Information  X 
Enter a valid email address

MavIncGroVCT4 (MAV4)

  Print      Mail a friend

Tuesday 28 August, 2012

MavIncGroVCT4

Half Yearly Report

RNS Number : 9365K
Maven Income & Growth VCT 4 PLC
28 August 2012
 



Maven Income and Growth VCT 4 PLC

 

Interim Results

 

The Directors announce the unaudited interim results for the six months ended 30 June 2012.

 

Interim Management Review                          

 

In recent years your Company has built a widely diversified portfolio of established and high-yielding UK businesses, and the focus

is on delivering continued improvements in shareholder value through the further expansion of the private equity asset base. The

ongoing scarcity of bank finance means that Maven's deal teams, which operate from six regional offices in Glasgow, London,

Aberdeen, Edinburgh, Manchester and Birmingham, continue to see a high level of attractive investment opportunities across the

UK as growth businesses look for alternative sources of funding.

 

During the six month ended 30 June 2012 the majority of your Company's private company assets have continued to trade positively,

despite a difficult economic environment, and the portfolio continues to generate sustainable revenues which should support the

objective of maintaining a healthy level of dividends.

 

Dividends

The board has declared an increased interim dividend of 1.75p per Ordinary share (2011:1.5p) and 1.75p per S Ordinary share

(2011:1.5p) to be paid on 28 September 2012 to Shareholders on the register at 7 September 2012.

 

The Company paid dividends totalling 4.0p per Ordinary share and 2.8p per S Ordinary share in respect of the year ended 31 December

2011. This represents a yield of 6.7% per annum on the Ordinary shares and 4.0% per annum on the S Ordinary shares based on

the net cost of investment after initial tax relief.

 

Investment Activity

During the period the Maven team completed several new qualifying private equity investments on behalf of your Company, and made

five follow-on investments in existing portfolio companies. At the period end, the portfolio was comprised of 54 unlisted and AIM/

PLUS investments at a total cost of £12.6 million. The AIM/PLUS quoted holdings represented less than 1.5% of the portfolio by

value.

 

Two of the new private company investments are Vodat International and Cat Tech International.

Vodat International, provides 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. A total of £443,000 was invested by the Ordinary share

and the S Ordinary share portfolio.

Cat Tech International, is 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 Ordinary share and

S Ordinary share portfolios invested a total of £348,000 in Cat Tech.

 

The follow-on investments were made to support the development of existing portfolio businesses and, in the case of Glacier, to

fund a small acquisition.

 




Investment cost   






£'000


Investment

Date

Sector

Ordinary Shares

S Ordinary Shares

Website

Unlisted






Camwatch Limited

March 2012

Telecommunication services

27

15

www.camwatch.co.uk

Cat Tech International Limited

March 2012

Support services

199

149

No website available

Glacier Energy Services Group Limited

June 2012

Oil equipment services

28

24

www.glacier.co.uk

Lemac No. 1 Limited (trading as John McGavigan Limited)

January 2012

Automobile and parts

50

40

www.mcgavigan.com

Nessco Group Holdings Limited

March 2012

Oil equipment services

31

50

www.nesscogroup.com

Trojan Capital Limited

May 2012

Support services

160

160

No website available

Venmar Limited (trading as XPD8 Solutions Limited)

June 2012

Oil and gas

116

51

www.xpd8solutions.com

Vodat International Holdings Limited

March 2012

Telecommunication services

269

174

www.vodat-int.com

Total Unlisted investment



880

663








Listed






Treasury 4.5% 7 March 2013

June 2012

Gilt

492

            -


Total AIM investment



492

          -  








Total



1,372

663


 

 

Maven Income and Growth VCT 4 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 3, 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

There were two significant private company realisations during the period. In March 2012, Maven completed the sale 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. And at the

start of June 2012 the holding in Transys Projects Limited (TPL) was sold to German engineering group Vossloh Kiepe for a 2.0x

return during the term of the investment. There was also one significant private company realisation after the period end, with the

disposal of the holding in Nessco Group to NASDAQ listed RigNet Inc. in early July for a 2.7x return on the cost of investment.

The valuation of Nessco at 30 June 2012 reflects the full offer value.

 

The Manager has continued its policy of disposing of AIM holdings for best possible value in cases where the investments were

underperforming. These disposals incurred realised losses of £72,000 for the Ordinary shares and £35,000 for the S Ordinary shares

(cost £83,000 and £41,000 respectively) during the period. This had no effect on the NAV as a full provision had been made in

earlier periods.

 




Ordinary Shares

S Ordinary Shares


Date first invested

Complete/ partial exit

Cost of shares disposed of

Sales proceeds

Realised gain/(loss)

Cost of shares disposed of

Sales proceeds

Realised gain/(loss)




£'000

£'000

£'000

£'000

£'000

£'000

Unlisted









ATR Holdings Limited

2007

Complete

             62

           126

             64

34

70

36

Beckford Capital Limited

2010

Complete

160

160

               -

160

160

               -

Dalglen (1150) Limited (trading as Walker Technical Resources)

2009

Complete

               -

2

               2

               1

               1

               -

Oliver Kay Holdings Limited

2007

Partial

2

2

               -

               -

               -

               -

Space Student Living Limited

2011

Partial

34

34

               -

             28

             28

               -

TPL (Midlands) Limited (formerly Transys Holdings Limited)

2007

Complete

259

409

           150

           155

           245

90




517

733

216

378

504

126










AIM









DM Plc

2007

Complete

             83

             11

(72)

41

               6

(35)




83

11

(72)

41

6

(35)

Listed









Treasury 5.25% 7June 2012

2011

Complete

586

586

               -

244

244

0




586

586

0

244

244

0













1,186

1,330

144

663

754

91

 

 

 

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 UK private company investments. 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 has confirmed that all tests continue to be met.

 

VCT regulation

The Manager was pleased to note that the Finance Act received Royal Assent in July, following approval by the European Commission

of Government increases to the level of investment in an individual business which qualifies for VCT funding, and to the size of

business which can benefit. 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 revised limits are consistent with the Maven focus on investing in later-stage companies, and reinforce the position of

generalist VCTs as a tax-efficient means of investment in high-growth smaller businesses.

 

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 26,000 S Ordinary shares were bought back during the period at a cost of £24,824. Details of the

parameters within which the Company may carry out share buy-backs are given in the Directors' Report on page 25 of the Annual

Report.

 

VCT top-up Offer

A top-up Offer, allowing subscription for new shares, was made 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 3, resulting in the issue of 770,817 new

Ordinary shares and 429,437 S Ordinary shares, and raising an additional £1,248,417 of share capital. The Offer was fully subscribed

by 29 February 2012 and consequently closed early.

 

Outlook

Your Company's continued strategy over the next twelve months will be to seek out and make further attractively priced later-stage

private company investments capable of generating regular income and with significant potential for capital growth. We believe that

this remains the optimum strategy for the generation of superior Shareholder returns.

 

 

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 4.2.7 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

 

 

 

 

 

 

 

 

 

 

 

 

INCOME STATEMENT










For the six months ended 30 June 2012 (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

             -

         387

         387

             -

         428

         428

             -

         815

         815

Income from investments

         232

             -

         232

         150

             -

         150

         382

             -

         382

Investment management fees

         (43)

(170)

        (213)

         (13)

         (52)

         (65)

         (56)

(222)

        (278)

Other expenses

         (69)

             -

         (69)

         (43)

             -

         (43)

        (112)

             -

        (112)

Net Return on ordinary activities before taxation

         120

         217

         337

           94

         376

         470

         214

         593

         807











Tax on ordinary activities

         (12)

           12

             -

           (5)

             5

 -

         (17)

           17

             -

Return attributable to equity shareholders

         108

         229

         337

           89

         381

         470

         197

         610

         807





















Earnings per share (pence)

          1.2

2.6

3.8

          1.7

7.5

          9.2

          2.9

10.1

        13.0

 

 

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



      8,231



      5,058


    13,289


Net Return for year



         337



         470


         807


Net proceeds of issue of shares



         740



         436


      1,176


Repurchase and cancellation of shares



             -



         (24)


         (24)


Dividends paid - revenue



         (55)



         (68)


        (123)


Dividends paid - capital



        (174)



             -


        (174)


Closing Shareholders' funds



      9,079



      5,872


    14,951






















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









 

 

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

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.









 

 

INCOME STATEMENT










For the year ended 31 December 2011


































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

             -

         546

546

             -

         350

350

             -

         896

896

Income from investments

393

 -

393

         240

 -

240

         633

 -

633

Other income

             1

 -

            1

             -

 -

            -

             1

 -

            1

Investment management fees

(53)

(212)

(265)

         (15)

         (62)

(77)

         (68)

(274)

(342)

Other expenses

(176)

             -

(176)

        (102)

             -

(102)

        (278)

             -

       (278)

Net Return on ordinary activities before taxation

         165

334

         499

         123

         288

        411

         288

         622

        910












Tax on ordinary activities

(32)

           32

             -

         (12)

           12

            -

(44)

           44

            -

Return attributable to equity shareholders

         133

         366

         499

         111

         300

        411

         244

         666

910























Earnings per share (pence)

1.5

          4.3

         5.8

          2.3

          6.1

8.4

          3.8

        10.4

       14.2

 

 

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



      7,964



     4,801



    12,765

Net Return for year



         499



        411



        910

Net proceeds of share issue



         377



            -



        377

Repurchase and cancellation of shares



       (261)



         (55)



       (316)

Dividends paid - revenue



         (43)



         (25)



         (68)

Dividends paid - capital



       (305)



         (74)



       (379)

Closing Shareholders' funds



      8,231



     5,058



    13,289


































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








 

 

BALANCE SHEET

 










As at 30 June 2012

 



























30 June 2012

30 June 2011

31 December 2011





(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

         8,113

         4,936

       13,049

         7,489

         4,480

       11,969

         7,697

         4,603

       12,300














Current assets











Debtors



            260

            140

            400

            229

            132

            361

            233

            125

            358

Cash and overnight deposits

            831

            808

         1,639

            833

            284

         1,117

            399

            356

            755





         1,091

            948

         2,039

         1,062

            416

         1,478

            632

            481

         1,113

Creditors: amounts falling due within one year

           (125)

            (12)

           (137)

           (211)

            (30)

           (241)

            (98)

            (26)

           (124)

Net current assets


            966

            936

         1,902

            851

            386

         1,237

            534

            455

            989

Total net assets


         9,079

         5,872

       14,951

         8,340

         4,866

       13,206

         8,231

         5,058

       13,289



























Capital and reserves










Called up share capital

            916

            527

         1,443

            860

            491

         1,351

            839

            486

         1,325

Share premium account

            663

            393

         1,056

                -

                -

                -

                -

                -

                -

Capital reserve - realised

            423

              44

            467

            560

           (135)

            425

            611

                -

            611

Capital reserve - unrealised

           (458)

            631

            173

           (648)

            239

           (409)

           (701)

            294

           (407)

Distributable reserve


         7,168

         4,125

       11,293

         7,319

         4,186

       11,505

         7,168

         4,149

       11,317

Capital redemption reserve

              37

              10

              47

              16

                3

              19

              37

                8

              45

Revenue reserve


            330

            142

            472

            233

              82

            315

            277

            121

            398

Net assets attributable to Ordinary Shareholders

         9,079

         5,872

       14,951

         8,340

         4,866

       13,206

         8,231

         5,058

       13,289














Net asset value per ordinary share (pence)

           99.2

         111.5


           97.0

           99.1


           98.2

         104.1









































The Financial Statements were approved by the Board of Directors on 22 August 2012 and were signed on its behalf by:















 I D Cormack











 Chairman











28 August 2012





































 

 

CASH FLOW STATEMENT










For the six months ended 30 June 2012











Six months to 30 June 2012

Six months to 30 June 2011

Year to 31 December 2011


(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

             217

          139

            356

          125

            66

          191

          328

          193

          521

Deposit interest received

                 -

              -

                -

              -

              -

              -

             1

              -

             1

Investment management fees paid

           (182)

          (77)

          (259)

        (111)

          (66)

        (177)

        (200)

          (71)

        (271)

Secretarial fees paid

             (28)

          (17)

            (45)

          (39)

          (24)

          (63)

          (66)

          (41)

        (107)

Directors expenses paid

             (20)

          (12)

            (32)

          (18)

          (11)

          (29)

          (41)

          (25)

          (66)

Other cash payments

             (24)

          (15)

            (39)

          (63)

          (36)

          (99)

          (85)

          (48)

        (133)

Net cash (outflow)/inflow from operating activities

             (37)

           18

            (19)

        (106)

          (71)

        (177)

          (63)

             8

          (55)











Taxation










Corporation tax

 -

              -

                -

 -

              -

              -

              -

              -

              -











Financial investment










Purchase of investments

        (1,372)

        (664)

        (2,036)

        (738)

        (527)

      (1,265)

      (2,284)

      (1,250)

      (3,534)

Sale of investments

          1,330

          754

         2,084

          629

          154

          783

       2,088

          999

       3,087

Net cash (outflow)/inflow from financial investment

             (42)

           90

              48

        (109)

        (373)

        (482)

        (196)

        (251)

        (447)











Equity dividends paid

           (229)

          (68)

          (297)

        (219)

          (25)

        (244)

        (348)

          (99)

        (447)











Net cash (outflow)/inflow before financing

           (308)

           40

          (268)

        (434)

        (469)

        (903)

        (607)

        (342)

        (949)











Financing










Issue of Ordinary Shares

             740

          436

         1,176

          377

 -

          377

          377

              -

          377

Repurchase of Ordinary Shares

                 -

          (24)

            (24)

              -

              -

              -

        (261)

          (55)

        (316)











Net cash inflow/(outflow) from financing

             740

          (24)

            716

          377

              -

          377

          116

          (55)

            61

Increase/(decrease) in cash

             432

          452

            884

          (57)

        (469)

        (526)

        (491)

        (397)

        (888)











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









 

 

Notes to the Financial Statements















1.

Accounting Policies
















The financial information for the six months ended 30 June 2012 and the six months ended 30 June 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 31 December 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.















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










At 1 January 2012

                -

             7,168

             611

(701)

37

277


Gains on sales of investments

                -

                    -

             144

                 -

                  -

                -


Net increase in value of investments

                -

                    -

                 -

             243

                  -

                -


Investment management fees

                -

                    -

           (170)

                 -

                  -

                -


Dividends paid

                -

                    -

           (174)

                 -

                  -

            (55)


Tax effect of capital items

                -

                    -

               12

                 -

                  -

                -


Share Issue - 1 March 2012

            421

                    -

                 -

                 -

                  -

                -


Share Issue - 5 April 2012

            192

                    -

                 -

                 -

                  -

                -


Share Issue - 18 April 2012

              50

                    -

                 -

                 -

                  -

                -


Repurchase and cancellation of shares

                -

                    -

                 -

                 -

                  -

                -


Net return on ordinary activities after taxation

                -

                    -

                 -

                 -

                  -

            108


As 30 June 2012

            663

             7,168

             423

           (458)

                37

            330



















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










At 1 January 2012

                -

             4,149

                 -

             294

                  8

            121


Gains on sales of investments

                -

                    -

               91

                 -

                  -

                -


Net increase in value of investments

                -

                    -

                 -

             337

                  -

                -


Investment management fees

                -

                    -

             (52)

                 -

                  -

                -


Dividends paid

                -

                    -

                 -

                 -

                  -

            (68)


Tax effect of capital items

                -

                    -

                5

                 -

                  -

                -


Share Issue - 1 March 2012

            249

                    -

                 -

                 -

                  -

                -


Share Issue - 5 April 2012

            113

                    -

                 -

                 -

                  -

                -


Share Issue - 18 April 2012

              31

                    -

                 -

                 -

                  -

                -


Repurchase and cancellation of shares

                -

                (24)

                 -

                 -

                  2

                -


Net return on ordinary activities after taxation

                -

                    -

                 -

                 -

                  -

              89


At 30 June 2012

            393

4,125

44

             631

                10

            142






















Six months ended

3.

Return per ordinary share





30 June 2012










ORDINARY SHARES








The returns per share have been based on the following figures:






Weighted average number of Ordinary shares






   8,839,786










Revenue Return






£108,000


Capital Return






£229,000


Total Return






£337,000










 S ORDINARY SHARES








The returns per share have been based on the following figures:






Weighted average number of S Ordinary shares






   5,104,143










Revenue Return






£89,000


Capital Return






£381,000


Total Return






£470,000









 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUMMARY OF INVESTMENT CHANGES




 For the six months ended 30 June 2012






Ordinary Shares








 Valuation

 Net investment/

 Appreciation/

 Valuation


31 December 2011

(disinvestment)

 (depreciation)

30 June 2012


 £'000

 %

 £'000

 £'000

 £'000

 %

 Unlisted investments







 Equities  

     2,403

        29.2

                  (76)

                439

     2,766

      30.5

 Preference shares

          11

          0.1

                    (2)

                  (1)

           8

        0.1

 Loan stock

     4,340

        52.7

                  225

                (23)

     4,542

      50.0


     6,754

        82.0

                  147

                415

     7,316

      80.6








 AIM/PLUS investments

        346

          4.2

                  (11)

                (28)

        307

        3.4

 Listed fixed income investments

        597

          7.3

                 (107)

                    -

        490

        5.4

 Total investments

     7,697

        93.5

                    29

                387

     8,113

      89.4








 Other net assets 

        534

          6.5

                  432

                    -

        966

      10.6








 Total assets

     8,231

      100.0

                  461

                387

     9,079

    100.0

 

 

 

 

 

 

 

S Ordinary Shares








 Valuation

 Net investment/

 Appreciation/

 Valuation


31 December 2011

 (disinvestment)

(depreciation)

30 June 2012


 £'000

 %

 £'000

 £'000

 £'000

 %

 Unlisted investments







 Equities  

     1,615

        31.9

                  (21)

                445

     2,039

      34.7

 Preference shares

           1

             -

                      -

                    -

           1

           -

 Loan stock

     2,664

        52.7

                  180

                (13)

     2,831

      48.3


     4,280

        84.6

                  159

                432

     4,871

      83.0








 AIM/PLUS investments

          75

          1.5

                    (6)

                  (4)

          65

        1.1

 Listed fixed income investments

        248

          4.9

                 (248)

                    -

            -

           -

 Total investments

     4,603

        91.0

                  (95)

                428

     4,936

      84.1








 Other net assets 

        455

          9.0

                  481

                    -

        936

      15.9








 Total assets

     5,058

      100.0

                  386

                428

     5,872

    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









Nessco Group Holdings Limited

440

187

4.8

703

299

12.0

3.9

31.1

Torridon Capital Limited

424

190

4.7

358

161

6.1

2.6

37.4

Homelux Nenplas Limited

627

149

6.9

-

-

-

3.0

37.0

Camwatch Limited

353

417

3.9

202

239

3.4

4.6

38.3

Westway Services Limited

260

113

2.9

260

113

4.4

2.4

19.5

Lawrence Recycling and Waste Management Limited

292

292

3.2

195

195

3.3

6.0

56.0

Maven Co-invest Exodus Limited Partnership (trading as 6 degrees)

274

274

3.0

192

192

3.3

1.5

9.1

Vodat International Holdings Limited

269

269

3.0

           174

           174

3.0

5.1

36.6

Flexlife Group Limited

264

199

2.9

178

134

3.0

1.3

13.3

Venmar Limited (trading as XPD8 Solutions Limited)

225

225

2.5

175

175

3.0

3.6

31.4

Adler & Allan Holdings Limited

260

187

2.9

130

93

2.2

1.0

6.0

Lemac No. 1 Limited (trading as John McGavigan Limited)

205

205

2.3

164

164

2.8

6.3

30.5

TC Communications Holdings Limited

217

242

2.4

136

151

2.3

4.6

25.4

Moriond Limited

199

199

2.2

150

150

2.6

7.2

42.8

Cat Tech International Limited

199

199

2.2

           149

           149

2.5

3.3

26.7

Atlantic Foods Group Limited

274

199

3.0

56

56

1.0

1.1

7.7

Attraction World Holdings Limited

187

126

2.1

140

94

2.4

4.4

34.0

Steminic Limited

220

220

2.4

101

101

1.7

4.4

31.5

Trojan Capital Limited

160

160

1.8

           160

           160

2.7

23.6

73.8

Tosca Penta Investments Limited (trading as esure Holdings Limited)

153

75

1.7

151

74

2.6

               -

0.2

Oliver Kay Holdings Limited

290

203

3.2

-

-

-

1.3

18.7

Blackford Capital Limited

             75

             75

0.8

200

200

3.4

20.2

63.9

Glacier Energy Services Group Limited

148

148

1.6

123

123

2.1

2.2

20.7

Martel Instruments Holdings Limited

271

227

3.0

               -

               -

               -

4.2

40.0

CHS Engineering Services Limited

152

152

1.7

114

114

1.9

3.0

20.4

Corinthian Foods Limited

250

250

2.8

               -

               -

               -

16.3

56.6

LCL Hose Limited

149

149

1.6

99

100

1.7

4.5

25.5

Intercede (Scotland) 1 Limited (trading as Electroflow Controls Limited)

95

70

1.0

136

99

2.3

1.9

26.6

Space Student Living Limited

120

120

1.3

97

97

1.7

3.1

26.9

Staffa Capital Limited

               -

               -

               -

200

200

3.4

15.3

49.0

Training For Travel Group Limited

76

149

0.8

89

174

1.5

3.7

26.3

Claven Holdings Limited

68

26

0.7

34

13

0.6

6.9

43.1

Enpure Holdings Limited

100

100

1.1

-

-

-

0.4

2.2

Others

20

911

0.2

5

165

0.1




7,316

6,707

80.6

4,871

4,159

83.0



AIM/PLUS









Plastics Capital PLC

132

197

1.5

34

50

0.5

0.9

2.8

Chime Communications PLC

62

71

0.7

22

26

0.4

-

0.2

Datong PLC

32

151

0.4

-

-

-

-

1.1

Work Group PLC

23

151

0.3

               -

               -

               -

               -

2.6

Brookwell

12

30

0.1

3

6

0.1

 -

             -

Hasgrove PLC

13

49

0.1

               -

               -

               -

               -

1.6

Hambledon Mining PLC

12

83

0.1

               -

               -

               -

               -


Others

21

643

0.2

6

63

0.1




307

1,375

3.4

65

145

1.1



Listed Fixed Income









Treasury 4.5% 7 March 2013

490

490

5.4

               -

               -

               -




490

490

5.4

               -

               -

               -












Total

8,113

8,572

89.4

4,936

4,304

84.1












 

 

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/migvct4, and at the National Storage Mechanism.

 

By Order of the Board

 

Maven Capital Partners UK LLP, Secretary

 

28 August 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 included in or forms part of this announcement.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
IR UWUNRUAAWUAR

a d v e r t i s e m e n t