TIDMMIG6
RNS Number : 8406J
Maven Income and Growth VCT 6 PLC
07 December 2018
Maven Income and Growth VCT 6 PLC
Interim Announcement for the six months ended 30 September 2018
(unaudited)
The Directors announce the unaudited Interim Management Report
for the six months ended 30 September 2018.
Highlights
-- NAV total return at 30 September 2018 of 59.34p per share,
compared to 60.01p per share at the year end
-- NAV at 30 September 2018 of 54.49p per share, compared to 55.16p per share at the year end
-- GBP5.49 million invested in 15 VCT qualifying new and follow-on investments
-- Four new VCT qualifying private company holdings added to the
portfolio, with a further two completed after the period end
-- Five new VCT qualifying AIM quoted investments completed,
with a further one completed after the period end
-- Follow-on funding provided to six portfolio companies
-- Encouraging pipeline of new VCT qualifying investments, with a number in advanced process
-- Post the period end, the sale of Cursor Controls completed
for a total return of 2.7 times cost
Overview
During the period under review, your Company has made further
significant progress in the construction of a broadly based
portfolio of private equity and AIM investments, with the
deployment of GBP5.49 million in 15 new and follow-on VCT
qualifying investments, which the Manager considers offer the
prospect of capital gains as these investments mature and are
realised. A further GBP1.56 million was invested post the period
end and the investment pipeline for the second half of the year
remains strong, with a number of additional new investments in
progress.
This deployment of capital represents a continuation of the
strategy introduced in 2014, with the objective of significantly
expanding the number of holdings in the portfolio following the
completion of several fundraisings, which substantially increased
the size of your Company and the resources available to it. All new
private company investments will initially be held at cost, and any
uplifts in valuation will only be considered when there is evidence
of sustained commercial progress against the key milestones set at
the time of original investment. Although this may cause a slight
lag or delay in NAV total return progression, the medium to
long-term prospects for your Company remain encouraging, given the
much larger and diverse investee company portfolio currently being
developed.
It is pleasing to report that trading performance across the
portfolio as a whole remains generally positive, with no
discernible impact from the current political uncertainty and a
number of portfolio companies making good progress against the
commercial milestones set at the time of original investment. The
pipeline of investment opportunities remains strong and it is
anticipated that there will be a good level of additional
completions and deployment during the second half of the year.
The strategy remains to invest in carefully selected UK smaller
unlisted and AIM quoted companies, operating across a diverse range
of industries that offer either compelling proprietary technology
or a disruptive business model capable of scalable growth. The
addition of several new holdings in AIM quoted companies reflects
the quality of opportunities currently available in this market.
Maven also has a preference for supporting proven management teams
with successful track records in previous businesses. The expansion
of Maven's investment team to include a number of executives with
specific sector expertise, particularly focused towards younger,
high growth businesses, is further benefiting the initial asset
screening and selection process.
Portfolio Developments
During the period, the majority of companies in the investee
portfolio performed in line with expectations, despite the
continued uncertainty within the UK economy surrounding the UK's
intended exit from the European Union. It is encouraging to report
that, following four years of exceptionally challenging market
conditions, trading within the majority of the oil & gas
portfolio has continued to improve. Maven executives remain in
close and regular dialogue with the management teams of the
companies with exposure to this sector, and are monitoring
performance carefully.
Elsewhere in the portfolio, a number of the established private
company holdings have had their valuations increased to reflect
improved performance.
Cursor Controls, a global leader in the design and manufacture
of trackballs, trackpads and keyboards for use in specialist
industrial applications, including health, defence and marine, has
continued to deliver good levels of organic growth. Performance was
enhanced by the acquisition of Belgium based distributor NSI in
April 2016, which delivered further commercial and operational
synergies to support growth and increase profitability. During the
period under review, the business received an offer from a UK
listed acquirer and a sale completed post the period end at a
premium to carrying value, generating a total return of 2.7 times
cost over the three-year investment period.
Diversified renewable energy services group GEV has experienced
strong growth over the past year, particularly in the US through
its largest division GEV Wind Power, which specialises in wind
turbine blade maintenance. The US market opportunity is sizeable
and the business is well positioned to capitalise on this over the
coming year, having secured contracts with leading providers
including MHI Vestas, Eon, Siemens and Invenergy. The management
team is also forecasting strong performance in the UK and Europe in
the year ahead.
Specialist electronics manufacturer CB Technology has made
considerable progress over the past year, gaining a number of
notable new clients, adding to the existing strong customer base.
The company, which assembles and tests high-end printed circuit
boards for use in industrial and semiconductor markets, has
experienced a marked improvement in activity levels during the full
year to 31 March 2018. Headcount has been increased to accommodate
the record order book and the management team is optimistic on the
outlook for the year ahead.
Vodat Communications supplies data networks, IP telephony, wi-fi
solutions and fixed line connectivity to retail customers, with a
solid blue chip customer base including Ted Baker, Beaverbrooks and
Welcome Break. Maven clients supported the management buy-out in
2012 and, since investment, the business has achieved positive
growth and added a number of new customer contracts. In November
2017, Vodat completed the complementary acquisition of Axonex, a
provider of specialist IT solutions, services and support
specialising in unified communications, data centre, security and
network infrastructure. The acquisition, which was funded through
cash and bank debt, has created a number of cross selling
opportunities to help deliver further growth for the enlarged
group.
In addition, follow-on funding was provided to ebb3, Growth
Capital Ventures, ITS Technology, Pelatro, The GP Service and
Whiterock. Given their stage of development, the requirement to
provide further capital to earlier stage qualifying companies was
anticipated at the time of initial investment and was reflected in
the reduced total commitment size by the Maven VCTs, and by the
strategy of co-investing alongside other VCT houses. In terms of
valuation, all new development capital investments will continue to
be held at cost, or cost less provision, until there is clear
evidence of measurable progress or a quantifiable event against
which a new valuation level can be validated.
The investment trust portfolio has continued to trade well and
generate healthy levels of income. This is particularly important
in light of the restriction introduced by the Finance Act 2016,
which prevents non-qualifying investments in traditional
instruments such as treasury bills or other government securities
for liquidity management purposes. The Board and the Manager remain
highly cognisant of the importance of maintaining an effective
liquidity management policy and will continue to consider a range
of other permitted income generating investment options.
As well as reflecting the positive trading performance
highlighted above, your Board has also taken a provision against
the holding in Fathom Systems, which operates in the subsea sector
of the oil & gas market where recovery is lagging the general
market improvement. In addition, full provisions were taken against
the value of the holdings in Lambert Contracts and Chic Lifestyle
prior to them being placed into administration.
New Investments
During the period, your Company provided development capital to
four VCT qualifying private companies operating in growth
markets:
-- BioAscent Discovery is a drug discovery services business
that was founded by former pharmaceutical executives with over 30
years' experience of delivering clinical drug candidates. The
business operates from the former Merck Sharpe and Dohme R&D
site in Newhouse, Scotland, which is a state-of-the-art facility,
housing client compound libraries which can range in size up to
several hundred thousand compounds. The funding will be used to add
complementary chemistry and biology services to the existing
compound management service, to create a highly differentiated and
integrated drug discovery offering.
-- Bright Network is a developer and provider of a media
technology platform that enables medium and large sized companies
to identify, reach and recruit good quality university graduates
and young professionals. The platform currently supports a network
of over 150,000 high calibre candidates and has a customer base of
over 250 leading employers, including Bloomberg, Marks &
Spencer and Vodafone. The Maven client investment will support the
development of the technology, as well as providing funding to
further business development and marketing activities.
-- Lending Works has developed a peer-to-peer (P2P) platform
that matches private and institutional lenders to individual
borrowers, and has grown to become the third largest P2P consumer
lender in the UK. The company is well regarded by customers and
partners as a responsible and ethical market leader, being the
first major P2P platform to be fully authorised by the FCA, and the
first to be authorised to provide an ISA offering. The investment
by the Maven VCTs will enable the company to accelerate future
growth.
-- Optoscribe has developed an integrated platform of optical
and photonic technologies that use high-power lasers to
direct-write optical waveguides, which minimise energy dissipation
and have applications in a wide range of markets including telecom,
datacom, and mobile networks. Optoscribe's innovative techniques
can form these guides in precise 3D orientations, and thereby
simplify manufacturing processes by delivering highly efficient and
scalable products. The barriers to entry into this market are
significant and as such, the company's existing intellectual
property (including patents) and technical know-how gives it a
defensible market position. The investment will enable the
management team to scale manufacturing capacity and support further
business development activity.
In addition, five qualifying AIM quoted companies were added to
the portfolio:
-- Avacta is the developer of proprietary Affimer technology,
which is a novel engineered alternative to antibodies. Affimer
proteins can be developed as therapeutic molecules for use in a
wide range of other life science applications in research and
diagnostics. Your Company participated in the July 2018
fundraising, which raised a total of GBP11.6 million (gross) and
the proceeds provide Avacta with the financial runway to hit
important near-term milestones over the next two years.
-- Creo Medical is a medical device company focused on the
development of minimally invasive surgical devices in the emerging
field of surgical endoscopy. Your Company participated in the July
2018 share placing, which raised a total of GBP48.5 million
(gross). The proceeds will enable Creo Medical to accelerate its
commercialisation strategy, complete the development of its
existing surgical suite and develop new products, as well as
attract partners and facilitate the potential for strategic merger
and acquisition activity.
-- Diurnal is a speciality pharmaceutical company that is
developing high quality products for the global market for the
life-long treatment of rare and chronic endocrine conditions
including Congenital Adrenal Hyperplasia and Adrenal Insufficiency.
Your Company participated in the GBP10.5 million (gross)
fundraising, which completed in April 2018, and the proceeds are
being used to support the development and commercialisation of its
adrenal products.
-- KRM22 is a technology and software investment company with a
specific focus on risk management in capital markets. Your Company
participated in the Initial Public Offering in April 2018, when it
was admitted to trading on AIM having raised a total of GBP10.3
million. The proceeds will be used to make investments in line with
KRM22's Investing Policy and to provide working capital for the
future growth and development of the business.
-- Scancell is the developer of novel immunotherapies for the
treatment of cancer based on its patented ImmunoBody(R) and
Moditope(R) technology platforms. Your Company participated in the
GBP8.7 million total fundraising, which completed in May 2018, and
the proceeds are being used to progress the development of its
cancer treatments.
The following investments have been completed during the
reporting period:
Investment
cost
Date Sector GBP'000 Website
------------ ------------------- ----------
Unlisted
BioAscent Discovery June 2018 Pharmaceuticals 697 www.bioascent.com
Limited &
biotechnology
Bright Network (UK) July 2018 Software & 696 www.brightnetwork.co.uk
Limited computer services
ebb3 Limited September Software & 200 www.ebb3.com
2018 computer services
Growth Capital Ventures June 2018 Investment 61 www.growthcapitalventures.co.uk
Limited companies
ITS Technology Group June 2018 Telecommunication 193 www.itstechnologygroup.com
Limited services
Lending Works Limited April 2018 Software & 498 www.lendingworks.co.uk
computer services
Optoscribe Limited September Telecommunication 627 www.optoscribe.com
2018 services
The GP Service (UK) June 2018 Health 80 www.thegpservice.co.uk
Limited
Whiterock Group Limited July 2018 Technology 201 www.whiterockgroup.net
------------------------ ------------ ------------------- ---------- -------------------------------
Total unlisted 3,253
----------------------------------------------------------- ---------- -------------------------------
Quoted
Quoted
Avacta Group PLC August 2018 Pharmaceuticals 493 www.avacta.com
&
biotechnology
Creo Medical Group August 2018 Pharmaceuticals 393 www.creomedical.com
PLC &
biotechnology
Diurnal Group PLC April 2018 Pharmaceuticals 246 www.diurnal.co.uk
&
biotechnology
KRM22 PLC April 2018 Software & 463 www.krm22.com
computer services
Pelatro PLC August 2018 Software & 148 www.pelatro.com
computer services
Scancell Holdings April 2018 Pharmaceuticals 492 www.scancell.co.uk
PLC &
biotechnology
Total quoted 2,235
-------------------------------
Total investments 5,488
---------- -------------------------------
At the period end, the portfolio stood at 75 unlisted and quoted
investments, at a total cost of GBP14.88 million.
Realisations
The table below gives details of all realisations achieved
during the reporting period:
Cost of Value Gain/(loss)
shares at over
Complete/ disposed 31 March Sales Realised 31 March
Year first partial of 2018 proceeds gain/(loss) 2018 value
invested exit GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Quoted
Creo Medical Group
PLC 2018 Partial 44 44 68 24 24
KRM22 PLC 2018 Partial 23 23 35 12 12
Pelatro PLC 2017 Partial 24 28 30 6 2
------------ ----------- ---------- ---------- ---------- ------------- ------------
Total quoted 91 95 133 42 38
---------- ---------- ---------- ------------- ------------
Real estate
investment
trusts
Custodian REIT
PLC 2016 Partial 35 38 38 3 -
------------ ----------- ---------- ---------- ---------- ------------- ------------
Total real estate
investment trusts 35 38 38 3 -
---------- ---------- ---------- ------------- ------------
Total disposals 126 133 171 45 38
---------- ---------- ---------- ------------- ------------
Subsequent to the reporting period, the Manager has been in
dialogue with several investee companies and prospective acquirers
at various stages of the negotiation process, although there can be
no certainty that these discussions will result in profitable
exits.
Material Developments Since the Period End
Since 30 September 2018, three new private and AIM quoted
company holdings have been added to the portfolio.
-- Boiler Plan has developed an innovative online platform for
the purchase, installation and financing of domestic boilers. The
platform supports the entire boiler sales process, handling
everything from the choice of appliance, the initial home survey,
finance payment options, installation by a qualified engineer and
the ongoing maintenance and aftercare service. The investment will
be used to roll out operations into new UK territories and also to
support the marketing programme.
-- Motokiki has developed the UK's first independent price
comparison website for vehicle tyres, providing consumers with
market-wide, free and impartial information on tyre prices,
availability and fitting costs. Motokiki is led by a highly
experienced management team, including CEO and co-founder Debra
Williams, who previously achieved notable success as managing
director of Confused.com and CEO of Tesco Compare. The Maven VCT
investment will be used to support sales and marketing initiatives,
raise brand awareness, grow the customer base and develop new
strategic partnerships.
-- C4X Discovery is a drug discovery company, that aims to
exploit innovative technologies to design and create best-in-class
small-molecule candidates targeting a range of high value
therapeutic areas. Your Company participated in the GBP10.1 million
(gross) AIM fundraising, which completed in October 2018 with the
proceeds being used to strengthen the balance sheet, provide
working capital, and increase commercial capabilities.
In October 2018, the holding in Cursor Controls was sold at a
premium to carrying value. The sale to discoverIE Group plc, a UK
listed international designer, manufacturer and supplier of
innovative components for electronic applications, achieved a total
return multiple of 2.7 times cost over the three year investment
period.
Principal Risks and Uncertainties
The principal risks and uncertainties facing the Company were
set out in full in the Strategic Report contained within the 2018
Annual Report, and are the risks associated with investment in
small and medium sized unlisted and AIM/NEX quoted companies which,
by their nature, carry a higher level of risk and are subject to
lower liquidity than investments in large quoted companies. The
valuation of investee companies may be affected by economic
conditions, the credit environment and other risks including
legislation, regulation, adherence to VCT qualifying rules and the
effectiveness of the internal controls operated by the Company and
the Manager. These risks and procedures are reviewed regularly by
the Audit and Risk Committees and reported to your Board. The Board
has confirmed that all tests, including the criteria for VCT
qualifying status, continue to be monitored and met.
Share Buy-backs
Shareholders have given the Board authority to buy back shares
for cancellation or to be held in treasury, subject always to such
transactions being in the best interests of Shareholders. It is
intended that, subject to market conditions, available liquidity
and the maintenance of the Company's VCT status, shares may be
bought back at prices representing a discount of between 10% and
20% of the prevailing NAV per share.
Regulatory Developments
The General Data Protection Regulation came into force on 25 May
2018, replacing the Data Protection Act 1998. This regulation
enforces the principle of 'privacy by design and by default' and
enshrines new rights for individuals, including the right to be
forgotten and to data portability. The Manager has worked with the
third parties that process Shareholders' personal data to ensure
that their rights under the new regulation are respected.
In July 2018, the Financial Reporting Council published an
update of the UK Corporate Governance Code, which focuses on the
application and reporting of the updated Principles. The Code
applies to all companies with a Premium Listing and is applicable
for all accounting periods beginning on or after 1 January
2019.
Following the wide reaching legislative changes introduced by
the Finance Act 2015, with further amendments included in the
Finance Act 2018, the Chancellor's October 2018 Budget Statement
did not propose any new amendments to the legislation governing
VCTs.
Outlook
Based on the current level of new transaction activity, it is
expected that a meaningful number of new investments will be
completed during the second half of the financial year, consistent
with the Company's strategy of further expanding and diversifying
the portfolio. Your Board and the Manager remain committed to
building a large and broadly based portfolio of valuable private
and AIM quoted companies that are capable of delivering positive
Shareholder returns in the years ahead.
On behalf of the Board
Maven Capital Partners UK LLP
Secretary
7 December 2018
Summary of Investment Changes
For the Six Months Ended 30 September 2018
Valuation Net investment/ Appreciation/ Valuation
31 March 2018 (disinvestment) (depreciation) 30 September 2018
GBP'000 % GBP'000 GBP'000 GBP'000 %
--------------------- ------- ------- ---------------- --------------- ---------- --------
Unlisted investments
Equities 3,931 17.4 3,151 35 7,117 31.9
Loan stock 2,623 11.6 102 (52) 2,673 12.0
--------------------- ------- ------- ---------------- --------------- ---------- --------
6,554 29.0 3,253 (17) 9,790 43.9
AIM/NEX investments
Equities 1,030 4.6 2,102 (21) 3,111 13.9
Listed investments
Equities 5 - - 2 7 -
Investment trusts 1,693 7.5 (38) 51 1,706 7.6
--------------------- ------- ------- ---------------- --------------- ---------- --------
Total investments 9,282 41.1 5,317 15 14,614 65.4
Other net assets 13,296 58.9 (5,608) - 7,688 34.6
--------------------- ------- ------- ---------------- --------------- ---------- --------
Net assets 22,578 100.0 (291) 15 22,302 100.0
--------------------- ------- ------- ---------------- --------------- ---------- --------
Investment Portfolio Summary
As at 30 September 2018
% of equity % of equity
Valuation Cost % of total held held by other
Investment GBP'000 GBP'000 assets clients(1)
Unlisted
Horizon Cremation Limited 1,000 1,000 4.5 4.9 17.3
BioAscent Discovery Limited 697 697 3.1 17.4 22.6
Bright Network (UK) Limited 696 696 3.1 9.7 20.3
Optoscribe Limited 627 627 2.9 6.1 3.9
ITS Technology Group Limited 542 542 2.5 4.3 31.4
Lending Works Limited 498 498 2.3 4.7 14.9
WaterBear Education Limited 498 498 2.3 18.9 24.8
eSafe Systems Limited 498 498 2.2 9.5 22.5
Curo Compensation Limited 497 497 2.2 6.4 9.0
QikServe Limited 473 473 2.1 3.6 17.6
ebb3 Limited 400 400 1.8 16.1 32.9
Rockar 2016 Limited (trading as
Rockar) 357 227 1.6 1.2 14.4
Whiterock Group Limited 314 301 1.4 3.7 26.3
ADC Biotechnology Limited 298 298 1.3 2.2 12.7
The GP Service (UK) Limited 292 279 1.3 3.9 45.7
Contego Fraud Solutions Limited 274 274 1.2 2.4 13.3
(trading as NorthRow)
Cognitive Geology Limited 199 199 0.9 2.5 10.0
Growth Capital Ventures Limited 168 161 0.8 3.8 34.7
Glacier Energy Services Holdings
Limited 150 150 0.7 0.6 27.1
Castlegate 737 Limited (trading
as Cursor Controls) 115 50 0.5 0.5 47.0
Vodat Communications Group Limited 108 60 0.5 0.4 26.4
GEV Holdings Limited 105 56 0.5 0.4 35.6
Ensco 969 Limited (trading as DPP) 103 91 0.5 0.4 34.1
Martel Instruments Holdings Limited 103 116 0.5 1.4 42.8
CatTech International Holdings Limited 94 60 0.4 0.6 29.4
Fathom Systems Group Limited 89 89 0.4 1.0 59.0
JT Holdings (UK) Limited (trading
as Just Trays) 76 50 0.3 0.5 29.5
Maven Co-invest Endeavour Limited
Partnership 76 38 0.3 0.7 99.3
(invested in Global Risk Partners)
CB Technology Group Limited 76 58 0.3 1.2 77.8
Flow UK Holdings Limited 75 75 0.3 0.9 34.1
Attraction World Holdings Limited 60 3 0.3 0.9 37.5
RMEC Group Limited 50 50 0.2 0.3 49.8
R&M Engineering Group Limited 45 60 0.2 0.7 69.9
HCS Control Systems Group Limited 43 60 0.2 0.5 36.0
Torridon (Gibraltar) Limited 40 - 0.2 0.8 39.2
ISN Solutions Group Limited 26 40 0.1 0.6 54.4
Space Student Living Limited 11 - - 1.7 78.4
FLXG Scotland Limited 10 46 - 0.3 14.0
(formerly Flexlife Group Limited)
Lawrence Recycling & Waste Management
Limited 3 73 - 0.8 61.2
Other unlisted investments 4 432 -
----------- --------- ------------ ----------- --------------
Total unlisted 9,790 9,822 43.9
--------------------------------------- ----------- --------- ------------ ----------- --------------
Investment Portfolio Summary (Continued)
As at 30 September 2018
% of equity % of equity
Valuation Cost % of total held held by other
Investment (continued) GBP'000 GBP'000 assets clients(1)
----------- --------- ------------ -----------
Quoted
Pelatro PLC 724 616 3.2 2.9 -
Creo Medical Group PLC 619 349 2.9 0.2 -
KRM22 PLC 475 440 2.2 3.6 -
Avacta Group PLC 472 493 2.1 1.7 -
Scancell Holdings PLC 431 492 1.9 1.1 -
Diurnal Group PLC 143 246 0.6 0.2 -
Byotrol PLC 141 177 0.6 1.1 2.5
Angle PLC 46 69 0.2 0.1 0.2
Faron Pharmaceuticals Oy 28 222 0.1 0.1 -
Vianet Group PLC (formerly Brulines
Group PLC) 14 16 0.1 - 1.5
Plastics Capital PLC 11 10 - - 1.4
Gordon Dadds Group PLC 7 101 - - 0.1
(formerly Work Group PLC)
esure Group PLC 7 - - - -
Other quoted investments - 229 -
---------------------------------------- ----------- --------- ------------ ----------- --------------
Total quoted 3,118 3,460 13.9
---------------------------------------- ----------- --------- ------------ ----------- --------------
Private equity investment trusts
HgCapital Trust PLC 138 100 0.6 - 0.1
Princess Private Equity Holding Limited 126 98 0.6 - 0.1
F&C Private Equity Trust PLC 119 102 0.5 0.1 0.3
Apax Global Alpha Limited 106 99 0.4 - 0.1
Standard Life Private Equity Trust 55 43 0.2 - -
---------------------------------------- ----------- --------- ------------ ----------- --------------
Total private equity investment trusts 544 442 2.3
---------------------------------------- ----------- --------- ------------ ----------- --------------
Real estate investment trusts
Schroder REIT Limited 113 99 0.6 - 0.2
Target Healthcare REIT Limited 100 98 0.4 - 0.2
Regional REIT Limited 89 99 0.4 - 0.2
Custodian REIT PLC 72 64 0.3 - 0.2
----------------------------------------
Total real estate investment trusts 374 360 1.7
---------------------------------------- --------------
Fixed income investment trusts
TwentyFour Income Fund Limited 201 201 0.9 0.1 -
Alcentra European Floating Rate Income
Fund Limited 195 200 0.9 0.1 -
---------------------------------------- ----------- --------- ------------ ----------- --------------
Total fixed income investment trusts 396 401 1.8
---------------------------------------- ----------- --------- ------------ ----------- --------------
Infrastructure investment trusts
The Renewables Infrastructure Group
Limited 101 100 0.5 - -
3i Infrastructure PLC 100 100 0.5 - -
HICL Infrastructure Company Limited 96 99 0.4 - -
International Public Partnerships
Limited 95 99 0.4 - -
----------- --------------
Total infrastructure investment trusts 392 398 1.8
----------- --------------
Total investments 14,614 14,883 65.4
---------------------------------------- ----------- --------- ------------ ----------- --------------
(1) Other clients of Maven Capital Partners UK LLP.
Income Statement
For the Six Months Ended 30 September 2018
Six months ended Six months ended Year ended
30 September 2018 30 September 2017 31 March 2018
(unaudited) (unaudited) (audited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------- -------- -------- -------- -------- -------- -------- --------
Gains/(losses) on
investments - 15 15 - (46) (46) - (98) (98)
Income from investments 72 - 72 105 - 105 276 - 276
Other income 12 - 12 11 - 11 25 - 25
Investment management
fees (57) (227) (284) (60) (239) (299) (118) (473) (591)
Other expenses (86) - (86) (84) - (84) (194) - (194)
-------- -------- -------- -------- -------- -------- -------- -------- --------
Net return on ordinary (59) (212) (271) (28) (285) (313) (11) (571) (582)
activities before
taxation
Tax on ordinary - - - - - - - - -
activities
-------- -------- -------- -------- -------- -------- -------- -------- --------
Return attributable
to
Equity Shareholders (59) (212) (271) (28) (285) (313) (11) (571) (582)
-------- -------- -------- -------- -------- -------- -------- -------- --------
Earnings per share
(pence) (0.14) (0.52) (0.66) (0.07) (0.69) (0.76) (0.03) (1.39) (1.42)
-------- -------- -------- -------- -------- -------- -------- -------- --------
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 one
reportable segment, the results of which are set out in the Income
Statement and Balance Sheet. The company derives its income from
investments made in shares, securities and bank deposits.
There are no potentially dilutive capital instruments in issue
and, therefore, no diluted earnings per share figures are relevant.
The basic and diluted earnings per share are, therefore,
identical.
The accompanying Notes are an integral part of the Financial
Statements.
Statement of Changes in Equity
For the Six Months Ended 30 September 2018
Share Capital Capital Special Capital
Six Months Ended 30 Share premium reserve reserve distributable redemption Revenue
September capital account realised unrealised reserve reserve reserve Total
2018 (unaudited) GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------- -------- --------- ----------- -------------- ----------- --------- ---------
At 31 March 2018 4,093 6,543 (2,090) (239) 15,227 90 (1,046) 22,578
Net return - - (182) (30) - - (59) (271)
Costs in relation to
DIS - (5) - - - - - (5)
At 30 September 2018 4,093 6,538 (2,272) (269) 15,227 90 (1,105) 22,302
--------- -------- --------- ----------- -------------- ----------- --------- ---------
Share Capital Capital Special Capital
premium reserve reserve distributable redemption
account realised unrealised
Share GBP'000 GBP'000 GBP'000 reserve reserve Revenue
capital reserve
Six Months Ended 30 September GBP'000 GBP'000 GBP'000 GBP'000 Total
2017
(unaudited) GBP'000
--------- -------- -------- ---------- ------------- ---------- --------- ---------
At 31 March 2017 4,003 5,864 (1,246) 307 15,488 40 (1,035) 23,421
Net return - - (232) (53) - - (28) (313)
Dividends paid - - (103) - - - - (103)
Repurchase and cancellation
of shares (50) - - - (260) 50 - (260)
Share issue 137 668 - - - - - 805
At 30 September 2017 4,090 6,532 (1,581) 254 15,228 90 (1,063) 23,550
--------- -------- -------- ---------- ------------- ---------- --------- ---------
Share Capital Capital Special Capital
Share premium reserve reserve distributable redemption Revenue
capital account realised unrealised reserve reserve reserve Total
Year Ended 31 March GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
2018 (audited)
--------- -------- --------- ----------- -------------- ----------- --------- ---------
At 31 March 2017 4,003 5,864 (1,246) 307 15,488 40 (1,035) 23,421
Net return - - (25) (546) - - (11) (582)
Dividends paid - - (819) - - - - (819)
Repurchase and
cancellation
of shares (50) - - - (261) 50 - (261)
Net proceeds of share
issue 137 668 - - - - - 805
Net proceeds of DIS
issue 3 11 - - - - - 14
At 31 March 2018 4,093 6,543 (2,090) (239) 15,227 90 (1,046) 22,578
--------- -------- --------- ----------- -------------- ----------- --------- ---------
The accompanying Notes are an integral part of the Financial
Statements.
Balance Sheet
As at 30 September 2018
30 September 30 September 31 March 2018
2018 2017
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
------------ ------------
Fixed assets
Investments at fair value through
profit or loss 14,614 8,101 9,282
Current assets
Debtors 85 82 241
Cash 7,627 15,461 13,093
------------------------------------- ------------ ------------ -------------
7,712 15,543 13,334
Creditors
Amounts falling due within one year (24) (94) (38)
------------------------------------- ------------ ------------ -------------
Net current assets 7,688 15,449 13,296
------------------------------------- ------------ ------------ -------------
Net assets 22,302 23,550 22,578
------------------------------------- ------------ ------------ -------------
Capital and reserves
Called up share capital 4,093 4,090 4,093
Share premium account 6,538 6,532 6,543
Capital reserve - realised (2,272) (1,581) (2,090)
Capital reserve - unrealised (269) 254 (239)
Special distributable reserve 15,227 15,228 15,227
Capital redemption reserve 90 90 90
Revenue reserve (1,105) (1,063) (1,046)
------------------------------------- ------------ ------------ -------------
Net assets attributable to Ordinary
Shareholders 22,302 23,550 22,578
------------------------------------- ------------ ------------ -------------
Net asset value per Ordinary Share
(pence) 54.49 57.58 55.16
------------------------------------- ------------ ------------ -------------
The Financial Statements were approved and authorised for issue
by the Board of Directors on 7 December 2018 and were signed on its
behalf by:
Brian May
Chairman
The accompanying Notes are an integral part of the Financial
Statements.
Cash Flow Statement
For the Six Months Ended 30 September 2018
Six months ended Six months ended Year ended 31
30 September 30 September March 2018
2018 2017
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
---------------- ----------------
Net cash flows from operating
activities (394) (408) (779)
Cash flows from investing activities
Investment income received 90 92 243
Deposit interest received 12 11 25
Purchase of investments (5,488) (3,040) (6,000)
Sale of investments 319 157 1,736
--------------------------------------- ---------------- ---------------- -------------
Net cash flows from investing
activities (5,067) (2,780) (3,996)
--------------------------------------- ---------------- ---------------- -------------
Cash flows from financing activities
Equity dividends paid - (103) (819)
Issue of Ordinary Shares - 805 819
Repurchase of Ordinary Shares - (182) (261)
Costs relating to DIS (5) - -
Net cash flows from financing
activities (5) 520 (261)
-------------
Net decrease in cash (5,466) (2,668) (5,036)
--------------------------------------- ---------------- ---------------- -------------
Cash at beginning of period 13,093 18,129 18,129
Cash at end of period 7,627 15,461 13,093
--------------------------------------- ---------------- ---------------- -------------
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 September
2018 and the six months ended 30 September 2017 comprises
non-statutory accounts within the meaning 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 March
2018, which have been filed at Companies Houses and which contained
an Auditor's Report which was not qualified and did not contain a
statement under S498 (2) or S498 (3) of the Companies Act 2006.
2. Reserves
Share premium account
The share premium account represents the premium above nominal
value received by the Company on issuing shares, net of issue
costs.
Capital reserves
Gains or losses on investments realised in the year that have
been recognised in the Income Statement are transferred to the
capital reserve realised account on disposal. Furthermore, any
prior unrealised gains or losses on such investments are
transferred from the capital reserve unrealised account to the
capital reserve realised account on disposal.
Increases and decreases in the fair value of investments are
recognised in the Income Statement and are then transferred to the
capital reserve unrealised account. The capital reserve realised
account also represents capital dividends, capital investment
management fees and the tax effect of capital items.
Special distributable reserve
The total cost to the Company of the repurchase and cancellation
of shares is represented in the special distributable reserve.
Capital redemption reserve
The nominal value of shares repurchased and cancelled is
represented in the capital redemption reserve.
Revenue reserve
The revenue reserve represents accumulated profits retained by
the Company that have not been distributed to Shareholders as a
dividend.
3. Return per Ordinary Share
Six months ended 30 September
2018
-------------------------------------------- ----------------------------------------------------------
The return per share have been based on the
following figures: 40,927,657
Weighted average number of Ordinary Shares
Revenue return (GBP59,000)
Capital return (GBP212,000)
-------------------------------------------- ----------------------------------------------------------
Total return (GBP271,000)
-------------------------------------------- ----------------------------------------------------------
Directors' Responsibility Statement
The Directors confirm that, to the best of their knowledge:
-- the Financial Statements for the six months ended 30
September 2018 have been prepared in accordance with FRS 102, the
Financial Reporting Standard applicable in the UK and Republic of
Ireland;
-- the Interim Management Report includes a fair review of the
information required by DTR 4.2.7R in relation to the indication of
important events during the first six months, and of the principal
risks and uncertainties facing the Company during the second six
months, of the year ending 31 March 2019; and
-- the Interim Management Report includes adequate disclosure of
the information required by DTR 4.2.8R in relation to related party
transactions and any changes therein.
Other Information
A full copy of the Interim Report and Financial Statements will
be printed and issued to Shareholders. Copies of this announcement
will be available to the public at the office of Maven Capital
Partners UK LLP, Kintyre House, 205 West George Street, Glasgow G2
2LW; at the registered office of the Company, Fifth Floor, 1-2
Royal Exchange Buildings, London EC3V 3LF; and, in due course, on
the Company's website at www.mavencp.com/migvct6.
Neither the content of the Company's website nor the contents of
any website accessible from hyperlinks in this announcement, on the
Company's website or any other website is incorporated into, or
forms part of, this announcement.
By order of the Board
Maven Capital Partners UK LLP
Secretary
7 December 2018
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR FSDFFWFASEDE
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