Half-year Report

RNS Number : 6549N

Maven Income & Growth VCT PLC

28 October 2016

 

Maven Income and Growth VCT PLC

Interim results for the six months ended 31 August 2016 (unaudited)

The Directors are pleased to announce the unaudited Interim Management Report for the six months ended 31 August 2016.

Highlights

·       NAV total return of 137.33p per share at 31 August 2016, compared to 135.16p at 29 February 2016

·       NAV at 31 August 2016 of 66.63p per share after payment of the second interim and final dividends totalling 3.60p per share

·       Interim dividend declared of 2.40p per share (2015: 2.40p)

·       New investments completed in The GP Service (UK) and Rockar

·       Strong pipeline of new rule qualifying private equity investments

Overview

In the period under review NAV total return increased to 137.33p per share. This is in line with your Company's continuing objective of delivering long term capital appreciation whilst also generating maintainable levels of income for Shareholders.

Your Board and the Manager recognise the importance of dividends to Shareholders and, in recognition of the continued positive performance of the portfolio, the Board is pleased to declare an interim dividend of 2.40p per share for the period to 31 August 2016.

The portfolio now extends to 57 unlisted and AIM quoted company holdings, many of which are paying a regular yield, offering a combination of revenue and capital returns with the aim of underpinning Shareholder value in the years ahead. During the reporting period Maven completed investments in The GP Service (UK) and Rockar and your Board is encouraged by the pipeline of VCT qualifying opportunities identified by the Manager, with a number of potential new transactions currently in process.

During the period under review Maven has focused on the practical implementation of the new VCT rules, which were enacted in November 2015 and detailed in the latest Annual Report. The revised legislation brings the UK VCT scheme into line with European Union (EU) State Aid Rules for smaller company investment and imposes a number of restrictions on the types of transactions and companies which VCTs are able to invest in. The rules specifically prohibit participation in management buy-outs or acquisitions, and limit the ability to support older companies unless defined criteria are met. Whilst this means that your Company can no longer finance certain transactions, the Manager's investment team has a strong track record of investing development capital in companies which meet the revised VCT qualification criteria.

Dividends

The Board has declared an interim dividend of 2.40p per Ordinary Share, comprising 0.35p of revenue and 2.05p of capital, to be paid on 25 November 2016 to Shareholders on the Register at 28 October 2016. Since the Company's launch, and after receipt of the interim dividend, Shareholders will have received 73.10p per share in tax-free dividends. The effect of paying the dividend will be to reduce the NAV of the Company by the total cost of the distribution.

On 24 August 2015 the Board announced that, under the Terms and Conditions of the Company's Dividend Investment Scheme (DIS), the Directors had resolved that, in light of the investment restrictions proposed in the Government's July 2015 Budget, the DIS was to be suspended with immediate effect. This would allow the Directors and the Manager to review the changes to the VCT legislation and to consider the potential impact of these on the Company's future investment strategy. As a result, until further notice, all future dividends will be paid to Shareholders by either cheque or direct bank transfer using existing mandate instructions.

Portfolio Developments

The private equity portfolio has generally performed well, with positive trading results having led to valuation uplifts for a number of companies operating across a range of sectors.

Nenplas, a manufacturer and distributor of plastic extrusions for a variety of applications, has continued to perform ahead of plan due to operational efficiencies achieved through the integration of Polyplas, increased sales volumes, lower raw material costs and favourable market conditions, particularly within the leisure and mobile home sectors. The company has repaid all of its senior debt and remains a highly cash generative and valuable portfolio asset.

Torridon (Gibraltar) is an established general insurer, which trades through its subsidiary Elite Insurance. The business is registered in Gibraltar and is authorised to write 12 general insurance business classes in 14 EU/EEA States. The company has delivered impressive growth over recent years and, as a result, Elite now has 30 lines of insurance, with the UK business representing 62% of total sales. The business focuses on high margin niche lines, requiring considerable expertise and underwriting skills as well as holding strong distribution relationships.

Cursor Controls, a global leader in the design and niche manufacture of trackball pointing solutions for industrial applications, has performed well since Maven clients invested in July 2015. The business delivered impressive organic growth in the year to 31 December 2015 and is forecast to build on this in the current year. In April 2016 Cursor completed the acquisition of a Belgian distributor, which is expected to be significantly earnings enhancing.

The year to 31 December 2015 was another excellent trading period for John McGavigan, a manufacturer and supplier of technical plastic components and interior parts for the global automotive industry. This positive trend has continued through 2016, with further organic growth in both China and Scotland enhanced by the benefits of a number of productivity improvement projects. The order book remains strong, providing increased visibility of future revenues for the business.

Crawford Scientific, a leading supplier of chromatography products and services, has traded ahead of plan since Maven clients' initial investment in August 2014. During 2015 the business acquired and successfully integrated analytical services company Hall Analytical Laboratories which, alongside strong trading within the core Crawford business, has contributed to out-performance against the original investment case. The business has fully repaid the debt used to fund the Hall acquisition and the management team is continuing to grow each of Crawford's service and product lines, with organic growth forecast to increase both turnover and earnings in the current year.

The UK's largest provider of promotional merchandise, SPS (EU), has experienced excellent growth under private ownership since Maven clients invested in February 2014. Operational improvements have enhanced profitability, whilst organic growth has been supplemented through two complementary acquisitions, High Profile Plastic and TEC, both of which were completed in the year to 31 December 2015. The business is forecasting to deliver further growth in the current financial year and make operational efficiencies, as a result of the implementation of a new enterprise resource planning system.

DPP provides mechanical and electrical maintenance and installation services mainly to the leisure, hospitality and retail sectors in the south of England and Wales. The company differentiates itself from competitors by employing a large and highly responsive team of skilled engineers. Following the loss of a significant customer in 2014, the company restructured its operations and has now secured a number of new contracts, allowing the business to materially improve its trading performance over the past twelve months.

Maven clients first invested in Just Trays, the UK's leading manufacturer of shower trays and related accessories, in June 2014. Subsequently the business has increased its customer base and extended its product range, with a number of innovative new products to be launched in the current financial year. Just Trays repaid its bank debt in full during 2015 and is planning to invest in automation in the coming year, which should help improve the production facility and increase operating margins.

As well as reflecting positive trading performance across the portfolio, your Board and the Manager continue to be mindful of the possible effects of the enduring low oil price on those companies that operate in the oil & gas market. The Manager has worked closely with these companies as they have implemented overhead reduction programmes, targeted at reducing the cost base and closing non-core operations with a view to conserving cash and positioning the businesses for recovery. Across the energy services sector budgets have been set conservatively based on the expectation that the remainder of 2016 will continue to be challenging, with recovery starting to feed through in 2017 as the oil price stabilises and the pent up demand for essential maintenance and repair work is released. In response to these market conditions, the valuation of HCS Control Systems Group has been reduced to cost. The Board and the Manager believe that the valuations of the remaining portfolio assets with exposure to the energy services sector remain fair and reasonable and, following a number of profitable realisations in prior reporting periods, your Company's exposure to this sector has significantly reduced. The remaining energy services assets are focused on the operational expenditure segment of the industry, rather than being dependent on large capital expenditure programmes or exploration projects.

New Investments

During the period, two new private company assets were added to the portfolio:

The GP Service (UK) is a provider of on-line services for general medical consultations and prescriptions, delivered through a web-based platform. The investment will enable The GP Service to accelerate the roll-out of its service across new geographic locations and to develop a range of products and services where there are strong market drivers.

Rockar is an innovative motor retailer with a disruptive technology platform, led by a team with extensive experience of the sector. The investment will enable Rockar to enhance its product offering and finance new dealerships in major shopping centres, working in partnership with global automotive brands including Hyundai and Jaguar Land Rover. Maven clients invested in Rockar alongside NVM Private Equity.

The following investments were completed during the reporting period:

Date		Sector	Investment cost £'000	Website
Unlisted			483	www.rockar.com
Rockar 2016 Limited	July 2016	Automobiles
(trading as Rockar)		& parts
The GP Service (UK) Limited	April 2016	Health	497	www.thegpservice.co.uk
Total unlisted investment			980
UK treasury bills Treasury Bill 12 September 2016	March 2016	UK government	4,341
Total UK treasury bills investment			4,341
Total investment			5,321

At the period end, the portfolio stood at 57 unlisted and quoted investments, at a total cost of £26.9 million.

Realisations

The table below gives details of all realisations achieved, and deferred considerations received, during the reporting period:

	Year first invested	Complete/ partial exit	Cost of shares disposed of £'000	Value at 29 February 2016 £'000	Sales proceeds £'000	Realised gain/(loss) £'000	Gain/(loss) over 29 February 2016 value £'000
Unlisted	2014	Partial	60	75	60	-	(15)
Crawford Scientific
Holdings Limited1
Ensco 969 Limited	2013	Partial	15	15	15	-	-
(trading as DPP)
Kelvinlea  Limited	2013	Partial	88	88	88	-	-
LCL Hose Limited	2011	Complete	-	-	7	7	7
(trading as Dantec Hose)
Westway Services Holdings	2014	Complete	-	-	14	14	14
(2014) Limited
Total unlisted disposals	163			178	184	21	6
Quoted Tangent Communications PLC	2007	Complete	98	21	30	(68)                  9
Total quoted disposals	98			21	30	(68)                  9
UK treasury bills	2015	Complete	1,995	2,000	2,000	5	-
Treasury Bill 14 March 2016
Treasury Bill 21 March 2016	2015	Complete	2,247	2,249	2,250	3	1
Treasury Bill 20 June 2016	2015	Complete	2,245	2,248	2,250	5	2
Total UK treasury bills disposals			6,487	6,497	6,500	13	3
Total disposals	6,748			6,696	6,713	(34)              18

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

table includes the redemption of loan notes by a number of investee companies.

Subsequent to the period end, the Manager has been 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 exits.

Material Developments Since the Period End

Since 31 August 2016, one new private company asset has been added to the portfolio.  In October 2016, the Manager completed an investment in Chic Retreats, an inventory management software platform for the independent boutique hotel market.

Other than minor repayments of loan notes by Crawford Scientific Holdings and DPP, no realisations have taken place subsequent to the period end.

Principal Risks and Uncertainties

The principal risks and uncertainties facing the Company were set out in full in the Strategic Report contained within the 2016 Annual Report, and are the risks associated with investment in small and medium sized unlisted and AIM/ISDX quoted companies which, by their nature, carry a higher level of risk and are subject to lower liquidity than investments in large quoted companies. The valuation of investee companies may be affected by economic conditions, the credit environment and other risks including legislation, regulation, 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 the Audit and Risk Committee and reported to your Board. The Board has confirmed that all tests, including the criteria for VCT qualifying status, continue to be monitored and met.

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. 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. During the period under review 40,000 shares were bought back at a total cost of £26,000.

Regulatory Developments

As detailed in the 2016 Annual Report, the July 2015 Budget received Royal Assent on 18 November 2015, bringing into statute a number of material changes to the legislation governing the UK VCT scheme, aligning it with EU State Aid Rules for smaller company investment. The new rules impose specific restrictions on the types of businesses and transactions that VCTs are able to pursue in order to retain qualifying status. As a further amendment, the March 2016 Budget statement announced that there would be changes to the rules governing non-qualifying investments for VCTs. With effect from 6 April 2016, VCTs are only permitted to make qualifying investments and certain limited investments for liquidity purposes, with other non- qualifying investments prohibited. Given the complexity of the new rules, and in order to ensure ongoing compliance, the Company continues to engage the services of an adviser to assist in interpreting the revised legislation in relation to all proposed transactions.

Since the announcement of the new rules, along with other leading VCT managers, Maven has been engaged in a consultation process led by the industry representative body the Association of Investment Companies (AIC). The AIC has been in discussion with HM Treasury to present the case for permitting an element of replacement capital in certain circumstances in new VCT transactions. This dialogue is ongoing and Shareholders will be kept up to date with any new developments.

On 3 July 2016 the EU's Market Abuse Regulation (MAR) came into force, replacing the Market Abuse Directive (MAD) in the UK, and is now applicable to all UK Listed and AIM quoted companies. The aim of MAR is to enhance market integrity and investor protection and, although on similar lines to MAD, its scope has been expanded to include financial instruments traded on multilateral trading facilities, organised trading facilities and certain 'over-the-counter' activities, and will also introduce new rules on the disclosure of inside information, insider lists and share dealings by persons discharging managerial responsibilities. Maven anticipates that compliance with MAR will not have a significant impact on the activities of its VCT clients, and all relevant policies and procedures have been updated as appropriate.

Outlook

Shareholders will be aware of the result of the Referendum held on 23 June 2016, in which the electorate expressed the wish that the UK should leave the EU. Although the full impact of this decision will become clearer over the coming months, the businesses in which your Company has invested will maintain or adapt their growth strategies as appropriate, with many exporters already seeing a short-term benefit from the devaluation of Sterling against several major currencies that has occurred to the date of this report.

The Directors are mindful that the introduction of the revised VCT legislation has imposed a number of restrictions on the types of businesses and transactions in which VCTs can invest. This will require the Manager to focus on the provision of development capital or investing in businesses with growth finance requirements, at the expense of management buy- out or acquisition based transactions which have traditionally offered more predictable returns. Your Board is confident that the experienced investment resource available to the Manager across its national office network remains capable of sourcing high quality opportunities which comply with the amended rules, whilst continuing to meet its investment quality criteria.

Notwithstanding the impact of the recent legislative changes, your Board remains committed to delivering its core objectives of achieving long term capital appreciation and generating maintainable levels of income for Shareholders. The current portfolio of private company holdings offers the ability to maintain a regular yield for your Company, and support future Shareholder returns.

On behalf of the Board

Maven Capital Partners UK LLP Secretary

28 October 2016

Summary of Investment Changes - For the Six Months Ended 31 August 2016

			Valuation		Net investment/	Appreciation/	Valuation
			29 February 2016		(disinvestment)	(depreciation)	31 August 2016
			£'000	%	£'000	£'000	£'000	%
Unlisted investments
Equities			11,445	31.0	674	1,166	13,285	36.8
Preference shares			1	-	-	-	1	-
Loan stock			16,203	43.9	122	(69)	16,256	45.0
			27,649	74.9	796	1,097	29,542	81.8
AIM/ISDX investments
Equities			661	1.8	(30)	103	734	2.0
Listed investments
Equities			20	0.1	-	2	22	0.1
UK treasury bills			6,497	17.6	(2,159)	12	4,350	12.1
Total investments			34,827	94.4	(1,393)	1,214	34,648	96.0
Net current assets			2,062	5.6	(622)	-	1,440	4.0
Net assets			36,889	100.0	(2,015)	1,214	36,088	100.0

Investment Portfolio Summary as at 31 August 2016

Investment	Valuation £'000	Cost   £'000	% of total assets	% of equity held	% of equity held by other clients1
Unlisted
Nenplas Holdings Limited	2,902	848	7.9	10.6	21.9
Torridon (Gibraltar) Limited (formerly Torridon Capital Limited)	2,665	400	7.4	4.5	35.5
Lemac No. 1 Limited (trading as John McGavigan)	1,876	699	5.2	9.1	27.7
SPS (EU) Limited	1,230	803	3.4	6.7	35.8
Martel Instruments Holdings Limited	1,104	1,234	3.1	14.9	29.3
Crawford Scientific Holdings Limited	958	522	2.7	6.9	41.3
CatTech International Limited	883	627	2.4	6.0	24.0
HCS Control Systems Group Limited	846	846	2.3	6.9	29.6
Maven Capital (Llandudno) LLP	801	801	2.2	-	100.0
Ensco 969 Limited (trading as DPP)	756	756	2.1	4.9	29.6
GEV Holdings Limited	728	728	2.0	4.6	31.4
Fathom Systems Group Limited	711	711	2.0	8.0	52.0
Glacier Energy Services Holdings Limited	688	688	1.9	2.7	25.0
JT Holdings (UK) Limited (trading as Just Trays)	686	522	1.9	5.8	24.2
ELE Advanced Technologies Limited	656	192	1.8	11.3	-
Assecurare Limited	650	650	1.8	12.9	36.9
Broadwave Engineering Limited	650	650	1.8	12.9	36.9
Constant  Progress Limited	650	650	1.8	12.7	37.1
Equator Capital Limited	650	650	1.8	12.7	37.1
Toward Technology Limited	650	650	1.8	12.7	37.1
Lambert Contracts Holdings Limited	616	838	1.7	12.6	52.1
Flow UK Holdings Limited	598	598	1.7	7.3	27.7
CB Technology Group Limited	579	579	1.6	11.8	67.2
R&M Engineering Group Limited	572	762	1.6	8.6	62.0
Vodat Communications Group Holdings	567	567	1.6	6.6	35.2
The GP Service (UK) Limited	497	497	1.4	6.2	26.3
Rockar 2016 Limited (trading as Rockar)	483	483	1.3	2.7	11.1
Majenta Logistics Limited	480	480	1.3	6.4	43.4
RMEC Group Limited	463	463	1.3	2.9	47.2
CHS Engineering Services Limited	453	453	1.3	4.0	19.4
Flexlife Group Limited	448	448	1.2	1.8	12.8
Maven Co-invest Endeavour Limited Partnership (invested in Global Risk Partners)	436	436	1.2	12.4	87.6
Castlegate 737 Limited (trading as Cursor Controls)	400	324	1.1	3.3	44.2
Claven Holdings Limited	356	215	1.0	14.7	35.3
Vectis Technology Limited	330	330	0.9	6.4	43.4
Attraction World Holdings Limited	278	21	0.8	6.2	32.2
TC Communications Holdings Limited	241	413	0.7	3.5	26.5
Endura Limited	229	229	0.6	0.7	5.2
ISN Solutions Group Limited	205	323	0.6	4.6	50.4
Space Student Living Limited	144	-	0.4	11.5	68.6
Metropol  Communications Limited	144	144	0.4	6.4	43.4
Onyx Logistics Limited	144	144	0.4	6.4	43.4
Lawrence Recycling and Waste Management Limited	135	951	0.4	10.4	51.6
Other unlisted investments	4	2,380	-
Total unlisted investments	29,542	25,705	81.8

Investment	Valuation £'000	Cost   £'000	% of total assets	% of equity held	% of equity held by other clients1
Quoted
Cello Group PLC	319	310	0.9	0.4	0.1
Plastics Capital PLC	278	260	0.7	0.7	0.7
Angle PLC	106	114	0.3	0.3	0.3
Vianet Group PLC	29	37	0.1	0.1	1.4
esure Group PLC	22	-	0.1	-	-
Other quoted investments	2	513	-
Total quoted investments	756	1,234	2.1
UK treasury bills
Treasury Bill 12 September 2016	4,350	4,341	12.1
Total UK treasury bills investments	4,350	4,341	12.1
Total investments	34,648	31,280	96.0
1 Other clients of Maven Capital Partners UK LLP.

Income Statement

For the Six Months Ended 31 August 2016

	Six months ended 31 August 2016			Six months ended 31 August 2015			Year ended 29 February 2016
		(unaudited)			(unaudited)			(audited)
	Revenue	Capital	Total	Revenue	Capital	Total	Revenue	Capital	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Investment income and deposit interest	423	-	423	957	-	957	2,024	-	2,024
Investment management fees	(70)	(278)	(348)	(70)	(279)	(349)	(138)	(552)	(690)
Other expenses	(100)	-	(100)	(22)	-	(22)	(261)	-	(261)
Gains on investments	-	1,214	1,214	-	768	768	-	2,792	2,792
Net return on ordinary activities before taxation	253	936	1,189	865	489	1,354	1,625	2,240	3,865
Tax on ordinary activities	(37)	24	(13)	(168)	56	(112)	(282)	111	(171)
Return attributable to Equity Shareholders	216	960	1,176	697	545	1,242	1,343	2,351	3,694
Earnings per share (pence)	0.40	1.77	2.17	1.28	1.00	2.28	2.47	4.32	6.79

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 Six Months Ended 31 August 2016

	Six months ended 31 August 2016		Six months ended 31 August 2015		Year ended 29 February 2016
	(unaudited)		(unaudited)		(audited)
		£'000		£'000		£'000
Opening Shareholders' funds		36,889		36,291		36,291
Net return for period		1,176		1,242		3,694
Net proceeds of share issue		-		262		263
Net proceeds of DIS issue		-		53		46
Repurchase and cancellation of shares		(26)		-		(193)
Dividends paid - revenue		(650)		(381)		(980)
Dividends paid - capital		(1,301)		(1,523)		(2,232)
Closing Shareholders' funds		36,088		35,944		36,889

The accompanying Notes are an integral part of the Financial Statements.

Balance Sheet

As at 31 August 2016

	31 August 2016	31 August 2015	29 February 2016
	(unaudited)	(unaudited)	(audited)
	£'000	£'000	£'000
Fixed assets
Investments at fair value through profit or loss	34,648	32,971	34,827
Current assets
Debtors	563	861	793
Cash	1,101	2,342	1,580
	1,664	3,203	2,373
Creditors
Amounts falling due within one year	224	230	311
Net current assets	1,440	2,973	2,062
Net assets	36,088	35,944	36,889
Capital and reserves
Called up share capital	5,416	5,449	5,420
Share premium account	10,253	10,259	10,253
Capital reserve - realised	(10,804)	(10,211)	(9,215)
Capital reserve - unrealised	4,043	2,694	2,795
Special distributable reserve	26,391	26,610	26,417
Capital redemption reserve	231	198	227
Revenue reserve	558	945	992
Net assets attributable to Equity Shareholders	36,088	35,944	36,889
Net Asset Value per Ordinary share (pence)	66.63	65.96	68.06

The Financial Statements of Maven Income and Growth VCT PLC, registered number 3908220, were approved and authorised for issue by the Board of Directors on 28 October 2016 and were signed on its behalf by:

John Pocock

Director

The accompanying Notes are an integral part of the Financial Statements.

Cash Flow Statement

For the Six Months Ended 31 August 2016

			Six months ended
	Six months ended		31 August 2015		Year ended
	31 August 2016		(restated)*		29 February 2016
	(unaudited)			(unaudited)	(audited)
		£'000		£'000		£'000
Net cash flows from operating activities		(554)		(453)		(1,003)
Cash flows from investing activities
Investment income received		561		947		2,038
Purchase of investments		(5,321)		(13,950)		(27,066)
Sale of investments		6,812		13,205		26,525
Net cash flows from investing activities		2,052		202		1,497
Cash flows from financing activities
Equity dividends paid		(1,951)		(1,904)		(3,212)
Issue of Ordinary Shares		-		4,019		4,013
Repurchase of Ordinary Shares		(26)		-		(193)
Net cash flows from financing activities		(1,977)		2,115		608
Net (decrease)/increase in cash		(479)		1,864		1,102
Cash at beginning of period		1,580		478		478
Cash at end of period		1,101		2,342		1,580

* The 2015 cash flow has been restated for the presentational requirements of FRS 102.

The accompanying Notes are an integral part of the Financial Statements.

Notes to the Financial Statements

For the Six Months Ended 31 August 2016

1.    Accounting Policies

The financial information for the six months ended 31 August 2016 and the six months ended 31 August 2015 comprises non-statutory accounts within the meaning of S435 of the Companies Act 2006.  The financial information contained in this report has been prepared on the basis of the accounting policies set out in the Annual Report and Financial Statements for the year ended 29 February 2016, 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	Special	Capital
	premium	reserve	reserve	distributable	redemption	Revenue
	account	realised	unrealised	reserve	reserve	reserve
	£'000	£'000	£'000	£'000	£'000	£'000
At 29 February 2016	10,253	(9,215)	2,795	26,417	227	992
Losses on sale of investments	-	(34)	-	-	-	-
Net increase in value of investments	-	-	1,248	-	-	-
Investment management fees	-	(278)	-	-	-	-
Dividends paid	-	(1,301)	-	-	-	(650)
Tax effect of capital items	-	24	-	-	-	-
Repurchase and cancellation of shares	-	-	-	(26)	4	-
Net return on ordinary activities after taxation	-	-	-	-	-	216
At 31 August 2016	10,253	(10,804)	4,043	26,391	231	558

3.    Returns per Ordinary Share

			Six months ended
		31 August 2016
The returns per share have been based on the following figures:
Weighted average number of Ordinary Shares			54,188,319
Revenue return			£216,000
Capital return			£960,000

Directors' Responsibility Statement

The Directors confirm that, to the best of their knowledge:

·       the Financial Statements for the six months ended 31 August 2016 have been prepared in accordance with FRS102, The Financial Reporting Standard applicable to the UK and Republic or Ireland;

·       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 ending 28 February 2017; 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 therein.

Other information

The NAV per Ordinary Share has been calculated using the number of Ordinary Shares in issue at 31 August 2016 of 54,157,884.

A full copy of the Interim Report and Financial Statements will be printed and issued to Shareholders. Copies of this announcement will be available to the public at the office of Maven Capital Partners UK LLP, Kintyre House, 205 West George Street, Glasgow G2 2LW and at the registered office of the Company, 5th Floor, 1-2 Royal Exchange Buildings, London EC3V 3LF.

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.

On behalf of the Board

Maven Capital Partners UK LLP

Secretary

28 October 2016

 

END

 

 

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