Half Yearly Report

RNS Number : 6784H
Maven Income and Growth VCT 3 PLC
13 July 2012
 



Maven Income and Growth VCT 3 PLC

Interim announcement

Chairman's Statement

I am pleased to report on a further increase in NAV Total Return during the six month period under review and that the Board has approved payment of an increased interim dividend of 2.0p (2011: 1.75p), which reflects the increasing maturity of the private company portfolio. Your Company has established an improving trend in dividends at a time when investors continue to struggle to find attractive sources of reliable income in a low-interest rate environment.

 

Highlights

Total Return on Ordinary Shares of 112.05p per Share at the period end, up 4.2% (4.55p) over the six months

NAV at period end of 82.6p per Ordinary Share after payment of the final dividend of 2.75p

Interim dividend declared of 2.0p per Ordinary Share, up from 1.75p in 2011

Three substantial new investments added to the portfolio during the six-month period, and one further investment completed post the period end

Disposal of ATR for a total return of 2.4x cost

Exit from Transys Projects after the period end at 2.0x cost

Exit from Nessco after the period end at 2.7x cost.

 

The Manager's UK-wide team has continued to generate a regular flow of attractive investments in competitively priced private companies, as the scarcity of bank debt available to smaller companies has made available a greater range of prospective transactions to generalist VCTs. The Board was very encouraged to note the Deloitte Buyout Track 100 table published in February 2012, which provides a powerful validation of our strategy of investing in companies which have passed the first phase of their development and demonstrates the Manager's ability to select and develop high quality assets for investors. The report tracks the performance of the top 100 private equity backed medium-sized companies in Britain for the period 2010 and 2011, and four of your portfolio companies are featured, namely Adler & Allan, Homelux Nenplas, Torridon Capital and Westway Services.

 

Homelux Nenplas and Electro-Flow Controls have also been nominated for the Mid Market Management Team of the Year awards for the Midlands and Scotland & Northern Ireland regions as part of the 2012 BVCA Management Team Awards, which recognise both the positive economic impact of private equity backed companies and the achievements of their management teams.

A number of successful exits have been achieved in recent years. One of the Manager's key areas of expertise is in the energy services sector, where it enjoys a strong regional presence in North East Scotland and has consistently sourced attractive new investments. The buoyant oil & gas sector continues to forge entrepreneurial service companies and your Company has benefited from strong demand from the industry and private equity buyers for successful companies. Since 2007 Maven has led ten such investments, with a total deal value of around £90 million, and has now achieved four profitable realisations in the sector.

 

The Board was also pleased to note the recent approval by the European Commission of proposed increases to the scale of investment which qualifies for VCT funding, and of the amount which can be invested in individual businesses. The gross asset limit for investee companies has been raised from £7 million to £15 million and the maximum number of employees from 50 to 250, while the annual

investment limit has been raised from £2 million to £5 million. These measures support our strategy of investing in later-stage companies and reaffirm the attraction of generalist VCTs as a tax-efficient route to investment in high growth smaller businesses.

Performance

Your Company has established a sustained trend of improving returns over recent years, driven by the focused private equity investment strategy, with NAV Total Return having increased by 18.4% since November 2008. NAV Total Return is the most important measure of performance for a VCT, being the long term record of dividend payments out of income and capital gains combined with the

current NAV. The NAV in isolation is a less important measure of performance as the underlying investments are long-term in nature and not readily realisable.

 

The Investment Portfolio

The portfolio is now comprised of more than 40 later-stage private companies and is generally performing well, with most companies trading at acceptable levels. The exposure to AIM quoted assets has been further reduced during the period, to less than 2.5% of portfolio value.

 

During the period to 31 May 2012 your Company has made three new private company investments and five follow-on investments, across a wide range of sectors, and has participated in every private equity deal completed by the Manager. Each new asset is a cash generative later-stage business, with little or no external debt and good prospects for development and expansion.

 

There have been three notable private company exits, including two completed after the period end, and realisations completed during the period generated proceeds of £0.95 million. The investment in ATR Holdings was sold to NBGI Private Equity at an overall return of 2.4 times the cost of investment. On 1 June 2012 the holding in Transys Projects Limited (TPL) was sold to German trade buyer Vossloh Kiepe. On 5 July, Nessco Group Holdings was sold to RigNet, a NASDAQ quoted US Telecoms business, generating a 2.7x return on the cost of investment.

 

The Manager is currently engaged in negotiations for the potential disposal of several investee companies although there can be no certainty that these will be successfully concluded.

 

Dividend

The Board has declared an increased interim dividend of 2.0p per Ordinary Share to be paid on 31 August 2012 to Shareholders on the Register at 10 August 2012. For the year ended 30 November 2011 the Company paid total dividends of 4.5p per Share to Ordinary Shareholders, which is a yield of 5.63% on an effective investment of 80.0p (based on the initial subscription price for an

Ordinary Share of £1.00 less initial tax relief of 20%) and is equivalent to a gross yield of 7.5% from an equity investment to a higher rate taxpayer (the dividend return an investor would need to earn from a taxable UK equity). To an Additional Rate taxpayer, the effective yield is 8.8%. For former C Ordinary Shareholders, based on 40% initial tax relief, the equivalent yields are 11.9% for a higher rate taxpayer and 13.9% for an Additional Rate taxpayer.

 

Ordinary Shareholders have, since the Company's launch, received 29.45p per Share in tax-free dividends. The impact of paying the interim dividend of 2.0p will be to reduce the NAV to 80.6p per Share.

 

The future level of dividends will depend on performance, and will be consistent with the Board's declared intention of paying not less than 4p per Share each year subject to the maintenance of NAV at a suitable level. The Board regards the growing level of dividends as an indication of the success of the Company's investment strategy and is committed to improving Shareholder distributions in future years as the portfolio continues to expand and mature.

 



 

Principal risks and uncertainties

The Board has reviewed the principal risks and uncertainties facing the Company, which are set out on page 22 of the Annual Report.

 

The Company has invested in a broadly based portfolio of investments largely in unlisted companies in the UK. The portfolio of investments in the AIM market is reducing as the unlisted portfolio is further developed.

 

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 is pleased to confirm that all tests continue to be met.

 

Share Buy-back Policy

Shareholders have given the Board authority to buy back Shares for cancellation when it is in the interests of the Shareholders and the Company as a whole and 286,000 Shares were bought back during the period at a cost of £206,803. Details of the parameters within which the Company may carry out Share buy-backs are given in the Directors' Report in the Annual Report.

 

Recovery of VAT

Aberdeen Asset Management PLC (Aberdeen) has offered to repay £40,572 of the VAT paid by the Company relating to investment management fees during the period from 28 June 2004 to 30 September 2005. The Directors have resolved to accept the offer on the condition that the Company will remain entitled to any additional VAT and interest that may be recovered by Aberdeen. The

proposed payment has not yet been reflected in the Financial Statements.

 

Enhanced Buy-back Scheme

The Board is considering an enhanced Share buy-back scheme which would enable Shareholders to sell up to 14.99% of their Shares at NAV and reinvest the proceeds of sale in new Shares at an issue price of NAV plus costs, which would entitle them to claim income tax relief on the value of the reinvestment of up to 30%. In the event that the Board decides that it is in the interests of Shareholders and the Company as a whole to proceed with this, Shareholders will receive a circular giving full details.

 

VCT top-up Offer

A top-up Offer was opened in December 2011 in parallel with similar offers by Maven Income and Growth VCT, Maven Income and Growth VCT 2 and Maven Income and Growth VCT 4, resulting in the issue of 1,491,880 new Shares and raising an additional £1,248,703 of share capital. The Offer was fully subscribed by 29 February 2012 and consequently closed early.

 

Outlook

The strategy of investing in later-stage private equity transactions with strong yield characteristics has generated improved revenues and delivered steady increases in NAV over recent years. The Board believes that this approach continues to be the best means of supporting a progressive dividend programme. The opportunity for regular tax-free income is a major attraction of VCT investment and the proposed increased interim dividend reflects the Board's confidence in the portfolio and the potential for continued improvement in Shareholder returns.

 

Gregor Michie

Chairman

13 July 2012

Investment Manager's Review

Overview

The later-stage investment strategy employed by Maven is to focus only on well managed private companies which are able to demonstrate a history of predictable earnings and invest conservatively in businesses which pay income and offer the clear potential for capital growth. Despite a difficult economic environment most of your Company's private company assets continue to trade positively and are paying regular income which should allow the Company to maintain a healthy dividend programme.

 

Investment Activity

During the period the Maven team completed three substantial new private equity investments on behalf of your Company, and made five follow-on investments in existing portfolio companies. At the period end, the portfolio contained 60 unlisted and AIM investments at a total cost of £22.9 million. Since 31 May 2012, one new qualifying investment has been completed at a cost of £0.46 million.

 

The following new investments have been completed during the period.

Investment

Date

Sector

Investment cost

£'000

Website

Unlisted










Camwatch Limited

March 2012

Technology hardware & equipment

68

www.camwatch.co.uk

Cash Bases Limited

April 2012

Support services

167

www.cashbases.co.uk

Cat Tech International Limited

March 2012

Support services

627

No website available

Lawrence Recycling & Waste Management Limited

December 2011

Support services

42

www.lawrenceskiphire.co.uk

Lemac No. 1 Limited (trading as John McGavigan Limited)

January 2012

Automobiles & parts

150

www.mcgavigan.com

Moriond Limited

December 2011

Real estate

583

No website available

Nessco Group Holdings Limited

March 2012

Oil equipment services

144

www.nesscogroup.com

Trojan Capital Limited

May 2012

Support services

360

No website available

Vodat International Holdings Limited

March 2012

Telecommunication services

567

www.vodat-int.com

Total Unlisted investment


 2,708


Listed fixed income





Treasury 5.25% 7 June 2012

December 2011

Gilt

 1,999


Total



 4,707







 

Three new private company investments were added to the portfolio during the period under review:

Moriond, a new company set up to acquire an established residential property portfolio at a significant discount to open market value. Maven will work on a joint venture basis with an experienced developer to break up the portfolio into single units, carry out minor refurbishment, and then implement a structured sale of the individual assets;

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

Cat Tech 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 follow-on investments in Venmar and Glacier Energy were to support the development of the businesses and, in the case of Glacier, to fund a small acquisition. Maven Income and Growth VCT 3 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 4, Maven Income and Growth VCT 5, Talisman First Venture Capital Trust and Ortus VCT. 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

In March 2012, Maven completed the realisation of ATR Group for £19.25m via a secondary buy-out funded by the private equity manager NBGI, realising a total return of 2.4 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. There were two significant private company realisations after the period end. At the start of June 2012 the holding in Transys Projects Limited (TPL) was sold to German engineering group, Vossloh Kiepe. The exit produced a 2.0x return on investment cost for your Company and the valuation at 31 May 2012 reflects the full offer value. In early July the holding in Nessco was also sold to RigNet Inc for a 2.7x return on the cost investment.

 

The table on page 12 gives details of realisations during the reporting period.

 



 


Date first invested

Complete/

partial

exit

£'000

Cost of shares disposed of

£'000

Value at

30 November 2011

£'000

Sales

proceeds

£'000

Realised

gain/(loss)

£'000

Gain/(loss) over November 2011 value

£'000

Unlisted








ATR Holdings Limited

2007

Complete

181

200

366

185

166

Beckford Capital Limited

2010

Complete

360

360

360

-

-

Dalglen (1150) Limited (trading as Walker Technical Resources)

2009

Complete

 -

-

6

6

6

Oliver Kay Holdings Limited

2007

Partial

 6

6

6

-

-

PLM Dollar Group Limited

1999

Complete

57

53

55

(2)

2

Space Student Living Limited

2011

Partial

91

91

91

-

-

Tosca Penta Investments Limited Partnership (trading as esure)

2010

Partial

37

37

37

-

-

Total unlisted disposals



732

747

921

189

174

AIM/PLUS








Brookwell Limited

2008

Partial

22

 16

16

(6)

-

DM PLC

2007

Complete

133

10

18

(115)

Total AIM/PLUS investments



155

26

34

(121)

8

Listed fixed income








Treasury 5.25% 7 June 2012



993

977

990

(3)

13

Total



1,880

1,750

1,945

65

195

 

The Manager has continued its policy of disposing of the AIM portfolio for best possible value in cases where investments were underperforming. These disposals incurred realised losses of £121,000 (cost £155,000) during the period. This had no effect on the NAV as a full provision had been made in earlier periods.

 

Outlook

The primary focus across the Maven network will continue to be on sourcing a steady flow of attractively priced later-stage private company investments and further expanding the portfolio. Maven receives around 400 introductions annually across the country, investing only in a handful of companies each year. In tandem with regular profitable portfolio exits, we believe this is the optimum strategy for the generation of superior Shareholder returns over the medium term.

Maven Capital Partners UK LLP

Manager

13 July 2012

Directors' Responsibility Statement

We confirm to the best of our knowledge that:

·     The Financial Statements have been prepared in accordance with applicable accounting standards and with the Statement of Recommended Practice "Financial Statements of Investment Trust Companies and Venture Capital Trusts" 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

·     The Interim Management Report includes adequate disclosure of the information required by DTR 4.2.8 R in relation to related party transactions and any changes to them.

Summary of Investment Changes







 For the six months ended 31 May 2012

















 Valuation

 Net investment

 Appreciation

 Valuation

31 May 2012


30 November 2011

 (disinvestment)

 (depreciation)











 £'000

 %

 £'000

 £'000

 £'000



 %

 Unlisted investments









 Equities  

     7,950

      32.5

                  351

             1,185

         9,486



      36.5

 Preference shares

          32

        0.1

                    (6)

                   1

              27



        0.1

 Loan stock

   12,300

      50.2

               1,442

                  40

        13,782



      52.9


   20,282

      82.8

               1,787

             1,226

        23,295



      89.5

 AIM/PLUS investments









 Equities

        679

        2.8

                  (34)

                (25)

            620



        2.4










 Listed investments









 Fixed income

            -

           -

                  979

                  (2)

            977



        3.8










 Total investments

   20,961

      85.6

               2,732

             1,199

        24,892



      95.7










 Other net assets 

     3,496

      14.4

              (2,408)

                    -

         1,088



        4.3










 Total assets

   24,457

    100.0

                  324

             1,199

        25,980



    100.0

 

 

 

 

 

Investment Portfolio Summary






As at 31 May 2012













 Valuation

 Cost

% of total

assets

% of equity

held

% of equity held by

other clients*

Investment

 £'000

 £'000

Unlisted






Nessco Group Holdings Limited

 1,476

 859

5.6

7.0

28.1

Torridon Capital Limited

 1,398

 627

5.3

4.5

35.5

Homelux Nenplas Limited

 1,295

 354

4.9

7.1

32.9

TPL (Midlands) Limited (formerly Transys Holdings Limited)

 1,064

 674

4.1

7.5

42.6

Westway Services Limited

 952

 413

3.7

4.5

17.4

Camwatch Limited

 879

 1,039

3.4

11.9

31.0

Oliver Kay Holdings Limited

 876

 613

3.4

4.0

16.0

Lawrence Recycling & Waste Management Limited

 812

 812

3.1

10.0

52.0

Martel Instruments Holdings Limited

 802

 671

3.1

12.4

31.8

Flexlife Group Limited

 792

 597

3.0

2.4

12.3

Adler & Allan Holdings Limited

 738

 530

2.8

1.9

4.7

Atlantic Foods Group Limited

 719

 522

2.8

2.9

5.9

Attraction World Holdings Limited

 674

 339

2.6

6.7

31.7

Steminic Limited

 673

 673

2.6

9.1

26.8

Cash Bases Limited (formerly Deckflat Limited)

 663

 193

2.6

9.5

18.9

TC Communications Holdings Limited

 645

 719

2.5

8.3

21.7

Staffa Capital Limited

 640

 640

2.5

49.0

15.3

Corinthian Foods Limited

 630

 630

2.4

41.0

31.9

Blackford Capital Limited

 630

 630

2.4

46.3

37.8

Maven Co-invest Exodus Limited Partnership (trading as 6 degrees)

 630

 630

2.4

2.1

8.5

Cat Tech International Limited

 627

 627

2.4

6.0

24.0

Lemac No. 1 Limited (trading as John McGavigan Limited)

 614

 614

2.4

10.5

26.3

Moriond Limited

 583

 583

2.2

11.9

38.1

Vodat International Holdings Limited

 567

 567

2.2

6.6

35.2

Intercede (Scotland) 1 Limited

 436

 298

1.7

3.2

25.3

Tosca Penta Investments Limited Partnership (trading as esure)

 434

 213

1.7

0.1

0.2

CHS Engineering Services Limited

 389

 389

1.5

4.3

19.0

Training For Travel Group Limited

 370

 721

1.4

8.3

21.7

Trojan Capital Limited

 360

 360

1.4

26.6

70.9

LCL Hose Limited

 358

 358

1.4

6.4

23.6

Venmar Limited (trading as XPD8 Solutions Limited)

 358

 358

1.4

5.4

29.6

Space Student Living Limited

 317

 317

1.2

4.5

25.5

Glacier Energy Services Group Limited

 229

 229

0.9

2.2

22.8

Claven Holdings Limited

 210

 82

0.8

14.2

35.8

Enpure Holdings Limited

 200

 200

0.8

0.9

1.7

Llanllyr Water Company Limited

 164

 164

0.6

7.5

42.4

ID Support Services Group Limited

 55

 72

0.2

0.5

1.7

Other unlisted investments

 36

 1,696

0.1

 

 

Total unlisted investments

 23,295

20,013

89.5

 

 

 

 

 

 






AIM/PLUS






Plastics Capital Plc

 255

 355

1.0

1.3

2.4

Chime Communications PLC

 133

 147

0.5

0.1

0.2

Marwyn Management Partners PLC (formerly Praesepe PLC)

 38

 84

0.1

0.1

0.1

Datong PLC

 32

 151

0.1

0.9

1.1

Hasgrove PLC

 30

 123

0.1

0.4

1.3

Work Group PLC

 29

 201

0.1

0.9

2.3

Tangent Communications PLC

 26

 79

0.1

0.3

2.6

Vianet Group PLC (formerly Brulines Group PLC)

 24

 31

0.1

0.1

1.4

Brookwell Limited

 21

 51

0.1

 -

 -

Cello Group PLC

 18

 54

0.1

0.1

0.4

Other AIM/PLUS investments

 14

 732

0.1

 

 

Total AIM/PLUS investments

 620

 2,008

2.4

 

 


 

 

 

 

 

Listed fixed income

 

 

 

 

 

Treasury 5.25% 7 June 2012

 977

 977

3.8

 

 


 

 

 

 

 

Total investments

 24,892

 22,998

95.7

 

 







*Other clients of Maven Capital Partners UK LLP.











 

 

 

 

 

 



 

 

INCOME STATEMENT









 

For the six months ended 31 May 2012








 











 


Six months to 31 May 2012

Six months to 31 May 2011

Year ended

 30 November 2011

 


(unaudited)

(unaudited)

(audited)

 











 


Revenue

Capital

Total

Revenue

Capital

Total

Revenue

Capital

Total


£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

Gains on investments

             -

      1,199

         1,199

              -

       1,109

       1,109

              -

       1,846

       1,846

Income from investments

         664

             -

            664

          490

              -

          490

       1,160

              -

       1,160

Other income

             1

             -

               1

              4

              -

              4

            11

              -

            11

Investment management fees

         (62)

       (248)

          (310)

           (58)

         (231)

         (289)

        (119)

        (474)

        (593)

Other expenses

        (116)

             -

          (116)

         (110)

              -

         (110)

        (259)

              -

        (259)

Net return on ordinary activities before taxation

         487

         951

         1,438

          326

          878

       1,204

          793

       1,372

       2,165











Tax on ordinary activities

         (48)

           25

            (23)

           (23)

            23

              -

        (108)

            97

          (11)

Return attributable to Equity Shareholders

         439

         976

         1,415

          303

          901

       1,204

          685

       1,469

       2,154











Earnings per share (pence)

        1.42

        3.17

           4.59

         1.02

         3.04

         4.06

         2.28

         4.88

         7.16

 

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 ended

 

 Six months ended

 

 Year ended

Reconciliation of Movements in Shareholders' Funds

 

31 May 2012

 

31 May 2011

 

30 November 2011

 

 

 

 

 

 

 

 

 

 

 

 

 

 £'000

 

 

 £'000

 

 

 £'000

Opening Shareholders' funds

 

 

       24,457

 

 

      22,647

 

 

     22,647

Net Return for year

 

 

         1,415

 

 

       1,204

 

 

       2,154

Proceeds of share issue

 

 

         1,188

 

 

       1,148

 

 

       1,148

Repurchase and cancellation of shares

 

 

          (207)

 

 

              -

 

 

        (192)

Dividends paid - revenue

 

 

          (317)

 

 

              -

 

 

        (306)

Dividends paid - capital

 

 

          (556)

 

 

         (765)

 

 

        (994)

Closing Shareholders' funds

 

 

       25,980

 

 

      24,234

 

 

     24,457

 



 

BALANCE SHEET




As at 31 May 2012









 31 May 2012

 31 May 2011

 30 November 2011


 (unaudited)

 (unaudited)

 (audited)






 £'000

 £'000

£'000

 Fixed assets




 Investments

                     24,892

                     20,774

                     20,961





 Current assets




 Debtors

                          745

                          525

                          615

 Cash and overnight deposits

                          456

                       2,955

                       2,972


                       1,201

                       3,480

                       3,587





 Creditors




 Amounts falling due within one year

                        (113)

                          (20)

                          (91)

 Net current assets 

                       1,088

                       3,460

                       3,496

 Net assets

                     25,980

                     24,234

                     24,457





 Capital and reserves




 Called up share capital

                       3,147

                       3,058

                       3,026

 Share premium account

                       2,036

                          997

                          997

 Capital reserve - realised

                     (3,569)

                     (2,816)

                     (2,855)

 Capital reserve - unrealised

                       1,907

                          395

                          773

 Distributable reserve

                     21,634

                     22,033

                     21,841

 Capital redemption reserve

                           93

                           33

                           65

 Revenue reserve

                          732

                          534

                          610

 Net assets attributable to Ordinary Shareholders

                     25,980

                     24,234

                     24,457

 Net asset value per Ordinary Share (pence)

                         82.6

                         79.2

                         80.8





 The financial statements of Maven Income and Growth VCT 3 PLC, registered number 4283350, were approved by the Board and were signed on its behalf by:





Gregor Michie




 Director

 

13 July 2012




 

CASH FLOW STATEMENT




For the six months ended 31 May 2012













Six months ended

Six months ended

 Year ended


31 May 2012

31 May 2011

 30 November 2011


(unaudited)

(unaudited)

 (audited)






£'000

£'000

£'000

 Operating activities




 Investment income received

                          559

                          388

                          974

 Deposit interest received

                              1

                              5

                            11

 Investment management fees paid

(310)

(428)

(732)

 Secretarial fees paid

(49)

(68)

(115)

 Directors expenses paid

(40)

(35)

(71)

 Other cash payments

(48)

(46)

(95)

 Net cash inflow/(outflow) from operating activities

113

(184)

                          (28)





 Taxation




 Corporation tax

                              -

                            (5)

                            (5)





 Financial investment




 Purchase of investments

(4,707)

(604)

(2,750)

 Sale of investments

                       1,945

                          644

                       3,340

 Net cash (outflow)/inflow from financial investment

                      (2,762)

                            40

                          590





 Equity dividends paid

(873)

(765)

(1,300)





 Net cash outflow before financing

(3,522)

                         (914)

                         (743)





 Financing




 Issue of ordinary shares

                       1,188

                       1,148

                       1,148

 Repurchase of ordinary shares

                         (182)

 -

(154)





 Net cash inflow from financing

                       1,006

                       1,148

                          994

 (Decrease)/increase in cash

                      (2,516)

                          234

                          251

 

 

 

Notes to the financial statements















1

Accounting Policies









The financial information for the 6 months ended 31 May 2012 and the 6 months ended 31 May 2011 comprises non-statutory accounts within the meaning of section 435 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 2011, which have been filed at Companies House and which contained an Auditors' 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

reserve



account

realised

unrealised

reserve

reserve



£'000

£'000

£'000

£'000

£'000

£'000












At 30 November 2011

              997

(2,855)

773

21,841

               65

              610



Gains on sales of investments

                  -

65

                  -

                  -

                  -

                  -



Net increase in value of investments

                  -

                  -

           1,134

                  -

                  -

                  -



Investment management fees

                  -

(248)

                  -

                  -

                  -

                  -



Dividends paid

                  -

(556)

                  -

                  -

                  -

            (317)



Tax effect of capital items

                  -

               25

                  -

                  -

                  -

                  -



Repurchase and cancellation of shares

                  -

                  -

                  -

            (207)

               28

                  -



Share Issue - 1 March 2012

              688

                  -

                  -

                  -

                  -

                  -



Share Issue - 5 April 2012

              312

                  -

                  -

                  -

                  -

                  -



Share Issue - 18 April 2012

               39

                  -

                  -

                  -

                  -

                  -



Net return on ordinary activities after taxation

                  -

                  -

                  -

                  -

                  -

439



At 31 May 2012

           2,036

(3,569)

1,907

21,634

93

732












 

 

 

 

 








3

Returns per Ordinary Share

















Ordinary Shares

Six months ended

Six months ended

Year ended




31 May 2012

31 May 2011

30 November 2011





£'000


£'000


£'000



The return per ordinary share is based on









the following figures:









Revenue return


439


303


685



Capital return


976


901


1,469












Total return


1,415


1,204


2,154












Weighted average number of ordinary shares in issue


30,835,162


29,614,308


30,083,549





















Revenue return per ordinary share


1.42p


1.02p


2.28p



Capital return per ordinary share


3.17p


3.04p


4.88p



Return per ordinary share


4.59p


4.06p


7.16p












The Net Asset Value per Ordinary Share has been calculated using the number of shares in Issue at 31 May 2012 of 31,471,587.











Other information

 

Copies of this announcement will be available to the public at the registered office of the Company, 9 - 13 St Andrew Street, London, on the Company's website at www.mavencp.com/migvct3 and at the National Storage Mechanism.

 

Issued on behalf of the Board

 

Maven Capital Partners UK LLP

Secretary

 

13 July 2012

 

ENDS

 

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.

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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