Half Yearly Report

RNS Number : 6784H

Maven Income and Growth VCT 3 PLC

13 July 2012

 



Maven Income and Growth VCT 3 PLC

Interim announcement

Chairman's Statement

I am pleased to report on a further increase in NAV Total Return during the six month period under review and that the Board has approved payment of an increased interim dividend of 2.0p (2011: 1.75p), which reflects the increasing maturity of the private company portfolio. Your Company has established an improving trend in dividends at a time when investors continue to struggle to find attractive sources of reliable income in a low-interest rate environment.

Highlights

• Total Return on Ordinary Shares of 112.05p per Share at the period end, up 4.2% (4.55p) over the six months

• NAV at period end of 82.6p per Ordinary Share after payment of the final dividend of 2.75p

• Interim dividend declared of 2.0p per Ordinary Share, up from 1.75p in 2011

• Three substantial new investments added to the portfolio during the six-month period, and one further investment completed post the period end

• Disposal of ATR for a total return of 2.4x cost

• Exit from Transys Projects after the period end at 2.0x cost

• Exit from Nessco after the period end at 2.7x cost.

The Manager's UK-wide team has continued to generate a regular flow of attractive investments in competitively priced private companies, as the scarcity of bank debt available to smaller companies has made available a greater range of prospective transactions to generalist VCTs. The Board was very encouraged to note the Deloitte Buyout Track 100 table published in February 2012, which provides a powerful validation of our strategy of investing in companies which have passed the first phase of their development and demonstrates the Manager's ability to select and develop high quality assets for investors. The report tracks the performance of the top 100 private equity backed medium-sized companies in Britain for the period 2010 and 2011, and four of your portfolio companies are featured, namely Adler & Allan, Homelux Nenplas, Torridon Capital and Westway Services.

Homelux Nenplas and Electro-Flow Controls have also been nominated for the Mid Market Management Team of the Year awards for the Midlands and Scotland & Northern Ireland regions as part of the 2012 BVCA Management Team Awards, which recognise both the positive economic impact of private equity backed companies and the achievements of their management teams.

A number of successful exits have been achieved in recent years. One of the Manager's key areas of expertise is in the energy services sector, where it enjoys a strong regional presence in North East Scotland and has consistently sourced attractive new investments. The buoyant oil & gas sector continues to forge entrepreneurial service companies and your Company has benefited from strong demand from the industry and private equity buyers for successful companies. Since 2007 Maven has led ten such investments, with a total deal value of around £90 million, and has now achieved four profitable realisations in the sector.

The Board was also pleased to note the recent approval by the European Commission of proposed increases to the scale of investment which qualifies for VCT funding, and of the amount which can be invested in individual businesses. The gross asset limit for investee companies has been raised from £7 million to £15 million and the maximum number of employees from 50 to 250, while the annual

investment limit has been raised from £2 million to £5 million. These measures support our strategy of investing in later-stage companies and reaffirm the attraction of generalist VCTs as a tax-efficient route to investment in high growth smaller businesses.

Performance

Your Company has established a sustained trend of improving returns over recent years, driven by the focused private equity investment strategy, with NAV Total Return having increased by 18.4% since November 2008. NAV Total Return is the most important measure of performance for a VCT, being the long term record of dividend payments out of income and capital gains combined with the

current NAV. The NAV in isolation is a less important measure of performance as the underlying investments are long-term in nature and not readily realisable.

The Investment Portfolio

The portfolio is now comprised of more than 40 later-stage private companies and is generally performing well, with most companies trading at acceptable levels. The exposure to AIM quoted assets has been further reduced during the period, to less than 2.5% of portfolio value.

During the period to 31 May 2012 your Company has made three new private company investments and five follow-on investments, across a wide range of sectors, and has participated in every private equity deal completed by the Manager. Each new asset is a cash generative later-stage business, with little or no external debt and good prospects for development and expansion.

There have been three notable private company exits, including two completed after the period end, and realisations completed during the period generated proceeds of £0.95 million. The investment in ATR Holdings was sold to NBGI Private Equity at an overall return of 2.4 times the cost of investment. On 1 June 2012 the holding in Transys Projects Limited (TPL) was sold to German trade buyer Vossloh Kiepe. On 5 July, Nessco Group Holdings was sold to RigNet, a NASDAQ quoted US Telecoms business, generating a 2.7x return on the cost of investment.

The Manager is currently engaged in negotiations for the potential disposal of several investee companies although there can be no certainty that these will be successfully concluded.

Dividend

The Board has declared an increased interim dividend of 2.0p per Ordinary Share to be paid on 31 August 2012 to Shareholders on the Register at 10 August 2012. For the year ended 30 November 2011 the Company paid total dividends of 4.5p per Share to Ordinary Shareholders, which is a yield of 5.63% on an effective investment of 80.0p (based on the initial subscription price for an

Ordinary Share of £1.00 less initial tax relief of 20%) and is equivalent to a gross yield of 7.5% from an equity investment to a higher rate taxpayer (the dividend return an investor would need to earn from a taxable UK equity). To an Additional Rate taxpayer, the effective yield is 8.8%. For former C Ordinary Shareholders, based on 40% initial tax relief, the equivalent yields are 11.9% for a higher rate taxpayer and 13.9% for an Additional Rate taxpayer.

Ordinary Shareholders have, since the Company's launch, received 29.45p per Share in tax-free dividends. The impact of paying the interim dividend of 2.0p will be to reduce the NAV to 80.6p per Share.

The future level of dividends will depend on performance, and will be consistent with the Board's declared intention of paying not less than 4p per Share each year subject to the maintenance of NAV at a suitable level. 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.

Principal risks and uncertainties

The Board has reviewed the principal risks and uncertainties facing the Company, which are set out on page 22 of the Annual Report.

The Company has invested in a broadly based portfolio of investments largely in unlisted companies in the UK. The portfolio of investments in the AIM market is reducing as the unlisted portfolio is further developed.

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 status are met. The Board is pleased to confirm that all tests continue to be met.

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 286,000 Shares were bought back during the period at a cost of £206,803. Details of the parameters within which the Company may carry out Share buy-backs are given in the Directors' Report in the Annual Report.

Recovery of VAT

Aberdeen Asset Management PLC (Aberdeen) has offered to repay £40,572 of the VAT paid by the Company relating to investment management fees during the period from 28 June 2004 to 30 September 2005. The Directors have resolved to accept the offer on the condition that the Company will remain entitled to any additional VAT and interest that may be recovered by Aberdeen. The

proposed payment has not yet been reflected in the Financial Statements.

Enhanced Buy-back Scheme

The Board is considering an enhanced Share buy-back scheme which would enable Shareholders to sell up to 14.99% of their Shares at NAV and reinvest the proceeds of sale in new Shares at an issue price of NAV plus costs, which would entitle them to claim income tax relief on the value of the reinvestment of up to 30%. In the event that the Board decides that it is in the interests of Shareholders and the Company as a whole to proceed with this, Shareholders will receive a circular giving full details.

VCT top-up Offer

A top-up Offer was opened in December 2011 in parallel with similar offers by Maven Income and Growth VCT, Maven Income and Growth VCT 2 and Maven Income and Growth VCT 4, resulting in the issue of 1,491,880 new Shares and raising an additional £1,248,703 of share capital. The Offer was fully subscribed by 29 February 2012 and consequently closed early.

Outlook

The strategy of investing in later-stage private equity transactions with strong yield characteristics has generated improved revenues and delivered steady increases in NAV over recent years. The Board believes that this approach continues to be the best means of supporting a progressive dividend programme. The opportunity for regular tax-free income is a major attraction of VCT investment and the proposed increased interim dividend reflects the Board's confidence in the portfolio and the potential for continued improvement in Shareholder returns.

Gregor Michie

Chairman

13 July 2012

Investment Manager's Review

Overview

The later-stage investment strategy employed by Maven is to focus only on well managed private companies which are able to demonstrate a history of predictable earnings and invest conservatively in businesses which pay income and offer the clear potential for capital growth. Despite a difficult economic environment most of your Company's private company assets continue to trade positively and are paying regular income which should allow the Company to maintain a healthy dividend programme.

Investment Activity

During the period the Maven team completed three substantial new private equity investments on behalf of your Company, and made five follow-on investments in existing portfolio companies. At the period end, the portfolio contained 60 unlisted and AIM investments at a total cost of £22.9 million. Since 31 May 2012, one new qualifying investment has been completed at a cost of £0.46 million.

The following new investments have been completed during the period.

Investment	Date	Sector	Investment cost £'000	Website
Unlisted
Camwatch Limited	March 2012	Technology hardware & equipment	68	www.camwatch.co.uk
Cash Bases Limited	April 2012	Support services	167	www.cashbases.co.uk
Cat Tech International Limited	March 2012	Support services	627	No website available
Lawrence Recycling & Waste Management Limited	December 2011	Support services	42	www.lawrenceskiphire.co.uk
Lemac No. 1 Limited (trading as John McGavigan Limited)	January 2012	Automobiles & parts	150	www.mcgavigan.com
Moriond Limited	December 2011	Real estate	583	No website available
Nessco Group Holdings Limited	March 2012	Oil equipment services	144	www.nesscogroup.com
Trojan Capital Limited	May 2012	Support services	360	No website available
Vodat International Holdings Limited	March 2012	Telecommunication services	567	www.vodat-int.com
Total Unlisted investment			2,708
Listed fixed income
Treasury 5.25% 7 June 2012	December 2011	Gilt	1,999
Total			4,707

Three new private company investments were added to the portfolio during the period under review:

• Moriond, a new company set up to acquire an established residential property portfolio at a significant discount to open market value. Maven will work on a joint venture basis with an experienced developer to break up the portfolio into single units, carry out minor refurbishment, and then implement a structured sale of the individual assets;

• Vodat International, a provider of payment and communications solutions to high street businesses, which enable retailers to reduce costs, boost store productivity and increase sales in an increasingly competitive trading environment. The company has an established and diverse customer base, has consistently improved profitability in recent years and enjoys high levels of

recurring revenue from a number of long-term service and support contracts; and

• Cat Tech International, a niche industrial services business offering catalyst handling products and services to petro-chemical plants operating in the major international markets. The business specialises in servicing equipment used in applications where operational efficiency is critical and there is an increasing global focus on health and safety issues, and has developed a range

of patented products and processes to improve the efficiency, speed and safety of catalyst operations.

The follow-on investments in Venmar and Glacier Energy were to support the development of the businesses and, in the case of Glacier, to fund a small acquisition. Maven Income and Growth VCT 3 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 4, Maven Income and Growth VCT 5, Talisman First Venture Capital Trust and Ortus VCT. Co-investment allows the Companies to underwrite a wider range and larger size of transaction than would be the case on a stand-alone basis.

Realisations

In March 2012, Maven completed the realisation of ATR Group for £19.25m via a secondary buy-out funded by the private equity manager NBGI, realising a total return of 2.4 times the initial cost. ATR provides rental services for specialist plant, equipment and consumables, along with a comprehensive range of support services, to offshore and onshore energy services maintenance contractors operating in highly regulated environments. There were two significant private company realisations after the period end. At the start of June 2012 the holding in Transys Projects Limited (TPL) was sold to German engineering group, Vossloh Kiepe. The exit produced a 2.0x return on investment cost for your Company and the valuation at 31 May 2012 reflects the full offer value. In early July the holding in Nessco was also sold to RigNet Inc for a 2.7x return on the cost investment.

The table on page 12 gives details of realisations during the reporting period.

	Date first invested	Complete/ partial exit £'000	Cost of shares disposed of £'000	Value at 30 November 2011 £'000	Sales proceeds £'000	Realised gain/(loss) £'000	Gain/(loss) over November 2011 value £'000
Unlisted
ATR Holdings Limited	2007	Complete	181	200	366	185	166
Beckford Capital Limited	2010	Complete	360	360	360	-	-
Dalglen (1150) Limited (trading as Walker Technical Resources)	2009	Complete	-	-	6	6	6
Oliver Kay Holdings Limited	2007	Partial	6	6	6	-	-
PLM Dollar Group Limited	1999	Complete	57	53	55	(2)	2
Space Student Living Limited	2011	Partial	91	91	91	-	-
Tosca Penta Investments Limited Partnership (trading as esure)	2010	Partial	37	37	37	-	-
Total unlisted disposals			732	747	921	189	174
AIM/PLUS
Brookwell Limited	2008	Partial	22	16	16	(6)	-
DM PLC	2007	Complete	133	10	18	(115)	8
Total AIM/PLUS investments			155	26	34	(121)	8
Listed fixed income
Treasury 5.25% 7 June 2012			993	977	990	(3)	13
Total			1,880	1,750	1,945	65	195

The Manager has continued its policy of disposing of the AIM portfolio for best possible value in cases where investments were underperforming. These disposals incurred realised losses of £121,000 (cost £155,000) during the period. This had no effect on the NAV as a full provision had been made in earlier periods.

Outlook

The primary focus across the Maven network will continue to be on sourcing a steady flow of attractively priced later-stage private company investments and further expanding the portfolio. Maven receives around 400 introductions annually across the country, investing only in a handful of companies each year. In tandem with regular profitable portfolio exits, we believe this is the optimum strategy for the generation of superior Shareholder returns over the medium term.

Maven Capital Partners UK LLP

Manager

13 July 2012

Directors' Responsibility Statement

We confirm to the best of our knowledge that:

·     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 4.2.7R in relation to the indication of important events during the first six months, and of the principal risks and uncertainties facing the Company during the second six months

·     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.

Summary of Investment Changes
For the six months ended 31 May 2012
	Valuation		Net investment	Appreciation	Valuation 31 May 2012
	30 November 2011		(disinvestment)	(depreciation)
	£'000	%	£'000	£'000	£'000						%
Unlisted investments
Equities	7,950	32.5	351	1,185	9,486						36.5
Preference shares	32	0.1	(6)	1	27						0.1
Loan stock	12,300	50.2	1,442	40	13,782						52.9
	20,282	82.8	1,787	1,226	23,295						89.5
AIM/PLUS investments
Equities	679	2.8	(34)	(25)	620						2.4
Listed investments
Fixed income	-	-	979	(2)	977						3.8
Total investments	20,961	85.6	2,732	1,199	24,892						95.7
Other net assets	3,496	14.4	(2,408)	-	1,088						4.3
Total assets	24,457	100.0	324	1,199	25,980						100.0

Investment Portfolio Summary
As at 31 May 2012
	Valuation	Cost	% of total assets	% of equity held	% of equity held by other clients*
Investment	£'000	£'000
Unlisted
Nessco Group Holdings Limited	1,476	859	5.6	7.0	28.1
Torridon Capital Limited	1,398	627	5.3	4.5	35.5
Homelux Nenplas Limited	1,295	354	4.9	7.1	32.9
TPL (Midlands) Limited (formerly Transys Holdings Limited)	1,064	674	4.1	7.5	42.6
Westway Services Limited	952	413	3.7	4.5	17.4
Camwatch Limited	879	1,039	3.4	11.9	31.0
Oliver Kay Holdings Limited	876	613	3.4	4.0	16.0
Lawrence Recycling & Waste Management Limited	812	812	3.1	10.0	52.0
Martel Instruments Holdings Limited	802	671	3.1	12.4	31.8
Flexlife Group Limited	792	597	3.0	2.4	12.3
Adler & Allan Holdings Limited	738	530	2.8	1.9	4.7
Atlantic Foods Group Limited	719	522	2.8	2.9	5.9
Attraction World Holdings Limited	674	339	2.6	6.7	31.7
Steminic Limited	673	673	2.6	9.1	26.8
Cash Bases Limited (formerly Deckflat Limited)	663	193	2.6	9.5	18.9
TC Communications Holdings Limited	645	719	2.5	8.3	21.7
Staffa Capital Limited	640	640	2.5	49.0	15.3
Corinthian Foods Limited	630	630	2.4	41.0	31.9
Blackford Capital Limited	630	630	2.4	46.3	37.8
Maven Co-invest Exodus Limited Partnership (trading as 6 degrees)	630	630	2.4	2.1	8.5
Cat Tech International Limited	627	627	2.4	6.0	24.0
Lemac No. 1 Limited (trading as John McGavigan Limited)	614	614	2.4	10.5	26.3
Moriond Limited	583	583	2.2	11.9	38.1
Vodat International Holdings Limited	567	567	2.2	6.6	35.2
Intercede (Scotland) 1 Limited	436	298	1.7	3.2	25.3
Tosca Penta Investments Limited Partnership (trading as esure)	434	213	1.7	0.1	0.2
CHS Engineering Services Limited	389	389	1.5	4.3	19.0
Training For Travel Group Limited	370	721	1.4	8.3	21.7
Trojan Capital Limited	360	360	1.4	26.6	70.9
LCL Hose Limited	358	358	1.4	6.4	23.6
Venmar Limited (trading as XPD8 Solutions Limited)	358	358	1.4	5.4	29.6
Space Student Living Limited	317	317	1.2	4.5	25.5
Glacier Energy Services Group Limited	229	229	0.9	2.2	22.8
Claven Holdings Limited	210	82	0.8	14.2	35.8
Enpure Holdings Limited	200	200	0.8	0.9	1.7
Llanllyr Water Company Limited	164	164	0.6	7.5	42.4
ID Support Services Group Limited	55	72	0.2	0.5	1.7
Other unlisted investments	36	1,696	0.1
Total unlisted investments	23,295	20,013	89.5
AIM/PLUS
Plastics Capital Plc	255	355	1.0	1.3	2.4
Chime Communications PLC	133	147	0.5	0.1	0.2
Marwyn Management Partners PLC (formerly Praesepe PLC)	38	84	0.1	0.1	0.1
Datong PLC	32	151	0.1	0.9	1.1
Hasgrove PLC	30	123	0.1	0.4	1.3
Work Group PLC	29	201	0.1	0.9	2.3
Tangent Communications PLC	26	79	0.1	0.3	2.6
Vianet Group PLC (formerly Brulines Group PLC)	24	31	0.1	0.1	1.4
Brookwell Limited	21	51	0.1	-	-
Cello Group PLC	18	54	0.1	0.1	0.4
Other AIM/PLUS investments	14	732	0.1
Total AIM/PLUS investments	620	2,008	2.4
Listed fixed income
Treasury 5.25% 7 June 2012	977	977	3.8
Total investments	24,892	22,998	95.7
*Other clients of Maven Capital Partners UK LLP.

INCOME STATEMENT
For the six months ended 31 May 2012
	Six months to 31 May 2012					Six months to 31 May 2011								Year ended  30 November 2011
	(unaudited)					(unaudited)								(audited)
	Revenue		Capital		Total	Revenue		Capital			Total		Revenue				Capital			Total
	£'000		£'000		£'000	£'000		£'000			£'000		£'000				£'000			£'000
Gains on investments	-		1,199		1,199	-		1,109			1,109		-				1,846			1,846
Income from investments	664		-		664	490		-			490		1,160				-			1,160
Other income	1		-		1	4		-			4		11				-			11
Investment management fees	(62)		(248)		(310)	(58)		(231)			(289)		(119)				(474)			(593)
Other expenses	(116)		-		(116)	(110)		-			(110)		(259)				-			(259)
Net return on ordinary activities before taxation	487		951		1,438	326		878			1,204		793				1,372			2,165
Tax on ordinary activities	(48)		25		(23)	(23)		23			-		(108)				97			(11)
Return attributable to Equity Shareholders	439		976		1,415	303		901			1,204		685				1,469			2,154
Earnings per share (pence)	1.42		3.17		4.59	1.02		3.04			4.06		2.28				4.88			7.16

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.

		Six months ended			Six months ended			Year ended
Reconciliation of Movements in Shareholders' Funds		31 May 2012			31 May 2011			30 November 2011
			£'000			£'000			£'000
Opening Shareholders' funds			24,457			22,647			22,647
Net Return for year			1,415			1,204			2,154
Proceeds of share issue			1,188			1,148			1,148
Repurchase and cancellation of shares			(207)			-			(192)
Dividends paid - revenue			(317)			-			(306)
Dividends paid - capital			(556)			(765)			(994)
Closing Shareholders' funds			25,980			24,234			24,457

BALANCE SHEET
As at 31 May 2012
	31 May 2012	31 May 2011	30 November 2011
	(unaudited)	(unaudited)	(audited)
	£'000	£'000	£'000
Fixed assets
Investments	24,892	20,774	20,961
Current assets
Debtors	745	525	615
Cash and overnight deposits	456	2,955	2,972
	1,201	3,480	3,587
Creditors
Amounts falling due within one year	(113)	(20)	(91)
Net current assets	1,088	3,460	3,496
Net assets	25,980	24,234	24,457
Capital and reserves
Called up share capital	3,147	3,058	3,026
Share premium account	2,036	997	997
Capital reserve - realised	(3,569)	(2,816)	(2,855)
Capital reserve - unrealised	1,907	395	773
Distributable reserve	21,634	22,033	21,841
Capital redemption reserve	93	33	65
Revenue reserve	732	534	610
Net assets attributable to Ordinary Shareholders	25,980	24,234	24,457
Net asset value per Ordinary Share (pence)	82.6	79.2	80.8
The financial statements of Maven Income and Growth VCT 3 PLC, registered number 4283350, were approved by the Board and were signed on its behalf by:
Gregor Michie
Director 13 July 2012

CASH FLOW STATEMENT
For the six months ended 31 May 2012
								Six months ended						Six months ended				Year ended
								31 May 2012						31 May 2011				30 November 2011
								(unaudited)						(unaudited)				(audited)
								£'000						£'000				£'000
Operating activities
Investment income received								559						388				974
Deposit interest received								1						5				11
Investment management fees paid								(310)						(428)				(732)
Secretarial fees paid								(49)						(68)				(115)
Directors expenses paid								(40)						(35)				(71)
Other cash payments								(48)						(46)				(95)
Net cash inflow/(outflow) from operating activities								113						(184)				(28)
Taxation
Corporation tax								-						(5)				(5)
Financial investment
Purchase of investments								(4,707)						(604)				(2,750)
Sale of investments								1,945						644				3,340
Net cash (outflow)/inflow from financial investment								(2,762)						40				590
Equity dividends paid								(873)						(765)				(1,300)
Net cash outflow before financing								(3,522)						(914)				(743)
Financing
Issue of ordinary shares								1,188						1,148				1,148
Repurchase of ordinary shares								(182)						-				(154)
Net cash inflow from financing								1,006						1,148				994
(Decrease)/increase in cash								(2,516)						234				251
	Notes to the financial statements
1	Accounting Policies
	The financial information for the 6 months ended 31 May 2012 and the 6 months ended 31 May 2011 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 30 November 2011, 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.
2	Movement in reserves
		Share				Capital				Capital						Capital
		premium				reserve				reserve			Distributable			redemption					Revenue reserve
		account				realised				unrealised			reserve			reserve
		£'000				£'000				£'000			£'000			£'000					£'000
	At 30 November 2011	997				(2,855)				773			21,841			65					610
	Gains on sales of investments	-				65				-			-			-					-
	Net increase in value of investments	-				-				1,134			-			-					-
	Investment management fees	-				(248)				-			-			-					-
	Dividends paid	-				(556)				-			-			-					(317)
	Tax effect of capital items	-				25				-			-			-					-
	Repurchase and cancellation of shares	-				-				-			(207)			28					-
	Share Issue - 1 March 2012	688				-				-			-			-					-
	Share Issue - 5 April 2012	312				-				-			-			-					-
	Share Issue - 18 April 2012	39				-				-			-			-					-
	Net return on ordinary activities after taxation	-				-				-			-			-					439
	At 31 May 2012	2,036				(3,569)				1,907			21,634			93					732
3	Returns per Ordinary Share
	Ordinary Shares		Six months ended							Six months ended						Year ended
			31 May 2012							31 May 2011						30 November 2011
				£'000								£'000							£'000
	The return per ordinary share is based on
	the following figures:
	Revenue return			439								303							685
	Capital return			976								901							1,469
	Total return			1,415								1,204							2,154
	Weighted average number of ordinary shares in issue			30,835,162								29,614,308							30,083,549
	Revenue return per ordinary share			1.42p								1.02p							2.28p
	Capital return per ordinary share			3.17p								3.04p							4.88p
	Return per ordinary share			4.59p								4.06p							7.16p
	The Net Asset Value per Ordinary Share has been calculated using the number of shares in Issue at 31 May 2012 of 31,471,587.

Other information

Copies of this announcement will be available to the public at the registered office of the Company, 9 - 13 St Andrew Street, London, on the Company's website at www.mavencp.com/migvct3 and at the National Storage Mechanism.

Issued on behalf of the Board

Maven Capital Partners UK LLP

Secretary

13 July 2012

ENDS

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.

 

END

 

 

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