TIDMORT TIDMMAV4
RNS Number : 0189Q
Ortus VCT PLC
31 October 2012
Ortus VCT
Half-yearly Report
For the six months ended 31 August 2012
Chairman's Statement
During the six months ended 31 August 2012, the portfolio has
continued to generate a steadily improving level of revenues, but
at the same time it has been necessary to revalue several of the
legacy portfolio assets to reflect the terms of offers received for
those businesses or downturn in trading at certain of these older
assets. As a consequence, the Net Asset Value has reduced by 5.3p
per share to 33.4p. Conversely, the new Maven portfolio has
continued to increase in value but, with smaller unit sizes, the
corresponding positive impact on NAV has been less pronounced. The
Company has nevertheless improved its cash reserves and going
forward is well placed to invest in all Maven-led transactions,
albeit still in modest unit sizes.
As can be seen in the Investment Portfolio Summary on page 11,
the Maven team has now introduced more than twenty new private
equity investments, which are generally valued at or above cost and
are generating attractive levels of revenue, which is demonstrated
by the increase in income to your Company highlighted above.
Strategy
For some time, your Board has been examining strategic options
aimed at restoring value and improving returns for Ortus
Shareholders. We are pleased to inform Shareholders that, to this
end, we have recently entered discussions with Maven Income and
Growth VCT 4 PLC to merge the two companies. The potential merger,
which will be subject to approval by both companies, is expected to
achieve, among other things, cost savings and administrative
efficiency through the creation of an enlarged VCT that will
provide benefits for all Shareholders. The intention is that any
merger will be carried out on a relative net assets basis by
transferring the assets and liabilities of Ortus VCT to Maven
Income and Growth VCT 4 in consideration for new shares of that
company pursuant to a section 110 scheme of reconstruction. A
merger on this basis will be outside the provisions of The City
Code on Takeovers and Mergers. Full details will be set out in a
circular to be issued to Shareholders in due course.
The Board believes that this is a very positive development for
Ortus Shareholders. Maven Income and Growth VCT 4 is a top decile
performing VCT and has one of the narrowest discounts of its peer
group (Source: Trustnet, 31 October 2012), reflecting the quality
of the underlying portfolio of assets. It also has an established
dividend stream.
The Board is confident in Maven's ability to continue to provide
the type of income-generating private equity investments to the
enlarged VCT that they have been successfully introducing to other
Maven clients for several years. The range of independent industry
recognition of Maven's successful VCT strategy, which is described
in more detail in the Investment Manager's Review, is testament to
that.
Principal risks and uncertainties
The Board has reviewed the principal risks and uncertainties
facing the Company, which are as set out in the Annual Report, with
the addition of the risks associated with entering into a merger
such as that set out in the section on Strategy above. The VCT
qualifying status of the Company is reviewed regularly by your
Board and monitored on a continuous basis by the Manager in order
to ensure that all of the criteria for VCT status are met. The
Board has confirmed that all tests continue to be met.
Outlook
The Board recognises that although the new Maven portfolio has
performed well, overall returns to Shareholders from the combined
new and legacy portfolios have not been what we or Shareholders
would wish. The Board is committed to improving returns and
believes that the merger currently under discussion has the
potential to significantly improve Shareholder value. Assuming that
the merger proceeds, it is anticipated that the enlarged company
would provide a diversified portfolio better positioned to generate
positive Shareholder returns in keeping with those previously
achieved by Maven Income and Growth VCT 4.
Maven has worked closely and supportively with the Board and
remains committed to the recovery of value for Ortus Shareholders.
The Board is grateful for their support and strategic assistance,
and it is expected that the proposed merger would provide a major
impetus to the re-alignment and broadening of the portfolio in
order to provide Shareholders with long-awaited improvements in
capital growth and dividend generation.
Investment Manager's Review
Overview
In recent years your Company has focused on reducing exposure to
a small number of large and non-yielding legacy assets, repaying
borrowings and generating cash with a view to building a properly
balanced portfolio of later-stage private equity assets. The
current scarcity of bank finance means that Maven's investment
team, operating from six key regional centres throughout the UK,
continue to be introduced to a steady flow of good quality private
companies as these businesses look for alternative sources of
funding.
During the six month period your Company's portfolio generated
increased revenues and, following several realisations, has
improved cash reserves which enhance its capability to invest in
all Maven-led transactions. However, as a result of a review of
legacy holding valuations in the light of current offers or poor
trading results, the Net Asset Value has decreased to 33.4p per
share.
Shareholders who attended the Ortus AGM this year will be aware
that the three large holdings in the legacy portfolio continue to
represent a disproportionately large element of the Ortus
portfolio, and meaningful levels of new investment are constrained
until these holdings have been realised. Nevertheless, Maven is
continuing to expand and broaden the portfolio within the confines
of existing cash resources available, and the rebuilding and
repositioning of the fund continues. Somewhat unfortunately, the
increase in value and realisations achieved on the Maven
investments has been masked by reductions in the legacy holdings;
however, the portfolio is steadily becoming more balanced, which is
a positive development in the long term interest of
Shareholders.
We are pleased to note that since publication of the Annual
Report there has been a wide range of independent industry
recognition of the success of Maven's VCT investment strategy and
ability to deliver a consistent level of shareholder returns.
In August Maven was announced as the winner in the UK Small
Buyout House of the Year category for the ACQ Finance Magazine
Global Awards 2012. Maven was also recently named as winner of VCT
Exit of the Year at the 2012 unquote" British Private Equity Awards
for the 3 times exit from Walker Technical Resources in 2011, as
well as being a finalist in the VCT House of the Year category.
These awards acknowledge innovation and excellence in the private
equity and venture capital sectors.
Dividends
Although the revenue position continues to improve as a result
of increasing levels of investment income, the Company is not yet
in a position to make Shareholder distributions. The short to
medium term priorities for Maven are to continue to reduce the
revenue account deficit and to retain funds to enable the Company
to participate to an increasing extent in new later-stage private
company investments.
Investment activity
During the period the Maven team completed two qualifying
private equity investments at a cost of GBP0.3 million on behalf of
your Company, and made six follow-on investments in existing
portfolio companies. At the period end, the portfolio was comprised
of 39 unlisted and AIM/PLUS quoted investments at a total cost of
GBP8.3 million, with quoted holdings representing less than 4.4% of
the portfolio by value.
Two new private company investments were added to the portfolio
during the period under review:
-- Vodat International, a provider of payment and communications
solutions to high street businesses, which enable retailers to
reduce costs, boost store productivity and increase sales in an
increasingly competitive trading environment. The company has an
established and diverse customer base, has consistently improved
profitability in recent years and enjoys high levels of recurring
revenue from a number of long-term service and support contracts;
and
-- CatTech International, a niche industrial services business
offering catalyst handling products and services to petro-chemical
plants operating in the major international markets. The business
specialises in servicing equipment used in applications where
operational efficiency is critical and
there is an increasing global focus on health and safety issues,
and has developed a range of patented products and processes to
improve the efficiency, speed and safety of catalyst
operations.
The following new investments have been completed during the
period:
Investment
Investment Date Sector cost GBP'000 Website
------------------------------------ ------------ ------------------- -------------- -----------------------------
Unlisted
CatTech International Limited March 2012 Support services 149 www.cat-tech.com
Glacier Energy Services Group June 2012 Oil equipment
Limited services 24 www.glacier.co.uk
Nessco Group Holdings Limited March 2012 Oil equipment
services 75 www.nesscogroup.com
Networks by Wireless Limited June 2012 Telecommunication
services 142 www.networksbywireless.co.uk
TC Communications Holdings Limited July 2012 Support services 23 www.tccommunications.co.uk
Tosca Penta Exodus Mezzanine Telecommunication
Limited services
Partnership (trading as 6deg Group) July 2012 52 www.6dg.co.uk
Venmar Limited (trading as XPD8 Oil and gas
Solutions
Limited) June 2012 91 www.xpd8solutions.com
Vodat International Holdings Telecommunication
Limited March 2012 services 150 www.vodat-int.com
Total unlisted investment 706
----------------------------------------------------------------------- -------------- -----------------------------
Listed fixed income
Treasury bill 24 December 2012 July 2012 949
Total 1,655
----------------------------------------------------------------------- -------------- -----------------------------
The follow-on investments were made to support the development
of existing portfolio businesses and, in the case of Glacier Energy
Services Group and 6(o) Group, to fund acquisitions.
Ortus VCT PLC has co-invested in some or all of the above
transactions with Maven Income and Growth VCT, Maven Income and
Growth VCT 2, Maven Income and Growth VCT 3, Maven Income and
Growth VCT 4, Maven Income and Growth VCT 5 and Talisman First
Venture Capital Trust. Co-investment allows the Companies to
underwrite a wider range and larger size of transaction than would
be the case on a stand-alone basis.
Realisations
There were three significant private company realisations during
the period. In March 2012, Maven completed the realisation of ATR
Holdings for GBP19.25 million via a secondary buy-out funded by the
private equity manager NBGI, realising a total return of 1.7 times
the initial cost. ATR provides rental services for specialist
plant, equipment and consumables, along with a comprehensive range
of support services, to offshore and onshore energy services
maintenance contractors operating in highly regulated environments.
The exit from Ashford Colour Press completed in June 2012 with the
Company repaying all loan notes and overall achieving a small
uplift on cost. During July 2012 the realisation of the holding in
Nessco Group Holdings completed with a sale to NASDAQ listed RigNet
Inc. for a 2.7 times return on the cost of investment.
The table below gives details of realisations during the
reporting period.
Cost Value Gain/(loss)
Date Complete/ of shares at 29 over 29
first partial disposed February Sales Realised February
invested exit of 2012 proceeds gain/(loss) 2012 value
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------------- ---------- ----------- -------------- ----------------- ------------- ------------------ -----------------
Unlisted
Ashford Colour
Press Limited 2002 Complete 214 223 223 9 -
ATR Holdings
Limited 2007 Complete 124 170 124 - (46)
Dalglen (1150)
Limited (trading
as Walker
Technical
Resources) 2009 Complete - - 2 2 2
Nessco Group
Holdings Limited 2008 Complete 448 706 979 531 273
Space Student
Living Limited 2011 Partial 22 22 22 - -
Westchester
Holdings 1999 Complete - - 41 41 41
Total unlisted disposals 808 1,121 1,391 583 270
--------------------------------------------- -------------- ----------------- ------------- ------------------ -----------------
AIM
Deltex Medical
Group PLC 2001 Partial 23 62 76 53 14
Total AIM disposals 23 62 76 53 14
--------------------------------------------- -------------- ----------------- ------------- ------------------ -----------------
Total 831 1,183 1,467 636 284
--------------------------------------------- -------------- ----------------- ------------- ------------------ -----------------
The Manager has continued its policy of disposing of quoted
holdings for best possible value in cases where the investments
were underperforming.
VCT regulation
The Manager was pleased to note that the Finance Act received
Royal Assent in July, following approval by the European Commission
of Government increases to the level of investment in an individual
business which qualifies for VCT funding, and to the size of
business which can benefit. The gross asset limit for investee
companies has been raised from GBP7 million to GBP15 million, and
the maximum number of employees from 50 to 250, while the annual
investment limit has been raised from GBP2 million to GBP5 million.
These revised limits are consistent with the Maven focus on
investing in later-stage companies, and reinforce the position of
generalist VCTs as a tax-efficient means of investment in
high-growth smaller businesses.
Maven Capital Partners UK LLP
Manager
31 October 2012
Ortus VCT PLC
Summary of Investment Changes
For the six months ended 31 August
2012
Valuation Net investment/ Appreciation/ Valuation
29 February 31 August
2012 (disinvestment) (depreciation) 2012
GBP'000 % GBP'000 GBP'000 GBP'000 %
-------------------- -------------- ----------- ------------------------ ----------------------- ------------ ---------
Unlisted
investments
Equities 9,124 65.3 (485) (1,772) 6,867 56.9
Preference - - - - - -
Loan Stock 3,118 22.3 (200) (180) 2,738 22.7
-------------------- -------------- ----------- ------------------------ ----------------------- ------------ ---------
12,242 87.6 (685) (1,952) 9,605 79.6
AIM investments
Equities 550 3.9 (76) 58 532 4.4
Treasury Bills - - 949 1 950 7.9
-------------------- -------------- ----------- ------------------------ ----------------------- ------------ ---------
Total investments 12,792 91.5 188 (1,893) 11,087 91.9
Other net assets 1,189 8.5 (217) - 972 8.1
Net assets 13,981 100.0 (29) (1,893) 12,059 100.0
-------------------- -------------- ----------- ------------------------ ----------------------- ------------ ---------
Investment Portfolio Summary
As at 31 August 2012
% of
equity
% of % of held
Valuation Cost total equity by other
Investment GBP'000 GBP'000 assets held clients(1)
-------------------------------------------------- ---------- --------- -------- ---------- -------------
Unlisted
Vyre Limited 2,700 324 22.4 29.8 -
Espresso Group Limited 1,500 461 12.4 7.2 -
Higher Nature Limited 1,000 500 8.3 11.2 -
Networks by Wireless Limited 450 542 3.7 28.3 -
Lab M Holdings Limited 292 1,000 2.4 17.6 -
Other 0 1,704 - - -
Total unlisted legacy investments 5,942 4,531 49.2
-------------------------------------------------- ---------- --------- -------- ---------- -------------
Torridon Capital Limited 500 161 4.2 1.2 38.8
TC Communications Holdings Limited 293 326 2.5 3.5 26.5
Venmar Limited (trading as XPD8 Solutions
Limited) 250 250 2.2 2.4 32.6
Maven Co-invest Exodus Limited Partnership
(trading as 6deg Group) 230 164 1.9 0.5 10.0
Flexlife Group Limited 198 149 1.6 0.6 14.0
Lawrence Recycling & Waste Management
Limited 197 197 1.6 2.4 59.6
Attraction World Holdings Limited 187 94 1.6 1.9 36.6
Tosca Penta Investments Limited Partnership
(trading as esure) 174 85 1.4 - 0.2
Westway Services Limited 173 75 1.4 0.8 21.1
Intercede (Scotland) 1 Limited (trading
as Electro-Flow Controls) 169 99 1.4 1.1 27.4
Lemac No. 1 Limited (trading as John McGavigan
Limited) 164 164 1.4 2.8 34.0
Moriond Limited 150 150 1.2 3.1 46.9
LCL Hose Limited (trading as Dantec) 149 149 1.2 2.7 27.3
Cat Tech International Limited 149 149 1.2 1.4 28.6
Vodat International Holdings Limited 149 149 1.2 1.7 40
Glacier Energy Services Group Limited 123 123 1.0 1.0 24.1
CHS Engineering Services Limited 114 114 0.9 1.3 22.1
Training for Travel Group Limited 103 228 0.9 2.3 27.7
Atlantic Foods Group Limited 71 71 0.6 - 8.8
Tosca Penta Exodus Mezzanine Limited Partnership 52 52 0.4 0.5 7.2
Claven Holdings Limited 48 19 0.4 3.3 46.7
Others 20 305 0.2 1.1 28.9
Total unlisted new portfolio 3,663 3,273 30.4
-------------------------------------------------- ---------- --------- -------- ---------- -------------
Total unlisted investments 9,605 7,804 79.6
-------------------------------------------------- ---------- --------- -------- ---------- -------------
AIM
Vectura Group PLC 261 257 2.2 0.1 0.3
Chime Communications PLC 108 95 0.9 0.1 0.2
OMG PLC 56 47 0.5 0.3 -
Deltex Medical Group PLC 54 19 0.4 0.1 -
Angle PLC 48 15 0.4 0.3 -
Others 5 17 - - 0.3
Total AIM investments 532 450 4.4
-------------------------------------------------- ---------- --------- -------- ---------- -------------
Listed fixed income
Treasury bill 24 December 2012 950 949 7.9
Total investments 11,087 9,203 91.9
================================================== ========== ========= ======== ========== =============
1 Other clients of Maven Capital Partners UK LLP.
Directors' Responsibility Statement
The Directors confirm that, to the best of their knowledge:
-- The Financial Statements for the six months ended 31 August
2012 have been prepared in accordance with applicable accounting
standards and with the Statement of Recommended Practice 'financial
Statements of Investment Trust Companies' (the SORP) issued in
January 2009;
-- 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 28 February 2013; 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.
By order of the Board
Maven Capital Partner UK LLP
Secretary
31 October 2012
Income Statement
For the six months ended 31 August
2012
Six months Six months
ended ended Year ended
31 August 31 August 29 February
2012 2011 2012
(unaudited) (unaudited) (audited)
-------------- --------------------------------- ----------------- ------------------------------------ ----------------- -------------------------------
Revenue Capital Total Revenue Capital Total Revenue Capital Total
Notes GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------ ------- -------------- ---------------- --------------- ----------------- ----------------- ----------------- ----------------- -------------- ---------------
(Losses)/gains on
investments - (1,893) (1,893) - 226 226 - (266) (266)
Investment income and
deposit interest 252 - 252 236 - 236 367 - 367
Investment
management
fees 4 (35) (106) (141) (36) (110) (146) (73) (220) (293)
Incentive fees 4 (36) (26) (62) (19) (21) (40) (41) (123) (164)
Other expenses (78) - (78) (87) - (87) (184) - (184)
------------------ ------- -------------- ---------------- --------------- ----------------- ----------------- ----------------- ----------------- -------------- ---------------
Net return on ordinary
activities before
taxation 103 (2,025) (1,922) 94 95 189 69 (609) (540)
Tax on ordinary
activities (10) 10 - - - - (11) 11 -
------------------ ------- -------------- ---------------- --------------- ----------------- ----------------- ----------------- ----------------- -------------- ---------------
Return attributable to
equity shareholders 93 (2,015) (1,922) 94 95 189 58 (598) (540)
--------------------------- -------------- ---------------- --------------- ----------------- ----------------- ----------------- ----------------- -------------- ---------------
Earnings per
share
(pence) 0.26 (5.58) (5.32) 0.26 0.26 0.52 0.20 (1.70) (1.50)
------------------ ------- -------------- ---------------- --------------- ----------------- ----------------- ----------------- ----------------- -------------- ---------------
A Statement of Total Recognised Gains and Losses has not been prepared, as all gains and losses
are recognised in the Income
Statement.
All items in the above statement are derived from continuing operations. The Company has only
one class of business and derives
its income from investments made in shares, securities and bank deposits.
The total column of this Statement is the Profit and Loss Account of the Company.
Six months Six months Year
ended ended ended
Reconciliation of Movements in Shareholders'
Funds 31 August 2012 31 August 2011 29 February 2012
GBP'000 GBP'000 GBP'000
Opening Shareholders'
funds 13,981 14,521 14,521
Net return for period (1,922) 189 (540)
Closing Shareholders'
funds 12,059 14,710 13,981
=============== =============== =================
Balance Sheet
As at 31 August 2012
31 August 29 February
2012 31 August 2011 2012
(unaudited) (unaudited) (audited)
Notes GBP'000 GBP'000 GBP'000
--------- ----- ------ ------------------- ------- --------- ----------------- ----- ----------------- ----- -------------------
Fixed assets
Investments at fair value through
profit or loss 11,087 12,855 12,792
Current assets
Debtors 725 1,116 753
Cash and overnight deposits 334 803 594
--------------------------------------------- ------- --------- ----------------- ----- ----------------- ----- -------------------
1,059 1,919 1,347
Creditors:
Amounts falling due within one
year (87) (64) (158)
--------------------------------------------- ------- --------- ----------------- ----- ----------------- ----- -------------------
Net current
assets 972 1,855 1,189
------------------------ ------------------- ------- --------- ----------------- ----- ----------------- ----- -------------------
Net assets 12,059 14,710 13,981
------------------------ ------------------- ------- --------- ----------------- ----- ----------------- ----- -------------------
Capital and reserves
Called up share capital 3,611 3,611 3,611
Distributable
reserve 2 24,022 24,022 24,022
Share premium account 2 3,261 3,261 3,261
Capital redemption reserve 2 455 455 455
Capital reserve - realised 2 (20,219) (20,569) (20,733)
Capital reserve - unrealised 2 1,882 4,940 4,411
Revenue reserve 2 (953) (1,010) (1,046)
------------------------ ------------------- --------- ----------------- ----- ----------------- ----- -------------------
Net assets attributable to Ordinary
Shareholders 12,059 14,710 13,981
--------------------------------------------- ------- --------- ----------------- ----- ----------------- ----- -------------------
Net Asset Value per Ordinary
Share (pence) 33.4 40.7 38.7
--------------------------------------------- ------- --------- ----------------- ----- ----------------- ----- -------------------
The Financial Statements of Ortus VCT PLC, registered number 3160586, were approved
and authorised for issue by the Board of
Directors and were signed on its
behalf by:
D Potter
Director
31 October
2012
The accompanying Notes are an integral part
of the Financial Statements.
Cash Flow Statement
For the six months
ended 31 August
2012
Six months to Six months to Year ended
31 August 2012 31 August 2011 29 February 2012
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------- ------------------ -------------- -------------- ------------- ------------------ ------------------
Operating activities
Investment income
received 287 198 301
Investment management
fees paid (141) (147) (293)
Secretarial fees paid (15) (16) (37)
Directors' expenses
paid (28) (31) (59)
Other cash payments (175) (231) (294)
---------------------- ------------------ -------------- -------------- ------------- ------------------ ------------------
Net cash outflow from
operating
activities (72) (227) (382)
Financial investment
Purchase of
investments (1,655) (541) (1,024)
Sale of investments 1,467 943 1,372
---------------------- ------------------ -------------- -------------- ------------- ------------------ ------------------
Net cash
(outflow)/inflow
from
financial investment (188) 402 348
---------------------- ------------------ -------------- -------------- ------------- ------------------ ------------------
Net cash
(outflow)/inflow
before
financing (260) 175 (34)
(Decrease)/increase
in cash (260) 175 (34)
---------------------- ------------------ -------------- -------------- ------------- ------------------ ------------------
At 29 February 2012 Cash flows At 31 August 2012
GBP'000 GBP'000 GBP'000
Cash and overnight
deposits 594 (260) 334
--------------
Net funds 594 (260) 334
-------------- ------------- ------------------
Notes to the Financial Statements
1. Accounting policies
The financial information for the six months ended 31 August 2012 and the
six months ended 31 August
2011 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 29 February 2012,
which have been filed at Companies House 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.
The results for the year ended 29 February 2012 are extracted
from the full accounts for that
year, which received an unqualified report from the Auditor and have been
filed with the Registrar of
Companies.
Share Capital Capital Capital
Distributable premium redemption reserve reserve Revenue
reserve account reserve realised unrealised reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
2. Movement in reserves
At 29 February 2012 24,022 3,261 455 (20,733) 4,411 (1,046)
Gain on sales of investments - - - 636 - -
Net decrease in value of
investments - - - - (2,529) -
Investment management fees - - - (106) - -
Incentive fees - - - (26) - -
Tax effect of capital items - - - 10 - -
Net return on ordinary activities
after taxation - - - - - 93
As at 31 August 2012 24,022 3,261 455 (20,219) 1,882 (953)
================== ================ ================ =================== ==================== ==================
Six months ended
Return per Ordinary
3. Shares 31 August 2012
The returns per share have been based on the following
figures:
Weighted average number of ordinary
shares 36,110,992
Revenue Return GBP93,000
Capital Return (GBP2,015,000)
Six months ended Six months ended Year ended
Investment Management 31 August 31 August 29 February
4 Fees 2012 2011 2012
(unaudited) (unaudited) (audited)
Revenue Capital Revenue Capital Revenue Capital
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Fees for period 35 106 36 110 73 220
Incentive fee 36 26 19 21 41 123
71 132 55 131 114 343
================== ================ ================ =================== ==================== ==================
Copies of this announcement will be available to the public at
the office of Maven Capital Partners UK LLP, 149 St Vincent Street,
Glasgow and at the registered office of the Company, 9 - 13 St
Andrew Street, London.
The Interim Report and Financial Statements will be printed and
sent to Shareholders.
On behalf of the Board
Maven Capital Partners UK LLP
Secretary
31 October 2012
ENDS
Neither the content of the Company's website nor the contents of
any website accessible from this document or hyperlinks on the
company's website (or any other website) is incorporated into, or
forms part of, this announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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