TIDMMIG3
RNS Number : 0661U
Maven Income and Growth VCT 3 PLC
24 July 2020
Maven Income and Growth VCT 3 PLC
Interim Results for the Six Months Ended 31 May 2020
Highlights
-- NAV total return at 31 May 2020 of 140.91p per share
-- NAV at 31 May 2020 of 54.74p per share after payment of final dividend of 2.00p per share
-- Interim dividend of 2.00p per share declared
-- GBP3.5 million invested in 12 new VCT qualifying private and
AIM quoted companies, with a further four investments completed
post the period end
-- Follow-on funding provided to 13 portfolio companies as part of growth planning
-- Realisation of Attraction World for a total return of 1.9 times cost
-- Realisation of ITS Technology for a total return in excess of times cost
-- Post the period end, partial realisation of Global Risk
Partners for a total return of 2.1 times cost
Overview
During the reporting period, the global economy and financial
markets have been significantly impacted by the COVID-19 pandemic,
which has created a challenging operating environment for many
portfolio companies. The Board and the Manager wish to reassure
Shareholders that, since the emergence of the virus in the UK,
Maven has acted swiftly to protect Shareholder value, whilst
ensuring ongoing compliance with Government guidelines. In response
to these unforeseen circumstances, the Manager has taken a small
number of provisions against specific unlisted portfolio companies,
in particular those with exposure to consumer facing sectors where
the impact of the pandemic has been most pronounced. This resulted
in a 6.7% reduction in NAV per share from 59.92p at 30 November
2019 to 55.91p at 20 March 2020, as announced on 26 March 2020. It
is, however, important to highlight that, over recent years, your
Company has been steadily constructing a broadly based portfolio of
both private and AIM quoted companies, many of which have traded
satisfactorily throughout the pandemic. Your Board is aware that,
notwithstanding wider market conditions, regular income
distributions remain an important component of Shareholder returns.
Therefore, following recent exit activity, the Board has declared
an interim dividend of 2.00p per share, reflecting an ongoing
commitment to making distributions whenever possible.
The COVID-19 pandemic has had a profound impact on the personal
and working lives of most people. Following the outbreak in the UK,
Maven responded quickly to the situation and, in adherence with
Government advice, cancelled all non-essential travel and
introduced social distancing measures, with meetings taking place
using video conference facilities and by telephone. All Maven
employees have been working remotely throughout the lockdown and
the investment team has been in active dialogue with portfolio
companies to offer advice and assistance throughout the crisis.
Where possible, portfolio companies have also availed themselves of
Government led support, including the Coronavirus Job Retention
Scheme and the Coronavirus Business Interruption Loan Scheme.
During this period, the Board and the Manager have remained in
regular contact regarding the evolving situation and will continue
to provide updates to Shareholders when appropriate.
Despite the challenges presented by the coronavirus outbreak, it
is encouraging to report that the Manager has maintained a good
rate of deployment throughout the first half of the financial year,
with the addition of a number of new private and AIM quoted company
holdings to the portfolio. New investment activity is continuing
cautiously, with meetings taking place remotely in line with
Government guidelines. Several new investments have been completed
during the lockdown period. In these cases, the transaction had
been in process since the start of the year and underlying trading
was relatively unaffected by the impact of COVID-19. Conversely, a
small number of live transactions were also terminated in light of
enhanced levels of client churn and a reduction in revenues.
The Manager remains committed to continuing to grow the
portfolio through the addition of carefully selected private and
AIM quoted companies from a broad range of market sectors. Maven
believes that a hybrid model, offering the ability to invest across
both private equity and AIM, is an important differentiator that
helps to build a portfolio with complementary liquidity and return
characteristics, as it provides Shareholders with access to a wider
range of companies with scope to realise profits at different
times. It is also worthwhile noting that, following the active
investment strategy that has been pursued over the past few years,
your Company currently has 54% invested, by value, in younger
growth orientated businesses that typically operate with a flexible
cost base. Many of these companies are focused on the software and
technology space and have pre-existing contracts in place with good
levels of recurring revenue, which offers some degree of protection
from the current economic uncertainty.
The provision of follow-on funding to support portfolio
companies that are making tangible commercial progress remains a
key component of the investment strategy. The Manager generally
adopts a phased or tranched approach to investment and, in certain
cases, will make a small initial investment whilst retaining the
option to invest further, subject to the company achieving specific
agreed commercial milestones. This allows the Manager to closely
monitor progress and assess performance before committing further
financial support. Where possible, Maven favours co-investing
alongside another VCT house or partner to help further diversify
portfolio risk. In terms of new transaction activity, Maven
continues to follow a highly selective approach to investment,
using its nationwide investment team and office network, generally
only supporting companies that offer a combination of management
talent and sustainable growth in revenues. It is also important
that the entry price of every new investment offers prospective
returns commensurate with the early stage nature of VCT
investment.
Realisations are an important element of generating enhancements
to Shareholder value and in support a programme of regular dividend
payments. The Maven team works closely with each portfolio company
that is considering, or is actively engaged in, a sale process,
helping to identify the most suitable adviser and potential
acquirers that may be willing to pay a premium or strategic price
for the business. The current economic uncertainty is, however,
likely to result in fewer near term exits, with some sales
processes temporarily put on hold until market conditions
recover.
Dividends
As Shareholders will be aware from recent Annual and Interim
Reports, decisions on distributions take into consideration the
availability of surplus revenue, the realisation of capital gains,
the adequacy of distributable reserves and the VCT qualifying
level. These factors are kept under close and regular review by the
Board and the Manager, both of whom recognise the importance of
tax-free distributions to Shareholders.
In light of the recent realisation activity, an interim dividend
in respect of the year ending 30 November 2020, of 2.00p per
Ordinary Share, will be paid on 28 August 2020 to Shareholders on
the register at 31 July 2020. Since the Company's
launch, and after receipt of this latest dividend, 88.17p per
share will have been distributed in tax-free dividends. It should
be noted that the effect of paying dividends is to reduce the NAV
of the Company by the total cost of the distribution.
The Directors would like to remind Shareholders that, as the
portfolio continues to expand and a greater proportion of holdings
are in young companies with growth capital requirements, there will
continue to be fluctuations in the quantum and timing of dividend
payments. Distributions will be more closely linked to realisation
activity and, if larger distributions are required as a consequence
of exits, this could result in a commensurate reduction in NAV per
share. However, the Board considers this to be a tax-efficient
means of returning value to Shareholders, whilst maintaining
compliance with the requirements of the VCT legislation.
Dividend Investment Scheme (DIS)
The Company has in place a DIS, through which Shareholders may
elect to have their dividend payments used to apply for new
Ordinary Shares issued by the Company under the standing authority
granted by Shareholders at AGMs. However, on 26 March 2020, the
Board announced that the DIS had been suspended due to the
volatility in financial markets caused by the COVID-19 pandemic,
with the payment of the final dividend for the year ended 30
November 2019 on 17 April 2020 being made by either cheque or bank
transfer using existing mandate instructions.
The Directors have resolved to re-introduce the DIS with
immediate effect. This means that, unless they advise the Company
otherwise, those Shareholders who had previously elected to
participate in the DIS will revert to receiving new shares with
effect from 28 August 2020, being the payment date of the above
interim dividend. Shareholders who have not previously applied to
participate in the DIS and who wish to do so in respect of the
interim dividend payable on 28 August 2020, should ensure that a
mandate form, or CREST instruction if appropriate, is received by
the Registrar, Link Market Services, prior to the dividend election
date of 14 August 2020. Shares issued under the DIS should qualify
for VCT tax reliefs applicable for the tax year in which they are
allotted. Terms & conditions of the scheme, together with a
mandate form, are available from the Company's website at:
www.mavencp.com/migvct3.
Allotment Update
On 13 November 2019, the Directors of your Company, together
with the board of Maven Income and Growth VCT 4 PLC, launched joint
Offers for Subscription of new Ordinary Shares for up to GBP15
million in aggregate (GBP7.5 million for each company). Your
Company's Offer closed on 28 January 2020, fully subscribed.
The allotment of 11,065,572 new Ordinary Shares, in respect of
the 2019/20 tax year, was made on 5 February 2020. The allotment of
1,443,232 new Ordinary Shares, in respect of the 2020/21 tax year,
was made on 9 July 2020.
This additional liquidity will enable your Company to continue
to invest in both unlisted and AIM companies, alongside providing
follow-on funding to support existing companies where there is an
ongoing business case and commercial traction that merits support.
Furthermore, the funds raised will allow your Company to maintain
its share buy-back policy, whilst also spreading costs over a wider
asset base in line with the objective of maintaining a competitive
total expense ratio for the benefit of all Shareholders.
Portfolio Developments
Whilst your Company's portfolio is well diversified and broadly
spread, the rapid change in economic activity resulting from the
outbreak of COVID-19 has inevitably had an impact on the trading
conditions of certain portfolio companies.
As announced on 26 March 2020, the Board and the Manager acted
swiftly by taking a small number of protective provisions against
those unlisted companies with exposure to consumer facing sectors,
which were most immediately affected by the lockdown. The Manager
continues to work closely with the management teams of all investee
companies, taking corrective actions as quickly as possible on a
case-by-case basis.
During the period, the oil price was adversely affected due to a
dispute between Saudi Arabia and Russia just as the spread of
COVID-19 was resulting in a dramatic fall in the global demand for
oil. Following an agreement to cut oil production by a record
amount, the market has stabilised and the oil price has started to
recover. Those portfolio companies with exposure to the sector have
continued to trade throughout the lockdown with most remaining
profitable. Following a number of realisations in recent years, the
energy services sector now accounts for less than 8% of the
portfolio by value with all of the remaining assets operating in
the service sector, and more specifically in areas related to
mandatory rather than discretionary spend, which offers some
protection in the current economic climate.
In addition to the provisions taken in response to COVID-19, a
full provision was also taken against the value of the holding in
Cognitive Geology, which failed to commercialise its petroleum
geoscience software. Notwithstanding the challenges presented by
the pandemic, most portfolio companies continue to trade well and
make encouraging progress.
In 2013, your Company invested in Global Risk Partners,
participating in a syndicate to back a highly experienced
management team to pursue a buy & build strategy in the
speciality insurance and reinsurance markets. Since launch, the
business has achieved significant scale, having completed and
successfully integrated over 50 acquisitions, with the enlarged
business now achieving annual gross written premium in excess of
GBP750 million. Global Risk Partners is now within the top ten
insurance brokers in the UK market and is the UK's second largest
independent insurance broker. Given the scale achieved, the
management team, together with the support of institutional
investors, engaged with a specialist corporate finance adviser to
market the business for sale. Following a competitive process, an
offer for the business was received from a US private equity buyer,
with a partial exit completing conditionally in February 2020.
Regulatory approval for the transaction was subsequently granted
and the sale completed shortly after the period end, generating a
total return of approximately 2.1 times cost including all yield
paid.
The first purpose-built facility of Horizon Cremation, the Clyde
Coast & Garnock Valley, opened in April 2018 and has been
steadily building a strong market presence, having been named Best
Crematoria in Scotland at the 2019 Scottish Funeral Awards. As part
of its growth strategy, Horizon recently acquired two further sites
and obtained planning consent for the construction of new
crematoria at each location. Building work is now underway at
Cannock in Staffordshire and is due to commence at the site in the
suburbs of Glasgow during summer 2020. Two further sites are also
now under option, with planning applications submitted. The
strategic objective remains to build a portfolio of modern
crematoria that provide the highest levels of service and care,
alongside best ethical practice and environmental standards.
In 2016, your Company invested in The GP Service (The GPS),
which provides a secure end-to-end system that allows patients to
consult with a doctor online and to have a prescription dispensed
at a local pharmacy that is registered with the service. The
"on-demand" sector for medical consultations has experienced
significant growth over recent years. The GPS remains at the
forefront of this market having secured Care Quality Commission
accreditation, using General Medical Council registered doctors and
being the only supplier to have access to NHS Summary Care Records,
enhancing the service offering. The management team continue to
progress a number of significant commercial agreements, which could
be transformational for the business.
Martel, the manufacturer and supplier of custom-built compact
printers, portable data loggers and display units to the medical,
pharmaceutical and other testing and compliance markets has
benefitted from a period of strong trading over recent months. The
company has proven resilient during the COVID-19 crisis and is
experiencing good levels of demand for products from the medical
market, which is expected to continue post the end of the lockdown.
Martel has a strong order book, is currently operating at full
capacity and is forecast to deliver another positive financial
performance in 2020.
Visual asset management services group Whiterock continues to
make good progress in line with the core objectives identified at
the time of the original investment in December 2016. Whiterock's
ZynQ360 software solution enables clients to navigate areas of hard
to access assets such as offshore platforms, refineries or
government buildings using 360deg photography and video to create a
high-definition digital view. The business has developed its
technology platform and secured a number of material contracts with
international blue-chip clients in the oil & gas and mining
sectors, providing a positive endorsement of the product and its
capabilities.
Maven has a dedicated London based AIM VCT team with a deep
understanding of the market and long-standing relationships with
the local broking community. During the period, the AIM portfolio
delivered a positive contribution to the overall performance of
your Company. One of the key contributors to this performance was
Byotrol, a company that develops and manufactures antimicrobial and
antiviral products for the home, healthcare and personal markets
and has experienced exceptional levels of demand since the outbreak
of COVID-19, which has been reflected in share price
appreciation.
Liquidity Management
The Board and the Manager continue to operate an active policy
with respect to liquidity management, with the objective of
generating income from cash resources held prior to investment.
While the Finance Bill 2016 introduced the restriction on holding
investments in instruments such as treasury bills, or other
government-backed securities for liquidity management purposes, it
does permit holding certain other listed securities. Based on the
Manager's recommendation, the Board has authorised the Manager to
invest in a small portfolio of listed investment trusts that offer
attractive income characteristics. The Manager maintains a positive
view on these holdings and will continue to consider any other
permitted liquidity management investment options that have the
potential to generate income alongside the prospect of capital
appreciation.
New Investments
During the period, your Company provided development capital to
seven VCT qualifying private companies offering interesting growth
opportunities:
-- Coniq has developed a market leading customer engagement
platform that is used by shopping malls and destination retail
villages to support customer loyalty programmes, which are
ultimately designed to increase customer spend. The business has a
global presence, with key customers in Europe and the Middle East,
where there is a high prevalence of large scale retail malls. The
VCT funding is being used to accelerate technical development of
the software platform including Artificial Intelligence (AI) driven
capabilities to automate customer loyalty activities, to support
the hiring of sales and marketing personnel, and to facilitate
international expansion with offices in Barcelona, Chicago and
Warsaw scheduled to open in the near term.
-- HiveHR has developed an employee engagement software as a
service (SaaS) platform that provides real time, responsive and
automated employee feedback surveys to enable organisations to
better understand their employees. The company has a diverse
customer base that includes Accenture, Hermes, River Island, Shop
Direct, Tarmac, Travelodge and various NHS and public sector
organisations, and retains a high level of recurring revenue. The
VCT funding is being used to support the growth of the business as
it expands its client base.
-- Intilery.com is a developer and provider of a digital
customer engagement platform that provides a holistic view of a
client's marketing activities, as well as using real-time data
about their customers' behaviour to identify opportunities for
enhancing multi-channel marketing campaigns. Personalised
interactions and real time reminders are used to create a better
customer experience, to help improve levels of engagement, enhance
customer loyalty and ultimately increase revenues. The VCT funding
will be used to expand the sales and marketing team as well as
further develop the product and associated technology.
-- Nano Interactive is an advertising technology business, which
uses online search activity to identify relevant individuals that
corporate clients and media agencies should target with their
advertising. Nano then places these advertisements in real time, or
shortly afterwards, on behalf of clients. The company has a strong
blue-chip client base of advertisers, including Microsoft and
agency groups such as Omnicom and Publicis. The VCT funding will be
used for further product development and to establish a presence in
the USA.
-- Precursive is a B2B business that provides an easy to use
SaaS platform to allow technology and service-based customers to
automate their client onboarding and workforce capacity management.
The platform bridges the gap between customer relationship
management (CRM) sales systems and customer success platforms, in
order to improve operational efficiency, enhance customer
experience and reduce client churn. Precursive has built a strong
market position on the back of a number of high-quality
relationships with customers such as Google, DPD, GoCardless and
SES, which also provides excellent levels of forward revenue
visibility. The VCT funding will be used to hire additional
development staff, to grow outbound and channel sales and to invest
in product development.
-- Push Technology is an established technology business that
provides client solutions to improve the speed, security and
efficiency of real time data transfers. Push has built a strong
blue-chip customer base across financial services (including CME
and ICAP), e-gaming companies and IOT (Internet of Things), where
real-time data is of particularly high importance and value. Push
engages with customers through a combination of long-term software
licenses combined with annual recurring maintenance and support
income. The VCT funding will be used to develop the business
internationally and to enhance the technology offering.
-- The Algorithm People has developed a SaaS platform for the
transport and logistics sectors that enables operators to reduce
costs by helping them plan the most efficient route and job
schedule for their vehicle fleet (including electric vehicles). The
application is delivered through a web browser (My Transport
Planner) thereby reducing any implementation costs or
complications. The VCT funding will be used to progress new
partnerships and increase market presence.
In addition, five new AIM quoted investments were added to the
portfolio:
-- Diurnal is a speciality pharmaceutical company developing
high quality products for the life-long treatment of rare and
chronic endocrine conditions, including congenital adrenal
hyperplasia and adrenal insufficiency. Your Company participated in
the GBP11.2 million fundraising, which completed in March 2020. The
proceeds are being used to support the development and
commercialisation of Diurnal's products.
-- Eden Research develops and supplies innovative biopesticide
products and natural micro-capsulation technologies to the global
crop protection, animal health and consumer products industries.
Your Company participated in the GBP10.1 million fundraising, which
completed in March 2020. The proceeds will enable the company to
develop, register and commercialise key new products in categories
such as insecticides, formulations and seed treatment, taking a
leading position in the rapidly growing sustainable agriculture
market.
-- Faron Pharmaceuticals is a clinical stage biopharmaceutical
company that is developing novel treatments for medical conditions
where there is currently significant unmet need. Your Company
participated in a market placing, which raised a total of GBP12
million, which completed in April 2020. The proceeds will be used
to support the expansion of the precision immunotherapy candidates,
Clevegen, into planned cancer targets. It will also help to
strengthen the balance sheet to assist further research and
development.
-- Genedrive is a molecular diagnostics company that is
developing and commercialising a low cost, rapid and simple to use
point of need molecular diagnostics platform for the diagnosis of
infectious diseases, and for use in patient stratification pathogen
detection and other indications. Genedrive recently announced the
development of a high throughput SARS-CoV-2 test to detect people
with the COVID-19 infection. Your Company participated in the
GBP7.0 million placing, which completed in May 2020. The proceeds
will be used to support the developments of the SAR-CoV-2 assays
and fund product development.
-- Trackwise Designs is a leading provider of specialist
interconnector products, using printed circuit technology for use
across multiple sectors and applications. Your Company participated
in the GBP5.9 million fundraising, which completed in March 2020
and provides the necessary growth capital to enable the business to
further develop its proprietary technology.
The following investments have been completed during the
reporting period:
Investment
cost
Investments Date Sector GBP'000 Website
------------------------- ------------ ------------------------- ---------- ----------------------------
New unlisted
CODILINK UK Limited December Software & computer 450 www.coniq.com
(trading as Coniq) 2019 services
(marketing)
HiveHR Limited February Software & computer 300 www.hivehr.com
2020 services (employment
services)
Intilery.com Limited April 2020 Software & computer 75 www.intilery.com
services
(marketing)
Nano Interactive March 2020 Software & computer 625 www.nanointeractive.com
Group Limited services
(advertising)
Precursive Limited March 2020 Software & computer 750 www.precursive.com
services
(professional/employment
services)
Push Technology Limited March 2020 Software & computer 525 www.pushtechnology.com
services
(consumer services)
The Algorithm People May 2020 Software & computer 300 www.thealgorithmpeople.co.uk
Limited services
(transport)
------------------------- ------------ ------------------------- ---------- ----------------------------
Total new unlisted 3,025
------------------------------------------------------------------ ---------- ----------------------------
Follow-on unlisted
ADC Biotechnology January and Pharmaceuticals & 124 www.adcbio.com
Limited(1) March 2020 biotechnology
AVID Technology Group March 2020 Automobile & parts 71 www.avidtp.com
Limited
Boiler Plan (UK) March 2020 Software & computer 200 www.boilerplanuk.com
Limited services
(consumer services)
Bright Network (UK) March 2020 Software & computer 666 www.brightnetwork.co.uk
Limited services (employment
services)
Curo Compensation April 2020 Software & computer 81 www.curocomp.com
Limited services (employment
services)
e.fundamentals (Group) April 2020 Software & computer 333 www.efundamentals.com
Limited services
(marketing)
Horizon Cremation May 2020 Support services 600 www.horizoncremation.co.uk
Limited (consumer
services)
Lending Works Limited February Software & computer 15 www.lendingworks.co.uk
2020 services
(financial services)
Life's Great Group March 2020 Software & computer 117 www.mojomortgages.com
Limited (trading services
as Mojo Mortgages) (financial services)
Optoscribe Limited March 2020 Diversified industrials 88 www.optoscribe.com
QikServe Limited(1) December Software & computer 77 www.qikserve.com
2019 services
and March (hospitality)
2020
The GP Service (UK) May 2020 Health 162 www.thegpservice.co.uk
Limited
------------------------- ------------ ------------------------- ---------- ----------------------------
Total follow-on unlisted 2,534
------------------------------------------------------------------ ---------- ----------------------------
Total unlisted 5,559
------------------------------------------------------------------ ---------- ----------------------------
Investments Investment
cost
Date Sector GBP'000 Website
-------------------------- ----------- ------------------------ ----------- ----------------------
New quoted
Diurnal Group PLC March 2020 Pharmaceuticals & 63 www.diurnal.co.uk
biotechnology
Eden Research PLC March 2020 Chemicals 102 www.edenresearch.com
Faron Pharmaceuticals April 2020 Pharmaceuticals & 250 www.faron.com
Oy biotechnology
Genedrive PLC May 2020 Pharmaceuticals & 25 www.genedriveplc.com
biotechnology
Trackwise Design March 2020 Electronic & electrical 63 www.trackwise.co.uk
PLC equipment
-------------------------- ----------- ------------------------ ----------- ----------------------
Total new quoted 503
----------------------------------------------------------------- ----------- ----------------------
Follow-on quoted
C4X Discovery Holdings May 2020 Pharmaceuticals & 41 www.c4xdiscovery.com
PLC biotechnology
-------------------------- ----------- ------------------------ ----------- ----------------------
Total follow-on quoted 41
----------------------------------------------------------------- ----------- ----------------------
Total quoted 544
----------------------------------------------------------------- ----------- ----------------------
Total investments 6,103
----------------------------------------------------------------- ----------- ----------------------
(1) Follow-on investment made in two stages.
At the period end, the portfolio stood at 87 unlisted and quoted
investments, at a total cost of GBP33.33 million.
Realisations
The exit from ITS Technology completed in December 2019,
representing the first realisation from the early stage portfolio.
The initial investment completed in June 2017 and within a
relatively short space of time it became apparent that, in order to
achieve commercial scale, the business would require an investor
that was not constrained by the VCT rules. As a result, a
specialist corporate finance adviser was appointed in early 2019,
to lead a process to help secure a sale of the business and
identify an investor who could support its long-term funding
requirements. It is pleasing to report that the exit completed
shortly before the period end through a sale to Aviva Investors,
the global asset management business of Aviva, which has committed
GBP45 million to support the roll-out of the full fibre broadband
network across the country. The exit generated a total return
slightly in excess of cost over the holding period.
In February 2020, your Company realised its holding in
Attraction World, one of the UK's largest theme park and attraction
ticket specialists. Since Maven originally backed the MBO of the
business in December 2010, Attraction World has enabled millions of
customers to pre-book tickets for 5,000 experiences in over 50
countries, including amusement parks, sightseeing tours, theatre
shows and experience days. In 2016, the company made the strategic
acquisition of Day Out With The Kids, the UK's biggest website and
online community for family attractions and children's activities.
The realisation, via a secondary buyout led by the CEO, generated a
total return of 1.9 times cost for Maven clients.
The table below gives details of all realisations achieved
during the reporting period:
Cost of Value at Gain/(loss)
shares 30 over 30
disposed November Sales proceeds Realised November
Year first Complete/ of 2019 GBP'000 gain/(loss) 2019 value
Sales invested partial GBP'000 GBP'000 GBP'000 GBP'000
exit
--------------------- ------------- ------------ --------- --------- ---------------- ------------- -----------
Unlisted
Attraction World
Holdings
Limited 2010 Complete 23 264 264 241 -
ITS Technology Group
Limited(1) 2017 Complete 695 695 601 (94) (94)
Lambert Contracts
Holdings
Limited 2013 Complete - - 20 20 20
Other unlisted investments - - 1 1 1
-------------------------------------------------- --------- --------- ---------------- ------------- -----------
Total unlisted 718 959 886 168 (73)
-------------------------------------------------- --------- --------- ---------------- ------------- -----------
Quoted
Byotrol PLC 2017 Partial 77 32 118 41 86
Diaceutics PLC 2019 Partial 78 94 122 44 28
Eden Research PLC 2020 Partial 1 1 1 - -
Genedrive PLC 2020 Partial 9 - 21 12 21
--------------------- ------------- ------------ --------- --------- ---------------- ------------- -----------
Total quoted 165 127 262 97 135
-------------------------------------------------- --------- --------- ---------------- ------------- -----------
Total sales 883 1,086 1,148 265 62
-------------------------------------------------- --------- --------- ---------------- ------------- -----------
(1) Proceeds exclude yield and redemption premiums received,
which are disclosed as revenue for financial reporting
purposes.
Material Developments Since the Period End
Since 31 May 2020, two new private company holdings have been
added to the portfolio.
-- Hublsoft is a data analytics specialist that aims to provide
better support for corporate decision makers. Through its SaaS
platform, Hublsoft simplifies the analysis of big data, filtering
options using natural language and charts that are simple to
interpret and understand. The smart user interface enables the
process to be accessible and engaging, opening up the opportunity
for big data to clients who had previously found it too complex or
heavily reliant on third parties. The VCT funding will be used to
support the growth in new markets in the UK and Europe.
-- Quorum Cyber Security provides managed service security and
consulting services to clients across the UK, Europe and the Middle
East. The company's platform, Clarity, provides enterprise grade
cyber security at an accessible price point. Quorum has achieved
good growth over the past year and is on track to maintain this
momentum. The VCT funding will be used to invest in sales and
marketing and to further develop the relationship with Microsoft,
which should enable Quorum to target larger customers in the
future.
In addition, follow-on funding was provided to Growth Capital
Ventures, Mojo Mortgages and Relative Insight.
Two new AIM quoted companies were also added to the
portfolio:
-- AFC Energy is a leading provider of hydrogen power generation
technologies. Your Company participated in the GBP31.6m
fundraising, which completed in June 2020. The proceeds will be
used to support the continued development of the company as it
moves from the development phase into commercialisation of its
products and technology.
-- Feedback is a specialist medical imaging technology company
that provides innovative software systems, which advance the work
of radiologists, clinicians and medical researchers by improving
workflow and giving unique insight into disease, including cancer.
Your Company participated in the GBP5.0 million fundraising, which
completed in June 2020 and the proceeds from which will be used for
product development, to support sales and marketing activities and
to expand into new territories.
Principal and Emerging Risks and Uncertainties
The principal and emerging risks and uncertainties facing the
Company were set out in full in the Strategic Report contained
within the 2019 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 larger 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 & Risk Committee and reported
to your Board. The Board has confirmed that all tests, including
the criteria for VCT qualifying status, continue to be monitored
and met.
During the period under review, the COVID-19 pandemic developed
from being an emerging risk to a principal risk that had
implications for the Company, the Manager, investee companies and
both the UK and global economies. The Board and the Manager have
sought to identify all of the individual associated risks that
could impact on the Company and the steps that are required to
mitigate them. These have been recorded in separate risk registers
that are maintained by the Company and the Manager, and these will
be reviewed on a regular basis as the situation continues to
evolve.
Share Buy-backs
Shareholders have given the Board authority to buy back shares
for cancellation or to be held in treasury, subject always to such
transactions being in the best interests of Shareholders. It is
intended that, subject to market conditions, available liquidity
and the maintenance of the Company's VCT status, shares will
continue to be bought back at prices representing a discount of
between 5% and 10% of the prevailing NAV per share. During the
period under review, a total of 711,694 shares were bought back at
a total cost of GBP364,000.
Regulatory Update
Following the outbreak of the COVID-19 pandemic, there have been
a number of regulatory developments that each aim to assist and
support companies through this crisis. The Corporate Insolvency and
Governance Act, which received Royal Assent on 25 June 2020, will
temporarily suspend parts of insolvency law to support directors to
continue trading through the emergency, without the threat of
personal liability for wrongful trading and to protect companies
from creditor action. In addition, Company Law and other
legislation will be amended to provide companies temporary
easements on company filings and the holding of AGMs. However, it
is hoped that your Company will not be required to take advantage
of these amendments.
The Financial Conduct Authority (FCA) has recognised that fund
managers and auditors could face challenges in preparing financial
information as a result of the pandemic and have announced an
extension to the filing deadlines for annual and interim reports.
Your Company, however, does not expect to have to take advantage of
these extended filing deadlines.
The FCA has also published detailed information setting out its
expectations during the crisis. The FCA expects firms to take
reasonable steps to ensure that they are prepared to meet the
challenges presented by coronavirus in order to maintain business
continuity. Firms are encouraged to ensure that they are managing
their financial resilience and liquidity, and to report to the FCA
if they believe they will face difficulties. The FCA has also set
out its high-level expectations on the application of firms'
systems and controls for combatting and preventing financial crime,
including client identity verification.
On 27 March 2020, the International Private Equity and Venture
Capital Valuation (IPEV) Guidelines Board issued special valuation
guidance to assist managers who are applying the IPEV Valuation
Guidelines to their portfolios from 31 March 2020. The guidelines
were last updated in 2018 and are the prevailing framework for fair
value information in the private equity and venture capital
industry. The special valuation guidance reinforces key valuation
principles in order to ensure the robustness of information making
its way to investors and other stakeholders; in the current global
crisis it is vitally important that information continues to flow
in a timely and consistent manner.
Outlook
Notwithstanding the unforeseen difficulties presented by the
COVID-19 pandemic, your Company remains well positioned with a
diverse portfolio of younger companies seeking to achieve rapid
growth and scale, balanced by a number of more established and
mature private and AIM quoted investments. The strategy for the
second half of the financial year will remain focused on cautiously
expanding and further developing the portfolio, in particular
seeking out those growth companies that have strong recurring or
contractual revenues, or that are active in counter cyclical
sectors, operate an online business model, or are generally more
defensive to the market and trading conditions experienced in the
first half of the year.
On behalf of the Board
Maven Capital Partners UK LLP
Secretary
24 July 2020
Summary of Investment Changes
For the six months ended 31 May 2020
Valuation Net investment/ Appreciation/ Valuation
30 November 2019 (disinvestment) (depreciation) 31 May 2020
GBP'000 % GBP'000 GBP'000 GBP'000 %
--------------------- ------------------- ---------------- --------------- --------------
Unlisted investments
Equities 14,290 35.1 4,713 (1,485) 17,518 40.8
Loan stock 8,887 21.8 (40) (950) 7,897 18.4
--------------------- ---------- ------- ---------------- --------------- ------- -----
23,177 56.9 4,673 (2,435) 25,415 59.2
AIM/NEX investments
Equities 905 2.2 282 398 1,585 3.7
Listed investments
Investment trusts 2,541 6.2 - (426) 2,115 4.9
--------------------- ---------- ------- ---------------- --------------- ------- -----
Total investments 26,623 65.3 4,955 (2,463) 29,115 67.8
Other net assets 14,115 34.7 - (344) 13,771 32.2
--------------------- ---------- ------- ---------------- --------------- ------- -----
Net assets 40,738 100.0 4,955 (2,807) 42,886 100.0
--------------------- ---------- ------- ---------------- --------------- ------- -----
Investment Portfolio Summary
As at 31 May 2020
Investment Valuation Cost % of % of % of
GBP'000 GBP'000 total assets equity equity held
held by other
clients(1)
------------------------------------ ---------- --------- -------------- -------- ------------
Unlisted
Horizon Cremation Limited 1,288 1,288 3.1 3.7 18.6
CatTech International Limited 1,169 627 2.7 6.0 24.0
Martel Instruments Holdings Limited 1,128 1,026 2.6 12.4 31.8
Bright Network (UK) Limited 1,054 1,015 2.5 4.9 25.1
Maven Co-invest Endeavour Limited
Partnership 1,042 417 2.4 8.9 91.1
(invested in Global Risk Partners)
Vodat Communications Group Limited 1,024 567 2.4 4.2 22.6
The GP Service (UK) Limited(2) 884 852 2.1 9.4 40.2
CB Technology Group Limited 812 558 1.9 11.2 67.7
Life's Great Group Limited 796 787 1.9 9.0 26.8
(trading as Mojo Mortgages)
Filtered Technologies Limited 750 750 1.7 8.0 18.6
Precursive Limited 750 750 1.7 6.5 15.1
HCS Control Systems Group Limited 746 746 1.7 6.1 30.4
Glacier Energy Services Holdings
Limited 686 686 1.6 2.6 25.0
Rockar 2016 Limited (trading as
Rockar) 670 578 1.6 3.0 12.6
TC Communications Holdings Limited 645 980 1.5 8.3 21.7
Ensco 969 Limited (trading as
DPP) 641 1,133 1.5 4.8 29.7
RMEC Group Limited 634 446 1.5 2.7 47.4
Nano Interactive Group Limited 625 625 1.5 3.7 11.2
Contego Solutions Limited (trading
as NorthRow) 597 597 1.4 3.7 14.6
Flow UK Holdings Limited 597 597 1.4 7.0 28.0
Delio Limited 533 533 1.2 3.7 10.3
Push Technology Limited 525 525 1.2 2.8 8.5
QikServe Limited 493 658 1.1 3.4 14.5
Whiterock Group Limited 485 320 1.1 5.1 24.9
e.fundamentals (Group) Limited 467 467 1.1 2.1 8.4
AVID Technology Group Limited 461 461 1.1 4.4 13.0
CODILINK UK Limited (trading as
Coniq) 450 450 1.0 1.3 3.6
Boiler Plan (UK) Limited 450 450 1.0 7.2 40.5
Relative Insight Limited 400 400 0.9 2.3 23.1
WaterBear Education Limited 370 370 0.9 8.7 35.0
ebb3 Limited 366 326 0.9 7.4 48.2
Symphonic Software Limited 350 350 0.8 4.2 10.2
BioAscent Discovery Limited 338 199 0.8 5.0 35.0
GradTouch Limited 300 400 0.7 5.8 29.7
HiveHR Limited 300 300 0.7 5.2 33.7
------------------------------------ ---------- --------- -------------- -------- ------------
Investment Portfolio Summary (Continued)
As at 31 May 2020
% of
% of equity held
Valuation Cost % of equity by other
Investment GBP'000 GBP'000 total assets held clients(1)
------------------------------------ ---------- --------- -------------- -------- ------------
Unlisted (continued)
The Algorithm People Limited 300 300 0.7 9.7 16.3
Growth Capital Ventures Limited 268 256 0.6 6.1 32.4
ADC Biotechnology Limited 252 704 0.6 3.1 15.2
Altra Consultants Limited 250 250 0.6 4.2 55.8
Curo Compensation Limited 228 298 0.5 2.4 16.6
Shortbite Limited (trading as
DigitalBridge) 225 225 0.5 3.6 15.0
ISN Solutions Group Limited 205 321 0.5 4.5 50.5
Optoscribe Limited 187 187 0.4 1.0 9.0
eSafe Global Limited 186 248 0.4 4.6 27.4
R&M Engineering Group Limited 171 761 0.4 8.3 62.3
Fathom Systems Group Limited 77 710 0.2 7.8 52.2
Intilery.com Limited 75 75 0.2 3.3 23.1
Honcho Markets Limited 65 64 0.2 1.5 23.0
FLXG Scotland Limited 55 369 0.1 2.4 11.9
(formerly Flexlife Group Limited)
Space Student Living Limited 45 - 0.1 11.5 68.6
Other unlisted investments - 3,047 -
------------------------------------ ---------- --------- -------------- -------- ------------
Total unlisted 25,415 29,049 59.2
------------------------------------ ---------- --------- -------------- -------- ------------
Quoted
Diaceutics PLC 310 163 0.8 0.5 0.5
MaxCyte Inc 250 250 0.6 0.3 0.3
Faron Pharmaceuticals Oy 244 250 0.6 0.2 0.1
Byotrol PLC 184 120 0.4 1.2 2.3
C4X Discovery Holdings PLC 144 139 0.3 0.6 1.1
Eden Research PLC 101 101 0.2 0.5 1.4
Trackwise Designs PLC 74 63 0.2 0.4 1.0
Diurnal Group PLC 64 63 0.1 0.2 0.6
Cello Health PLC 57 54 0.1 0.1 0.4
Osirium Technologies PLC 57 100 0.1 1.5 4.4
Entertainment AI PLC 42 75 0.1 0.4 2.2
Genedrive PLC 33 16 0.1 0.1 0.1
Vianet Group PLC (formerly Brulines
Group PLC) 20 31 0.1 0.1 1.4
Other quoted investments 5 585 -
------------------------------------ ---------- --------- -------------- -------- ------------
Total quoted 1,585 2,010 3.7
------------------------------------ ---------- --------- -------------- -------- ------------
Investment Portfolio Summary (Continued)
As at 31 May 2020
Investment Valuation Cost % of % of % of
GBP'000 GBP'000 total assets equity equity held
held by other
clients(1)
------------------------------------ ---------- --------- -------------- -------- ------------
Private equity investment trusts
HgCapital Trust PLC 300 249 0.7 - 0.1
ICG Enterprise Trust PLC 286 333 0.7 0.1 0.1
Apax Global Alpha Limited 251 250 0.6 - 0.1
HarbourVest Global Private Equity
Limited 245 250 0.6 - 0.1
Princess Private Equity Holding
Limited 238 270 0.6 0.1 0.1
BMO Private Equity Trust PLC 230 253 0.5 0.1 0.3
(formerly F&C Private Equity Trust
PLC)
Pantheon International PLC 178 180 0.4 - 0.1
Standard Life Private Equity Trust
PLC 101 110 0.2 - 0.1
------------------------------------ ---------- --------- -------------- -------- ------------
Total private equity investment
trusts 1,829 1,895 4.3
------------------------------------ ---------- --------- -------------- -------- ------------
Real estate investment trusts
Target Healthcare REIT Limited 91 96 0.2 - 0.1
Regional REIT Limited 80 101 0.2 - 0.1
Schroder REIT Limited 64 107 0.1 - 0.1
Custodian REIT PLC 51 71 0.1 - -
------------------------------------ ---------- --------- -------------- -------- ------------
Total real estate investment trusts 286 375 0.6
------------------------------------ ---------- --------- -------------- -------- ------------
Total investments 29,115 33,329 67.8
------------------------------------ ---------- --------- -------------- -------- ------------
(1) Other clients of Maven Capital Partners UK LLP.
(2) Atul Devani is executive chairman of this company.
Income Statement
For the six months ended 31 May 2020
Six months ended Six months ended Year ended
31 May 2020 31 May 2019 30 November 2019
(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
---------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
(Losses)/gains on
investments - (2,463) (2,463) - 603 603 - 641 641
---------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Income from investments 609 - 609 359 - 359 922 - 922
---------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Other income 14 - 14 30 - 30 60 - 60
---------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Investment management
fees (110) (439) (549) (108) (435) (543) (213) (854) (1,067)
---------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Other expenses (143) - (143) (133) - (133) (300) - (300)
---------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Net return on ordinary
activities before taxation 370 (2,902) (2,532) 148 168 316 469 (213) 256
---------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Tax on ordinary activities (32) 32 - (12) 12 - (78) 78 -
---------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Return attributable
to Equity Shareholders 338 (2,870) (2,532) 136 180 316 391 (135) 256
---------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Earnings per share
(pence) 0.45 (3.84) (3.39) 0.20 0.26 0.46 0.57 (0.20) 0.37
---------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
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
Six months ended 31 May 2020
Six months ended 31 May 2020 (unaudited)
Share Share Capital Capital Special Capital Revenue Total
capital premium reserve reserve distributable redemption reserve GBP'000
GBP'000 account realised unrealised reserve reserve GBP'000
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------------------------- -------- -------- -------- ---------- ------------- ---------- -------- --------
At 30 November 2019 6,798 - (12,858) (1,486) 47,002 35 1,247 40,738
Net return - - (142) (2,728) - - 338 (2,532)
Dividends paid - - (1,182) - - - (394) (1,576)
Repurchase and cancellation
of shares (71) - - - (364) 71 - (364)
Net proceeds of share
issue 1,107 5,513 - - - - - 6,620
----------------------------- -------- -------- -------- ---------- ------------- ---------- -------- --------
At 31 May 2020 7,834 5,513 (14,182) (4,214) 46,638 106 1,191 42,886
----------------------------- -------- -------- -------- ---------- ------------- ---------- -------- --------
Six months ended 31 May 2019 (unaudited)
Share Share Capital Capital Special Capital Revenue Total
capital premium reserve reserve distributable redemption reserve GBP'000
GBP'000 account realised unrealised reserve reserve GBP'000
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------- --------- -------- --------- ----------- -------------- ----------- --------- ---------
At 30 November 2018 6,897 31,285 (9,784) (3,058) 15,323 890 856 42,409
Net return - - (388) 568 - - 136 316
Repurchase and
cancellation
of shares (37) - - - (209) 37 - (209)
---------------------- --------- -------- --------- ----------- -------------- ----------- --------- ---------
At 31 May 2019 6,860 31,285 (10,172) (2,490) 15,114 927 992 42,516
---------------------- --------- -------- --------- ----------- -------------- ----------- --------- ---------
Year ended 30 November 2019 (audited)
Share Share Capital Capital Special Capital Revenue Total
capital premium reserve reserve distributable redemption reserve GBP'000
GBP'000 account realised unrealised reserve reserve GBP'000
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------------- --------- -------- --------- ----------- ---------------- ----------- --------- ---------
At 30 November 2018 6,897 31,285 (9,784) (3,058) 15,323 890 856 42,409
Net return - - (1,707) 1,572 - - 391 256
Cancellation of
share
premium account - (31,379) - - 31,379 - - -
Cancellation of
capital
redemption reserve - - - - 977 (977) - -
Share premium
cancellation
costs - (2) - - - - - (2)
Dividends paid - - (1,367) - - - - (1,367)
Repurchase and
cancellation
of shares (122) - - - (677) 122 - (677)
Net proceeds of DIS
issue 23 96 - - - - - 119
-------------------- --------- -------- --------- ----------- ---------------- ----------- --------- ---------
At 30 November 2019 6,798 - (12,858) (1,486) 47,002 35 1,247 40,738
-------------------- --------- -------- --------- ----------- ---------------- ----------- --------- ---------
The accompanying Notes are an integral part of the Financial
Statements.
Balance Sheet
As at 31 May 2020
31 May 2020 31 May 2019 30 November
2019
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
------------------------------------ ------------ ------------ -----------
Fixed assets
Investments at fair value through
profit or loss 29,115 25,580 26,623
Current assets 388 294 333
Debtors 13,411 16,694 13,822
Cash
------------------------------------ ------------ ------------ -----------
13,799 16,988 14,155
Creditors
Amounts falling due within one
year (28) (52) (40)
------------------------------------ ------------ ------------ -----------
Net current assets 13,771 16,936 14,115
------------------------------------ ------------ ------------ -----------
Net assets 42,886 42,516 40,738
------------------------------------ ------------ ------------ -----------
Capital and reserves
Called up share capital 7,834 6,860 6,798
Share premium account 5,513 31,285 -
Capital reserve - realised (14,182) (10,172) (12,858)
Capital reserve - unrealised (4,214) (2,490) (1,486)
Special distributable reserve 46,638 15,114 47,002
Capital redemption reserve 106 927 35
Revenue reserve 1,191 992 1,247
------------------------------------ ------------ ------------ -----------
Net assets attributable to Ordinary
Shareholders 42,886 42,516 40,738
------------------------------------ ------------ ------------ -----------
Net asset value per Ordinary Share
(pence) 54.74 61.97 59.92
------------------------------------ ------------ ------------ -----------
The financial statements of Maven Income and Growth VCT 3 PLC,
registered number 04283350, were approved by the Board and were
signed on its behalf by:
Atul Devani
Director
24 July 2020
The accompanying Notes are an integral part of the Financial
Statements.
Cash Flow Statement
For the six months ended 31 May 2020
Six months ended Six months ended Year ended
31 May 2020 31 May 2019 30 November
2019
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
------------------------------ ---------------- ---------------- ------------
Net cash flows from operating
activities (107) (207) (292)
Cash flows from investing
activities (6,103) (3,916) (7,367)
Purchase of investments 1,119 47 2,429
Sale of investments
------------------------------ ---------------- ---------------- ------------
Net cash flows from investing
activities (4,984) (3,869) (4,938)
------------------------------ ---------------- ---------------- ------------
Cash flows from financing
activities
Equity dividends paid (1,576) - (1,367)
Issue of Ordinary Shares 6,620 - 119
Share premium cancellation
costs - - (2)
Repurchase of Ordinary Shares (364) (209) (677)
------------------------------ ---------------- ---------------- ------------
Net cash flows from financing
activities 4,680 (209) (1,927)
------------------------------ ---------------- ---------------- ------------
Net decrease in cash (411) (4,285) (7,157)
------------------------------ ---------------- ---------------- ------------
Cash at beginning of period 13,822 20,979 20,979
Cash at end of period 13,411 16,694 13,822
------------------------------ ---------------- ---------------- ------------
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 31 May 2020
and the six months ended 31 May 2019 comprises non-statutory
accounts within the meaning of S435 of the Companies Act 2006. The
financial information contained in this report has been prepared on
the basis of the accounting policies set out in the Annual Report
and Financial Statements for the year ended 30 November 2019, which
have been filed at Companies House and contained an Auditor's
report that 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.
This reserve is non-distributable.
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. This reserve
is distributable.
Special distributable reserve
The total cost to the Company of the repurchase and cancellation
of shares is represented in the special distributable reserve. This
reserve is distributable.
Capital redemption reserve
The nominal value of shares repurchased and cancelled is
represented in the capital redemption reserve. This reserve is
non-distributable.
Revenue reserve
The revenue reserve represents accumulated profits retained by
the Company that have not been distributed to Shareholders. This
reserve is distributable.
3. Return per Ordinary Share
Six months ended
31 May 2020
-------------------------------------------- ----------------
The returns per share have been based on the 74,780,620
following figures:
Weighted average number of Ordinary Shares GBP338,000
Revenue return (GBP2,870,000)
Capital return
-------------------------------------------- ----------------
Total return (GBP2,532,000)
-------------------------------------------- ----------------
Directors' Responsibility Statement
Each Director believes that, to the best of their knowledge:
-- the Financial Statements for the six months ended 31 May 2020
have been prepared in accordance with FRS 102, the Financial
Reporting Standard applicable in the UK and the 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
and emerging risks and uncertainties facing the Company during the
second six months, of the year ending 30 November 2020; and
-- the Interim Management Report includes adequate disclosure of
the information required by DTR 4.2.8R in relation to material
related party transactions and any changes therein.
Other information
The NAV per Ordinary Share has been calculated using the number
of Ordinary Shares in issue at 31 May 2020, which was 78,337,478. A
summary of investment changes for the six months under review and
an investment portfolio summary as at 31 May 2020 are included
above. A full copy of the Interim Report and Financial Statements
will be printed and issued to Shareholders in due course. 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 at
1 - 2 Royal Exchange Buildings, London, EC3V 3LF; and on the
Company's website at: www.mavencp.com/migvct3.
Neither the content of the Company's website nor the contents of
any website accessible from hyperlinks on the Company's website (or
any other website) is incorporated into, or forms part of, this
announcement.
On behalf of the Board
Maven Capital Partners UK LLP
Secretary
24 July 2020
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 ZZLFLBDLFBBV
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