzanine loan to Maven Capital (Llandudno) to fund the
refurbishment of a hotel in North Wales with a long lease in place.
The transaction will provide an 8.65% running yield following
completion of the development.
Realisations
In March 2013, Maven led the successful partial exit from
Homelux Nenplas via the sale of the Homelux Division to US firm QEP
Company Inc. The disposal of Homelux was completed alongside a
secondary buy-out of Nenplas by Maven and the existing management
team. The remaining business, Nenplas Holdings, will focus on
continuing to deliver innovative extruded plastic products and
solutions and is expected to grow significantly over the next few
years through organic opportunities and by making new acquisitions.
Additional funding was provided in May 2013 to support the purchase
of a plastic extrusion business based in Worcestershire.
Also in March 2013, esure undertook a successful IPO, and a
realisation above the carrying value was crystallised in May, with
the majority of exit proceeds being received in cash alongside a
small element of stock that will be subject to the normal price
fluctuations associated with fully listed holdings.
There was one notable private company full exit during the
period with the sale of Atlantic Foods Group to the US based
Flagship Food Group completing in May 2013 for a 1.8 times return
on cost.
The Manager is currently engaged with investee companies and
prospective acquirers at various stages of a potential exit
process. This realisation activity reflects the increasing maturity
of a number of holdings, but it should be noted that there can be
no certainty that these discussions will lead to profitable
sales.
Investments realised
The table below gives details of all realisations during the
reporting period:
Year Complete/ Cost Sales Realised
invested partial of shares proceeds gain/(loss)
exit disposed
of
-------------------------------------- ----------- ----------- ----------- ---------- -------------
GBP'000 GBP'000 GBP'000
-------------------------------------- ----------- ----------- ----------- ---------- -------------
Unlisted
-------------------------------------- ----------- ----------- ----------- ---------- -------------
Atlantic Foods Group Limited 2008 Complete 326 427 101
-------------------------------------- ----------- ----------- ----------- ---------- -------------
Attraction World Holdings Limited* 2010 Partial 196 185 (11)
-------------------------------------- ----------- ----------- ----------- ---------- -------------
Homelux Nenplas Limited 2006 Complete 149 564 415
-------------------------------------- ----------- ----------- ----------- ---------- -------------
Oliver Kay Holdings Limited 2007 Complete - 13 13
-------------------------------------- ----------- ----------- ----------- ---------- -------------
TC Communications Holdings
Limited 2008 Partial 7 7 -
-------------------------------------- ----------- ----------- ----------- ---------- -------------
Torridon (Gibraltar) Limited
(formerly Torridon Capital
Limited) 2010 Partial 63 63 -
-------------------------------------- ----------- ----------- ----------- ---------- -------------
Tosca Penta Investments Limited
Partnership (trading as esure) 2010 Partial 262 602 340
-------------------------------------- ----------- ----------- ----------- ---------- -------------
Westway Services Holdings (2010)
Limited* 2009 Partial 68 60 (8)
-------------------------------------- ----------- ----------- ----------- ---------- -------------
Total unlisted disposals 1,071 1,921 850
---------------------------------------------------------------- ----------- ---------- -------------
AIM/ISDX
-------------------------------------- ----------- ----------- ----------- ---------- -------------
Brookwell Limited 2011 Partial 7 5 (2)
-------------------------------------- ----------- ----------- ----------- ---------- -------------
Chime Communications PLC 2009 Partial 31 46 15
-------------------------------------- ----------- ----------- ----------- ---------- -------------
Datong PLC 2005 Complete 151 59 (92)
-------------------------------------- ----------- ----------- ----------- ---------- -------------
Total AIM/ISDX disposals 189 110 (79)
---------------------------------------------------------------- ----------- ---------- -------------
Listed fixed income
-------------------------------------- ----------- ----------- ----------- ---------- -------------
Treasury Bill 25 March 2013 2012 Complete 1,997 2,000 3
-------------------------------------- ----------- ----------- ----------- ---------- -------------
Treasury Bill 24 June 2013 2013 Complete 2,998 2,999 1
-------------------------------------- ----------- ----------- ----------- ---------- -------------
Total listed fixed income disposals 4,995 4,999 4
---------------------------------------------------------------- ----------- ---------- -------------
Total disposals 6,255 7,030 775
---------------------------------------------------------------- ----------- ---------- -------------
*Proceeds exclude yield and redemption premiums received, which
are disclosed as revenue for financial reporting purposes.
One private company was struck off the Register during the year
resulting in a realised loss of GBP104,000 (cost GBP104,000). This
had no effect on the NAV as a full provision had been made in
earlier periods
Other material developments
Following a serious fire at the Lawrence Recycling and Waste
Management plant in June 2013, which has adversely impacted upon
the company's trading prospects, the investment has been written
down pending further developments. The reduced value is reflected
in the statement of NAV at 30 June 2013.
Outlook
Your Company will continue to focus on investing at prudent
entry multiples in later-stage private companies with strong
management teams which are capable of paying regular income and
offer significant potential for capital growth. We believe this
strategy is the optimal approach to deliver future growth in
Shareholder value and to support a progressive dividend
programme.
Maven Capital Partners UK LLP
Manager
30 August 2013
Directors' Responsibility Statement
We confirm that, to the best of our knowledge:
-- the financial statements have been prepared in accordance
with applicable accounting standards and with the Statement of
Recommended Practice "Financial Statements of Investment Trust
Companies and Venture Capital Trusts" issued in January 2009;
-- the Interim Management Report includes a fair review of the
information required by DTR 4.2.7 R 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 30 November 2013; and
-- the Interim Management Report includes adequate disclosure of
the information required by DTR 4.2.8 R in relation to related
party transactions and any changes to them.
On behalf of the Board
Maven Capital Partners UK LLP
Secretary
30 August 2013
INCOME STATEMENT
---------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
For the six months ended
30 June 2013 (unaudited)
---------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Ordinary Shares C Ordinary Shares TOTAL
---------------------------- ---------------------------- ---------------------------- ----------------------------
Revenue Capital Total Revenue Capital Total Revenue Capital Total
---------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Gains/(losses) on
investments - 907 907 - (43) (43) - 864 864
---------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Income from investments 389 - 389 5 - 5 394 - 394
---------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Investment management fees (78) (311) (389) (5) (19) (24) (83) (330) (413)
---------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Other expenses (132) - (132) (11) - (11) (143) - (143)
---------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Net return on ordinary
activities
before taxation 179 596 775 (11) (62) (73) 168 534 702
---------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Tax on ordinary activities (16) 16 - - - - (16) 16 -
---------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Return attributable to
equity
shareholders 163 612 775 (11) (62) (73) 152 550 702
---------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Earnings per share (pence) 0.9 3.5 4.4 (0.6) (3.2) (3.8) 0.3 0.3 0.6
---------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
A Statement of Total Recognised Gains and Losses
has not been prepared, as all gains and losses
are
-------------------------------------------------------
recognised in the Income Statement.
-------------------------------------------------------
All items in the above statement are derived from
continuing operations. The Company has only one class
of
-------------------------------------------------------
business and derives its income from investments
made in shares, securities and bank deposits.
-------------------------------------------------------
The total column of this statement is the Profit
and Loss Account of the Company.
-------------------------------------------------------
Reconciliation of movements Ordinary C Ordinary S Ordinary TOTAL
in Shareholders' Funds (unaudited) Shares Shares Shares
------------------------------------- ---------- ----------- ----------- --------
GBP'000 GBP'000 GBP'000 GBP'000
------------------------------------- ---------- ----------- ----------- --------
Opening Shareholders' funds 8,990 - 5,877 14,867
-------------------------------------- --------- ----------- ----------- --------
S Ordinary share consolidation
to Ordinary 5,877 - (5,877) -
-------------------------------------- --------- ----------- ----------- --------
Net Return for year 775 (73) - 702
-------------------------------------- --------- ----------- ----------- --------
Issue of new Ordinary shares 6,272 - - 6,272
-------------------------------------- --------- ----------- ----------- --------
Issue of new C Ordinary shares - 3,969 - 3,969
-------------------------------------- --------- ----------- ----------- --------
Net proceeds of 2013 share
issue 4,171 - - 4,171
-------------------------------------- --------- ----------- ----------- --------
Repurchase and cancellation
of shares (174) (95) - (269)
-------------------------------------- --------- ----------- ----------- --------
Dividends paid - revenue (161) - - (161)
-------------------------------------- --------- ----------- ----------- --------
Dividends paid - capital (183) - - (183)
-------------------------------------- --------- ----------- ----------- --------
Closing Shareholders' funds 25,567 3,801 29,368
-------------------------------------- --------- ----------- ----------- --------
The accompanying notes are an
integral part of the financial
statements.
-------------------------------------- --------- ----------- ----------- --------
INCOME STATEMENT
---------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
For the six months ended
30 June 2012 (unaudited)
---------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Ordinary Shares S Ordinary Shares TOTAL
---------------------------- ---------------------------- ---------------------------- ----------------------------
Revenue Capital Total Revenue Capital Total Revenue Capital Total
---------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Gains on investments - 387 387 - 428 428 - 815 815
---------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Income from investments 232 - 232 150 - 150 382 - 382
---------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Investment management fees (43) (170) (213) (13) (52) (65) (56) (222) (278)
---------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Other expenses (69) - (69) (43) - (43) (112) - (112)
---------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Net return on ordinary
activities
before taxation 120 217 337 94 376 470 214 593 807
---------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Tax on ordinary activities (12) 12 - (5) 5 - (17) 17 -
---------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Return attributable to
equity
shareholders 108 229 337 89 381 470 197 610 807
---------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Earnings per share (pence) 1.2 2.6 3.8 1.7 7.5 9.2 2.9 10.1 13.0
---------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
A Statement of Total Recognised Gains and Losses has not been prepared,
as all gains and losses are recognised in the Income Statement.
---------------------------------------------------------------------------
All items in the above statement are derived from continuing operations.
The Company has only one class of business and derives its income from
investments made in shares, securities and bank deposits.
---------------------------------------------------------------------------
The total column of this statement is the Profit
and Loss Account of the Company.
---------------------------------------------------------------------------
Reconciliation of movements in Ordinary C Ordinary TOTAL
Shareholders' Funds (unaudited) Shares Shares
---------------------------------- ------------- -------------- --------
GBP'000 GBP'000 GBP'000
---------------------------------- ------------- -------------- --------
Opening Shareholders' funds 8,231 5,058 13,289
----------------------------------- ------------ -------------- --------
Net Return for year 337 470 807
----------------------------------- ------------ -------------- --------
Net proceeds of 2012 share issue 740 436 1,176
----------------------------------- ------------ -------------- --------
Repurchase and cancellation
of shares - (24) (24)
----------------------------------- ------------ -------------- --------
Dividends paid - revenue (55) (68) (123)
----------------------------------- ------------ -------------- --------
Dividends paid - capital (174) - (174)
----------------------------------- ------------ -------------- --------
Closing Shareholders' funds 9,079 5,872 14,951
----------------------------------- ------------ -------------- --------
The accompanying notes are an
integral part of the financial
statements.
----------------------------------- ------------ -------------- --------
INCOME STATEMENT
-------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
For the year ended 31
December
2012 (audited)
-------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Ordinary Shares S Ordinary Shares TOTAL
------------------------- ---------------------------- ---------------------------- ----------------------------
Revenue Capital Total Revenue Capital Total Revenue Capital Total
------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Gains on investments - 410 410 - 461 461 - 871 871
-------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Income from investments 460 - 460 318 - 318 778 - 778
-------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Investment management
fees (61) (241) (302) (21) (87) (108) (82) (328) (410)
-------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Other expenses (160) - (160) (99) - (99) (259) - (259)
-------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Net return on ordinary
activities
before taxation 239 169 408 198 374 572 437 543 980
-------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Tax on ordinary
activities (50) 50 - (21) 17 (4) (71) 67 (4)
-------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Return attributable to
equity
shareholders 189 219 408 177 391 568 366 610 976
-------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Earnings per share
(pence) 2.1 2.4 4.5 3.4 7.5 10.9 5.5 9.9 15.4
-------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
A Statement of Total Recognised Gains and Losses has not been prepared,
as all gains and losses are recognised in the Income Statement.
---------------------------------------------------------------------------
All items in the above statement are derived from continuing operations.
The Company has only one class of business and derives its income from
investments made in shares, securities and bank deposits.
---------------------------------------------------------------------------
The total column of this statement is the Profit and Loss Account of
the Company.
---------------------------------------------------------------------------
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS'
FUNDS (audited)
----------------------------------------------- --------- ----------- --------
Ordinary C Ordinary TOTAL
Shares Shares
---------------------------------------------- --------- ----------- --------
GBP'000 GBP'000 GBP'000
---------------------------------------------- --------- ----------- --------
Opening Shareholders'
funds 8,231 5,058 13,289
----------------------------------------------- --------- ----------- --------
Net Return for year 408 568 976
----------------------------------------------- --------- ----------- --------
Net proceeds of 2012
share issue 740 436 1,176
----------------------------------------------- --------- ----------- --------
Repurchase and cancellation
of shares - (25) (25)
----------------------------------------------- --------- ----------- --------
Dividends paid -
revenue (124) (108) (232)
----------------------------------------------- --------- ----------- --------
Dividends paid -
capital (265) (52) (317)
----------------------------------------------- --------- ----------- --------
Closing Shareholders'
funds 8,990 5,877 14,867
----------------------------------------------- --------- ----------- --------
The accompanying notes are an integral
part of the financial statements.
---------------------------------------------------------- ----------- --------
BALANCE SHEET
---------------- ---------- --------- --------- ---------- --------- --------- ---------- --------- ---------
As at 30 June
2013
---------------- ---------- --------- --------- ---------- --------- --------- ---------- --------- ---------
30 June 2013 30 June 2012 31 December 2012
--------------- -------------------------------- -------------------------------- --------------------------------
(unaudited) (unaudited) (audited)
--------------- -------------------------------- -------------------------------- --------------------------------
Ordinary C Ord Ordinary S Ord Ordinary S Ord
--------------- ---------- --------- --------- ---------- --------- --------- ---------- --------- ---------
Shares Shares Total Shares Shares Total Shares Shares Total
--------------- ---------- --------- --------- ---------- --------- --------- ---------- --------- ---------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------- ---------- --------- --------- ---------- --------- --------- ---------- --------- ---------
Fixed assets
---------------- ---------- --------- --------- ---------- --------- --------- ---------- --------- ---------
Investments at
fair value
through profit
or loss 24,378 3,697 28,075 8,113 4,936 13,049 8,027 5,223 13,250
---------------- ---------- --------- --------- ---------- --------- --------- ---------- --------- ---------
Current assets
---------------- ---------- --------- --------- ---------- --------- --------- ---------- --------- ---------
Debtors 420 9 429 260 140 400 234 131 365
---------------- ---------- --------- --------- ---------- --------- --------- ---------- --------- ---------
Cash and
overnight
deposits 1,035 98 1,133 831 808 1,639 785 547 1,332
---------------- ---------- --------- --------- ---------- --------- --------- ---------- --------- ---------
1,455 107 1,562 1,091 948 2,039 1,019 678 1,697
--------------- ---------- --------- --------- ---------- --------- --------- ---------- --------- ---------
Creditors:
amounts
falling
due within one
year (266) (3) (269) (125) (12) (137) (56) (24) (80)
---------------- ---------- --------- --------- ---------- --------- --------- ---------- --------- ---------
Net current
assets 1,189 104 1,293 966 936 1,902 963 654 1,617
---------------- ---------- --------- --------- ---------- --------- --------- ---------- --------- ---------
Total net
assets 25,567 3,801 29,368 9,079 5,872 14,951 8,990 5,877 14,867
---------------- ---------- --------- --------- ---------- --------- --------- ---------- --------- ---------
Capital and
reserves
---------------- ---------- --------- --------- ---------- --------- --------- ---------- --------- ---------
Called up share
capital 2,621 386 3,007 916 527 1,443 916 526 1,442
---------------- ---------- --------- --------- ---------- --------- --------- ---------- --------- ---------
Share premium
account 10,381 3,572 13,953 663 393 1,056 663 393 1,056
---------------- ---------- --------- --------- ---------- --------- --------- ---------- --------- ---------
Capital reserve
- realised 890 (114) 776 423 44 467 375 322 697
---------------- ---------- --------- --------- ---------- --------- --------- ---------- --------- ---------
Capital reserve
- unrealised 36 (43) (7) (458) 631 173 (511) 311 (200)
---------------- ---------- --------- --------- ---------- --------- --------- ---------- --------- ---------
Distributable
reserve 11,038 - 11,038 7,168 4,125 11,293 7,168 4,124 11,292
---------------- ---------- --------- --------- ---------- --------- --------- ---------- --------- ---------
Capital
redemption
reserve 67 11 78 37 10 47 37 11 48
---------------- ---------- --------- --------- ---------- --------- --------- ---------- --------- ---------
Revenue reserve 534 (11) 523 330 142 472 342 190 532
---------------- ---------- --------- --------- ---------- --------- --------- ---------- --------- ---------
Net assets
attributable
to Ordinary
Shareholders 25,567 3,801 29,368 9,079 5,872 14,951 8,990 5,877 14,867
---------------- ---------- --------- --------- ---------- --------- --------- ---------- --------- ---------
Net asset value
per Ordinary
Share (pence) 97.6 98.4 99.2 111.5 98.2 111.6
---------------- ---------- --------- --------- ---------- --------- --------- ---------- --------- ---------
The Financial Statements were approved by the Board of
Directors on 30 August 2013 and were signed on its behalf
by:
------------------------------------------------------------------------------------ ---------- --------- ---------
I D Cormack
---------------- ---------- --------- --------- ---------- --------- --------- ---------- --------- ---------
Chairman
---------------- ---------- --------- --------- ---------- --------- --------- ---------- --------- ---------
The accompanying notes are an integral part of the financial
statements.
CASH FLOW STATEMENT
--------------------- ---------- --------- ---------- --------- -------- --------- --------- --------- ---------
For the six months
ended
30 June 2013
--------------------- ---------- --------- ---------- --------- -------- --------- --------- --------- ---------
Six months to 30 Six months to Year to 31 December
June 2013 30 June 2012 2012
--------------------- --------------------------------- ------------------------------ -------------------------------
(unaudited) (unaudited) (audited)
--------------------- --------------------------------- ------------------------------ -------------------------------
Ordinary C Ord Ordinary S Ord Ordinary S Ord
--------------------- ---------- --------- ---------- --------- -------- --------- --------- --------- ---------
Shares Shares Total Shares Shares Total Shares Shares Total
--------------------- ---------- --------- ---------- --------- -------- --------- --------- --------- ---------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------- ---------- --------- ---------- --------- -------- --------- --------- --------- ---------
Operating activities
--------------------- ---------- --------- ---------- --------- -------- --------- --------- --------- ---------
Investment income
received 338 (2) 336 217 139 356 472 316 788
--------------------- ---------- --------- ---------- --------- -------- --------- --------- --------- ---------
Investment
management fees
paid (258) (24) (282) (182) (77) (259) (345) (114) (459)
--------------------- ---------- --------- ---------- --------- -------- --------- --------- --------- ---------
Secretarial fees
paid (42) (4) (46) (28) (17) (45) (56) (35) (91)
--------------------- ---------- --------- ---------- --------- -------- --------- --------- --------- ---------
Directors' fees paid (36) (4) (40) (20) (12) (32) (41) (25) (66)
--------------------- ---------- --------- ---------- --------- -------- --------- --------- --------- ---------
Other cash payments (3) (2) (5) (24) (15) (39) (62) (38) (100)
--------------------- ---------- --------- ---------- --------- -------- --------- --------- --------- ---------
Net cash
(outflow)/inflow
from operating
activities (1) (36) (37) (37) 18 (19) (32) 104 72
--------------------- ---------- --------- ---------- --------- -------- --------- --------- --------- ---------
Taxation
--------------------- ---------- --------- ---------- --------- -------- --------- --------- --------- ---------
Corporation Tax - - - - - - - - -
--------------------- ---------- --------- ---------- --------- -------- --------- --------- --------- ---------
- - - - - - - - -
--------------------- ---------- --------- ---------- --------- -------- --------- --------- --------- ---------
Financial investment
--------------------- ---------- --------- ---------- --------- -------- --------- --------- --------- ---------
Purchase of
investments (17,852) (3,740) (21,592) (1,372) (664) (2,036) (4,380) (3,225) (7,605)
--------------------- ---------- --------- ---------- --------- -------- --------- --------- --------- ---------
Sale of investments 7,631 - 7,631 1,330 754 2,084 4,447 3,061 7,508
--------------------- ---------- --------- ---------- --------- -------- --------- --------- --------- ---------
Net cash
(outflow)/inflow
from financial
investment (10,221) (3,740) (13,961) (42) 90 48 67 (164) (97)
--------------------- ---------- --------- ---------- --------- -------- --------- --------- --------- ---------
Equity dividends
paid (344) - (344) (229) (68) (297) (389) (160) (549)
--------------------- ---------- --------- ---------- --------- -------- --------- --------- --------- ---------
Net cash
(outflow)/inflow
before financing (10,566) (3,776) (14,342) (308) 40 (268) (354) (220) (574)
--------------------- ---------- --------- ---------- --------- -------- --------- --------- --------- ---------
Financing
--------------------- ---------- --------- ---------- --------- -------- --------- --------- --------- ---------
Issue of Ordinary
Shares 10,443 3,969 14,412 740 436 1,176 740 436 1,176
--------------------- ---------- --------- ---------- --------- -------- --------- --------- --------- ---------
Repurchase of
Ordinary
Shares (174) (95) (269) - (24) (24) - (25) (25)
--------------------- ---------- --------- ---------- --------- -------- --------- --------- --------- ---------
Net cash
inflow/(outflow)
from financing 10,269 3,874 14,143 740 412 1,152 740 411 1,151
--------------------- ---------- --------- ---------- --------- -------- --------- --------- --------- ---------
Increase/(decrease)
in
cash (297) 98 (199) 432 452 884 386 191 577
--------------------- ---------- --------- ---------- --------- -------- --------- --------- --------- ---------
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 30 June 2013
and the six months ended 30 June 2012 comprises non-statutory
accounts within the meaning of section 435 of the Companies Act
2006. The financial information contained in this report has
been
prepared on the basis of the accounting policies set out in the
Annual Report and Financial Statements for the year ended
31 December 2012, which have been filed at Companies House and
which contained an Auditors' Report which was not qualified
and did not contain a statement under s498(2) or s498(3) of the
Companies Act 2006.
---- ----------------------------------------------------------------------------------------------------------------
Share Capital Capital Capital
---- ------------------------------- -------- --------- ------------- -------------- ----------- --------------
premium reserves reserves Distributable redemption Revenue
---- ------------------------------- -------- --------- ------------- -------------- ----------- --------------
2. Movement in reserves account realised unrealised reserve reserve reserve
---- ------------------------------- -------- --------- ------------- -------------- ----------- --------------
ORDINARY SHARES GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---- ------------------------------- -------- --------- ------------- -------------- ----------- --------------
At 1 January 2013 - Ordinary 663 375 (511) 7,168 37 342
------------------------------------ -------- --------- ------------- -------------- ----------- --------------
At 1 January 2013 - S
Ordinary 393 322 311 4,124 11 190
------------------------------------ -------- --------- ------------- -------------- ----------- --------------
1,056 697 (200) 11,292 48 532
------------------------------------ -------- --------- ------------- -------------- ----------- --------------
Gains on sales of investments - 671 - - - -
---- ------------------------------- -------- --------- ------------- -------------- ----------- --------------
Net increase in value - - 236 - - -
of investments
---- ------------------------------- -------- --------- ------------- -------------- ----------- --------------
Investment management - (311) - - - -
fees
---- ------------------------------- -------- --------- ------------- -------------- ----------- --------------
Dividends paid - (183) - - - (161)
------------------------------------ -------- --------- ------------- -------------- ----------- --------------
Tax effect of capital - 16 - - - -
items
---- ------------------------------- -------- --------- ------------- -------------- ----------- --------------
Share Issue - 5 April 3,196 - - - - -
2013
---- ------------------------------- -------- --------- ------------- -------------- ----------- --------------
Share Issue - 30 April 543 - - - - -
2013
---- ------------------------------- -------- --------- ------------- -------------- ----------- --------------
Merger - issue of ordinary 5,773 - - - - -
shares
---- ------------------------------- -------- --------- ------------- -------------- ----------- --------------
Merger - S Share consolidation - - - (80) - -
---- ------------------------------- -------- --------- ------------- -------------- ----------- --------------
Merger costs (187) - - - - -
---- ------------------------------- -------- --------- ------------- -------------- ----------- --------------
Repurchase and cancellation
of shares - - - (174) 19 -
------------------------------------ -------- --------- ------------- -------------- ----------- --------------
Net return on ordinary
activities after taxation - - - - - 163
------------------------------------ -------- --------- ------------- -------------- ----------- --------------
As 30 June 2013 10,381 890 36 11,038 67 534
------------------------------------ -------- --------- ------------- -------------- ----------- --------------
On 26 March 2013, the
S Ordinary Shares converted
to Ordinary Shares at
a conversion ratio of
1.1528.
---- ------------------------------- -------- --------- ------------- -------------- ----------- --------------
Share Capital Capital Capital
---- ------------------------------- -------- --------- ------------- -------------- ----------- --------------
premium reserves reserves Distributable redemption Revenue
---- ------------------------------- -------- --------- ------------- -------------- ----------- --------------
Movement in reserves account realised unrealised reserve reserve reserve
---- ------------------------------- -------- --------- ------------- -------------- ----------- --------------
C ORDINARY SHARES GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---- ------------------------------- -------- --------- ------------- -------------- ----------- --------------
At 1 January 2013
---- ------------------------------- -------- --------- ------------- -------------- ----------- --------------
Gains on sales of investments - - - - - -
---- ------------------------------- -------- --------- ------------- -------------- ----------- --------------
Net decrease in value - - (43) - - -
of investments
---- ------------------------------- -------- --------- ------------- -------------- ----------- --------------
Investment management - (19) - - - -
fees
---- ------------------------------- -------- --------- ------------- -------------- ----------- --------------
Issue of C ordinary shares 3,572 - - - - -
---- ------------------------------- -------- --------- ------------- -------------- ----------- --------------
Repurchase and cancellation
of shares - (95) - - 11 -
------------------------------------ -------- --------- ------------- -------------- ----------- --------------
Net return on ordinary
activities after taxation - - - - - (11)
------------------------------------ -------- --------- ------------- -------------- ----------- --------------
At 30 June 2013 3,572 (114) (43) - 11 (11)
------------------------------------ -------- --------- ------------- -------------- ----------- --------------
Six months ended
---- ------------------------------- -------- --------- ------------- -------------------------------------------
3. Return per ordinary share 30 June 2013
---- ------------------------------- -------- --------- ------------- -------------- ---------------------------
ORDINARY SHARES
---- ------------------------------- -------- --------- ------------- -------------- ----------- --------------
The returns per share have been based
on the following figures:
---- ---------------------------------------------------- ------------- -------------- ----------- --------------
Weighted average number
of Ordinary Shares 17,661,477
------------------------------------ -------- --------- ------------- -------------- ----------- --------------
Revenue return GBP163,000
---- ------------------------------- -------- --------- ------------- -------------- ----------- --------------
Capital return GBP612,000
---- ------------------------------- -------- --------- ------------- -------------- ----------- --------------
Total return GBP775,000
---- ------------------------------- -------- --------- ------------- -------------- ----------- --------------
C ORDINARY SHARES
---- ------------------------------- -------- --------- ------------- -------------- ----------- --------------
The returns per share have been based
on the following figures:
---- ---------------------------------------------------- ------------- -------------- ----------- --------------
Weighted average number
of C Ordinary Shares 1,902,830
------------------------------------ -------- --------- ------------- -------------- ----------- --------------
Revenue return (GBP11,000)
------------------------------------ -------- --------- ------------- -------------- ----------- --------------
Capital return (GBP62,000)
------------------------------------ -------- --------- ------------- -------------- ----------- --------------
Total return (GBP73,000)
------------------------------------ -------- --------- ------------- -------------- ----------- --------------
4. 30 June
2013
------ --------------- --------------------------- ----------- ------------ ------------------------------------------
Ordinary C Ordinary S Ordinary
Shares Shares Shares
------ --------------- ------------- ------------ ----------- ------------ -------------------- --------------------
Number GBP'000 Number GBP'000 Number GBP'000
------ --------------- ------------- ------------ ----------- ------------ -------------------- --------------------
At 30 June the
authorised
share capital
comprised:
------ --------------- ------------- ------------ ----------- ------------ -------------------- --------------------
allotted,
issued and
fully paid:
------ --------------- ------------- ------------ ----------- ------------ -------------------- --------------------
Ordinary
Shares of 10p
each
------ --------------- ------------- ------------ ----------- ------------ -------------------- --------------------
Balance
brought
forward 9,157,406 916 - - 5,264,446 526
------ --------------- ------------- ------------ ----------- ------------ -------------------- --------------------
Repurchased
and cancelled
in year (195,000) (19) (105,000) (11) - -
------ --------------- ------------- ------------ ----------- ------------ -------------------- --------------------
8,962,406 897 (105,000) (11) 5,264,446 526
------ --------------- ------------- ------------ ----------- ------------ -------------------- --------------------
S share
consolidation 5,264,446 526 - - (5,264,446) (526)
------ --------------- ------------- ------------ ----------- ------------ -------------------- --------------------
Issue of bonus
shares
to former S
shareholders 804,028 80 - - - -
------ --------------- ------------- ------------ ----------- ------------ -------------------- --------------------
Merger - Issue
of ordinary
shares to
Ortus
shareholders 6,853,086 685 - - - -
------ --------------- ------------- ------------ ----------- ------------ -------------------- --------------------
Merger - Issue
of C
ordinary
shares - - 3,968,876 397 - -
------ --------------- ------------- ------------ ----------- ------------ -------------------- --------------------
Offer for
subscription
- Issue of
Ordinary
Shares 4,324,206 433 - - - -
------ --------------- ------------- ------------ ----------- ------------ -------------------- --------------------
26,208,172 2,621 3,863,876 386 - -
------ --------------- ------------- ------------ ----------- ------------ -------------------- --------------------
As a result of the share class consolidation, the former S Shareholders
received 1.1528 Ordinary Shares for each S Ordinary Share held.
On completion of the merger, each Ortus VCT Shareholder received 0.189778
Ordinary Shares and 0.109907 C Ordinary Shares for each
Ortus share held.
SUMMARY OF INVESTMENT CHANGES
--------------------------------------------------- ----------------- ---------------- ----------
For the six months
ended 30 June 2013
----------------------- ------------ ------------ ----------------- ---------------- ----------
Ordinary Shares Ordinary S Ordinary
--------------------- -------------- ------------ ----------------- ---------------- ----------
Valuation Valuation Net investment/ Appreciation/ Valuation
--------------------- -------------- ------------ ----------------- ------------------ ------------
31 December 31 December (depreciation) 30 June
2012 2012 (disinvestment) 2013
--------------------- -------------- ------------ ----------------- ------------------ ----------
GBP'000 % GBP'000 % GBP'000 GBP'000 GBP'000 %
--------------- --------- -------- -------- -------- ---------------------- ------------ --------- -----------
Unlisted
investments
--------------- --------- -------- -------- -------- ---------------------- ------------ --------- -----------
Equities 2,628 29.2 1,605 27.3 1,529 1,198 6,960 27.2
--------------- --------- -------- -------- -------- ---------------------- ------------ --------- -----------
Preference
shares 2 - 1 - - - 3 -
--------------- --------- -------- -------- -------- ---------------------- ------------ --------- -----------
Loan stock 4,077 45.4 2,546 43.3 6,209 (409) 12,423 48.6
--------------- --------- -------- -------- -------- ---------------------- ------------ --------- -----------
6,707 74.6 4,152 70.6 7,738 789 19,386 75.8
--------------- --------- -------- -------- -------- ---------------------- ------------ --------- -----------
AIM/ISDX 321 3.6 72 1.2 (11) 111 493 1.9
--------------- --------- -------- -------- -------- ---------------------- ------------ --------- -----------
Listed fixed
income
investments 999 11.1 999 17.0 2,494 7 4,499 17.6
--------------- --------- -------- -------- -------- ---------------------- ------------ --------- -----------
Total
investments 8,027 89.3 5,223 88.8 10,221 907 24,378 95.3
--------------- --------- -------- -------- -------- ---------------------- ------------ --------- -----------
Other net
assets 963 10.7 654 11.2 (428) - 1,189 4.7
--------------- --------- -------- -------- -------- ---------------------- ------------ --------- -----------
Total assets 8,990 100.0 5,877 100.0 9,793 907 25,567 100.0
--------------- --------- -------- -------- -------- ---------------------- ------------ --------- -----------
For the period ended
30 June 2013
------------------------ ------------ ----------------- --------------- ----------
C Ordinary Shares Valuation Net investment/ Appreciation/ Valuation
---------------------- -------------- ----------------- ----------------- ------------
31 December (depreciation) 30
2012 June
(disinvestment) 2013
---------------------- -------------- ----------------- ----------------- ----------
GBP'000 % GBP'000 GBP'000 GBP'000 %
----------------------- ---------- ---- -------- --------- -------- ------
Unlisted investments
----------------------- ---------- ---- -------- --------- -------- ------
Equities - - 2,776 - 2,776 73.0
----------------------- ---------- ---- -------- --------- -------- ------
Preference shares - - -
----------------------- ---------- ---- -------- --------- -------- ------
Loan stock - - 500 - 500 13.2
----------------------- ---------- ---- -------- --------- -------- ------
- - 3,276 - 3,276 86.2
---------- ---------------------------- -------- --------- -------- ------
- -
----------------------- ---------- ---- -------- --------- -------- ------
AIM/ISDX investments - - 464 (43) 421 11.1
----------------------- ---------- ---- -------- --------- -------- ------
- -
----------------------- ---------- ---- -------- --------- -------- ------
Total investments - - 3,740 (43) 3,697 97.3
----------------------- ---------- ---- -------- --------- -------- ------
- -
----------------------- ---------- ---- -------- --------- -------- ------
Other net assets - - 104 - 104 2.7
----------------------- ---------- ---- -------- --------- -------- ------
- -
----------------------- ---------- ---- -------- --------- -------- ------
Total assets - - 3,844 (43) 3,801 100.0
----------------------- ---------- ---- -------- --------- -------- ------
Investment Portfolio Summary
Investment Ordinary C Ordinary % of % of
Shares Shares equity equity
held held by
-------------------------- -------------------------------- -------------------------------- ---------- ----------
Valuation Cost % of Valuation Cost % of by Fund other
GBP000 GBP000 total GBP000 GBP000 total clients
assets assets
-------------------------- ---------- -------- ---------- ---------- -------- ---------- ---------- ----------
Unlisted Investments
-------------------------- ---------- -------- ---------- ---------- -------- ---------- ---------- ----------
Torridon (Gibraltar)
Limited (formerly
Torridon Capital
Limited) 1,566 779 6.1 - - - 3.7 36.3
-------------------------- ---------- -------- ---------- ---------- -------- ---------- ---------- ----------
Espresso Group Limited - - - 1,500 1,500 39.4 7.2 -
-------------------------- ---------- -------- ---------- ---------- -------- ---------- ---------- ----------
Maven Co-invest Exodus
Limited Partnership and
Tosca Penta Exodus
Mezzanine Limited
Partnership
(trading as 6 Degrees
Group)(2) 1,459 895 5.7 - - - 4.0 8.5
-------------------------- ---------- -------- ---------- ---------- -------- ---------- ---------- ----------
Ensco 969 Limited
(trading as DPP) 1,287 1287 5.0 - - - 4.6 29.9
-------------------------- ---------- -------- ---------- ---------- -------- ---------- ---------- ----------
Glacier Energy Services
Group Limited 870 769 3.4 - - - 3.0 22.0
-------------------------- ---------- -------- ---------- ---------- -------- ---------- ---------- ----------
HCS Control Systems Group 836 836 3.3 - - - 7.8 32.5
-------------------------- ---------- -------- ---------- ---------- -------- ---------- ---------- ----------
CatTech International
Limited 792 498 3.1 - - - 4.8 25.3
-------------------------- ---------- -------- ---------- ---------- -------- ---------- ---------- ----------
Intercede (Scotland) 1
Limited (trading as
Electro-Flow Controls) 757 338 3.0 - - - 2.9 25.6
-------------------------- ---------- -------- ---------- ---------- -------- ---------- ---------- ----------
Manor Retailing Limited 600 600 2.3 125 125 3.3 2.0 38.1
-------------------------- ---------- -------- ---------- ---------- -------- ---------- ---------- ----------
Richfield Engineering
Services Limited 600 600 2.3 125 125 3.3 2.0 38.1
-------------------------- ---------- -------- ---------- ---------- -------- ---------- ---------- ----------
Search Commerce Limited 600 600 2.3 125 125 3.3 2.0 38.1
-------------------------- ---------- -------- ---------- ---------- -------- ---------- ---------- ----------
Lambert Contracts
Holdings Limited 664 664 2.6 59 59 1.6 11.3 53.4
-------------------------- ---------- -------- ---------- ---------- -------- ---------- ---------- ----------
Venmar Limited (trading
as XPD8 Solutions
Limited) 651 651 2.5 - - - 6.0 29.0
-------------------------- ---------- -------- ---------- ---------- -------- ---------- ---------- ----------
Westway Services Holdings
(2010) Limited 602 330 2.4 - - - 3.3 18.7
-------------------------- ---------- -------- ---------- ---------- -------- ---------- ---------- ----------
Higher Nature Limited - - - 600 600 15.8 11.2 -
-------------------------- ---------- -------- ---------- ---------- -------- ---------- ---------- ----------
Lemac No. 1 Limited
(trading as John
McGavigan) 594 594 2.3 - - - 9.1 27.7
-------------------------- ---------- -------- ---------- ---------- -------- ---------- ---------- ----------
Vodat Communications
Group Limited 592 592 2.3 - - - 6.9 34.9
-------------------------- ---------- -------- ---------- ---------- -------- ---------- ---------- ----------
Camwatch Limited 571 931 2.2 - - - 4.6 52.6
-------------------------- ---------- -------- ---------- ---------- -------- ---------- ---------- ----------
TC Communications
Holdings Limited 554 777 2.2 - - - 8.1 21.9
-------------------------- ---------- -------- ---------- ---------- -------- ---------- ---------- ----------
Nenplas Holdings Limited 552 552 2.2 - - - 4.0 28.5
-------------------------- ---------- -------- ---------- ---------- -------- ---------- ---------- ----------
Flexlife Group Limited 482 482 1.9 - - - 1.9 12.7
-------------------------- ---------- -------- ---------- ---------- -------- ---------- ---------- ----------
Networks by Wireless
Limited - - - 450 450 11.8 28.3 -
-------------------------- ---------- -------- ---------- ---------- -------- ---------- ---------- ----------
Airth Capital Limited 450 450 1.8 - - - 18.3 81.4
-------------------------- ---------- -------- ---------- ---------- -------- ---------- ---------- ----------
CHS Engineering Services
Limited 447 399 1.7 - - - 4.2 19.1
-------------------------- ---------- -------- ---------- ---------- -------- ---------- ---------- ----------
Grangeford (FC100)
Limited 400 400 1.6 - - - - -
-------------------------- ---------- -------- ---------- ---------- -------- ---------- ---------- ----------
LCL Hose Limited (trading
as Dantec) 398 398 1.6 - - - 7.1 22.9
-------------------------- ---------- -------- ---------- ---------- -------- ---------- ---------- ----------
Lawrence Recycling and
Waste Management Limited 392 854 1.5 - - - 8.4 53.6
-------------------------- ---------- -------- ---------- ---------- -------- ---------- ---------- ----------
Adler & Allan Holdings
Limited 391 280 1.5 - - - 1.0 40.0
-------------------------- ---------- -------- ---------- ---------- -------- ---------- ---------- ----------
Steminic Limited (trading
as MSIS) 322 322 1.3 - - - 4.3 31.5
-------------------------- ---------- -------- ---------- ---------- -------- ---------- ---------- ----------
Trojan Capital Limited 320 320 1.3 - - - 23.6 73.8
-------------------------- ---------- -------- ---------- ---------- -------- ---------- ---------- ----------
Attraction World Holdings
Limited 307 127 1.2 - - - 6.2 32.2
-------------------------- ---------- -------- ---------- ---------- -------- ---------- ---------- ----------
Moriond Limited 301 274 1.2 - - - 10.2 39.8
-------------------------- ---------- -------- ---------- ---------- -------- ---------- ---------- ----------
Lab M Holdings Limited - - - 292 292 7.7 17.6 -
-------------------------- ---------- -------- ---------- ---------- -------- ---------- ---------- ----------
Kelvinlea Limited 285 285 1.1 - - - 13.1 36.9
-------------------------- ---------- -------- ---------- ---------- -------- ---------- ---------- ----------
Space Student Living
Limited 220 236 0.9 - - - 11.6 74.4
-------------------------- ---------- -------- ---------- ---------- -------- ---------- ---------- ----------
Martel Instruments
Holdings Limited 190 227 0.7 - - - 4.2 40.0
-------------------------- ---------- -------- ---------- ---------- -------- ---------- ---------- ----------
Claven Holdings Limited 150 88 0.6 - - - 10.2 39.9
-------------------------- ---------- -------- ---------- ---------- -------- ---------- ---------- ----------
Training For Travel Group
Limited 105 404 0.4 - - - 6.0 24.0
-------------------------- ---------- -------- ---------- ---------- -------- ---------- ---------- ----------
Tosca Penta Investments
Limited (trading as
esure)(2) 45 - 0.2 - - - - -
-------------------------- ---------- -------- ---------- ---------- -------- ---------- ---------- ----------
Enpure Holdings Limited 30 100 0.1 - - - 0.4 79.2
-------------------------- ---------- -------- ---------- ---------- -------- ---------- ---------- ----------
Other unlisted
investments 4 795 - - - -
-------------------------- ---------- -------- ---------- ---------- -------- ---------- ---------- ----------
Total unlisted
investments 19,386 18,734 75.8 3,276 3,276 86.2
-------------------------- ---------- -------- ---------- ---------- -------- ---------- ---------- ----------
AIM/ISDX
-------------------------- ---------- -------- ---------- ---------- -------- ---------- ---------- ----------
Vectura Group PLC - - - 250 284 6.6 0.1 0.3
-------------------------- ---------- -------- ---------- ---------- -------- ---------- ---------- ----------
Plastics Capital PLC 235 247 0.9 - - - 0.9 2.8
-------------------------- ---------- -------- ---------- ---------- -------- ---------- ---------- ----------
Chime Communications PLC 186 161 0.7 - - - 0.1 0.1
-------------------------- ---------- -------- ---------- ---------- -------- ---------- ---------- ----------
OMG PLC - - - 72 80 1.9 0.3 -
-------------------------- ---------- -------- ---------- ---------- -------- ---------- ---------- ----------
Angle PLC - - - 61 66 1.6 0.3 -
-------------------------- ---------- -------- ---------- ---------- -------- ---------- ---------- ----------
Deltex Medical PLC - - - 38 33 1.0 0.1 -
-------------------------- ---------- -------- ---------- ---------- -------- ---------- ---------- ----------
Hasgrove PLC 31 49 0.1 - - - 0.2 1.5
-------------------------- ---------- -------- ---------- ---------- -------- ---------- ---------- ----------
Work Group PLC 16 151 0.1 - - - 0.7 2.5
-------------------------- ---------- -------- ---------- ---------- -------- ---------- ---------- ----------
Brookwell Limited 11 26 - - - - - -
-------------------------- ---------- -------- ---------- ---------- -------- ---------- ---------- ----------
Other AM/ISDX investments 14 478 0.1 - - -
-------------------------- ---------- -------- ---------- ---------- -------- ---------- ---------- ----------
Total AIM/ISDX
investments 493 1,112 1.9 421 463 11.1
-------------------------- ---------- -------- ---------- ---------- -------- ---------- ---------- ----------
Listed Fixed Income
-------------------------- ---------- -------- ---------- ---------- -------- ---------- ---------- ----------
Treasury Bill 23
September 2013 4,499 4,496 17.6 - - -
-------------------------- ---------- -------- ---------- ---------- -------- ---------- ---------- ----------
Total Investments 24,378 24,342 95.3 3,697 3,739 97.3
-------------------------- ---------- -------- ---------- ---------- -------- ---------- ---------- ----------
(1) Other clients of Maven Capital Partners UK LLP
(2) These investments are managed by Penta Capital LLP of which
a Director of the Company, Steven Scott, is a partner.
The table above includes assets transferred from Ortus VCT as
part of the merger.
Other information
Copies of this announcement will be available to the public at
the registered office of the Company, Kintyre House, 205 West
George Street, Glasgow G2 2LW, on the Company's website at
www.mavencp.com/migvct4, and at the National Storage Mechanism.
Neither the content of the Company's website nor the contents of
any website accessible from hyperlinks on the Company's website (or
any other website) is included in or forms part of this
announcement.
By Order of the Board
Maven Capital Partners UK LLP, Secretary
30 August 2013
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
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