Half Yearly Report

RNS Number : 3840M

Maven Income & Growth VCT 4 PLC

15 August 2011

 



Maven Income and Growth VCT 4 PLC

Interim Results

The Directors announce the unaudited interim results for the six months ended 30 June 2011.

Interim Management Review                          

Overview

Financial markets were relatively stable during the six months to 30 June 2011, despite political disruption in the Middle East and continued economic uncertainty in Europe. However in early August world markets experienced serious volatility due to renewed concerns over the level of sovereign debt and the downgrading of the USA credit rating by Standard & Poor's following the protracted process to reach agreement in Congress on increasing the national debt ceiling.

The trading environment for small businesses in the UK remains fragile, due to the continued risk of short to medium term increases in interest rates and inflation, high levels of consumer debt and the threat of another recession. The majority of Maven's investments are however trading well, generating cash and benefitting from modest levels of external debt which helps mitigate the risk of corporate failure in a protracted downturn. The Manager remains cautiously positive about the medium term prospects for the private equity market and believes that the remainder of 2011 will provide continuing opportunities for well managed generalist VCTs.

Highlights for the six months:

§  Total Return on Ordinary Shares of 115.8p per share at 30 June 2011, up 3.4% over the period

§  Net Asset value (NAV) of Ordinary Shares at 97.0p per share

§  Total Return on S Ordinary Shares of 106.15p per share at 30 June 2011, up 2.2% over the period

§  Net Asset value (NAV) of S Ordinary Shares at 99.1p per share

§  Interim dividend proposed of 1.5p per Ordinary Share and 1.5p per S Ordinary Share

§  Three substantial new investments during period, and one completed after the period end

§  Disposal of Walker Technical Resources after period end, for a gross return of 2.9x cost and 70% IRR

Dividends

The board has declared an interim dividend of 1.5p per Ordinary share and 1.5p per S Ordinary share to be paid on 28 September 2011 to Shareholders on the Register at 26 August 2011.

The Company paid dividends totalling 3.5p per Ordinary share and 1.5p per S Ordinary share in respect of the year ended 31 December 2010. This is equivalent to 4.7p and 2.0p gross from a taxable UK equity and represents a yield of 5.8% per annum on the Ordinary shares and 2.1% per annum on the S Ordinary shares based on their net cost after initial tax relief.

Principal risks and uncertainties

The Board has reviewed the principal risks and uncertainties facing the Company for the second half of its financial year. These are unchanged from those it faced at the start of the year, which are set out in the annual report, and are the risks involved in investment in small and unquoted companies. In order to reduce the exposure to investment risk, the Company has invested in a diversified portfolio of established UK private company investments.

The Company is also required to meet the HMRC 70% qualifying and other tests on a continuous basis. The Board regularly reviews the VCT qualifying status of the portfolio and we are pleased to confirm that all criteria continue to be met.

Manager's Strategy

The Manager's focus is on driving shareholder value through the continued growth of a broadly based portfolio of established and high-yielding UK private companies with strong balance sheets and robust business models, generating a sustainable income stream from these assets and ultimately achieving profitable exits. In tandem with the continued selective realisation of AIM assets, this strategy should continue to provide both a revenue base capable of supporting regular dividends and the liquidity required to fund further income generating later-stage investments.

Maven deal teams operate from regional offices in Glasgow, London, Aberdeen, Edinburgh, Manchester and Birmingham and continue to see a high level of attractive investment opportunities across the country as growth businesses seek out alternative sources of funding in the face of the continued scarcity of bank finance. The Maven investment process is highly selective and employs strict quality and yield generation criteria such that during 2010 Maven executives saw 382 private company transactions across the UK and invested ultimately in seven later stage companies.

Investment Activity

During the period ended 30 June 2011, £921,000 was invested in three new private company assets and your Company has also invested in four follow-on investments where additional funding has helped to continue the growth of existing portfolio companies.

One further private company investment, in Autotech Controls Limited, was made after the period end.

Details of all investments completed during the period are noted in the table below:

Investment	Date	Sector	Investment cost    £'000		Website
			Ordinary Shares	S Ordinary Shares
Unlisted
ATR Holdings	Feb-11	Oil equipment services	5	1	www.atrgroup.co.uk
Claven Holdings	Feb-11	Financial services	26	13	No website available
Glacier Energy Services Group	Mar-11	Oil equipment services	119	99	www.glacier.co.uk
Space Student Living	Jun-11	Support services	154	124	No website available
TC Communications	May-11	Support services	43	27	www.tccommunications.co.uk
Torridon Capital	Apr-11	Financial services	86	74	www.elite-insurance.co.uk
Tosca Penta Exodus Limited	Jun-11	Telecommunication services	250	175	No website available
Total Unlisted investment			683	513
AIM
Brookwell	Feb-11	Financials services	52	11	www.brookwelllimited.com
Marechale Capital	Feb-11	Financials services	3	1	www.marechalecapital.com
Total AIM investment			55	12
Total			738	525

There was one successful private company realisation, Dalglen 1150 (Walker Technical Resources) completed just after the period end, realising proceeds of £998,000 and an overall capital gain of £478,000 which, including the redemption premium and income received over the life of the investment, represented a 2.9x gross return on the investment cost.

The table below gives details of realisations during the reporting period:

			Ordinary Share Pool					S Share Pool
	Date first invested	Complete/ partial exit	Cost of shares disposed of	Value at 31 December 2010	Sales proceeds	Realised gain/ (loss)	Realised gain/ (loss) over December 2010 Valuation	Cost of shares disposed of	Value at 31 December 2010	Sales proceeds	Realised gain /(loss)	Realised gain/ (loss) over December 2010 Valuation
			£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Unlisted
Atlantic Foods	2008	Partial	-	-	-	-	-	37	37	41	4	4
Attraction World	2010	Partial	39	39	39	-	-	29	29	29	-	-
Essential Viewing Systems	2001	Complete	192	166	239	47	73	-	-	-	-	-
Oliver Kay	2007	Partial	2	2	2	-	-	-	-	-	-	-
Others			70	30	30	(40)	-	35	15	15	(20)	-
			303	237	310	7	73	101	81	85	(16)	4
AIM
Betbrokers	2008	Complete	66	-	-	(66)	-	132	-	-	(132)	-
Individual Restaurant Company	2006	Complete	47	5	4	(43)	(1)	-	-	-	-	-
OPG Power Ventures	2008	Complete	39	52	56	17	4	38	52	55	17	3
Software Radio Technology	2005	Partial	8	10	11	3	1	-	-	-	-	-
System C Healthcare	2005	Complete	150	100	194	44	94	-	-	-	-	-
			310	167	265	(45)	98	170	52	55	(115)	3
			613	404	575	(38)	171	271	133	140	(131)	7

Four AIM securities were purchased by a closed ended investment company established to acquire investments which are underperforming or trading below entry price. These transactions incurred realised losses of £127,000 (cost £181,000) and £42,000 (cost £53,000) for the Ordinary Share Pool and S Share Pool respectively. The overall net loss was incurred after the impact of disposals where Maven had lost confidence in a specific holding or a mandatory sale process or bid event was in evidence.

At the period end, the portfolio comprised of 41 private company and 16 AIM investments, at a total cost of £12.4 million and with a VCT qualifying level of 75.4%.

Portfolio Developments

During the six month period most investee companies have been trading at or ahead of budget, and in a number of cases it has been appropriate to increase valuations accordingly.

The three new private company investments which were added to the portfolio during the period were:

§  Glacier Energy Services, an oil & gas services group with two specialist trading subsidiaries, Roberts Pipeline Machining (Roberts) and Wellclad. Roberts designs and manufactures on-site portable cutting machines for blue chip oil & gas clients. Wellclad provides services to the European offshore and sub-sea equipment market. Glacier will focus on growth within its core UK market as well as promoting its technologies to the international energy services market.

§  Space Student Living, a provider of contracted management services across the student housing sector, offering a fully integrated accommodation solution which covers a range of activities from the initial identification of sites, through overseeing the planning and development phases, to ultimately managing the accommodation under long term contract.

§  Exodus, a new company established by Penta Capital to implement a buy-and-build strategy in the B2B telecoms service sector based on the converging of mobile, fixed-line, broadband, internet and IT technology businesses. Penta is an established private equity firm with which Maven previously co-invested in the successful 2010 MBO of esure.

Maven Income and Growth VCT 4 has co-invested in the four new transactions with Maven Income and Growth VCT, Maven Income and Growth VCT 2, Maven Income and Growth VCT 3, Maven Income and Growth VCT 5 (formerly Bluehone AiM VCT2), Talisman First Venture Capital Trust and Ortus VCT, and is expected to continue to co-invest with these as well as other clients of the Manager. The advantage of this ability to co-invest with other Maven VCTs is that the Company is able to underwrite a wider range and larger size of transaction than would be the case on a stand alone basis.

Realisations

There was one successful disposal from the unlisted portfolio after the period end. The investment in Dalglen 1150 (Walker Technical Resources) was realised in July for proceeds of £998,000 (including income and redemption premium amounting to £172,000) which equates to a 2.9x gross return on initial investment cost, generating a gain of £478,000 on exit with an IRR of 70%. The exit was via a secondary buyout funded by Gresham Private Equity, just two years after Maven originally led the MBI in June 2009. Walker provides some of the most advanced composite repairs technology available for the global oil & gas industry and has consistently traded ahead of budget, more than doubling earnings since the initial investment by Maven client VCTs.

In line with the strategy of reducing exposure to the quoted markets in favour of profitable later-stage private companies, the Maven team has continued to pursue the structured realisation of the AIM portfolio and has taken the opportunity to sell holdings where either there was limited future upside or sales were enforced by other corporate events.

Share Capital

In the period to 29 April 2011 the Manager raised further funds for the Company, through the Maven Linked VCT Offer 2. The maximum amount which the Company could raise via a top-up offer was restricted to 10% of its listed share capital thereby avoiding the higher costs associated with issuing a full prospectus and allows the Company to spread the annual running costs over a larger asset base. The net proceeds of the top-up offer can be used for a variety of purposes and effectively preserve for investment purposes an equivalent sum of the valuable 'old money' pool, which operates under more advantageous VCT regulations, for investment in new later-stage private company opportunities. An additional £395,843 was raised, at a cost of only 5% of total funds raised, and 431,672 new shares were issued.

Distributable Reserve

On 13 June 2011, the Court order approving the reduction in share premium account, as voted for by shareholders at the General Meeting on 1 February 2011, became effective. The purpose of the reduction was to provide the Company with greater flexibility in returning funds to shareholders, whether through the payment of dividends, share buy-backs or other means.

Outlook

Although at the time of writing the economic outlook remains uncertain, the Manager is encouraged by the performance and resilience of the portfolio and expects several new private company transactions to conclude in the near future.

There is also continuing M&A activity within the portfolio and a number of investee companies are in discussion with potential trade or private equity acquirers, although there can of course be no certainty that these discussions will result in profitable realisations. The Manager aims to achieve a regular turnover in the portfolio, generating cash inflows which can be used for both new investment and maintaining an attractive level of tax free dividends to Shareholders.

Maven Capital Partners UK LLP

Manager

15 August 2011

Directors' Responsibility Statement

We confirm that to the best of our knowledge:

·      The Financial Statements have been prepared in accordance with applicable accounting standards and with the Statement of Recommended Practice "Financial Statements of Investment Trust Companies" issued in January 2009

·      The Interim Management Report includes a fair review of the information required by DTR 4.2.7 R in relation to the indication of important events during the first six months, and of the principal risks and uncertainties facing the Company during the second six months

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

On behalf of the Board

Maven Capital Partners UK LLP

Secretary

15 August 2011

MAVEN INCOME AND GROWTH VCT 4 PLC
INCOME STATEMENT
For the six months ended 30 June 2011 (unaudited)
	Ordinary Shares			S Ordinary Shares			TOTAL
	Revenue	Capital	Total	Revenue	Capital	Total	Revenue	Capital	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Gains on investments	-	423	423	-	104	104	-	527	527
Income from investments	186	-	186	120	-	120	306	-	306
Other income	-	-	-	-	-	-	-	-	-
Investment management fees	(36)	(146)	(182)	(12)	(48)	(60)	(48)	(194)	(242)
Other expenses	(99)	-	(99)	(56)	-	(56)	(155)	-	(155)
Net Return on ordinary activities before taxation	51	277	328	52	56	108	103	333	436
Tax on ordinary activities	(5)	5	-	(5)	5	-	(10)	10	-
Return attributable to equity shareholders	46	282	328	47	61	108	93	343	436
Earnings per share (pence)	0.5	3.3	3.8	1.0	1.2	2.2	1.5	4.5	6.0

A Statement of Total Recognised Gains and Losses has not been prepared, as all gains and losses are recognised in the Income Statement.

All items in the above statement are derived from continuing operations. The Company has only one class of business

and derives its income from investments made in shares, securities and bank deposits.

The total column of this statement is the Profit and Loss Account of the Company.

Reconciliation of movements in Shareholders' Funds	Ordinary Shares	S Ordinary Shares	TOTAL
	£'000	£'000	£'000
Opening Shareholders' funds	7,964	4,801	12,765
Net Return for year	328	108	436
Net proceeds of share issue	377	-	377
Repurchase and cancellation of shares	(110)	(18)	(128)
Dividends paid - revenue	-	-	-
Dividends paid - capital	(219)	(25)	(244)
Closing Shareholders' funds	8,340	4,866	13,206
The accompanying notes are an integral part of the financial statements.

The accompanying notes are an integral part of the financial statements.

MAVEN INCOME AND GROWTH VCT 4 PLC
INCOME STATEMENT
For the six months ended 30 June 2010 (unaudited)
	Ordinary Shares			S Ordinary Shares			TOTAL
	Revenue	Capital	Total	Revenue	Capital	Total	Revenue	Capital	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Gains on investments	-	66	66	-	117	117	-	183	183
Income from investments	83	-	83	37	-	37	120	-	120
Other income	-	-	-	-	-	-	-	-	-
Investment management fees	(3)	(12)	(15)	(7)	(28)	(35)	(10)	(40)	(50)
Other expenses	(79)	-	(79)	(47)	-	(47)	(126)	-	(126)
Net Return on ordinary activities before taxation	1	54	55	(17)	89	72	(16)	143	127
Tax on ordinary activities	-	-	-	-	-	-	-	-	-
Return attributable to equity shareholders	1	54	55	(17)	89	72	(16)	143	127
Earnings per share (pence)	-	0.7	0.7	(0.3)	1.8	1.5	(0.3)	2.5	2.2

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	Ordinary Shares	S Ordinary Shares	TOTAL
	£'000	£'000	£'000
Opening Shareholders' funds	6,996	4,693	11,689
Net Return for year	55	72	127
Net proceeds of issue of shares	606	-	606
Repurchase and cancellation of shares	(52)	(26)	(78)
Dividends paid - revenue	(42)	(25)	(67)
Dividends paid - capital	(169)	-	(169)
Closing Shareholders' funds	7,394	4,714	12,108

The accompanying notes are an integral part of the financial statements.

MAVEN INCOME AND GROWTH VCT 4 PLC
INCOME STATEMENT
For the year ended 31 December 2010
	Ordinary Shares			S Ordinary Shares			TOTAL
	Revenue	Capital	Total	Revenue	Capital	Total	Revenue	Capital	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Gains on investments	-	799	799	-	278	278	-	1,077	1,077
Income from investments	229	-	229	121	-	121	350	-	350
Other income	-	-	-	-	-	-	-	-	-
Investment management fees	(14)	(57)	(71)	(14)	(55)	(69)	(28)	(112)	(140)
Other expenses	(201)	-	(201)	(122)	-	(122)	(323)	-	(323)
Net Return on ordinary activities before taxation	14	742	756	(15)	223	208	(1)	965	964
Tax on ordinary activities	(1)	1	-	-	-	-	(1)	1	-
Return attributable to equity shareholders	13	743	756	(15)	223	208	(2)	966	964
Earnings per share (pence)	0.2	9.0	9.2	(0.3)	4.5	4.2	(0.1)	13.5	13.4

A Statement of Total Recognised Gains and Losses has not been prepared, as all gains and losses are recognised in the Income Statement.

All items in the above statement are derived from continuing operations. The Company has only one class of business and

derives its income from investments made in shares, securities and bank deposits.

The total column of this statement is the Profit and Loss Account of the Company.

RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
	Ordinary Shares	S Ordinary Shares	TOTAL
	£'000	£'000	£'000
Opening Shareholders' funds	6,996	4,693	11,689
Net Return for year	756	208	964
Net proceeds of share issue	605	-	605
Repurchase and cancellation of shares	(98)	(26)	(124)
Dividends paid - revenue	(42)	(25)	(67)
Dividends paid - capital	(253)	(49)	(302)
Closing Shareholders' funds	7,964	4,801	12,765

The accompanying notes are an integral part of the financial statements.

MAVEN INCOME AND GROWTH VCT 4 PLC
BALANCE SHEET
As at 30 June 2011
	30 June 2011			30 June 2010			31 December 2010
	(unaudited)			(unaudited)			(audited)
	Ordinary	S Ord		Ordinary	S Ord		Ordinary	S Ord
	Shares	Shares	Total	Shares	Shares	Total	Shares	Shares	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Fixed assets
Investments at fair value through profit or loss	7,489	4,480	11,969	6,470	3,265	9,735	6,956	4,002	10,958
Current assets
Debtors	229	132	361	163	73	236	167	78	245
Cash and overnight deposits	833	284	1,117	819	1,407	2,226	890	753	1,643
	1,062	416	1,478	982	1,480	2,462	1,057	831	1,888
Creditors: amounts falling due within one year	(211)	(30)	(241)	(58)	(31)	(89)	(49)	(32)	(81)
Net current assets	851	386	1,237	924	1,449	2,373	1,008	799	1,807
Total net assets	8,340	4,866	13,206	7,394	4,714	12,108	7,964	4,801	12,765
Capital and reserves
Called-up share capital	860	491	1,351	840	494	1,334	832	494	1,326
Share premium	-	-	-	538	4,227	4,765	538	4,227	4,765
Distributable reserve	7,319	4,186	11,505	6,585	(26)	6,559	6,539	(26)	6,513
Capital Redemption Reserve	16	3	19	12	3	15	19	3	22
Capital reserves - realised	560	(135)	425	1,286	159	1,445	1,085	106	1,191
Capital reserves - unrealised	(648)	239	(409)	(2,042)	(176)	(2,218)	(1,236)	(38)	(1,274)
Revenue reserve	233	82	315	175	33	208	187	35	222
Net assets attributable to Ordinary Shareholders	8,340	4,866	13,206	7,394	4,714	12,108	7,964	4,801	12,765
Net asset value per ordinary share (pence)	97.0	99.1		88.1	95.5		95.7	97.3

The Financial Statements were approved by the Board of Directors and were signed on its behalf by

ID Cormack

Director

15 August 2011

MAVEN INCOME AND GROWTH VCT 4 PLC
CASH FLOW STATEMENT
For the six months ended 30 June 2011
	Six months to 30 June 2011			Six months to 30 June 2010			Year to 31 December 2010
	(unaudited)			(unaudited)			(audited)
	Ordinary	S Ord		Ordinary	S Ord		Ordinary	S Ord
	Shares	Shares	Total	Shares	Shares	Total	Shares	Shares	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Operating activities
Investment income received	125	66	191	87	33	120	226	109	335
Investment management fees paid	(111)	(66)	(177)	(36)	(49)	(85)	(82)	(77)	(159)
Secretarial fees paid	(39)	(24)	(63)	(35)	(24)	(59)	(48)	(33)	(81)
Cash paid to and on behalf of Directors	(18)	(11)	(29)	(20)	(13)	(33)	(39)	(26)	(65)
Other cash payments/receipts	(63)	(36)	(99)	(48)	(27)	(75)	(111)	(63)	(174)
Net cash (outflow) from operating activities	(106)	(71)	(177)	(52)	(80)	(132)	(54)	(90)	(144)
Taxation
Corporation tax	-	-	-	-	-	-	(22)	(5)	(27)
Financial investment
Purchase of investments	(738)	(527)	(1,265)	(773)	(650)	(1,423)	(1,401)	(1,829)	(3,230)
Sale of investments	629	154	783	525	341	866	1,399	945	2,344
Net cash (outflow) from financial investment	(109)	(373)	(482)	(248)	(309)	(557)	(2)	(884)	(886)
Equity dividends paid	(219)	(25)	(244)	(211)	(25)	(236)	(295)	(74)	(369)
Net cash (outflow) before financing	(434)	(469)	(903)	(511)	(414)	(925)	(373)	(1,053)	(1,426)
Financing
Issue of ordinary shares	377	-	377	606	-	606	605	-	605
Repurchase of Ordinary Shares	-	-	-	(32)	(11)	(43)	(98)	(26)	(124)
Net cash inflow/(outflow) from financing	377	-	377	574	(11)	563	507	(26)	481
(Decrease)/increase in cash	(57)	(469)	(526)	63	(425)	(362)	134	(1,079)	(945)

The accompanying notes are an integral part of the financial statements.

1.	Accounting Policies
	The financial information for the six months ended 30 June 2011 and the six months ended 30 June 2010 comprises non-statutory accounts within the meaning of section 435 of the Companies ACT 2006.  The financial information contained in this report has been prepared on the basis of the accounting policies set out in the Annual Report and Financial Statements for the year ended 31 December 2010, which have been filed at Companies House and which contained an Auditors' Report which was not qualified and did not contain a statement under s498(2) or s498(3) of the Companies Act 2006.
		Share		Capital	Capital	Capital
		Premium	Distributable	reserves	reserves	redemption	Revenue
2.	Movement in reserves	Account	reserve	realised	unrealised	Reserve	reserve
	ORDINARY SHARES	£'000	£'000	£'000	£'000	£'000	£'000
	As at 31 December 2010	538	6,539	1,085	(1,236)	19	187
	Losses on sales of investments	-	-	(165)	-	-	-
	Net increase in value of investments	-	-	-	588	-	-
	Investment management fees	-	-	(146)	-	-	-
	Dividends paid	-	-	(219)	-	-	-
	Tax effect of capital items	-	-	5	-	-	-
	Share Issue - 1 February 2011	75	-	-	-	-	-
	Share Issue - 5 April 2011	207	-	-	-	-	-
	Share Issue - 3 May 2011	51	-	-	-	-	-
	Cancellation of share premium account	(871)	871	-	-	-	-
	Cancellation of capital redemption reserve	-	19	-	-	(19)	-
	Repurchase and cancellation of shares	-	(110)	-	-	16	-
	Retained net revenue for period	-	-	-	-	-	46
	As at 30 June 2011	-	7,319	560	(648)	16	233
		Share		Capital	Capital	Capital
		Premium	Distributable	reserves	reserves	redemption	Revenue
	Movement in reserves	Account	reserve	realised	unrealised	Reserve	reserve
	S ORDINARY SHARES	£'000	£'000	£'000	£'000	£'000	£'000
	As at 31 December 2010	4,227	(26)	106	(38)	3	35
	Losses on sales of investments	-	-	(173)	-	-	-
	Net increase in value of investments	-	-	-	277	-	-
	Investment management fees	-	-	(48)	-	-	-
	Dividends paid	-	-	(25)	-	-	-
	Tax effect of capital items	-	-	5	-	-	-
	Cancellation of share premium account	(4,227)	4,227	-	-	-	-
	Cancellation of capital redemption reserve	-	3	-	-	(3)	-
	Repurchase and cancellation of shares	-	(18)	-	-	3	-
	Retained net revenue for period	-	-	-	-	-	47
	As at 30 June 2011	-	4,186	(135)	239	3	82
						Six months ended
3.	Return per ordinary share					30 June 2011
	ORDINARY SHARES
	The returns per share have been based on the following figures:
	Weighted average number of Ordinary shares						8,551,362
	Revenue Return						£46,000
	Capital Return						£282,000
	Total Return						£328,000
	S ORDINARY SHARES
	The returns per share have been based on the following figures:
	Weighted average number of S Ordinary shares						4,937,166
	Revenue Return						£47,000
	Capital Return						£61,000
	Total Return						£108,000

Maven Income and Growth VCT 4 PLC Ordinary Shares
SUMMARY OF INVESTMENT CHANGES
For the six months ended 30 June 2011
	Valuation		Net investment	Appreciation	Valuation
	31 December 2010		(disinvestment)	(depreciation)	30 June 2011
	£'000	%	£'000	£'000	£'000	%
Unlisted investments
Equities	1,849	23.2	(160)	400	2,089	25.0
Preference	17	0.2	(2)	(2)	13	0.2
Loan stocks	4,380	55.0	535	(54)	4,861	58.3
	6,246	78.4	373	344	6,963	83.5
AIM investments
Equities	710	8.9	(263)	79	526	6.3
Total investments	6,956	87.3	110	423	7,489	89.8
Other net assets	1,008	12.7	(157)	-	851	10.2
Total Assets	7,964	100.0	(47)	423	8,340	100.0

Maven Income and Growth VCT 4 S Ordinary Shares
SUMMARY OF INVESTMENT CHANGES
For the six months ended 30 June 2011
	Valuation		Net investment	Appreciation	Valuation
	31 December 2010		(disinvestment)	(depreciation)	30 June 2011
	£'000	%	£'000	£'000	£'000	%
Unlisted investments
Equities	1,207	25.1	67	254	1,528	31.4
Preference	1	-	-	-	1	-
Loan stocks	2,632	54.8	361	(154)	2,839	58.3
	3,840	79.9	429	100	4,368	89.7
AIM investments
Equities	162	3.4	(55)	4	112	2.3
Total investments	4,002	83.3	374	104	4,480	92.0
Other net assets	799	16.7	(413)	-	386	8.0
Total Assets	4,801	100.0	(39)	104	4,866	100.0

Investment Portfolio Summary

Investment Name		Ordinary Shares			S Ordinary Shares		% of equity held	% of equity held by
	Valuation	Cost	% of total assets	Valuation	Cost	% of total assets	by Fund	other clients
Unlisted Investments
Dalglen 1150 Limited (trading as Walker Technical Resources)	659	249	8.0	264	99	5.4	7.5	55.6
Torridon Capital Limited	374	190	4.6	316	161	6.5	2.5	37.5
Westway Services Limited	292	113	3.6	292	113	6.0	2.5	19.5
Homelux Nenplas Limited	537	149	6.4	-	-	-	3.0	37.0
Lawrence Recycling and Waste Management Limited	278	278	3.3	185	185	3.8	6.0	56.0
Camwatch Limited	289	320	3.5	163	183	3.3	4.6	38.3
Tosca Penta Exodus Limited	250	250	3.0	175	175	3.6	1.0	4.4
Ailsa Craig Capital Limited	249	249	3.0	169	169	3.5	29.8	61.7
TC Communications Holdings Limited	248	242	3.0	155	151	3.2	13.5	59.8
Dunning Capital Limited	249	249	3.0	149	149	3.1	46.8	33.2
Shiskine Capital Limited	249	249	3.0	149	149	3.1	46.8	33.2
Adler & Allan Holdings Limited	260	187	3.1	130	93	2.7	1.0	6.0
Flexlife Group Limited	199	199	2.4	134	134	2.8	1.1	10.8
Atlantic Foods Group Limited	258	199	3.1	74	74	1.5	1.1	7.7
Attraction World Holdings Limited	187	126	2.2	140	94	2.9	4.3	34.1
Nessco Group Holdings Limited	124	124	1.5	199	199	4.1	4.2	33.6
Steminic Limited	220	220	2.6	101	101	2.1	4.3	47.3
Beckford Capital Limited	160	160	1.9	160	160	3.3	24.1	75.9
TPL (Midland) Limited (formerly Transys Holdings)	192	259	2.3	115	155	2.4	4.6	67.1
Oliver Kay Holdings Limited	294	207	3.5	-	-	-	1.3	18.7
Space Student Living Limited	154	154	1.8	124	124	2.5	3.1	26.9
Martel Instruments Holdings Limited	271	227	3.2	-	-	-	4.2	40.0
CHS Engineering Services Limited	152	152	1.8	114	114	2.3	3.0	20.4
Tosca Penta Investments Limited (trading as esure Holdings Limited)	128	88	1.5	127	87	2.6	0.1	0.2
Training For Travel Group Limited	114	149	1.4	133	174	2.7	3.7	26.3
Glacier Energy Services Group Limited	119	119	1.4	99	99	2.0	2.1	22.9
Blackford Capital Limited	-	-	-	200	200	4.1	15.6	67.6
Staffa Capital Limited	-	-	-	200	200	4.1	15.3	49.0
Intercede (Scotland) 1 Limited (trading as Electroflow Controls Limited)	70	70	0.8	99	99	2.0	1.8	26.7
ATR Holdings Limited	86	52	1.0	49	29	1.0	6.1	47.0
Venmar Limited (trading as XPD8 Solutions Limited)	63	109	0.8	71	124	1.5	3.6	31.4
Claven Holdings Limited	68	26	0.8	34	13	0.7	6.9	43.1
Enpure Holdings Limited	100	100	1.2	-	-	-	0.4	2.1
Lemac No. 1 Limited (trading as John McGavigan Limited)	50	50	0.6	40	40	0.8	6.8	30.8
Others	20	1111	0.2	8	167	0.1
	6,963	6,626	83.5	4,368	4,014	89.7
AIM/PLUS
Plastics Capital PLC	173	197	2.2	43	50	0.9	0.9	2.8
Chime Communications PLC	110	71	1.3	40	26	0.8	0.1	0.3
Datong PLC	60	151	0.7	-	-	-	0.9	1.1
Brookwell	36	52	0.4	8	11	0.2	-	-
Work Group PLC	37	151	0.4	-	-	-	0.7	2.6
Hambledon Mining PLC	33	83	0.4	-	-	-	0.2	0.1
Hasgrove PLC	25	49	0.3	-	-	-	0.2	1.5
Praesepe PLC (formerly Aldgate Capital PLC)	12	49	0.1	12	50	0.2	0.1	0.4
DM PLC	16	83	0.2	8	41	0.2	0.6	0.8
Others	24	633	0.3	1	46	-
	526	1,519	6.3	112	224	2.3
Total	7,489	8,145	89.8	4,480	4,238	92.0

Other information

Copies of this announcement will be available to the public at the registered office of the Company, 149 St Vincent Street, Glasgow, on the Company's website at www.mavencp.com/migvct3, and at the National Storage Mechanism.

By Order of the Board

MAVEN CAPITAL PARTNERS UK LLP, SECRETARY

15 August 2011

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 included in or forms part of this announcement.

 

END

 

 

IR UVUSRAKAWAAR