TIDMMIG2
RNS Number : 7537A
Maven Income and Growth VCT 2 PLC
30 September 2015
Maven Income and Growth VCT 2 PLC
Interim Management Report for the six months ended 31 July 2015
(unaudited)
The Directors announce the unaudited Interim Management Report
for the six months ended 31 July 2015.
Highlights
-- NAV total return of 95.07p per share at 31 July 2015, up from 91.12p at 31 January 2015
-- NAV at period end of 62.60p per share after payment of the
final dividend of 2.15p per share
-- Five new investments added to the portfolio
-- Realisation of Steminic for a total return of 3.3 times cost
-- Exit from Six Degrees Group generating a total return multiple of 2.1 times cost
-- Increased interim dividend declared of 2.00p per share (2014:
1.85p) along with a special dividend of 10.00p per share.
Overview
The continuing objective for your Company is to achieve long
term capital appreciation and generate maintainable levels of
income for Shareholders, by investing in a diversified portfolio of
later-stage private businesses and AIM/ISDX quoted companies with
established revenue streams and strong growth potential. During the
six month period to 31 July 2015, this strategy has delivered a
further increase in NAV total return, to 95.07p per share.
During the reporting period the Maven team has continued to
source suitable investment opportunities in profitable businesses
across the UK and the asset base now includes 45 private companies,
the majority of which are trading in line with plan and paying a
regular yield. This revenue is an important component in your
Company's ability to sustain an attractive level of tax-free
distributions to Shareholders and, consequently, your Board is
pleased to declare an increased interim dividend of 2.00p per share
at the half-year.
In June 2015, Maven was named as Private Equity House of the
Year at the 2015 M&A Awards, one of the leading events in the
corporate finance calendar. This category recognises private equity
managers that have displayed the keenest judgement and opportunism
in completing acquisitions or exit transactions during the year,
including an acknowledgement of their contribution in increasing
the value of investee businesses.
Maven has also been shortlisted at the 2015 unquote" British
Private Equity Awards in the VCT House of the Year category, whilst
the 3.8 times cost exit from EFC Group achieved for your Company
has been nominated for VCT Exit of the Year.
Dividends
The Board has declared an increased interim dividend of 2.00p
per Ordinary Share, comprising 0.80p of revenue and 1.20p of
capital, to be paid on 30 October 2015 to Shareholders on the
Register at 2 October 2015. Following a number of profitable recent
realisations, the Directors are pleased to declare a special
dividend of 10.0p for payment alongside the interim dividend.
Since the Company's launch, and after receipt of the interim and
special dividends, Shareholders will have received 44.47p per share
in tax-free dividends. The effect of paying these dividends will be
to reduce the NAV of the Company by the total cost of the
distributions.
Portfolio Developments
The private equity portfolio has generally performed well, and
strong trading results have led to valuation uplifts for a number
of companies operating in a range of sectors.
The financial performance of cash management specialist Cash
Bases Group improved significantly in 2013 on the back of a
multi-million pound contract from Tesco PLC for the company's
innovative SMARTtill product, which provides automated cash
management technology and real-time transaction monitoring.
Profitability levels were maintained throughout 2014, and several
SMARTtill trials and pilots are taking place in both the UK and
Europe which management are confident will result in further
customers being secured. An offer for the business, the sale of
which completed subsequent to the period end, resulted in an uplift
in the valuation of the investment.
Westway Services Holdings, a provider of technical facility
services, has a proven track record of delivering a reliable and
quality service to its clients across a broad range of planned and
reactive maintenance projects. The business enjoys a longstanding
relationship with M&S and, in light of recent contract wins,
the directors expect revenues in the current financial year to
exceed GBP55 million, compared to GBP39 million in the prior
year.
Maven clients first invested in Just Trays (JT), the UK's
leading manufacturer of shower trays and related accessories, in
June 2014 and subsequently the business has increased its customer
base and extended its product range. The JT brand has received a
number of industry awards, including being recognised as Shower
Brand of the Year at the inaugural BKU awards in July 2015.
SPS (EU), the UK's largest provider of promotional merchandise,
has experienced excellent growth under private ownership since
Maven clients supported the management buy-out in February 2014. In
June 2015 SPS completed the self-funded complementary acquisition
of High Profile, a manufacturer of bespoke products, increasing the
product range and production capability of the business.
A follow-on investment was made in May 2015 to support the
expansion strategy of Claven Holdings, which is now the largest
provider of field support services in the UK. The group has a
network of 250 field agents who undertake personal customer visits,
using a state-of-the-art case management system, and enable lenders
to engage directly with customers to resolve payment arrears.
In light of strong trading performance across the larger and
more valuable assets, your Board has taken the opportunity to apply
some prudent minor provisions against a small number of investments
within the portfolio. Your Board and the Manager continue to be
mindful of the possible effects of the enduring low oil price on
those companies that operate in the oil & gas market and
believe that the valuations of such companies remain fair and
reasonable. Following the profitable sale of Steminic during the
reporting period your Company's exposure to this sector has been
reduced.
New Investments
During the period, alongside the provision of funding to support
the development of an existing portfolio asset, your Company
participated in two new investments in established private
companies:
-- Flow UK Holdings, a specialist IT security business based in
Hertfordshire that provides flexible networking security solutions
to customers throughout the UK and Ireland. The business aims to
grow organically, by increasing its sales team, and to add scale
through a buy & build strategy; and
-- Cursor Controls, a manufacturer of trackball pointing
solutions which are utilised in a number of industrial
applications. Based in Nottinghamshire, Cursor is widely recognised
as a global market leader, with over 1,200 trackball variants in
its product portfolio.
Additionally, your Company invested in three businesses
incorporated by Maven in the food producers & processors,
telecommunication service and technology sectors.
The following investments have been completed during the
period:
Investment
Cost Website
Investment Date Sector GBP'000
Unlisted
Castlegate 737 July 2015 Engineering 225 www.cursorcontrols.com
Limited (trading & machinery
as Cursor Controls)
Claven Holdings May 2015 Speciality 81 No website
Limited & other available
finance
Constant Progress July 2015 Food producers 400 No website
Limited & processors available
Equator Capital July 2015 Telecommunication 400 No website
Limited services available
Flow UK Holdings March Software 374 www.flow-communications.co.uk
Limited 2015 & computer
services
Toward Technology July 2015 Technology 400 No website
Limited available
---------------------- ----------- ------------------- ----------- ------------------------------
Total unlisted
investment 1,880
UK treasury bills
Treasury Bill 18 April
May 2015 2015 UK government 1,000
Treasury Bill 29 April
June 2015 2015 UK government 583
Treasury Bill 20 March
July 2015 2015 UK government 3,547
Treasury Bill 14
September 2015 June 2015 UK government 5,046
Total UK treasury bills
investment 10,176
Total investment 12,056
-------------------------------------------------------- ----------- ------------------------------
At the period end, the portfolio stood at 58 unlisted and quoted
investments at a total cost of GBP14.4 million.
Realisations
In June 2015, Steminic (trading as MSIS) was sold to UK private
equity house Primary Capital, achieving a 3.3 times total return on
cost over the life of the investment. Maven clients first invested
in Steminic in 2007 and provided additional funding in subsequent
years to facilitate growth, enabling the business to more than
double its revenues and increase profitability threefold during the
period of investment.
(MORE TO FOLLOW) Dow Jones Newswires
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Also in June, funds affiliated with Boston-based private equity
firm Charlesbank Capital Partners entered into an agreement to
acquire Six Degrees Group; exit proceeds were received just prior
to the period end, achieving a 2.1 times total return over the
holding period.
As at the date of this report, the Manager is engaged with
several other investee companies and prospective acquirers at
various stages of a potential exit process. This realisation
activity reflects the increasing maturity of a number of holdings,
but it should be noted that there can be no certainty that these
discussions will lead to profitable sales.
The table below gives details of all realisations and deferred
considerations received during the reporting period:
Gain/
Value (loss)
Cost at over
of shares 31 Realised January
Year disposed January Sales gain/ 2015
first Complete/partial of 2015 proceeds (loss) value
invested exit GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Unlisted
Box Holdco Limited 2009 Complete 4 4 17 13 13
Llanllyr Water
Company Limited 2002 Complete 20 17 20 - 3
Manor Retailing
Limited 2013 Complete 110 110 110 - -
Maven Co-invest
Endeavour Limited
Partnership (invested
in Global Risk
Partners) 2013 Partial 17 17 17 - -
Maven Co-invest
Exodus Limited
Partnership and
Tosca Penta Exodus
Mezzanine Limited
Partnership (invested
in Six Degrees
Group)(1) 2011 Complete 454 1,018 804 350 (214)
Nenplas Holdings
Limited 2013 Partial 268 268 268 - -
Richfield Engineering
Services Limited 2013 Complete 365 365 365 - -
Search Commerce
Limited 2013 Complete 110 110 110 - -
Steminic Limited(1) 2007 Complete 634 926 1,257 623 331
------------------------ ----------- ------------------ ----------- ---------- ---------- --------- ---------
Total unlisted
disposals 1,982 2,835 2,968 986 133
UK treasury bills
Treasury Bill 16
March 2015 2014 Complete 998 999 1,000 2 1
Treasury Bill 18
May 2015 2015 Complete 1,000 N/A 1,000 - N/A
Treasury Bill 29
June 2015 2015 Complete 583 N/A 584 1 N/A
Treasury Bill 20
July 2015 2015 Complete 3,547 N/A 3,550 3 N/A
------------------------ ----------- ------------------ ----------- ---------- ---------- --------- ---------
Total UK treasury
bill disposals 6,128 999 6,134 6 1
Total disposals 8,110 3,834 9,102 992 134
--------------------------------------------------------- ----------- ---------- ---------- --------- ---------
(1)Proceeds exclude yield and redemption premiums received,
which are disclosed as revenue for financial reporting
purposes.
The table above includes the redemption of loan notes by a
number of investee companies.
One unlisted investment was struck off the Register during the
period, resulting in a realised loss of GBP198,000 (cost
GBP198,000). This had no effect on the NAV as a full provision had
been made in earlier periods.
Material Developments Since the Period End
In August 2015, Maven realised the investment in Cash Bases
Group following its merger with US company APG Cash Drawer LLC
(APG), achieving a 7.1 times total return over the holding period.
Maven clients funded the management buy-out of Cash Bases in 2004
and the Manager has worked closely with the management team to
accelerate the company's growth by targeting new customers and
expansion into overseas markets. The union with APG has created a
global and market leading cash management solutions business that
will be able to deliver innovative technologies to an international
client base. The aggregate proceeds received have been reflected in
the NAV as at 31 July 2015.
Principal Risks and Uncertainties
The principal risks and uncertainties facing the Company were
set out in full in the Strategic Report contained within the 2015
Annual Report, and are the risks associated with investment in
small and medium sized unlisted and AIM/ISDX quoted companies
which, by their nature, entail a higher risk and lower liquidity
than investments in large quoted companies. The valuation of
investee companies may be affected by economic conditions and the
credit environment, and other risks include 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 met.
Fund Raising
In October 2014 the Company announced that it planned to raise
up to GBP4 million in an Offer for Subscription alongside Offers by
four other Maven VCTs. All of the Offers reached their fund raising
target ahead of schedule and have now closed. The first allotment
under the Offer took place on 20 February 2015, when 6,125,498 new
Ordinary Shares were issued, and a further allotment of 675,940 new
Ordinary Shares took place on 13 April.
Under existing legislation, the Company may use the money raised
under the Offer to pay dividends (subject to meeting the
requirements of the return of capital legislation effective from 6
April 2014) and general running costs, thereby preserving for
investment purposes an equivalent sum of more valuable 'old money'
which operates under more advantageous VCT regulations. The
proceeds of the Offer will also provide additional liquidity for
the Company to make further investments, and enable it to spread
its costs over a larger asset base to the benefit of all
Shareholders.
Share Buy-backs
Shareholders have given the Board authority to buy back Ordinary
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, Ordinary
Shares will be bought back at prices representing a discount of
between 10% and 20% to the prevailing NAV per share. No Ordinary
Shares were bought back during the period under review.
VCT Regulatory Developments
The March 2015 Budget announced a package of changes to the VCT
scheme, including a new age limit on companies qualifying for
investment and a new cap on total EIS/VCT investment that a company
can receive. As the limits proposed are higher than those provided
for under European Union (EU) requirements, and are therefore
subject to State Aid approval, the legislation has not been
published in the Finance Bill 2015. A consultation period for
comments on the draft legislation closed on 15 May 2015.
On 15 April, HM Revenue & Customs (HMRC) published guidance
on how it intends to apply the proposed new EU rule changes to
investments made between 6 April 2015 and the date the EU grants
State Aid approval, which involves new procedures in particular
circumstances where investments exceed the basic EU limits of seven
years and EUR15 million in total.
This, combined with the statements made in the July 2015 budget,
has resulted in a degree of uncertainty as to whether or not
specific new investments made after 6 April will be VCT qualifying,
and may restrict the number and range of later-stage small and
medium sized enterprises that are available for your Company to
invest in. The Manager is engaged in a consultation process with HM
Treasury alongside other leading VCT managers and the AIC.
Management and Administration Fees
HMRC has confirmed that VAT is no longer payable on performance
and secretarial fees. The Manager has pursued the recovery of
amounts paid previously and the total of GBP181,000 received has
been reflected in the Financial Statements.
Distribution of Annual and Interim Reports
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Shareholders are able to elect to receive postal or e-mail
notification that documents, including Annual and Interim Reports,
are available on the Company's website as an alternative to
receiving hard copies by post. A letter of request was provided
with the 2014 Interim Report, which Shareholders could complete to
confirm whether or not they wished to take advantage of this
facility. In the absence of a letter being returned, a Shareholder
will have been deemed as having given their consent to receiving
only postal notification that documents are available on the
website. Therefore, Shareholders who have previously made an
election for postal notification, or who elected not to respond,
will have received notification by post of the publication of this
Interim Report on the Company's website. Shareholders who wish
notification to be sent by e-mail rather than by post should advise
the Registrar via www.capitashareportal.com. Hard copies of all
documents are available on request.
Dividend Investment Scheme (DIS)
On 24 August 2015 the Board announced that, under the Terms and
Conditions of the Company's DIS which allow the Directors to
suspend or terminate its operation without prior notice and revert
to making monetary payments to all Participants, the Directors had
resolved that, in light of the investment restrictions proposed in
the Government's July 2015 Budget, the DIS was to be suspended with
immediate effect. This will allow the Directors and the Manager to
review the final changes to the VCT legislation and to consider the
full potential impact of these on the Company's future investment
strategy. As a result, until further notice, all future dividends
will be paid to Shareholders by either cheque or direct bank
transfer using existing mandate instructions.
Board of Directors
Your Board has previously intimated its intention to implement a
succession plan and, having confirmed his intention to do so in the
2015 Annual Report, Charles Nicolson stood down as a Director at
the conclusion of the Annual General Meeting held on 17 June 2015,
with John Lawrence succeeding him in the role of Chairman. David
MacLellan stood down as a Director with effect from 16 September
2015, with Peter Linthwaite being appointed in his place. Peter is
managing partner of 350 Investment Partners LLP, an FCA authorised
and regulated venture capital fund management company, and is also
advisor to The Royal London Mutual Insurance Society Limited for
its private equity investments. Previously, he held a consultancy
role advising the British
Venture Capital Association and was its chief executive from
2005 to 2007. Peter will stand for re-election at the AGM to be
held in 2016, being the first following his appointment.
Your Board and the Manager would like to take this opportunity
to thank Charles and David for the valued contributions that they
have made since the inception of your Company, and to wish them
both well for the future.
Outlook
Your Company will continue to focus on investing principally in
established UK businesses, which are each capable of generating a
high level of income and offer the potential to achieve capital
appreciation on realisation. The Board and the Manager believe that
this strategy, which has been employed over a number of years, will
continue to deliver steady growth in Shareholder value and support
a progressive dividend programme.
On behalf of the Board
Maven Capital Partners UK LLP
Secretary
30 September 2015
Summary Of Investment Changes - For the six months
ended 31 July 2015
Valuation Net investment/ Appreciation/ Valuation
31 January 31 July
2015 (disinvestment) (depreciation) 2015
GBP'000 % GBP'000 GBP'000 GBP'000 %
----------------------- --------- ------ ----------------- ------------------------- ----------- ------------
Unlisted investments
Equities 9,806 47.1 (1,457) 1,887 10,236 39.8
Preference
shares 4 - (6) 3 1 -
Loan stock 8,688 41.7 375 27 9,090 35.4
----------------------- --------- ------ ----------------- ------------------------- ----------- ------------
18,498 88.8 (1,088) 1,917 19,327 75.2
AIM/ISDX investments
Equities 167 0.8 - (10) 157 0.6
-
Listed investments
Equities 11 0.1 - 3 14 0.1
UK treasury
bills 1,000 4.8 4,042 5 5,047 19.6
----------------------- --------- ------ ----------------- ------------------------- ----------- ------------
Total investments 19,676 94.5 2,954 1,915 24,545 95.5
Other net assets 1,158 5.5 (2) - 1,156 4.5
Total assets 20,834 100.0 2,952 1,915 25,701 100.0
======================= ========= ====== ================= ========================= =========== ============
Investment Portfolio Summary
As at 31 July 2015
% of
equity
% of % of held
Valuation Cost total equity by other
GBP'000 GBP'000 assets held clients(1)
----------------------------------- -------------- ------------ -------- -------- ----------------
Unlisted
Cash Bases Limited 5,257 385 20.4 18.9 9.5
Nenplas Holdings Limited 1,423 525 5.4 6.6 25.9
Torridon (Gibraltar) Limited
(formerly Torridon Capital
Limited) 1,128 198 4.3 2.2 37.8
Westway Services Holdings
(2014) Limited 599 304 2.2 2.1 24.3
Lemac No. 1 Limited (trading
as John McGavigan) 532 376 2.1 4.9 31.9
Glacier Energy Services
Holdings Limited 527 434 2.1 1.7 26.0
CatTech International Limited 515 323 2.0 3.1 26.9
Ensco 969 Limited (trading
as DPP) 506 674 2.0 2.5 32.0
HCS Control Systems Group 484 423 1.9 3.4 33.1
Venmar Limited (trading
as XPD8 Solutions) 457 457 1.8 3.0 32.0
Martel Instruments Holdings
Limited 427 490 1.7 9.1 35.2
Constant Progress Limited 400 400 1.6 7.8 42.0
Equator Capital Limited 400 400 1.6 7.8 42.0
Toward Technology Limited 400 400 1.6 7.8 42.0
JT Holdings (UK) Limited
(trading as Just Trays) 392 298 1.5 3.3 26.7
Flow UK Holdings Limited 374 374 1.5 4.5 30.5
SPS (EU) Limited 350 298 1.4 3.0 39.5
CB Technology Group Limited 347 347 1.4 7.1 71.9
Maven Capital (Llandudno)
LLP 336 336 1.3 - 100.0
Assecurare Limited 300 300 1.2 6.0 43.8
Braelaw Limited 300 300 1.2 6.0 43.8
Broadwave Engineering Limited 300 300 1.2 6.0 43.8
Fathom Systems Group Limited 299 299 1.2 4.0 56.0
Vodat Communications Group
Limited 299 298 1.2 3.5 38.3
Lambert Contracts Holdings
Limited 251 359 1.0 6.1 58.6
RMEC Group Limited 249 249 1.0 1.9 56.3
Flexlife Group Limited 249 249 1.0 1.0 13.6
Claven Holdings Limited 230 139 0.9 9.5 40.5
Castlegate 737 Limited (trading
as Cursor Controls) 225 225 0.9 2.3 45.2
LCL Hose Limited (trading
as Dantec Hose) 219 219 0.9 3.9 26.1
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R&M Engineering Limited 210 299 0.8 4.0 66.6
TC Communications Holdings
Limited 180 309 0.7 2.6 27.4
ISN Solutions Group Limited 158 224 0.6 2.6 52.4
Llanllyr Water Company Limited(2) 158 186 0.6 - -
Attraction World Holdings
Limited 153 12 0.6 3.4 35.0
CHS Engineering Services
Limited 140 249 0.5 2.2 21.2
Kelvinlea Limited 115 115 0.4 6.9 43.1
Endura Limited 114 114 0.4 0.3 5.5
Space Student Living Limited 88 - 0.3 7.0 73.1
D Mack Limited 88 271 0.3 2.6 27.4
Maven Co-invest Endeavour
Limited Partnership (invested
in Global Risk Partners) 84 84 0.3 3.5 96.5
Lawrence Recycling & Waste
Management Limited 64 367 0.2 4.0 58.0
Other unlisted investments - 825 -
Total unlisted investments 19,327 13,434 75.2
----------------------------------- -------------- ------------ -------- -------- ----------------
Quoted
Cello Group PLC 54 53 0.2 0.1 0.4
Plastics Capital PLC 30 25 0.1 0.1 1.4
Vianet Group PLC (formerly
Brulines Group PLC) 22 31 0.1 0.1 1.4
Tangent Communications PLC 17 98 0.1 0.3 1.6
Work Group PLC 14 251 0.1 1.1 2.0
esure Group PLC 13 - 0.1 - -
Chime Communications PLC 12 6 - - 0.1
Software Radio Technology
PLC 6 6 - - 0.1
Other quoted investments 3 488 -
Total quoted investments 171 958 0.7
----------------------------------- -------------- ------------ -------- -------- ----------------
UK treasury bills
Treasury Bill 14 September
2015 5,047 5,046 19.6
Total investments 24,545 19,438 95.5
----------------------------------- -------------- ------------ -------- -------- ----------------
(1) Other clients of Maven Capital Partners UK LLP.
(2) Secured loan notes in respect of deferrred consideration.
Income Statement
Six months ended Six months ended Year ended
31 July 31 July 31 January
2015 2014 2015
(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 on
investments - 1,915 1,915 - 431 431 - 2,070 2,070
Income from
investments 498 - 498 277 - 277 764 - 764
Other income - - - 1 - 1 2 - 2
Investment
management
fees (60) (540) (600) (23) (207) (230) (88) (789) (877)
Other
expenses (55) - (55) (117) - (117) (383) - (383)
-------------- --------------- --------------- --------------- --------------- -------------- --------------- --------------- ------------- ---------------
Net return
on ordinary
activities
Before
taxation 383 1,375 1,758 138 224 362 295 1,281 1,576
Tax on
ordinary
activities - - - (13) 13 - (57) 57 -
-------------- --------------- --------------- -------------- --------------- ------------- ---------------
Return
attributable
to Equity
Shareholders 383 1,375 1,758 125 237 362 238 1,338 1,576
-------------- --------------- --------------- --------------- --------------- -------------- --------------- --------------- ------------- ---------------
Earnings
per share
(pence) 1.15 4.11 5.26 0.38 0.72 1.10 0.71 3.97 4.68
-------------- --------------- --------------- --------------- --------------- -------------- --------------- --------------- ------------- ---------------
A Statement of Total Recognised Gains and Losses has
not been prepared, as all gains and losses are recognised
in the Income Statement.
All items in the above statement are derived from continuing
operations. The Company has only one class of business
and derives its income from investments made in shares,
securities and bank deposits.
The total column of this statement is the Profit and
Loss Account of the Company.
Reconciliation of movements in Shareholders' Funds
Six months Six months
ended ended Year ended
31 July 31 January
2015 31 July 2014 2015
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
----------------------------- --------------- --------------- ---------------
Opening Shareholders'
funds 20,834 16,723 16,723
Net return for period 1,758 362 1,576
Net proceeds of share
issue 3,965 4,120 4,087
Net proceeds of DIS
share issue 26 - -
Repurchase and cancellation
of shares - (190) (241)
Dividends paid -
revenue (82) (169) (341)
Dividends paid -
capital (800) (507) (970)
Closing Shareholders'
funds 25,701 20,339 20,834
----------------------------- --------------- --------------- ---------------
The accompanying Notes are an integral part of the Financial
Statements.
Balance Sheet
As at 31 July 2015
31 July 31 July 31 January
2015 2014 2015
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
------------------------------ ---------------------------- ----------------------------- -------------------------
Fixed assets
Investments at fair
value through profit
or loss 24,545 19,139 19,676
Current assets
Debtors 307 408 352
Cash 1,293 808 1,248
------------------------------ ---------------------------- ----------------------------- -------------------------
1,600 1,216 1,600
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Creditors:
Amounts falling due
within one year (444) (16) (442)
---------------------------- ----------------------------- -------------------------
Net current assets 1,156 1,200 1,158
------------------------------ ---------------------------- ----------------------------- -------------------------
Net assets 25,701 20,339 20,834
------------------------------ ---------------------------- ----------------------------- -------------------------
Capital and reserves
Called up share capital 4,109 3,434 3,424
Share premium account 9,480 6,206 6,174
Capital reserve - realised (11,769) (10,740) (11,223)
Capital reserve - unrealised 5,108 2,866 3,987
Special distributable
reserve 17,842 17,893 17,842
Capital redemption reserve 295 286 295
Revenue reserve 636 394 335
Net assets attributable
to Equity Shareholders 25,701 20,339 20,834
------------------------------ ---------------------------- ----------------------------- -------------------------
Net asset value per
Ordinary Share (pence) 62.6 59.2 60.8
------------------------------ ---------------------------- ----------------------------- -------------------------
The Financial Statements of Maven Income and Growth
VCT 2 PLC, registered number 4135802, were approved
and authorised for issue by the Board of Directors
on 30 September 2015 and were signed on its behalf
by:
John Lawrence MBE
Director
The accompanying Notes are an integral part of the
Financial Statements.
Cash Flow Statement
Six months Six months
ended ended Year ended
31 January
31 July 2015 31 July 2014 2015
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------- ---------- --------- --------- --------- --------- ---------
Operating activities
Investment income
received 473 299 926
Deposit interest
received - 1 2
Investment management
fees paid (569) (719) (972)
Secretarial fees
paid 37 (40) (80)
Directors' fees
paid (42) (40) (74)
Other cash payments (56) (67) (243)
------------------------- ---------- --------- --------- --------- --------- ---------
Net cash outflow
from operating
activities (157) (566) (441)
Financial investment
Purchase of investments (12,056) (4,775) (9,801)
Sale of investments 9,148 2,340 8,400
------------------------- ---------- --------- --------- --------- --------- ---------
Net cash outflow
from financial
investment (2,908) (2,435) (1,401)
Equity dividends
paid (882) (676) (1,311)
------------------------- ---------- --------- --------- --------- --------- ---------
Net cash outflow
before financing (3,947) (3,677) (3,153)
Financing
Issue of Ordinary
Shares 3,992 4,120 4,087
Repurchase of Ordinary
Shares - (190) (241)
Net cash inflow
from financing 3,992 3,930 3,846
------------------------- ---------- --------- ---------
Increase in cash 45 253 693
------------------------- ---------- --------- --------- --------- --------- ---------
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 July 2015
and the six months ended 31 July 2014 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 31 January 2015, 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.
2. Movement in reserves
Share Capital Capital Capital
premium reserve reserve Distributable redemption Revenue
account realised unrealised reserve reserve reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Movement in
reserves
At 31 January
2015 6,174 (11,223) 3,987 17,842 295 335
Gain on sale
of
investments - 794 - - - -
Net increase
in value of
investments - - 1,121 - - -
Investment
management
fees - (540) - - - -
Dividends
paid - (800) - - - (82)
Share Issue 3,285 - - - - -
DIS share
issue 21 - - - - -
Tax effect
of capital
items - - - - - -
Repurchase
and
cancellation
of shares - - - - - -
Net return
on ordinary
activities
after
taxation - - - - - 383
As at 31 July
2015 9,480 (11,769) 5,108 17,842 295 636
========= =================== =================== ============== ============ ====================
3. Return per Ordinary Share
The returns per Ordinary Share have been based on the following
figures:
Six months
ended
31 July 2015
Weighted average number of Ordinary
Shares 33,435,627
Revenue return GBP383,000
Capital return GBP1,375,000
Directors' responsibility statement
The Directors confirm that, to the best of their knowledge:
-- the Financial Statements for the six months ended 31 July
2015 have been prepared in accordance with applicable accounting
standards and with the Statement of Recommended Practice "Financial
Statements of Investment Trust Companies" 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 31 January 2016; 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 July 2015 of 41,089,617.
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, 205 West George
Street, Glasgow G2 2LW and at the registered office of the Company:
Fifth Floor, 1-2 Royal Exchange Buildings, London EC3V 3LF.
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