TIDMMAV4 TIDMTTM
RNS Number : 6118T
Maven Income & Growth VCT 4 PLC
30 March 2016
Maven Income and Growth VCT 4 PLC
Final results for the year ended 31 December 2015
Highlights for the year
-- NAV total return of 140.15p per share (2014: 131.25p) at the
year end, up 6.8% over the year
-- NAV at period end of 101.0p per share (2014: 97.2p)
-- Four new private equity investments added to the portfolio
-- Exit from Westway Services Holdings, generating a total return multiple of 6.45 times cost
-- Realisation of Steminic for a total return of 3.3 times cost
-- Exit from Six Degrees Group, generating a total return multiple of 2.1 times cost
-- Disposal of XPD8 Solutions, delivering a 1.75 times total return on cost
-- Increased annual dividend of 5.25p per share (2014: 5.0p),
including the proposed final dividend of 3.05p per share
Chairman's Statement
On behalf of your Board I am pleased to announce the results for
the twelve months to 31 December 2015. During the period your
Company has delivered further encouraging growth in Shareholder
returns, with NAV total return increasing 6.8% year-on-year driven
by a number of profitable realisations, increases in investment
income and uplifts in the valuation of certain investments. In
recognition of this successful outcome, your Board is proposing an
increase in the annual dividend for a fifth consecutive year.
In the period under review your Company has achieved success
against its primary objectives of delivering long term capital
appreciation and sustainable income generation for Shareholders.
During the year the Manager has continued to follow the proven
strategy of investing in a diversified portfolio of attractive
growth businesses, adding four new private equity investments to
the portfolio whilst supporting a number of existing investee
companies through follow-on funding. In addition, a number of
profitable realisations have been achieved, most notably Westway
Services Holdings which was sold in December 2015 delivering a 6.45
times return on cost over the life of the investment. The Company
also completed full exits from the legacy holdings in Higher Nature
and Lab M Holdings, both of which were sold at a premium to
carrying value. This has enabled the Board to propose an increase
in the final dividend to 3.05p per share, representing a 5.2%
increase over the prior year.
The majority of investee companies are trading well, as can be
seen from the detailed analysis of portfolio developments included
in the Investment Manager's Review. Further progress has been
achieved by Crawford Scientific, Just Trays, John McGavigan,
Nenplas and SPS (EU), which has enabled the Board to increase the
valuations of those investments. Others such as ISN Solutions
Group, R&M Engineering Group, D Mack and CatTech International
have had their valuations reduced in response to challenging
trading or market conditions.
The Board is also pleased to note that Maven received industry
recognition for its performance during the year when it was named
Private Equity House of the Year at the 2015 M&A Awards, one of
the leading events in the corporate finance calendar. This category
recognises private equity managers that have displayed the keenest
judgement and opportunism in completing acquisitions or exit
transactions, including an acknowledgement of their contribution in
increasing the value of investee businesses. Maven was also
shortlisted at the 2015 unquote" British Private Equity Awards in
the VCT House of the Year category, whilst the 3.8 times cost exit
achieved by your Company from EFC Group in 2014 was nominated for
VCT Exit of the Year.
Shareholders may be aware of the significant legislative changes
which were introduced to the UK VCT scheme during the period. The
July 2015 Budget announced a number of amendments designed to bring
the UK into line with European Union (EU) State Aid rules for
smaller company investment. The revised legislation imposes
restrictions on the types of transactions and companies which VCTs
are able to invest in, with strict limitations around acquisitions
(specifically prohibiting the financing of management buy-outs), an
age limit on investee companies, restrictions on providing
follow-on funding to existing portfolio companies and a lifetime
cap on the amount of funding a company can receive.
The Board has reviewed the new legislation and, following
detailed discussions with the Manager, has concluded that Maven
remains well placed to adapt to the new requirements. The Directors
believe Maven's track record and experience in sourcing and
executing similar transactions for non-VCT clients, for whom over
40 development capital transactions have been completed since 2011,
provides the Manager with sufficient flexibility and resources to
identify and complete transactions that qualify under the terms of
the new legislation.
Dividends
The Board recommends that an increased final dividend of 3.05p
per Ordinary Share, comprising 1.50p of revenue and 1.55p of
capital, be paid on 6 May 2016 to Shareholders on the Register at 8
April 2016. This would bring total dividends for the year to 5.25p
per share, an increase of 5.0% over the prior year, representing a
yield of 6.1% based on the year end closing mid-market share price
of 85.50p.
Since the Company's launch, and after receipt of the proposed
final dividend, Shareholders will have received 42.20p per share in
tax-free dividends. The effect of paying the proposed final
dividend would 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) which
allow the Directors to suspend or terminate its operation without
prior notice and revert to making monetary payments to all
Participants, 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 to 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.
Fund Raising
In October 2014, the Company announced that it planned to raise
up to GBP2.0 million in an Offer for Subscription alongside offers
by four other Maven VCTs. The Offer by your Company was fully
subscribed by 7 January 2015 and, consequently, closed early.
Relevant details regarding shares issued during the year under
review in respect of the Offer can be found in Note 12 to the
Financial Statements.
As the Company currently enjoys significant cash liquidity for
new investment, the Board has elected not to raise further funds at
present.
Share Buy-backs
Shareholders should be aware that the Board's primary objective
is for the Company to retain sufficient liquid assets for making
investments in line with its stated policy and for the continued
payment of dividends to Shareholders. However, the Directors also
acknowledge the need to maintain an orderly market in the Company's
shares and have delegated authority to the Manager to buy back
shares in the market 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 up to 15%
to the prevailing NAV per share.
Management and Administration Fees
HM Revenue & Customs (HMRC) has confirmed that VAT is no
longer payable on performance and secretarial fees. The Manager has
sought the recovery of amounts paid previously and the total sum of
GBP275,000 received during the year has been reflected in the
Financial Statements.
Regulatory Developments
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 investments. The new rules impose
specific restrictions on the types of companies and transactions
which VCTs are able to pursue in order to retain qualifying status,
including on a VCT's ability to finance management buy-outs and
acquisitions, limitations on the ability to provide follow-on
funding to existing portfolio companies, a lifetime cap on the
amount of funding a company can receive and an age restriction for
investee companies. In order to ensure ongoing compliance with the
new rules, the Manager has engaged the services of investment
advisers to assist in interpreting the revised legislation in
relation to proposed new transactions.
Since the announcement of the new rules, the Manager has been
actively involved in a consultation process through the industry
representative body the Association of Investment Companies (AIC)
which, supported by other leading VCT managers, has engaged with HM
Treasury and HMRC on the practical application of the new rules.
These discussions are ongoing and the Board will ensure
Shareholders are kept up to date on further developments.
The 2014 UK Corporate Governance Code introduced a new
requirement to include a viability statement regarding the
Directors' assessment of the future prospects of the Company. The
Board has fully considered the Company's current position,
principal risks and future expectations, and the Directors'
statement of viability can be found in the Annual Report.
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With effect from 1 January 2016, new tax legislation under the
OECD (Organisation for Economic Co-operation and Development)
Common Reporting Standard for Automatic Exchange of Financial
Account Information (Common Reporting Standard) is being
introduced. The legislation will require investment trusts and VCTs
to provide personal information to HMRC on certain investors who
purchase shares in investment trusts and VCTs. As a result, the
Company will have to provide information annually to the local tax
authority on the tax residencies of a number of non-UK based
certificated shareholders and corporate entities.
All new Shareholders, excluding those whose shares are held in
CREST, entered onto the share register from 1 January 2016 will be
sent a certification form for the purposes of collecting this
information. For further information, please see HMRC's Quick
Guide: Automatic Exchange of Information- information for account
holders at
https://www.gov.uk/government/publications/exchange-of-information-account-holders
Constitution of the Board
As intimated in the 2014 Annual Report, and having considered
the issues of Board composition and an orderly succession with a
view to reducing the number of independent Directors, Andrew
Lapping and David Potter stood down at the AGM held on 29 April
2015 and did not seek re-election. I would like to take this
opportunity to reiterate my gratitude to Andrew for the valued
contribution that he has made to the Board since the inception of
your Company and to David for his support since the merger with
Ortus VCT PLC, with both carrying our best wishes for the
future.
The Future
The Board acknowledges that the recent legislative changes
impose specific restrictions on the types of companies and
transactions which VCT managers are able to pursue, including the
need to consider investing in earlier-stage businesses with
development and growth capital requirements in order to meet the
new qualifying criteria. Whilst this will adjust the composition of
the portfolio, based on Maven's track record and demonstrable
experience in sourcing and executing such transactions for non-VCT
clients, the Board remains confident that the Manager can continue
to identify attractive VCT qualifying investee companies to enable
your Company to meet its investment objective and deliver growth in
Shareholder returns.
Ian Cormack
Chairman
30 March 2016
Business Report
This Business Report is intended to provide an overview of the
strategy and business model of the Company as well as the key
measures used by the Directors in overseeing its management. The
Company is a venture capital trust which invests in accordance with
the investment objective set out in this report.
Investment Objective
The Company aims to achieve long term capital appreciation and
generate maintainable levels of income for Shareholders.
Business Model and Investment Policy
Under an Investment Policy approved by the Directors, the
Company intends to achieve its objective by:
-- investing the majority of its funds in a diversified
portfolio of shares and securities in smaller, unquoted UK
companies and AIM/ISDX quoted companies which meet the criteria for
VCT qualifying investments and have strong growth potential;
-- investing no more than GBP1 million in any company in one
year and no more than 15% of the Company's assets by cost in one
business at any time; and
-- borrowing up to 15% of net asset value, if required and only
on a selective basis, in pursuit of its investment strategy.
Principal Risks and Uncertainties
The principal risks and uncertainties facing the Company are as
follows:
Investment Risk
Many of the Company's investments are in small and medium sized
unlisted and AIM/ ISDX quoted companies which, by their nature,
entail a higher level of risk and lower liquidity than investments
in large quoted companies. The Board aims to limit the risk
attaching to the investment portfolio as a whole by ensuring a
structured selection, monitoring and realisation process. The Board
reviews the investment portfolio with the Manager on a regular
basis.
The Company manages and minimises investment risk by:
-- diversifying across a large number of companies;
-- diversifying across a range of economic sectors;
-- actively and closely monitoring the progress of investee companies;
-- seeking to appoint a non-executive director to the board of
each private investee company, provided from the Manager's
investment management team or from its pool of experienced
independent directors;
-- co-investing with other funds run by the Manager in larger
deals, which tend to carry less risk;
-- not investing in hostile public to private transactions; and
-- retaining the services of a Manager that can provide the
resources required to achieve the investment objective and meet the
criteria stated above.
An explanation of certain risks and how they are managed is
contained in Note 16 to the Financial Statements.
Financial and Liquidity Risk
As most of the investments require a medium to long term
commitment and are relatively illiquid, the Company retains a
portion of the portfolio in cash or cash equivalents in order to
finance any new unquoted investment opportunities. The Company has
no direct exposure to currency risk and does not enter into any
derivative transactions.
Economic Risk
The valuation of investment companies may be affected by
underlying economic conditions such as fluctuating interest rates
and the availability of bank finance.
Credit Risk
The Company may hold financial instruments and cash deposits and
is dependent on counterparties discharging their agreed
responsibilities. The Directors consider the creditworthiness of
the counterparties to such instruments and seek to ensure that
there is no undue concentration of exposure to any one party.
Internal Control Risk
The Board reviews regularly the system of internal controls,
both financial and non-financial, operated by the Company and the
Manager. These include controls designed to ensure that the
Company's assets are safeguarded and that all records are complete
and accurate.
VCT Qualifying Status Risk
The Company operates in a complex regulatory environment and
faces a number of related risks, including:
-- becoming subject to capital gains tax on the sale of its
investments as a result of a breach of Section 274 of the Income
Tax Act 2007;
-- loss of VCT status and consequent loss of tax reliefs
available to Shareholders as a result of a breach of the VCT
Regulations;
-- loss of VCT status and reputational damage as a result of a
serious breach of other regulations such as the FCA Listing Rules
and the Companies Act 2006; and
-- increased investment restrictions resulting from the Finance Act 2015.
Legislative and Regulatory Risk
In order to maintain its approval as a VCT, the Company is
required to comply with current VCT legislation in the UK as well
as the EU State Aid rules.
Changes in the future to UK legislation or the EU State Aid
rules could have an adverse impact on Shareholder investment
returns whilst maintaining the Company's VCT status. The Board and
the Manager continue to make representations where appropriate,
either directly or through relevant industry bodies such as the AIC
or the British Venture Capital Association (BVCA).
The Company has retained Gowling WLG (UK) LLP as VCT Adviser to
the Company.
Breaches of other regulations, including the Companies Act 2006,
the FCA Listing Rules, the FCA Disclosure and Transparency Rules or
the Alternative Investment Fund Managers Directive (AIFMD), could
lead to a number of detrimental outcomes and reputational damage.
The AIFMD was fully implemented with effect from 22 July 2014 and
introduced a new authorisation and supervisory regime for all
investment companies in the EU.
As referred to in the Chairman's Statement, the Company is also
required to comply with new tax legislation under the Common
Reporting Standards. The Company has appointed Capita Asset
Services to act on its behalf to report annually to HMRC and ensure
compliance with this new legislation
Statement of Compliance with Investment Policy
The Company is adhering to its stated investment policy and
managing the risks arising from it. This can be seen in various
tables and charts throughout this Annual Report, and from
information provided in the Chairman's Statement and the Investment
Manager's Review. A review of the Company's business, its position
as at 31 December 2015 and its performance during the year then
ended, is included in the Chairman's Statement, which also includes
an overview of its strategy and business model.
The management of the investment portfolio has been delegated to
Maven, which also provides company secretarial, administrative and
financial management services to the Company. The Board is
satisfied with the depth and breadth of the Manager's resources and
its network of offices, which supply new deals and enable it to
monitor the geographically widespread portfolio of companies
effectively.
The Investment Portfolio Summary discloses the investments in
the portfolio and the degree of co-investment with other clients of
the Manager. The tabular analysis of the unlisted and quoted
portfolio shows that the portfolio is diversified across a variety
of sectors and deal types. The level of qualifying investments is
monitored by the Manager on a daily basis and reported to the Risk
Committee quarterly.
Key Performance Indicators
At each Board Meeting, the Directors consider a number of
financial performance measures to assess the Company's success in
achieving its investment objective and this also enables
Shareholders and investors to gain an understanding of its
business. The key performance indicators are as follows:
-- NAV total return;
-- dividends growth;
-- investment income; and
-- operational expenses.
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The NAV total return is a measure of the current NAV per share
and the sum of dividends paid to date. The dividend growth measure
shows how much of that Shareholder value has been returned to
original investors in the form of dividends. A historical record of
these measures is shown in the Financial Highlights. The change in
the profile of the portfolio is reflected in the Summary of
Investment Change. The Board reviews the Company's investment
income and operational expenses on a quarterly basis.
There is no meaningful venture capital trust index against which
to compare the financial performance of the Company. However, for
reporting to the Board and Shareholders, the Manager uses
comparisons with appropriate indices and the Company's peer group.
The Directors also consider non-financial performance measures such
as the flow of investment proposals and ranking of the VCT sector
by independent analysts.
Valuation Process
Investments held by Maven Income and Growth VCT 4 PLC in
unquoted companies are valued in accordance with the International
Private Equity and Venture Capital Valuation Guidelines.
Investments quoted or traded on a recognised stock exchange,
including AIM, are valued at their bid prices.
Share Buy-backs
The Board will seek the necessary Shareholder authority to
continue the share buy-back programme under appropriate
circumstances.
Employee, Environmental and Human Rights Policy
As a venture capital trust, the Company has no direct employee
or environmental responsibilities, nor is it responsible for the
emission of greenhouse gases. Its principal responsibility to
Shareholders is to ensure that the investment portfolio is managed
and invested properly. The Company has no employees and,
accordingly, has no requirement to report separately on employment
matters. The management of the portfolio is undertaken by the
Manager through members of its portfolio management team. The
Manager engages with the Company's underlying investee companies in
relation to their corporate governance practices and in developing
their policies on social, community and environmental matters and
further information may be found in the Statement of Corporate
Governance. In light of the nature of the Company's business, there
are no relevant human rights issues and, therefore, the Company
does not have a human rights policy.
Auditor
The Company's Auditor is required to report if there are any
material inconsistencies between the content of the Strategic
Report and the Financial Statements.
Future Strategy
The Board and Manager intend to maintain the policies set out
above for the year ending 31 December 2016 as it is believed that
these are in the best interests of Shareholders.
Ian Cormack
Chairman
30 March 2016
MAVEN INCOME AND GROWTH VCT 4 PLC
INCOME STATEMENT
For the year ended 31 December 2015
Year ended 31 December Year ended 31 December
2015 2014
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------- -------------- ------------- ------------- ------------- -------------- -------------
Gains on investments - 2,866 2,866 - 473 473
Income from investments 1,710 - 1,710 1,282 - 1,282
Investment management
fees (275) (1,097) (1,372) (208) (831) (1,039)
Other expenses (200) - (200) (387) - (387)
------------------------- -------------- ------------- ------------- ------------- -------------- -------------
Net Return on
ordinary activities
before taxation 1,235 1,769 3,004 687 (358) 329
Tax on ordinary
activities (219) 219 - (132) 132 -
------------------------- ------------- --------------
Return attributable
to Equity Shareholders 1,016 1,988 3,004 555 (226) 329
------------------------- -------------- ------------- ------------- ------------- -------------- -------------
Earnings per share
(pence) 3.0 5.9 8.9 1.7 (0.7) 1.0
------------------------- -------------- ------------- ------------- ------------- -------------- -------------
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
For the year ended 31 December 2015
Year ended Year ended
31 December 31 December
2015 2014
GBP'000 GBP'000
Opening Shareholders'
funds 31,138 28,971
Net return for
year 3,004 329
Net proceeds of
share issue 1,986 4,093
Net proceeds of
DIS issue 16 -
Merger costs (20) (3)
Repurchase and cancellation
of shares (525) (861)
Dividends paid
- revenue (574) (484)
Dividends paid
- capital (1,149) (907)
Closing Shareholders'
funds 33,876 31,138
------------------------------- --------------- ----------------
The accompanying Notes are an integral part of the Financial
Statements.
Maven Income and Growth VCT 4 PLC
Balance Sheet
As at 31 December 2015
31 December 31 December
2015 2014
GBP'000 GBP'000
--------------------------- ---------------------------------- ---------------------------------
Fixed assets
Investments at
fair value through
profit or loss 33,121 29,296
Current assets
Debtors 418 511
Cash 762 1,565
--------------------------- ---------------------------------- ---------------------------------
1,180 2,076
Creditors:
Amounts falling
due within one
year (425) (234)
---------------------------------- ---------------------------------
Net current assets 755 1,842
--------------------------- ---------------------------------- ---------------------------------
Total net assets 33,876 31,138
--------------------------- ---------------------------------- ---------------------------------
Capital and reserves
Called up share
capital 3,354 3,205
Share premium account 19,449 17,677
Capital reserve
- realised (697) (1,018)
Capital reserve
- unrealised 1,401 883
Distributable reserve 9,096 9,621
Capital redemption
reserve 290 229
Revenue reserve 983 541
Net assets attributable
to Ordinary Shareholders 33,876 31,138
--------------------------- ---------------------------------- ---------------------------------
Net asset value
per ordinary share
(pence) 101.0 97.2
--------------------------- ---------------------------------- ---------------------------------
The Financial Statements of Maven Income and Growth VCT 4 PLC,
registered number SC272568, were approved by the Board of Directors
and were signed on its behalf by:
Ian Cormack,
Director
30 March 2016
The accompanying Notes are an integral part of the Financial
Statements.
Maven Income and Growth VCT 4 PLC
Cash Flow Statement
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For the year ended 31 December 2015
Year ended
31 December
Year ended 2014
31 December
2015 (restated)(1)
GBP'000 GBP'000
------------------------------- ------------- ----------------
Net cash flows from operating
activities (1,376) (1,278)
Cash flows from investing
activities
Investment income received 1,747 1,323
Deposit interest received 1 2
Purchase of investments (24,377) (20,941)
Sale of investments 23,468 19,367
------------------------------- ------------- ----------------
Net cash flows from investing
activities 839 (249)
------------------------------- ------------- ----------------
Cash flows from financing
activities
Equity dividends paid (1,723) (1,391)
Issue of Ordinary Shares 2,002 4,093
Merger costs (20) (3)
Repurchase of Ordinary
Shares (525) (861)
------------------------------- ------------- ----------------
Net cash flow from financing
activities (266) 1,838
------------------------------- ------------- ----------------
Net (decrease)/increase
in cash (803) 311
------------------------------- ------------- ----------------
Cash at beginning of
year 1,565 1,254
------------------------------- ------------- ----------------
Cash at end of year 762 1,565
------------------------------- ------------- ----------------
(1) The 2014 cash flow has been restated to meet the
presentational requirements of FRS 102.
The accompanying Notes are an integral part of the Financial
Statements
Maven Income and Growth VCT 4 PLC
Notes to the Financial Statements
For the year ending 31 December 2015
1 Accounting Policies
(a) Basis of Preparation
The Financial Statements have been prepared under FRS 102, The
Financial Reporting Standard applicable in the UK and Republic of
Ireland and in accordance with the Statement of Recommended
Practice for Investment Trust Companies and Venture Capital Trusts
(the SORP) issued by the AIC in November 2014. This is the first
year that the Company has presented its Financial Statements under
the Financial Reporting Standard 102 (FRS 102) issued by the
Financial Reporting Council. The date of transition to FRS 102 is 1
January 2014. There are no significant changes to the Company's
accounting policies as a result of the adoption of FRS 102 and the
SORP.
(b) Income
Dividends receivable on equity shares and unit trusts are
treated as revenue for the period on an ex-dividend basis. Where no
ex-dividend date is available dividends receivable on or before the
year end are treated as revenue for the period. Provision is made
for any dividends not expected to be received. The fixed returns on
debt securities and non-equity shares are recognised on a time
apportionment basis so as to reflect the effective interest rate on
the debt securities and shares. Provision is made for any income
not expected to be received. Interest receivable from cash and
short term deposits and interest payable are accrued to the end of
the year.
(c) Expenses
All expenses are accounted for on an accruals basis and charged
to the income statement. Expenses are charged through the revenue
account except as follows:
-- expenses which are incidental to the acquisition and disposal
of an investment are charged to capital;
-- expenses are charged to realised capital reserves where a
connection with the maintenance or enhancement of the value of the
investments can be demonstrated. In this respect the investment
management fee has been allocated 20% to revenue and 80% to
realised capital reserves to reflect the Company's investment
policy and prospective income and capital growth; and
-- share issue and merger costs are charged to the share premium account.
(d) Taxation
Deferred taxation is recognised in respect of all timing
differences that have originated but not reversed at the balance
sheet date, where transactions or events that result in an
obligation to pay more tax in the future or right to pay less tax
in the future have occurred at the balance sheet date. This is
subject to deferred tax assets only being recognised if it is
considered more likely than not that there will be suitable profits
from which the future reversal of the underlying timing differences
can be deducted. Timing differences are differences arising between
the Company's taxable profits and its results as stated in the
Financial Statements which are capable of reversal in one or more
subsequent periods.
Deferred tax is measured on a non-discounted basis at the tax
rates that are expected to apply in the periods in which timing
differences are expected to reverse, based on tax rates and laws
enacted or substantively enacted at the balance sheet date.
The tax effect of different items of income/gain and
expenditure/loss is allocated between capital reserves and revenue
account on the same basis as the particular item to which it
relates using the Company's effective rate of tax for the
period.
UK Corporation tax is provided at amounts expected to be
paid/recovered using the tax rates and laws that have been enacted
or substantively enacted at the balance sheet date.
(e) Investments
In valuing unlisted investments the Directors follow the
criteria set out below. These procedures comply with the revised
International Private Equity and Venture Capital Valuation
Guidelines for the valuation of private equity and venture capital
investments. Investments are recognised at their trade date and are
designated by the Directors as fair value through profit or loss.
At subsequent reporting dates, investments are valued at fair
value, which represent the Directors' view of the amount for which
an asset could be exchanged between knowledgeable willing parties
in an arm's length transaction. This does not assume that the
underlying business is saleable at the reporting date or that its
current shareholders have an intention to sell their holding in the
near future.
A financial asset or liability is generally derecognised when
the contract that gives rise to it is settled, sold, cancelled or
expires.
1. For investments completed prior to the reporting date and
those at an early stage in their development, fair value is
determined using the Price of Recent Investment Method, except that
adjustments are made when there has been a material change in the
trading circumstances of the company or a substantial movement in
the relevant sector of the stock market.
2. Whenever practical, recent investments will be valued by
reference to a material arm's length transaction or a quoted
price.
3. Mature companies are valued by applying a multiple to their
prospective earnings to determine the enterprise value of the
company.
3.1 To obtain a valuation of the total ordinary share capital
held by management and the institutional investors, the value of
third party debt, institutional loan stock, debentures and
preference share capital is deducted from the enterprise value. The
effect of any performance related mechanisms is taken into account
when determining the value of the ordinary share capital.
3.2 Preference shares, debentures and loan stock are valued
using the Price of Recent Investment Method. When a redemption
premium has accrued, this will only be valued if there is a
reasonable prospect of it being paid. Preference shares which carry
a right to convert into ordinary share capital are valued at the
higher of the Price of Recent Investment Method basis and the
price/earnings basis, both described above.
4. Where there is evidence of impairment, a provision may be
taken against the previous valuation of the investment.
5. In the absence of evidence of a deterioration, or strong
defensible evidence of an increase in value, the fair value is
determined to be that reported at the previous balance sheet
date.
6. All unlisted investments are valued individually by the
portfolio management team of Maven Capital Partners UK LLP. The
resultant valuations are subject to detailed scrutiny and approval
by the Directors of the Company.
7. In accordance with normal market practice, investments listed
on the Alternative Investment Market or a recognised stock exchange
are valued at their bid market price.
(f) Fair Value Measurement
Fair value is defined as the price that the Company would
receive upon selling an investment in a timely transaction to an
independent buyer in the principal or the most advantageous market
of the investment. A three-tier hierarchy has been established to
maximise the use of observable market data and minimise the use of
unobservable inputs and to establish classification of fair value
measurements for disclosure purposes. Inputs refer broadly to the
assumptions that market participants would use in pricing the asset
or liability, including assumptions about risk, for example, the
risk inherent in a particular valuation technique used to measure
fair value including such a pricing model and/or the risk inherent
in the inputs to the valuation technique. Inputs may be observable
or unobservable.
Observable inputs are inputs that reflect the assumptions market
participants would use in pricing the asset or liability developed
based on market data obtained from sources independent of the
reporting entity.
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Unobservable inputs are inputs that reflect the reporting
entity's own assumptions about the assumptions market participants
would use in pricing the asset or liability developed based on best
information available in the circumstances.
The three-tier hierarchy of inputs is summarised in the three
broad levels listed below:
-- Level 1 - the unadjusted quoted price in an active market for
identical assets or liabilities that the entity can access at the
measurement date;
-- Level 2 - inputs other than quoted prices included within
Level 1 that are observable (ie developed using market data) for
the asset or liability, either directly or indirectly; and
-- Level 3 - inputs are unobservable (ie for which market data
is unavailable) for the asset or liability.
(g) Gains and Losses on Investments
When the Company sells or revalues its investments during the
year, any gains or losses arising are credited/charged to the
Income Statement.
Year ended Year ended
31 December 31 December
2015 2014
GBP'000 GBP'000
2 Income
Income from investments:
UK franked investment
income 121 26
UK unfranked investment
income 1,588 1,254
-------------------------- ---------------- ----------------
1,709 1,280
Other Income:
Deposit interest 1 2
Total income 1,710 1,282
-------------------------- ---------------- ----------------
Total income comprises:
Dividends 121 26
Interest 1,589 1,256
1,710 1,282
-------------------------- ---------------- ----------------
Year ended Year ended
31 December 2015 31 December 2014
Revenue Capital Total Revenue Capital Total
3 Investment management
fees GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Investment management
fees 162 649 811 153 611 764
Performance fees 151 600 751 55 220 275
VAT reclaim on
performance fees (38) (152) (190) - - -
275 1,097 1,372 208 831 1,039
------------------------- --------- --------- -------------- --------- --------- ---------
Details of the fee basis are contained
in the Director's Report.
Year ended Year ended
31 December 2015 31 December 2014
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
4 Other expenses
Secretarial fees 78 - 78 93 - 93
VAT reclaim on
secretarial fees (85) - (85) - - -
Directors' remuneration 61 - 61 77 - 77
Fees to Auditor
- audit services 18 - 18 17 - 17
Fees to Auditor
- tax services 5 - 5 5 - 5
Bad debts written
off - - - 59 - 59
Miscellaneous expenses 123 - 123 136 - 136
200 - 200 387 - 387
------------------------- --------- --------- --------- --------- ------------------- ---------
Year ended Year ended
31 December 2015 31 December 2014
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
5 Tax on
ordinary
activities
Corporation
tax (219) 219 - (132) 132 -
------------- --------------------- -------------------- ------------------------ --------------------- -------------------- --------------------
The tax assessed for the period is at the rate of
20% (2014: 21%).
Year ended Year ended
31 December 2015 31 December 2014
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Return on
ordinary
activities
before
tax 1,235 1,769 3,004 687 (358) 329
------------- --------------------- -------------------- ------------------------ --------------------- -------------------- --------------------
Revenue
return
on ordinary
activities
multiplied
by
standard
rate
of
corporation
tax 247 354 601 144 (75) 69
Non taxable
UK
dividend
income (24) - (24) (6) - (6)
Gains on
investments - (573) (573) - (99) (99)
Utilisation
of
taxable
losses (4) - (4) - - -
Increase in
excess
management
expenses - - - (6) 42 36
219 (219) - 132 (132) -
------------- --------------------- -------------------- ------------------------ --------------------- -------------------- --------------------
Losses with a tax value of GBP98,845 (2014: GBP120,040) are
available to carry forward against future trading profits. These
have not been recognised as a deferred tax asset as recoverability
is not sufficiently certain.
6 Dividends
Year ended Year ended
31 December 31 December
2015 2014
GBP'000 GBP'000
Revenue dividends
Final revenue dividend for the
year ended 31 December 2014
of 0.7p (2013: 0.65p) paid on
5 June 2015 237 190
Interim revenue dividend for
the year ended 31 December 2015
of 1.0p (2014: 1.0p) paid on
25 September 2015 337 294
574 484
--------------------------------------- ------------------------- -------------------------
Capital dividends
Final capital dividend for the
year ended 31 December 2014
of 2.2p (2013: 2.0p) paid on
5 June 2015 745 583
Interim capital dividend for
the year ended 31 December 2015
of 1.2p (2014: 1.1p) paid on
25 September 2015 404 324
1,149 907
--------------------------------------- ------------------------- -------------------------
Dividends
We set out below the final dividends
proposed in respect of the financial
year, which reflect the requirements
of Section 274 of the Income
Tax Act 2007.
Revenue available for distribution
by way of dividends for the
year 1,016 555
---------------------------------------- ------------------------- -------------------------
Revenue dividends
Final revenue dividend proposed
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for the year ended 31 December
2015 of 1.5p (2014: 0.7p) payable
on 6 May 2016 503 225
503 225
--------------------------------------- ------------------------- -------------------------
Capital dividends
Final capital dividend proposed
for the year ended 31 December
2015 of 1.55p (2014: 2.2p) payable
on 6 May 2016 520 705
520 705
--------------------------------------- ------------------------- -------------------------
7 Return per ordinary share
The returns per share have Year ended Year ended
been based on the following 31 December 31 December
figures: 2015 2014
Weighted average number
of ordinary shares 33,489,492 31,821,673
Revenue return GBP1,016,000 GBP555,000
Capital return GBP1,988,000 (GBP226,000)
Total Return GBP3,004,000 GBP329,000
------------------------------- -------------------- --------------------
8 Investments
Year ended 31 December 2015
Listed AIM/ISDX Unlisted/Listed
(quoted (quoted (unobservable
prices) prices) inputs) Total
GBP'000 GBP'000 GBP'000 GBP'000
Movements during the
year:
Valuation at 1 January
2015 3,016 457 25,823 29,296
Unrealised (gains)/loss (24) 331 (1,190) (883)
-------------------------- ---------- ------------------- ------------------------- ----------
Cost at 1 January
2015 2,992 788 24,633 28,413
Purchases 16,740 207 7,430 24,377
Sales proceeds (14,260) (133) (9,025) (23,418)
Realised gains 17 53 2,278 2,348
-------------------------- ---------- ------------------- ------------------------- ----------
Cost at 31 December
2015 5,489 915 25,316 31,720
Unrealised gain/(loss) 26 (177) 1,552 1,401
Valuation at 31 December
2015 5,515 738 26,868 33,121
-------------------------- ---------- ------------------- ------------------------- ----------
Note1(f) defines the three tier hierarchy of investments, and
the significance of the information used to determine their fair
value, that is required by Financial Reporting Standard 29
"Financial Instruments: Disclosures".
Listed and AIM/ISDX securities are categorised as Level 1 and
unlisted investments as Level 3. FRS 29 requires disclosure, by
class of financial instrument, if the effect of changing one or
more inputs to reasonably possible alternative assumptions would
result in a significant change to the fair value measurement. The
information used in determination of the fair value of Level 3
investments is chosen with reference to the specific underlying
circumstances and position of each investee company. The Directors
are of the view that there are no reasonable possible alternative
assumptions that will have a significant effect on the current
valuation of the unlisted portfolio
31 December 31 December
2015 2014
The portfolio valuation GBP'000 GBP'000
Held at market valuation:
UK treasury bills 5,492 2,997
Listed investments 23 19
AIM quoted equities 738 457
6,253 3,473
---------------------------- ------------------- ---------------------
Unlisted at Directors'
valuation:
Unquoted unobservable
equities 9,762 11,028
Unquoted unobservable
fixed income 17,106 14,795
26,868 25,823
---------------------------- ------------------- ---------------------
Total 33,121 29,296
---------------------------- ------------------- ---------------------
Realised gains on
historical basis 2,348 992
Net movement in unrealised
appreciation 518 (519)
Gains on investments 2,866 473
---------------------------- ------------------- ---------------------
9 Participating and significant interests
The principal activity of the Company is to select and hold a
portfolio of investments in unlisted and AIM quoted securities.
Although the Company will, in some cases, be represented on the
board of the investee company, it will not take a controlling
interest or become involved in its management. The size and
structure of the companies with unlisted and AIM securities may
result in certain holdings in the portfolio representing a
participating interest without there being any partnership, joint
venture or management consortium agreement.
At 31 December 2015, the Company held shares amounting to 20% or
more of the equity capital of the following undertakings.
Loss
Aggregate after
% % Latest capital tax
of of Total Carrying accounts & for
class equity cost value period reserves period
Investment held held GBP'000 GBP'000 end GBP'000 GBP'000
Networks by Wireless
Limited
2,948,654 B ordinary
shares 40.3 28.3 4 - 30/06/13 (704) (853)
700,000 ordinary
shares 12.6 250 -
GBP196,154 secured
loan stock 38.3 196 -
The company also holds shares or units amounting to 3% or more
of the nominal value of the allotted shares or units of any class
of certain investee companies.
Details of equity percentages held are shown in the Investment
Portfolio Summary.
31 December 31 December
2015 2014
GBP'000 GBP'000
------------------------- ----------------- -------------
10 Debtors
Prepayments and accrued
income 399 419
Other debtors 19 92
418 511
------------------------- ----------------- -------------
31 December 31 December
2015 2014
GBP'000 GBP'000
-------------- ---------------- -------------
11 Creditors
Accruals 425 234
---------------- -------------
425 234
-------------- ---------------- -------------
31 December 31 December
2015 2014
12 Share capital Number GBP'000 Number GBP'000
At 31 December the
authorised share capital
comprised:
allotted, issued and
fully paid:
Ordinary Shares of
10p each
Balance brought forward 32,049,188 3,205 25,693,172 2,569
Ordinary shares issued
during year 2,100,314 210 4,273,189 427
C share consolidation - - 3,077,827 308
Repurchased and cancelled
in year (614,000) (61) (995,000) (99)
33,535,502 3,354 32,049,188 3,205
=========================== =========== ================== ============= =========
During the year 614,000 Ordinary Shares (2014: 995,000) of 10p
each were repurchased by the Company at a cost of GBP525,000 (2014:
GBP861,000) and cancelled. During the year the Company issued
2,074,336 Ordinary Shares (2014: 4,273,189) pursuant to an Offer
for Subscription at Subscription Prices ranging from 95.5p to 98.2p
per share (2014: 99.07p). Also during the year, the Company issued
25,978 shares (2014: Nil) under a DIS election at a price of 94.41p
per share (2014: Nil).
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Subsequent to the year end, the Company bought back a further
190,000 Ordinary Shares for cancellation.
13 Reserves Share Capital Capital Capital
premium reserve reserve Distributable redemption Revenue
account realised unrealised reserve reserve reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 January
2015 17,677 (1,018) 883 9,621 229 541
Gains on
sales
of
investments - 2,348 - - - -
Net increase
in value of
investments - - 518 - - -
Investment
management
fees - (1,097) - - - -
Dividends
paid - (1,149) - - - (574)
Tax effect of
capital items - 219 - - - -
Repurchase
and
cancellation
of shares - - - (525) 61 -
Share issue 1,778 - - - - -
DIS share
issue 14 - - - - -
Merger costs (20) - - - - -
Net return on
ordinary
activities
after
taxation - - - - - 1,016
At 31
December
2015 19,449 (697) 1,401 9,096 290 983
-------------- ----------------------- ---------------------- --------------------- ------------------------ --------------------- -----------------------
14 Net asset value per Ordinary Share
The net asset value per share and the net asset value
attributable to the Ordinary Shares at the year end, calculated in
accordance with the Articles of Association, were as follows:
31 December 2015 31 December 2014
Net asset Net asset Net asset Net asset
value value
per value per value
share attributable share attributable
p GBP'000 p GBP'000
Ordinary Shares 101.0 33,876 97.2 31,138
----------------- -------------------- -------------- ------------------ -------------------
The number of issued shares used in the above calculation is set
out in Note 12.
Year ended Year ended
31 December 31 December
2015 2014
15. Reconciliation of net
return to Cash GBP'000 GBP'000
Generated by Operations
------------------------------ ------------- ---------------------------
Net return 3,004 329
Adjustment for:
Gains on investments (2,866) (473)
Income from investments (1,710) (1,282)
Other income - -
------------------------------ ------------- ---------------------------
Operating cash flow before
movement in working capital (1,572) (1,426)
Decrease/(increase) in
prepayments 5 (1)
Decrease in debtors - 197
Increase/(decrease) in
accruals 191 (48)
Cash utilised by operations (1,376) (1,278)
------------------------------ ------------- ---------------------------
16 Derivatives and other financial instruments
The Company's financial instruments comprise equity and fixed
interest investments, cash balances and debtors and creditors that
arise directly from its operations, for example, in respect of
sales and purchases awaiting settlement, and debtors for accrued
income. The Company holds financial assets in accordance with its
investment policy of investing mainly in a portfolio of VCT
qualifying unquoted and AIM quoted securities.
The Company may not enter into derivative transactions in the
form of forward foreign currency contracts, futures and options
without the written permission of the Directors. No derivative
transactions were entered into during the period.
The main risks the Company faces from its financial instruments
are: (i) market price risk, being the risk that the value of
investment holdings will fluctuate as a result of changes in market
prices caused by factors other than interest rates; (ii) interest
rate risk; (iii) liquidity risk; (iv) credit risk; and (v) price
risk sensitivity.
In line with the Company's investment objective, the portfolio
comprises only sterling currency securities and, therefore, has no
direct exposure to foreign currency risk.
The Manager's policies for managing these risks are summarised
below and have been applied throughout the year. The numerical
disclosures below exclude short-term debtors and creditors which
are included in the Balance Sheet at fair value.
Market Price Risk
The Company's investment portfolio is exposed to market price
fluctuations, which are monitored by the Manager in pursuance of
the investment objective. Adherence to investment guidelines and to
investment and borrowing powers set out in the Management Agreement
mitigates the risk of excessive exposure to any particular type of
security or issuer. These powers and guidelines include the
requirement to invest in a number of companies across a range of
industrial and service sectors at varying stages of development, to
closely monitor the progress of the investee companies and to
appoint a non-executive director to the board of each company.
Further information on the investment portfolio (including sector
analysis, concentration and deal type analysis) is set out in the
Analysis of Unlisted and Quoted Portfolio, the Investment Manager's
Review, the Summary of Investment Changes, the Investment Portfolio
Summary and the Largest Investments by Valuation.
Interest rate risk
The interest rate risk profile of financial assets at the
balance sheet date was as follows:
At 31 December
2015 Fixed Floating Non interest
Interest rate bearing
GBP'000 GBP'000 GBP'000
------------------- ----------------- ----------------- --------------------
Sterling
Unlisted and
AIM/ISDX 17,106 - 10,523
UK treasury bills - - 5,492
Cash - 762 -
------------------- ----------------- --------------------
17,106 762 16,015
------------------- ----------------- ----------------- --------------------
At 31 December
2014 Fixed Floating Non interest
Interest rate bearing
GBP'000 GBP'000 GBP'000
------------------- ----------------- ----------------- --------------------
Sterling
Unlisted and
AIM/ISDX 14,795 - 11,504
UK treasury bills - - 2,997
Cash - 1,565 -
----------------- --------------------
14,795 1,565 14,501
------------------- ----------------- ----------------- --------------------
The unlisted fixed interest assets have a weighted average life
of 2.50 years (2014: 3.14 years) and a weighted average interest
rate of 8.19% (2014: 9.28%).
The non-interest bearing assets represents the equity element of
the portfolio. All assets and liabilities of the fund are included
in the balance sheet at fair value.
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It is the Directors' opinion that the carrying amounts of these
financial assets represent the maximum credit risk exposure at the
balance sheet date.
The interest rate which determines the interest received on cash
balances is the bank base rate.
Maturity profile
The maturity profile of the Company's financial assets at the
Balance sheet date was as follows:
More
Within Within Within Within Within than
---------
3-4 4-5
1 year 1-2 years 2-3 years years years 5 years Total
At 31
December
2015 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------- ------------ ---------------- ---------------- ---------------- ---------------- ---------------- ----------
UK
treasury
bills 5,492 - - - - - 5,492
Unlisted 4,617 4,238 3,395 883 3,973 - 17,106
10,109 4,238 3,395 883 3,973 - 22,598
--------- ------------ ---------------- ---------------- ---------------- ---------------- ---------------- ----------
More
Within Within Within Within Within than
3-4 4-5
1 year 1-2 years 2-3 years years years 5 years Total
At 31
December
2014 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------- ------------ ---------------- ---------------- ---------------- ---------------- ---------------- ----------
UK
treasury
bills 2,997 - - - - - 2,997
Unlisted 3,518 1,403 2,045 3,846 1,017 2,966 14,795
6,515 1,403 2,045 3,846 1,017 2,966 17,792
--------- ------------ ---------------- ---------------- ---------------- ---------------- ---------------- ----------
Liquidity risk
Due to their nature, unlisted investments may not be readily
realisable and therefore a portfolio of listed assets and cash is
held to offset this liquidity risk. Note 1(f) details the
three-tier hierarchy of inputs used as at 31 December 2015 in
valuing the Company's investments carried at fair value.
Credit risk and interest rate risk are minimised by acquiring
high quality government treasury stocks or other bonds which have a
relatively short time to maturity.
The Company, generally, does not hold significant cash balances
and any cash held is with reputable banks with high quality
external credit ratings.
Credit risk
This is the risk that a counterparty to a financial instrument
will fail to discharge an obligation or commitment that it has
entered into with the Company.
The Company's financial assets exposed to credit risk amounted
to the following:
31 December 31 December
2015 2014
GBP'000 GBP'000
------------------------- -------------- -------------
Investments in unlisted
debt securities 17,106 14,795
UK treasury bills 5,492 2,997
Cash 762 1,565
23,360 19,357
------------------------- -------------- -------------
All assets which are traded on a recognised exchange, are held
by JP Morgan Chase (JPM), the Company's custodian. Cash balances
are held by JPM and Clydesdale Bank. Should the credit quality or
the financial position of any of these institutions deteriorate
significantly the Manager will move these assets to another
financial institution.
The Manager evaluates credit risk on unlisted debt securities
and financial commitments and guarantees prior to investment, and
as part of the ongoing monitoring of investments. In doing this, it
takes into account the extent and quality of any security held.
Typically, unlisted debt securities have a fixed charge over the
assets of the investee company in order to mitigate the gross
credit risk. The Manager receives management accounts from investee
companies, and members of the investment management team sit on the
boards of investee companies; this enables the close
identification, monitoring and management of investment specific
credit risk.
There were no significant concentrations of credit risk to
counterparties at 31 December 2015 or 31 December 2014.
Price Risk Sensitivity
The following details the Company's sensitivity to a 10%
increase or decrease in the market prices of listed or AIM/ISDX
quoted securities, with 10% being the Manager's assessment of a
reasonable possible change in market prices.
At 31 December 2015, if market prices of AIM/ISDX quoted
securities had been 10% higher or lower and with all other
variables held constant, the increase or decrease in net assets
attributable to Ordinary Shareholders for the year would have been
GBP76,100 (2014: GBP47,600) due to the change in valuation of
financial assets at fair value through profit or loss.
At 31 December 2015, 79.3% (2014: 82.9%) comprised investments
in unquoted companies held at fair value attributable to Ordinary
Shareholders. The valuation of unquoted investments reflects a
number of factors, including the performance of the investee
company itself and the wider market. Therefore, it is not
considered meaningful to provide a sensitivity analysis on the net
asset position and total return for the year due to the fact any
such movements would be immaterial to users of Financial
Statements.
Basis of preparation of the Financial Statements
The Financial Statements included in this Announcement have been
prepared in accordance with FRS 102. The Annual Report and
Financial Statements for the year ended 31 December 2015 will be
filed with the Registrar of Companies and issued to Shareholders in
due course.
The financial information contained within this Announcement
does not constitute the Company's statutory Financial Statements as
defined in the Companies Act 2006. The statutory Financial
Statements for the year ended 31 December 2014 have been delivered
to the Registrar of Companies and contained an audit report which
was unqualified and did not constitute statements under S498(2) or
S498(3) of the Companies Act 2006.
Responsibility Statement of the Directors in respect of the
Annual Report and Financial Statements
The Directors confirm that, to the best of their knowledge:
-- the Financial Statements have been prepared in accordance
with the applicable accounting standards and give a true and fair
view of the assets, liabilities, financial position and profit or
loss of the Company as at 31 December 2015 and for the year to that
date;
-- the Directors' Report includes a fair review of the
development and performance of the Company, together with a
description of the principal risks and uncertainties that it faces;
and
-- the Annual Report and Financial Statements taken as a whole
are fair, balanced and understandable and provide the information
necessary for Shareholders to assess the Company's performance,
business model and strategy.
Other information
The Annual General Meeting will be held at 1-2 Royal Exchange
Buildings, London EC3V 3LF at 10.30 am on Wednesday 27 April
2016.
Copies of this announcement, and of the Annual Report and
Financial Statements for the year ended 31 December 2015, will be
available to the public at the registered office of the Company,
Kintyre House, 205 West George Street, Glasgow G2 2LW; at the
office of Maven Capital Partners UK LLP, 1-2 Royal Exchange
Buildings, London EC3V 3LF and on the Company's website at
www.mavencp.com/migvct4.
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.
The Annual Report and the Circular have been submitted to the
National Storage Mechanism and will be available for inspection at:
www.morningstar.co.uk/uk/NSM.
By Order of the Board
Maven Capital Partners UK LLP
Secretary
30 March 2016
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR BLGDXRDXBGLG
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