Annual Financial Report

RNS Number : 5741G

Maven Income and Growth VCT 3 PLC

04 March 2015

 

 

 

 

Maven Income and Growth VCT 3 PLC

 

Final results for the year ended 30 November 2014

The Directors report the Company's financial results for the year ended 30 November 2014.

Strategic Report

 

Chairman's Statement

On behalf of your Board I am pleased to report on another successful year for the Company. Two exits were achieved at considerably above carrying value, which together with valuation uplifts and investment income generated from the portfolio has further improved NAV total return to 128.20p per share. This improvement in value has again enabled us to recommend an increased final dividend, of 3.50p, bringing the total for the year to 5.50p.

The Manager has a track record of investing in a diversified portfolio of attractively priced businesses. During the period your Company participated in eight new private equity transactions, and seven follow-on investments to support the further

development of existing investee companies. The yield from our investments sustains a good flow of revenue which is an important factor in your Company's ability to maintain an attractive level of tax-free distributions to Shareholders.

Material developments within the portfolio are detailed in the Investment Manager's Review. Notably, the further progress achieved by Cash Bases, Nenplas Holdings and Torridon (Gibraltar) has enabled the Board to write up their carried valuations, while others such as CHS Engineering and DPP had their valuations reduced in response to difficult trading conditions.

Highlights for the year

▪           NAV total return of 128.20p per share (2013: 119.45p) at the year end, up 7.3% over the year

▪           NAV at period end of 86.50p per share (2013: 83.00p)

▪           Eight new private equity investments added to the portfolio

▪           Realisation of Adler and Allan Holdings for a total return of 2.6 times cost

▪           Exit from EFC Group, generating a total return multiple of 3.8 times cost

▪           Increased final dividend proposed of 3.50p per share (2013: 3.25p), an increase of 7.7%

Dividends

The Board recommends that an increased final dividend of 3.50p per Ordinary Share, comprising 1.00p of revenue and 2.50p of capital, be paid on 5 June 2015 to Shareholders on the Register at 8 May 2015. This brings total dividends for the year to 5.50p per share (2013: 5.25p), representing a yield of 7.3% based on the year end closing mid-market share price of 75.75p.

Since the Company's launch, and after receipt of the proposed final dividend, Shareholders will have received 45.20p per share in tax-free dividends. The effect of paying the proposed final dividend would be to reduce the NAV of the Company by the total cost of the distribution.

Dividend Investment Scheme (DIS)

The Directors have agreed to implement a DIS through which Shareholders may elect to have their dividend payments used to apply for additional Ordinary Shares issued by the Company under the standing authority requested from Shareholders at Annual General Meetings. Shares issued under the DIS will qualify for VCT tax reliefs applicable for the tax year in which the new shares are allotted.

Full details of the scheme, together with a mandate form, are being made available alongside this Annual Report to

enable Shareholders to take advantage of the DIS in respect of the final dividend for the year ending 30 November 2014.  Shareholders wishing to do so should ensure that a mandate form, or CREST instruction if appropriate, is submitted by no later than 21 May 2015.  Under current VCT legislation, dividends that are reinvested will be eligible for income tax relief at 30% of the amount invested, subject to an annual investment limit of £200,000, in aggregate, per individual for all investments into new VCT Shares in a tax year.

Fund Raising

Following the success of the £4 million Offer for Subscription that opened in October 2013 and closed on 30 May 2014, in

October 2014 the Company announced that it planned to raise up to £4 million in an Offer for Subscription alongside Offers

by four other Maven VCTs, namely, Maven Income and Growth VCT, Maven Income and Growth VCT 2, Maven Income and Growth VCT 4 and Maven Income and Growth VCT 5. All of the VCTs including the Company reached their fund raising target ahead of schedule and the Offers have now closed.

The first allotment under the Offer took place on 20 February 2015, and it is anticipated that a further allotment will take

place in April 2015 in respect of the 2015/16 tax year. Relevant details regarding shares issued in respect of the Offer can be found in note 12 to the Financial Statements.

The Company may use the money raised under the Offers to pay dividends (subject to meeting the requirements of

the return of capital legislation effective from 6 April 2014) 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 Offers will also provide additional liquidity for the Company to make further investments, and enable it to

spread its costs over a larger asset base to the benefit of all Shareholders.

Share Buy-backs

Shareholders should be aware that the Board's primary objective is for the Company to retain sufficient liquid assets

for making investments in line with its stated policy and for the continued payment of dividends to Shareholders. However,

the Directors also acknowledge the need to maintain an orderly market in the Company's shares and have delegated

authority to the Manager to buy back shares in the market for cancellation or to be held in treasury, subject always to such

transactions being in the best interest of Shareholders. It is intended that, subject to market conditions, available liquidity

and the maintenance of the Company's VCT status, shares will be bought back at prices representing a discount of between

5% and 10% to the prevailing NAV per share.

Alternative Investment Fund Managers Directive (AIFMD)

The AIFMD regulates the management of alternative investment funds, including VCTs, and the Board has received

approval as a self-managed small registered UK AIFM under the AIFMD from the FCA. The responsibilities of the Audit

Committee have been extended to cover the identification, measurement, management and monitoring of the risks to

the Company as recommended by AIFMD (including but not limited to investment portfolio, credit, counterparty, liquidity,

market and operational risk). The Committee has been renamed the Audit and Risk Committee. Information regarding the composition and responsibilities of this Committee can be found in the Report of the Audit and Risk Committee.

VCT Regulatory Developments

The Association of Investment Companies (AIC) participated in a consultation process on 'tax-advantaged venture capital

schemes' to assist the Government's discussions with the European Commission regarding a review of the State Aid rules

for businesses in member countries. The Board supported the AIC's response, in which a number of recommendations were made that we believe would protect the VCT industry against the imposition of further restrictions on investment and

would reduce administrative burdens.

The FCA has removed the requirement for listed companies to publish quarterly interim management statements.

However, your Company will continue to announce the NAV per share on a quarterly basis.

Board of Directors

In the 2013 Annual Report your Board intimated its intention to implement a succession plan. Andrew Murison has indicated

that he will stand down and not seek re-election at the Annual General Meeting (AGM) to be held on 15 April 2015

and, subject to Shareholders' approval for his re-election at that AGM, Alec Craig will stand down at the AGM to be held

in 2017. I intend to stand down following conclusion of the AGM next year.

The Directors are currently considering a number of candidates as potential replacements. The appointment of new Directors and the future constitution of the Board will be confirmed and communicated fully to Shareholders in due course, with each new Director being subject to re-election by Shareholders at the first AGM following their appointment.

I take this opportunity to thank Andrew for the valued and significant contribution that he has made to the Board since

the inception of your Company and to wish him well for the future.

Distribution of Annual and Interim Reports

As detailed in the 2014 Interim Report, a number of Shareholders have expressed an interest in receiving

notification, by post or e-mail, that documents, including the Annual and Interim Reports, are available on the Company's

website as an alternative to receiving hard copy by post. A letter of request was enclosed for Shareholders to complete

and return to confirm whether or not they wished to take advantage of this facility, and indicating that, in the absence

of a response they would be deemed as having given their consent to receiving only postal notifications that documents

are available on the website. Therefore, Shareholders who made an election for postal notification and those who chose

not to respond will have received notification by post of the publication of this Annual Report on the Company's website.

Shareholders who wish notifications to be sent by e-mail rather than by post should complete and return the form

enclosed or advise the Registrar via the Share Portal at www. capitashareportal.com. Hard copies of all documents are

available on request.

The Future

The Board believes that the core strategy of investing in a diversified portfolio of later-stage businesses will continue

to deliver growth in Shareholder value. The Manager has established a consistent track record of generating positive

Shareholder returns, and we are confident that this will continue in the year ahead.

Gregor Michie

Chairman

4 March 2015

 

 

 

Business Report

Introduction

This Business Report is intended to provide an overview of the strategy and business model of the Company as well as the key measures used by the Directors in overseeing its management. The Company is a venture capital trust which invests in accordance with the investment objective set out below.

Investment Objective

The Company aims to achieve long term capital appreciation and generate maintainable levels of income for Shareholders.

Business Model and Investment Policy

The Company intends to achieve its objective by:

-     investing the majority of its funds in a diversified portfolio of shares and securities in smaller, unquoted UK companies and AIM/ISDX quoted companies which meet the criteria for VCT qualifying investments and have strong growth potential;

-     investing no more than £1 million in any company in one year and no more than 15 per cent of the Company's assets by cost in one business at any time; and

-     borrowing up to 15 per cent of net asset value, if required and only on a selective basis, in pursuit of its investment strategy.

Principal Risks and Uncertainties

The principal risks and uncertainties facing the Company are as follows:

Investment Risk

Many of the Company's investments are in small and medium sized unlisted and AIM/ISDX quoted companies which, by their nature, entail a higher level of risk and lower liquidity than investments in large quoted companies. The Board aims to limit the risk attaching to the investment portfolio as a whole by ensuring a structured selection, monitoring and realisation process. The Board reviews the investment portfolio with the Manager on a regular basis.

The Company manages and minimises investment risk by:

·      diversifying across a large number of companies;

·      diversifying across a range of economic sectors;

·      actively and closely monitoring the progress of investee companies;

·      seeking to appoint a non-executive director to the board of each private investee company, provided from the Manager's investment management team or from its pool of experienced independent directors;

·      co-investing with other funds run by the Manager in larger deals, which tend to carry less risk;

·      not investing in hostile public to private transactions; and

·      retaining the services of a Manager that can provide the resources required to achieve the investment objective and meet the criteria stated above.

An explanation of certain risks and how they are managed is contained in Note 17 to the Financial Statements.

Financial and Liquidity Risk

As most of the investments require a mid to long term commitment and are relatively illiquid, the Company retains a portion of the portfolio in cash or cash equivalents in order to finance any new unquoted investment opportunities. The Company has no direct exposure to currency risk and does not enter into any derivative transactions.

Economic Risk

The valuation of investment companies may be affected by underlying economic conditions such as fluctuating interest rates and the availability of bank finance.

Credit Risk

The Company may hold financial instruments and cash deposits and is dependent on counterparties discharging their agreed responsibilities. The Directors consider the creditworthiness of the counterparties to such instruments and seek to ensure that there is no undue concentration of exposure to any one party.

Internal Control Risk

The Board reviews regularly the system of internal controls, both financial and non-financial, operated by the Company and the Manager. These include controls designed to ensure that the Company's assets are safeguarded and that all records are complete and accurate.

VCT Qualifying Status Risk

The Company operates in a complex regulatory environment and faces a number of related risks, including:

-     becoming subject to capital gains tax on the sale of its investments as a result of a breach of Section 274 of the Income Tax Act 2007;

-     loss of VCT status and consequent loss of tax reliefs available to Shareholders as a result of a breach of the VCT Regulations; and

-     loss of VCT status and reputational damage as a result of serious breach of other regulations such as the UKLA

Listing Rules and the Companies Act.

Legislative and Regulatory Risk

In order to maintain its approval as a VCT, the Company is required to comply with current VCT legislation in the UK as well as the European Commission's (EC) state aid rules. Changes in the future to UK legislation or the EC state aid rules could have an adverse impact on Shareholder investment returns whilst maintaining the Company's VCT status. The Board and the Manager continue to make representations where appropriate, either directly or through relevant industry bodies such as the AIC or the British Venture Capital Association (BVCA).

Statement of Compliance with Investment Policy

The Company is adhering to its stated investment policy and managing the risks arising from it. This can be seen in various

tables and charts throughout the Annual Report, and from information provided in the Chairman's Statement and the

Investment Manager's Review. A review of the Company's business, its position as at 30 November 2014 and its

performance during the year then ended is included in the Chairman's Statement which also includes an overview of the

Company's strategy and business model.

The management of the investment portfolio has been delegated to Maven, which also provides company secretarial,

administrative and financial management services to the Company. The Board is satisfied with the depth and breadth

of the Manager's resources and its network of offices, which supply new deals and enable it to monitor the geographically

widespread portfolio of companies effectively.

The Investment Portfolio Summary discloses the investments in the portfolio and the degree of co-investment with other clients of the Manager. The tabular analysis of the unlisted and quoted portfolio by industry sector and deal type show that the portfolio is diversified across a variety of sectors and deal types. The level of qualifying investments is monitored by the Manager on a daily basis and reported to the Audit and Risk Committee quarterly.

Key Performance Indicators

At each Board Meeting, the Directors consider a number of performance measures to assess the Company's success in achieving its objectives. The key performance indicators are as follows:

·      NAV total return;

·      dividends per share;

·      investment income: and

·      operational expenses.

The NAV total return is a measure of Shareholder value that includes both the current NAV per share and the sum of dividends paid to date. The dividends per share measure shows how much of that Shareholder value has been returned to original investors in the form of dividends. A historical record of these measures is shown in the Financial Highlights. The change in the profile of the portfolio is reflected in the Summary of Investment Changes. The Board reviews the Company's investment income and operational expenses throughout the year.

The Directors also consider non-financial performance measures such as the flow of investment proposals and ranking of the VCT sector by independent analysts. There is no meaningful venture capital trust index against which to compare the performance of the Company. However, for reporting to the Board and Shareholders, the Manager uses comparisons with appropriate indices and the Company's peer group.

Valuation Process

Investments held by Maven Income and Growth VCT 3 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.

Share Buy-backs

The Board will seek the necessary Shareholder authority to continue the share buy-back programme under appropriate circumstances.

Employee, Environmental and Human Rights Policy

As a venture capital trust, the Company has no direct employee or environmental responsibilities, nor is it responsible for the emission of greenhouse gases. Its principal responsibility to Shareholders is to ensure that the investment portfolio is managed and invested properly. The Company has no employees and, accordingly, has no requirement to report separately on employment matters. The management of the portfolio is undertaken by the Manager through members of its portfolio management team. The Manager engages with the Company's underlying investee companies in relation to their corporate governance practices and in developing their policies on social, community and environmental matters and further information may be found in the Statement of Corporate Governance. In light of the nature of the Company's business, there are no relevant human rights issues and, therefore, the Company does not have a human rights policy.

Future Strategy

The Board and Manager intend to maintain the policies set out above for the year ending 30 November 2015 as it is believed that these are in the best interests of Shareholders.

Gregor Michie

Chairman

4 March 2015

Maven Income and Growth VCT 3 PLC
Income Statement
For the year ended 30 November 2014
		Year ended 30 November 2014			Year ended 30 November 2013
		Revenue	Capital	Total	Revenue	Capital	Total
		£'000	£'000	£'000	£'000	£'000	£'000
Gains on investments		-	3,076	3,076	-	1,443	1,443
Income from investments		1,437	-	1,437	1,425	-	1,425
Other income		2	-	2	4	-	4
Investment management fees		(147)	(589)	(736)	(131)	(523)	(654)
Other expenses		(415)	-	(415)	(404)	-	(404)
Net return on ordinary activities before taxation		877	2,487	3,364	894	920	1,814
Tax on ordinary activities		(173)	118	(55)	(182)	114	(68)
Return attributable to Equity Shareholders		704	2,605	3,309	712	1,034	1,746
Earnings per share (pence)		1.96	7.26	9.22	2.22	3.23	5.45

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
For the year ended 30 November 2014
		Year ended 30 November 2014		Year ended 30 November 2013
		£'000		£'000
Opening Shareholders' funds		26,838		25,745
Net return for year		3,309		1,746
Proceeds of share issue		4,088		1,429
Repurchase and cancellation of shares		(336)		(449)
Dividends paid - revenue		(741)		(653)
Dividends paid - capital		(1,200)		(980)
Closing Shareholders' funds		31,958		26,838

Maven Income and Growth VCT 3 PLC
Balance Sheet
As at 30 November 2014
		30 November 2014	30 November 2013
		£'000		£'000
Fixed assets
Investments at fair value through profit or loss		29,118		24,864
Current assets
Debtors		1,552		699
Cash		1,385		1,393
		2,937		2,092
Creditors
Amounts falling due within one year		(97)		(118)
Net current assets		2,840		1,974
Net assets		31,958		26,838
Capital and reserves
Called up share capital		3,694		3,233
Share premium account		10,280		6,677
Capital reserve - realised		(3,405)		(2,982)
Capital reserve - unrealised		3,150		1,322
Distributable reserve		16,772		17,128
Capital redemption reserve		686		642
Revenue reserve		781		818
Net assets attributable to Ordinary Shareholders		31,958		26,838
Net asset value per Ordinary Share (pence)		86.5		83.0

Maven Income and Growth VCT 3 PLC
Cash Flow Statement
For the year ended 30 November 2014
		30 November 2014		30 November 2013
		£'000	£'000	£'000	£'000
Operating activities
Investment income received		1,536		1,412
Deposit interest received		2		4
Investment management fees paid		(736)		(654)
Secretarial fees paid		(103)		(101)
Directors' fees paid		(84)		(76)
Other cash payments		(245)		(216)
Net cash inflow from operating activities			370		369
Taxation
Corporation Tax			(68)		(106)
Financial investment
Purchase of investments		(10,743)		(16,469)
Sale of investments		8,622		13,607
Net cash outflow from financial investment			(2,121)		(2,862)
Equity dividends paid			(1,941)		(1,633)
Net cash outflow before financing			(3,760)		(4,232)
Financing
Issue of Ordinary Shares		4,088		1,429
Repurchase of Ordinary Shares		(336)		(449)
Net cash inflow from financing			3,752		980
Decrease in cash			(8)		(3,252)

Notes

Accounting Policies - UK Generally Accepted Accounting Practice

(a) Basis of preparation

The Financial Statements have been prepared under the historical cost convention, modified to include the revaluation of investments, and in accordance with the Statement of Recommended Practice 'Financial Statements of Investment Trust Companies and Venture Capital Trusts' (the SORP) issued in January 2009. The disclosures on going concern in the Directors' Report form part of these Financial Statements.

(b) Income

Dividends receivable on equity shares and unit trusts are treated as revenue for the period on an ex-dividend basis. Where no ex-dividend date is available dividends receivable on or before the year end are treated as revenue for the period. Provision is made for any dividends not expected to be received. The fixed returns on debt securities and non-equity shares are recognised on a time apportionment basis so as to reflect the effective interest rate on the debt securities and shares. Provision is made for any fixed income not expected to be received. Interest receivable from cash and short term deposits and interest payable are accrued to the end of the year.

(c) Expenses

All expenses are accounted for on an accruals basis and charged to the Income Statement. Expenses are charged through the revenue account except as follows:

·      expenses which are incidental to the acquisition and disposal of an investment are charged to capital; and

·      expenses are charged to realised capital reserves where a connection with the maintenance or enhancement of the value of the investments can be demonstrated. In this respect the investment management fee has been allocated 20% to revenue and 80% to realised capital reserves to reflect the Company's investment policy and prospective income and capital growth.

(d) Taxation

Deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date, where transactions or events that result in an obligation to pay more tax in the future or right to pay less tax in the future have occurred at the balance sheet date. This is subject to deferred tax assets only being recognised if it is considered more likely than not that there will be suitable profits from which the future reversal of the underlying timing differences can be deducted. Timing differences are differences arising between the Company's taxable profits and its results as stated in the Financial Statements which are capable of reversal in one or more subsequent periods.

Deferred tax is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

The tax effect of different items of income/gain and expenditure/loss is allocated between capital reserves and revenue account on the same basis as the particular item to which it relates using the Company's effective rate of tax for the period.

UK Corporation tax is provided at amounts expected to be paid/recovered using the tax rates and laws that have been enacted or substantively enacted at the balance sheet date.

(e) Investments

In valuing unlisted investments the Directors follow the criteria set out below. These procedures comply with the revised International Private Equity and Venture Capital Valuation Guidelines (IPEVCV) for the valuation of private equity and venture capital investments. Investments are recognised at their trade date and are designated by the Directors as fair value through profit and loss. At subsequent reporting dates, investments are valued at fair value, which represents the Directors' view of the amount for which an asset could be exchanged between knowledgeable and willing parties in an arm's length transaction. This does not assume that the underlying business is saleable at the reporting date or that its current shareholders have an intention to sell their holding in the near future.

A financial asset or liability is generally derecognised when the contract that gives rise to it is settled, sold, cancelled or expires.

1.   For investments completed prior to the reporting date, fair value is determined using the Price of Recent Investment Method, except that adjustments are made when there has been a material change in the trading circumstances of the Company or a substantial movement in the relevant sector of the stock market.

2.   Whenever practical, recent investments will be valued by reference to a material arm's length transaction or a quoted price.

3.   Mature companies are valued by applying a multiple to their prospective earnings to determine the enterprise value of the Company.

3.1        To obtain a valuation of the total ordinary share capital held by management and the institutional investors, the value              of third party debt, institutional loan stock, debentures and preference share capital is deducted from the enterprise              value. The effect of any performance related mechanisms is taken into account when determining the value of the             ordinary share capital.

            3.2       Preference shares, debentures and loan stock are valued using the Price of Recent Investment Method.                         When a redemption premium has accrued, this will only be valued if there is a reasonable prospect of it                         being paid. Preference shares which carry a right to convert into ordinary share capital are valued at the                         higher of the Price of Recent Investment Method basis and the price/earnings basis.

4.   Where there is evidence of impairment, a provision may be taken against the previous valuation of the investment.

5.   In the absence of evidence of a deterioration, or strong defensible evidence of an increase in value, the fair value is determined to be that reported at the previous balance sheet date.

6.   All unlisted investments are valued individually by Maven Capital Partners' Portfolio Management Team. The resultant valuations are subject to detailed scrutiny and approval by the Directors of the Company.

7.   In accordance with normal market practice, investments listed on the Alternative Investment Market or a recognised stock exchange are valued at their bid market price.

(f) Fair value measurement

Fair value is defined as the price that the Company would receive upon selling an investment in a timely transaction to an independent buyer in the principal or the most advantageous market of the investment. A three-tier hierarchy has been established to maximise the use of observable market data and minimise the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable.

Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity.

Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on best information available in the circumstances.

The three-tier hierarchy of inputs is summarised in the three broad levels listed below.

·      Level 1 - quoted prices in active markets for identical investments;

·      Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk etc); and

·      Level 3 - significant unobservable inputs (including the Company's own assumptions in determining the fair value of investments).

(g) Gains and losses on investments

When the Company sells or revalues its investments during the year, any gains or losses arising are credited/charged to the Income Statement.

Reserves

	Share premium account	Capital reserve realised	Capital reserve unrealised	Distributable reserve	Capital redemption reserve	Revenue reserve
	£'000	£'000	£'000	£'000	£'000	£'000
At 30 November 2013	6,677	(2,982)	1,322	17,128	642	818
Gain on sales of investments	-	1,248	-	-	-	-
Net increase in value of investments	-	-	1,828	-	-	-
Investment management fees	-	(589)	-	-	-	-
Dividends paid	-	(1,200)	-	-	-	(741)
Tax effect of capital items	-	118	-	-	-	-
Repurchase and cancellation of shares	-	-	-	(336)	44	-
Share Issue - 2014	3,603	-	-	(20)	-	-
Net return on ordinary activities after taxation	-	-	-	-	-	704
At 30 November 2014	10,280	(3,405)	3,150	16,772	686	781

Return per Ordinary Share

The returns per share are based on the following figures:

	Year ended	Year ended
	30 November 2014	30 November 2013
Weighted average number of Ordinary Shares	35,869,914	32,046,681
Revenue return	£704,000	£712,000
Capital return	£2,605,000	£1,034,000
Total return	£3,309,000	£1,746,000

Net asset value per Ordinary Share

The net asset value per Ordinary Share as at 30 November 2014 has been calculated using the number of Ordinary Shares in issue at that date of 36,945,444 (2013: 32,336,464).

Basis of preparation of the Financial Statements

This Financial Statements included in this Announcement has been prepared on the same basis as the Annual Report and Financial Statements for the year ended 30 November 2013. The Annual Report and Financial Statements for the year ended 30 November 2014 will be filed with the Registrar of Companies and issued to Shareholders in due course.

The financial information contained within this Announcement does not constitute the Company's statutory Financial Statements as defined in the Companies Act 2006. The statutory Financial Statements for the year ended 30 November 2013 have been delivered to the Registrar of Companies and contained an audit report which was unqualified and did not constitute statements under S498(2) or S498(3) of the Companies Act 2006.

Directors' responsibility statement

Each Director confirms, to the best of his knowledge, that:

·      the Financial Statements have been prepared in accordance with the applicable accounting standards and give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company as at 30 November 2014 and for the year to that date;

·      the Directors' Report includes a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that it faces; and

·      the Annual Report and Financial Statements taken as a whole are fair, balanced and understandable and provide the information necessary to assess the Company's performance, business model and strategy.

Other information

The Annual General Meeting will be held on 15 April 2015, commencing at 10.00 am, at 1-2 Royal Exchange Buildings, London EC3V 3LF.

Copies of this announcement, and of the Annual Report and Financial Statements for the year ended 30 November 2014, will be available to the public at the office of Maven Capital Partners UK LLP, 205 West George Street, Glasgow G2 2LW; at the registered office of the Company, 1-2 Royal Exchange Buildings, London EC3V 3LF and on the Company's website at www.mavencp.com/migvct3.

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 incorporated into, or forms part of, this announcement.

The Annual Report will shortly be submitted to the National Storage Mechanism and will be available for inspection at: www.Hemscott.com/nsm.do 

By Order of the Board

Maven Capital Partners UK LLP

Secretary

4 March 2015

 

END

 

 

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