Half Yearly Report

RNS Number : 6263N

Maven Income and Growth VCT 3 PLC

29 July 2014

 

Maven Income and Growth VCT 3 PLC

Announcement of Half-yearly Report

Interim Review

Overview

The continuing objective for your Company is to achieve long term capital appreciation and generate maintainable levels of income for Shareholders, by investing in a diversified portfolio of later-stage private businesses and AIM/ISDX quoted companies with established revenue streams and strong growth potential. During the six month period to 31 May 2014, a combination of valuation uplifts, investment returns and realisation proceeds has resulted in a further increase in NAV total return, to

123.90p per share.

During the reporting period the Maven team has continued to source suitable investment opportunities in profitable UK businesses, and the asset base now includes 46 private companies, the majority of which are trading in line with or ahead of plan, and paying a regular yield. This revenue is an important component in your Company's ability to sustain an attractive level of tax-free distributions to Shareholders, and consequently your Board is pleased to declare a dividend of 2.00p per share at the half-year.

Several significant new private companies were added to the portfolio during the six month period. In December 2013, Maven led the management buy-out of R&M Engineering, an oil & gas services business, and in the same month a development capital funding package was provided to specialist tyre manufacturer D Mack. In February 2014, Maven supported the management buy-out of SPS from 4imprint Group and drawdowns commenced on the committed first ranking secured mezzanine loan to Maven Capital (Llandudno).

In March 2014, Maven led an investment in London headquartered ISN Solutions Group, an IT support and services business, and in the following month, supported the buy-in/management buy-out of RMEC Group.

Highlights

•    NAV total return of 123.90p per share at 31 May 2014, up 4.45p (3.7%) from 30 November 2013;

•    NAV at period end of 84.20p per share after payment of the final dividend of 3.25p;

•    Five new investments added to the portfolio; and

•    Interim dividend declared of 2.00p per share (2013:2.00p)

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 29 August 2014 to Shareholders on the Register at 8 August 2014. After receipt of the interim dividend, Shareholders who invested in the Company at the outset will have received 41.70p per share in tax-free dividends.

Portfolio Developments

The private equity portfolio has generally performed well, and strong trading results have led to valuation uplifts for a number of companies operating in a range of sectors. Torridon (Gibraltar) has grown to become one of Europe's leading insurers since Maven led a public-to-private transaction in early 2010. Trading through its subsidiary, Elite Insurance, and specialising in legal expenses, professional indemnity and general insurance, the business has demonstrated impressive growth and continues to diversify in the wake of the Jackson Review, which was implemented in April 2013 and impacted on civil litigation costs in England and Wales. The team has successfully expanded the product range, pursuing new lines of general cover such as pet and motor insurance, and expanding into new markets including Germany, France, Italy and Spain.

The financial performance of cash management specialist Cash Bases improved significantly in 2013 on the back of a multi-million pound contract from Tesco PLC for the Company's innovative SMARTtill product. This system provides automated cash management technology and real-time transaction monitoring. Profitability is expected to grow through 2014 as additional orders are placed and new customers are won from a strong pipeline.

Maven Co-invest Exodus, which is invested in Six Degrees Group, was established in 2011 to implement a buy & build strategy for the group, which has now completed 13 acquisitions in the telecommunications and IT sectors. The company is now a broad based telecommunications service sector business centred on the converging of mobile, fixed-line, broadband, internet and IT technology businesses, which delivered annual sales of £51.5 million for the year ended 31 March 2013.

A follow-on investment was made in Glacier Energy Services Group, an oil & gas service business headquartered in Aberdeen that is focused on growth within its core UK market. This investment funded the acquisition of Professional Testing Services, a business which provides a comprehensive range of non-destructive testing services to the oil & gas and renewable sectors.

New Investments

During the period your Company participated in five new private equity transactions, alongside follow-on investments supporting the development of existing portfolio companies.

·      D Mack, a business based in Carlisle that designs and sells high performance tyres to the motorsport, truck and passenger markets, and which has already established partnership agreements in 72 countries across the world;

·      R&M Engineering, a long established business that provides integrated engineering services to the North Sea oil & gas industry, with the ability to undertake a full service offering including design, machining and final fabrication. The business plans to expand into new markets through the development of a laser survey & scanning division, to provide a 3D survey capability using advanced scanning technology and software;

·      SPS (EU), the UK's market leading supplier of branded promotional merchandise, operating from a modern, well invested site in Blackpool is well placed to expand by developing new products into an improving economy;

·      ISN Solutions, a business headquartered in London that provides consultancy, project management and outsourced IT services to a niche client base in the upstream exploration and production oil & gas sector; and

·      RMEC Group, a specialist provider of engineering solutions and pressure control equipment to the oil & gas industry.

 

The following investments have been completed during the period:

Investment	Date	Sector	Investment cost    £'000	Website
Unlisted
D Mack Limited	December 2013	Automobiles & parts	433	www.dmacktyres.com
Glacier Energy Services Group Limited	February 2014	Oil equipment services	133	www.glacier.co.uk
ISN Solutions Group Limited	March 2014	Software & computer services	397	www.isnsolutions.co.uk
Llanllyr Water Company Limited	March 2014	Beverages	46	www.llanllyrwater.com
Maven Capital (Llandudno) LLP	February 2014	Real estate	274	No website available
Maven Capital (Telfer House) LLP	April 2014	Real estate	850	No website available
R&M Engineering Group Limtied	December 2013	Oil & gas	637	www.rm-engineering.co.uk
RMEC Group Limited	April 2014	Oil & gas	446	www.rmecltd.co.uk
SPS (EU) Limited	February 2014	Support services	655	www.spseu.com
Total unlisted investment			3,871
Listed fixed income
Treasury Bill 16 June 2014	February 2014	UK government	1,999
Total listed fixed income investment			1,999
Total investment			5,870

At the period end, the portfolio stood at 59 unlisted and quoted investments at a total cost of £24.9 million.

 

Realisations

In March 2014, Llanllyr Water Company was sold to a US private company for a combination of cash and secured loan notes, and the mezzanine loan provided to Tuscola (FC100) was repaid in full during May 2014.

The Manager is currently engaged with several 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.

The table below gives details of all realisations during the reporting period.

	Year first invested	Complete/ partial exit	Cost of shares disposed of	Value at 30 November 2013	Sales proceeds	Realised gain/(loss)	Gain/(loss) over November 2013 value
			£'000	£'000	£'000	£'000	£'000
Unlisted
Airth Capital Limited	2012	Complete	700	700	700	-	-
Attraction World Holdings Limted	2010	Partial	31	31	48	17	17
Ensco 969 Limited (trading as DPP)	2013	Partial	75	75	75	-	-
Kelvinlea Limited	2013	Partial	57	57	57	-	-
Llanllyr Water Company Limited	2002	Complete	172	74	91	(81)	17
Maven Capital (Telfer House) LLP1	2014	Complete	850	N/A	854	4	N/A
Torridon (Gibraltar) Limited (formerly Torridon Capital Limited)	2010	Partial	113	125	113	-	(12)
TPL (Midlands) Limited	2007	Complete	-	-	27	27	27
Tuscola (FC100) Limited (previously Grangeford (FC100) Limited)	2012	Complete	275	275	275	-	-
Westway Services Holdings (2010) Limited2	2009	Partial	83	124	83	-	(41)
Total unlisted disposals			2,356	1,461	2,323	(33)	8
AIM/ISDX
Brookwell Limited	2008	Partial	-	-	8	8	8
Chime Communications PLC	2009	Partial	33	58	60	27	2
Hasgrove PLC	2006	Partial	13	5	6	(7)	1
Plastics Capital PLC	2007	Partial	131	145	161	30	16
Total AIM/ISDX disposals			177	208	235	58	27
Listed fixed income
Treasury Bill 16 June 20141	2014	Partial	999	N/A	999	-	N/A
Total listed fixed income disposals			999	N/A	999	-	N/A
Total disposals			3,532	1,669	3,557	25	35

¹ Holding acquired and realised during the period.

² Proceeds exclude yield and redemption premiums received, which are disclosed as revenue for financial reporting purposes.

Material Developments Since the Period End

Since 31 May 2014, three follow-on investments have been completed in existing portfolio companies including the provision of funding to enable Kelvinlea to acquire Moriond in a transaction that will create synergies in the marketing process for the sale of the remaining residential properties held by both companies. One new private company asset was added to the portfolio when, in June 2014, Maven led a secondary buy-out of Just Trays from Gresham Private Equity. Just Trays is the UK's leading manufacturer of shower trays and related accessories, with all product design, development and production undertaken at its main facility in Leeds.

Principal Risks and Uncertainties

The principal risks and uncertainties facing the Company were set out in full in the Strategic Report contained within the 2013 Annual Report, and are the risks associated with investment 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 valuation of investee companies may be affected by economic conditions and the credit environment, and other risks include legislative, regulatory, adherence to VCT qualifying rules and the effectiveness of the internal controls operated by the Company and the Manager. These risks and procedures are reviewed regularly by your Board and monitored continually by the Manager, and the Board has confirmed that all tests, including the criteria for VCT qualifying status, continue to be met.

Whilst your Company and the Manager are registered in England, a number of the investee businesses are located in Scotland, and it is acknowledged that there is some uncertainty arising from the referendum on Scottish independence due to take place on 18 September 2014. Should the vote be for independence the Board considers that there will be a transition period during which there will be an opportunity to assess the impact and take any appropriate action.

Fund Raising

In September 2013, the Company announced that it planned to raise up to £4 million in a joint Offer for Subscription alongside the other Maven VCTs. The first allotment under the Offer took place on 3 February 2014 when 2,872,393 new Ordinary Shares were issued, and a further allotment of 1,526,733 new Ordinary Shares took place on 5 April 2014.

The Offer was fully subscribed by 4 April 2014, and closed on 5 April 2014 in relation to the tax year 2013/14. In consideration of certain provisions contained within The Finance Bill 2014, which could have had adverse tax consequences for the Company and its Shareholders, the Board decided to postpone the issue of new shares under the Offer in respect of the 2014/15 tax year until there was certainty that the allotments could take place without contravening the new rules. HM Treasury has now clarified the operation of the proposed changes to regulations, and the Offer was subsequently

closed on 30 May 2014. A final allotment of 654,877 new Ordinary Shares took place on 1 July 2014, using the overallotment facility set out in the Prospectus.

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 also 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-backs

Shareholders have given the Board authority to buy back Shares for cancellation or to be held in treasury, subject always to such transactions being in the best interests of Shareholders. The Board notes that the discount to NAV has widened slightly during the 'close period', and is committed to buying back shares, 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 in the range of 5% to 10% to the prevailing NAV per share. No Shares were bought back during the period under review.

VCT Regulatory Developments

The AIFM Directive came into force on 21 July 2011 and was implemented within the UK on 22 July 2013. The Board and the Manager have engaged legal advisers to ensure that the impact of the legislation has been considered fully, and the Directors have taken the decision to register Maven Income and Growth VCT 3 PLC as a self-managed registered AIFM. This will enable the Company to take advantage of the reduced reporting requirements available to small investment companies and avoid the direct and indirect costs of appointing a depositary. The application was submitted on 22 January 2014 and the Company was registered on 22 July 2014. Procedures have been put in place to ensure compliance with the Directive.

The Association of Investment Companies (AIC) has participated in a consultation process to ensure the Government's continued long-term support for the VCT sector by addressing concerns from HM Treasury that enhanced shared buy-back (EBB) schemes conflict with the public policy objectives of

VCTs. Whilst it is proposed that the buy-back and cancellation of shares will continue to be permitted, it is the Government's intention that EBBs will be prohibited.

HM Treasury has published draft legislation to address its concerns about the use of share premium accounts to return capital to investors, which will prevent VCTs returning capital within three years of the accounting period in which the shares were issued. These changes are effective from 6 April

2014 but, as the provisions might have affected the ability to pay dividends out of reserves created from the reduction of share premium or capital where a VCT had issued shares of the same class before and after 5 April 2014, the AIC sought clarification on this matter. HMRC has confirmed that it is the intention that the new rule will apply only in respect of returns of capital from shares issued on or after 6 April 2014, and that the draft legislation will be amended prior to receiving Royal Assent.

Distribution of Annual and Interim Reports

A number of Shareholders have expressed an interest in receiving notification, by post or e-mail, that documents including annual and interim reports are available on the Company's website, rather than in hard copy by post, as provided for under the Articles of Association. A letter of request is included with this Interim Report for Shareholders to complete and return to confirm whether or not they wish to take advantage of this facility. It should be noted that the option to receive hard copies of documents will still be available. Those shareholders who do not respond will be deemed to have given their consent to receiving only postal notifications that documents are available on the website.

Dividend Reinvestment Scheme

The Directors intend to implement a Dividend Reinvestment Scheme through which Shareholders may elect to have their dividends applied to the purchase of new Ordinary Shares issued by the Company under the standing authority conferred by Shareholders at the Annual General Meeting held on 30 April 2014. Shares so issued qualify for tax relief as they are newly issued shares but have the additional advantage that there is no premium payable as would be the case with the issue of new shares under a prospectus. Details of the scheme and an application form will be issued in advance of the payment of the final dividend for the year ending 30 November 2014.

Board of Directors

Your Board has previously intimated its intention to implement a succession plan, and has agreed in principle that it would be advantageous to reduce the number of independent directors by one, from four to three, as part of this process. Atul Devani was appointed to the Board on 5 April 2014, and was subsequently elected as a Director at the Annual General Meeting on 30 April 2014, at which Stephen Wood stood down. Further changes in Board membership are likely to take place within the next two to three years, and confirmation of any future changes to the Board will be communicated fully to Shareholders in due course.

Outlook

Your Company will continue to focus on investing at attractive entry values in established UK businesses that are capable of generating income and have significant potential for capital

appreciation. The Board and the Manager believe this strategy continues to be the optimal approach to support a progressive dividend programme and to deliver consistent growth in Shareholder value.

Directors' Responsibility Statement

The Directors confirm that to the best of their 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 4.2.7R 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, of the year ended 30 November 2014; and

·      the Interim Management Report includes adequate disclosure of the information required by DTR 4.2.8R in relation to material related party transactions and any changes to them.

On behalf of the Board

Maven Capital Partners UK LLP

Secretary

29 July 2014

 

Summary of Investment Changes
For the six months ended 31 May 2014
	Valuation 30 November 2013		Net investment/ (disinvestment)	Appreciation/ (depreciation)	Valuation 31 May 2014
	£'000	%	£'000	£'000	£'000	%
Unlisted investments
Equities	8,980	33.4	522	1,639	11,141	36.0
Preference shares	7	-	-	-	7	-
Loan stock	15,263	56.9	1,026	(137)	16,152	52.2
	24,250	90.3	1,548	1,502	27,300	88.2
AIM/ISDX investments
Equities	568	2.1	(235)	76	409	1.3
Listed investments
Equities	46	0.2	-	2	48	0.2
Fixed income	-	-	1,000	-	1,000	3.2
Total investments	24,864	92.6	2,313	1,580	28,757	92.9
Other net assets	1,974	7.4	217	-	2,191	7.1
Total assets	26,838	100.0	2,530	1,580	30,948	100.0

Investment Portfolio Summary
As at 31 May 2014
	Valuation	Cost	% of total	% of equity	% of equity held by other
Investment	£'000	£'000	assets	held	clients¹
Unlisted
Torridon (Gibraltar) Limited (formerly Torridon Capital Limited)	2,272	400	7.4	4.5	35.5
Maven Co-invest Exodus Limited Partnership and Tosca Penta Exodus Mezzanine Limited Partnership (invested in Six Degrees Group)	1,857	829	6.1	4.0	14.3
Nenplas Holdings Limited	1,544	1,157	5.1	9.4	23.1
Cash Bases Limited (formerly Deckflat Limited)	1,448	193	4.8	9.5	18.9
Ensco 969 Limited (trading as DPP)	1,302	1,302	4.2	4.8	29.7
Steminic Limited (trading as MSIS)	1,159	673	3.7	9.1	26.8
Camwatch Limited	1,001	1,581	3.2	11.9	31.0
CatTech International Limited	997	627	3.2	6.0	24.0
Intercede (Scotland) 1 Limited (trading as EFC Group)	880	298	2.8	3.2	25.3
Glacier Energy Services Group Limited	834	686	2.7	2.6	25.0
Lemac No. 1 Limited (trading as John McGavigan)	809	806	2.6	10.5	26.3
Manor Retailing Limited	750	750	2.4	12.1	37.7
Richfield Engineering Services Limited	750	750	2.4	12.1	37.7
Search Commerce Limited	750	750	2.4	12.1	37.7
HCS Control Systems Group Limited	746	746	2.4	7.0	33.4
Adler & Allan Holdings Limited	738	530	2.4	1.9	4.7
Lambert Contracts Holdings Limited	738	738	2.4	12.6	52.1
SPS (EU) Limited	655	655	2.1	6.5	36.0
TC Communications Holdings Limited	645	980	2.1	8.3	21.7
R&M Engineering Group Limited	637	637	2.0	8.3	62.3
Venmar Limited (trading as XPD8 Solutions)	625	700	2.0	5.4	29.6
Flexlife Group Limited	597	597	1.9	2.4	12.3
Vodat Communications Group Limited	567	567	1.8	6.6	35.2
Martel Instruments Holdings Limited	563	671	1.8	12.4	31.8
Westway Services Holdings (2010) Limited	540	138	1.7	4.5	17.4
RMEC Group Limited	446	446	1.4	3.4	54.9
D Mack Limited	433	433	1.4	4.8	25.2
ISN Solutions Group Limited	397	397	1.3	4.5	50.5
LCL Hose Limited (trading as Dantec Hose)	358	358	1.2	6.4	23.6
Space Student Living Limited	317	317	1.0	12.6	73.4
Attraction World Holdings Limited	300	23	1.0	6.7	31.7
CHS Engineering Services Limited	291	389	0.9	4.3	19.0
Maven Capital (Llandudno) LLP	275	275	0.9	-	-
Lawrence Recycling & Waste Management Limited	260	1,014	0.8	10.0	52.0
Maven Co-invest Fletcher Limited Partnership (invested in Fletcher Shipping Limited)	212	212	0.7	-	-
Claven Holdings Limited	210	82	0.7	14.2	35.8
Kelvinlea Limited	148	148	0.5	9.4	40.6
Maven Co-invest Endeavour Limited Partnership (invested in Global Risk Partners Limited)	118	118	0.4	4.9	95.1
Moriond Limited	81	36	0.3	11.9	38.1
Llanllyr Water Company Limited	46	46	0.1	-	-
Other unlisted investments	4	1,810	-
Total unlisted investments	27,300	23,865	88.2
Quoted
Plastics Capital PLC	166	122	0.6	0.5	1.4
Chime Communications PLC	68	35	0.3	-	-
Tangent Communications PLC	59	79	0.2	0.2	1.7
esure	48	-	0.2	-	-
Cello Group PLC	45	54	0.1	0.1	0.4
Work Group PLC	19	201	-	0.9	2.2
Vianet Group PLC (formerly Brulines Group PLC)	18	31	0.1	0.1	1.4
Brookwell Limited	14	29	-	-	-
Hasgrove PLC	11	30	-	0.1	0.3
Other quoted investments	9	438	-
Total quoted investments	457	1,019	1.5
Listed fixed income
Treasury Bill 16 June 2014	1,000	999	3.2
Total investments	28,757	25,883	92.9
¹Other clients of Maven Capital Partners UK LLP.

MAVEN INCOME AND GROWTH VCT 3 PLC
INCOME STATEMENT
For the six months ended 31 May 2014
	Six months to 31 May 2014			Six months to 31 May 2013			Year ended 30 November 2013
	(unaudited)			(unaudited)			(audited)
	Revenue	Capital	Total	Revenue	Capital	Total	Revenue	Capital	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Gains on investments	-	1,580	1,580	-	793	793	-	1,443	1,443
Income from investments	633	-	633	663	-	663	1,425	-	1,425
Other income	2	-	2	2	-	2	4	-	4
Investment management fees	(70)	(281)	(351)	(64)	(257)	(321)	(131)	(523)	(654)
Other expenses	(141)	-	(141)	(137)	-	(137)	(404)	-	(404)
Net return on ordinary activities before taxation	424	1,299	1,723	464	536	1,000	894	920	1,814
Tax on ordinary activities	(42)	28	(14)	(43)	26	(17)	(182)	114	(68)
Return attributable to Equity Shareholders	382	1,327	1,709	421	562	983	712	1,034	1,746
Earnings per share (pence)	1.10	3.83	4.93	1.33	1.78	3.11	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		Six months ended 31 May 2014			Six months ended 31 May 2013			Year ended 30 November 2013
			(unaudited)			(unaudited)			(audited)
			£'000			£'000			£'000
Opening Shareholders' funds			26,838			25,745			25,745
Net Return			1,709			983			1,746
Proceeds of share issue			3,595			1,433			1,429
Repurchase and cancellation of shares			-			(221)			(449)
Dividends paid - revenue			(367)			(327)			(653)
Dividends paid - capital			(827)			(654)			(980)
Closing Shareholders' funds			30,948			26,959			26,838

BALANCE SHEET
As at 31 May 2014
	31 May 2014	31 May 2013	30 November 2013
	(unaudited)	(unaudited)	(audited)
	£'000	£'000	£'000
Fixed assets
Investments	28,757	23,047	24,864
Current assets
Debtors	704	721	699
Cash and overnight deposits	1,589	3,352	1,393
	2,293	4,073	2,092
Creditors
Amounts falling due within one year	(102)	(161)	(118)
Net current assets	2,191	3,912	1,974
Net assets	30,948	26,959	26,838
Capital and reserves
Called up share capital	3,673	3,263	3,233
Share premium account	9,832	6,680	6,677
Capital reserve - realised	(4,037)	(1,576)	(2,982)
Capital reserve - unrealised	2,877	(230)	1,322
Distributable reserve	17,128	17,356	17,128
Capital redemption reserve	642	613	642
Revenue reserve	833	853	818
Net assets attributable to Ordinary  Shareholders	30,948	26,959	26,838
Net asset value per Ordinary Share (pence)	84.2	82.6	83.0

The financial statements of Maven Income and Growth VCT 3 PLC, registered number 04283350, were approved by the Board and were signed on its behalf by:
Gregor Michie
Director
29 July  2014

CASH FLOW STATEMENT
For the six months ended 31 May 2014
	Six months ended 31 May 2014	Six months ended 31 May 2013	Year ended  30 November 2013
	(unaudited)	(unaudited)	(audited)
	£'000	£'000	£'000
Operating activities
Investment income received	604	604	1,412
Deposit interest received	2	2	4
Investment management fees paid	(351)	(321)	(654)
Secretarial fees paid	(52)	(50)	(101)
Directors expenses paid	(43)	(33)	(76)
Other cash payments	(75)	(54)	(216)
Net cash inflow from operating activities	85	148	369
Taxation
Corporation tax	-	-	(106)
Financial investment
Purchase of investments	(5,870)	(12,544)	(16,469)
Sale of investments	3,580	10,872	13,607
Net cash outflow from financial investment	(2,290)	(1,672)	(2,862)
Equity dividends paid	(1,194)	(981)	(1,633)
Net cash outflow before financing	(3,399)	(2,505)	(4,232)
Financing
Issue of ordinary shares	3,595	1,433	1,429
Repurchase of ordinary shares	-	(221)	(449)
Net cash inflow from financing	3,595	1,212	980
Increase/(decrease) in cash	196	(1,293)	(3,252)

Notes to the financial statements
1.   Accounting Policies
The financial information for the six months ended 31 May 2014 and the six months ended 31 May 2013 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 2013, 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
	account	realised	unrealised	reserve	reserve	reserve
	£'000	£'000	£'000	£'000	£'000	£'000
At 30 November 2013	6,677	(2,982)	1,322	17,128	642	818
Gains on sales of investments	-	25	-	-	-	-
Net increase in value of investments	-	-	1,555	-	-	-
Investment management fees	-	(281)	-	-	-	-
Dividends paid	-	(827)	-	-	-	(367)
Tax effect of capital items	-	28	-	-	-	-
Repurchase and cancellation of shares	-	-	-	-	-	-
Share Issue - 2014	3,155	-	-	-	-	-
Net return on ordinary activities after taxation	-	-	-	-	-	382
At 31 May 2014	9,832	(4,037)	2,877	17,128	642	833

 

3.   Returns per Ordinary Share
Ordinary Shares
	Six months ended 31 May 2014		Six months ended 31 May 2013		Year ended 30 November 2013
		£'000		£'000		£'000
The return per Ordinary Share is based on the following figures:
Revenue return		382		421		712
Capital return		1,327		562		1,034
Total return		1,709		983		1,746
Weighted average number of Ordinary Shares		34,652,769		31,626,786		32,046,681
in issue
Revenue return per Ordinary Share		1.10p		1.33p		2.22p
Capital return per Ordinary Share		3.83p		1.78p		3.23p
Return per Ordinary Share		4.93p		3.11p		5.45p
The net asset value per Ordinary Share has been calculated using the number of shares in issue at 31 May 2014 of 36,735,590.

Other information

Copies of this announcement will be available to the public at the registered office of the Company at 1 - 2 Royal Exchange Buildings, London, EC3V 3LF, on the Company's website at www.mavencp.com/migvct3 and at the National Storage Mechanism.

On behalf of the Board

Maven Capital Partners UK LLP

Secretary

29 July 2014

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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