Interim Results

RNS Number : 1538R

Maven Income & Growth VCT 4 PLC

16 August 2010

 



Maven Income and Growth VCT 4 PLC

Interim Results

The Directors announce the unaudited interim results for the six months ended 30 June 2010.

Investment Manager's Review

Investment Activity

The period under review was characterised by the completion of a number of new later stage private equity investments alongside a modest increase in the Total Return being achieved by both the Ordinary Share Portfolio and the S Share Portfolio.

During the six months ended 30 June 2010, four new unlisted investments and five follow on investments were completed and a total of £1.4 million was invested. At 30 June 2010, the portfolio stood at 65 unlisted and AIM investments at a total combined cost of £12.1 million.

The following investments have been completed during the period.

Investment	Date	Sector	Investment cost    £'000		Website
			Original pool	S Share Pool
Unlisted
Beckford Capital	May-10	Leisure and Hotels	160	160	No website available
Camwatch	Jun-10	Security Services	32	19	www.camwatch.co.uk
Countcar	May-10	Oil and gas	24	13	No website available
Essential Viewing Systems	Mar-10	Computer Software	5	-	www.essential-viewing.com
Lawrence Recycling & Waste Management	Apr-10	Support Services	36	24	www.lawrenceskiphire.co.uk
Riverdale Publishing	Feb-10	Support Services	26	-	No website available
TC Communications	May-10	Support Services	40	25	www.tccommunications.co.uk
Torridon Capital	Jan-10	Financial Services	253	198	No website available
Tosca Penta Investments	Feb-10	Insurance	88	87	No website available
Venmar t/a XPD8 Solutions	Jun-10	Oil and Gas	109	124	No website available
Total Unlisted investment			773	650
Total			773	650

Four new substantial investments were added to the portfolio during the six months ended 30 June 2010.  These were Beckford Capital, a new company set up to pursue acquisitions in the Leisure and Hotels industry; Torridon Capital, the holding company of Litcomp plc, a speciality insurance business where the Manager led a public to private transaction; Tosca Penta Investments, which invests in esure, the well known general and motor insurance provider which was acquired from Lloyds Banking Group; and lastly, XPD8 Solutions, which operates in the condition monitoring and asset integrity segment of the oil and gas industry.

 
All of these assets are forecast to generate substantial income mainly via loan stock based structures. The continuation of this later stage and yield based investment strategy using the Maven network of offices should ensure that the Company is well placed to be able to support its long term dividend programme.

In line with the strategy of reducing exposure to the AIM market in favour of later stage private equity transactions, the Manager has continued to pursue the structured realisation of the element of the investment portfolio.

The table on page 6 gives details of realisations during the reporting period.

Realisations

			Ordinary Share Pool				S Share Pool
	Date first invested	Complete /Partial Exit	Cost of shares disposed of	Sales Proceeds	Realised Gain /Loss	Realised Gain/ Loss over December 2009 Valuation	Cost of shares disposed of	Sales Proceeds	Realised Gain/ Loss	Realised Gain/ Loss over December 2009 Valuation
			£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Unlisted
Cyclotech	2007	Complete	-	11	11	11	-	4	4	4
Torridon Capital	2010	Partial	150	150	-	-	110	110	-	-
			150	161	11	11	110	114	4	4
AIM
Animalcare	2008	Partial	-	-	-	-	41	88	47	6
Avanti Communications	2007	Partial	7	18	11	2	-	-	-	-
Litcomp	2005	Complete	101	117	16	-	-	-	-	-
Melorio	2007	Complete	148	227	79	6	90	139	49	4
OPG Power Ventures	2008	Partial	1	2	1	1	1	2	1	1
			257	364	107	9	132	229	97	11
			407	525	118	20	242	343	101	15

Performance

The Total Return per Ordinary Share at 30 June 2010 was 103.4p, an increase of 0.9p or 0.9% over the equivalent figure at 31 December 2009. The Total Return per S Share at 30 June 2010 was 101.05p, an increase of 1.6p or 1.6% over the equivalent figure at 31 December 2009.

The Net Asset Value (NAV) per Ordinary share at 30 June 2010, after payment of the final dividend of 2.5p in respect of the year ended 31 December 2009, was 88.1p compared with 89.7p at 31 December 2009. The NAV per S share at 30 June 2010, after payment of the final dividend of 0.5p in respect of the year ended 31 December 2009, was 95.5p compared with 94.4p at 31 December 2009.

Dividend policy

The Board continues to target regular annual dividend payments subject to the availability of distributable reserves. The Board declares an interim dividend of 1.0p per Ordinary share and 1.0p per S Share to be paid on 27 September 2010 to Shareholders on the Register at 27 August 2010.

The Company paid dividends totalling 3.5p per Ordinary Share and 1.5p per S Share in respect of the year ended 31 December 2009 which is equivalent to 4.7p and 2.0p gross from a taxable UK equity. This represents a yield of 5.8% per annum on the Ordinary Shares and 2.1% per annum on the S Shares based on their net cost after initial tax relief.  Based on the mid-market price at 30 June 2010, the equivalent yields are 7.2% and 2.8% for a 40% rate taxpayer.

Principal risks and uncertainties

The Board has reviewed the principal risks and uncertainties facing the Company in the second half of its financial year: these are unchanged from those it faced at the start of the year, which are set out in the annual report, and are the risks involved in investment in small and unquoted companies.

 In order to reduce exposure to investment risk, the Company has invested in a broadly-based portfolio of investments in unlisted and AIM/PLUS quoted companies in the United Kingdom. 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 continue to be met.

Recovery of VAT

The company received an offer from the former Manager Aberdeen Asset Managers to refund £94,898 representing all VAT charged on investment management fees for the period from 1 October 2005 to 1 October 2008. This offer was accepted by the directors subject to reserving the Company's rights in respect of sums not repaid for earlier periods. The amount received has been recognised within the financial statements and allocated to revenue and capital in accordance with the underlying accounting policy

Outlook

We will continue to select only those companies which are well managed, sensibly priced and capable of providing a premium yield together with the prospects of a capital gain in the medium to longer term.

 As economic conditions stabilise we anticipate a continuing increase in the number of private company investment opportunities. With a presence across the UK regions, the manager is well placed to take advantage of these opportunities as they arise.

Maven Capital Partners UK LLP

Manager

16 August 2010

Directors' Responsibility Statement

We confirm that to the best of our knowledge:

·      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" issued in January 2009

·      The Interim Management Report includes a fair review of the information required by DTR 4.2.7 R 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.

On behalf of the Board

Maven Capital Partners UK LLP

Secretary

16 August 2010

Income Statement

For the six months ended 30 June 2010 (unaudited)

	Ordinary Shares			S Ordinary Shares			TOTAL
	Revenue	Capital	Total	Revenue	Capital	Total	Revenue	Capital	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Gains on investments	-	66	66	-	117	117	-	183	183
Income from investments	83	-	83	37	-	37	120	-	120
Other income	-	-	-	-	-	-	-	-	-
Investment management fees	(3)	(12)	(15)	(7)	(28)	(35)	(10)	(40)	(50)
Other expenses	(79)	-	(79)	(47)	-	(47)	(126)	-	(126)
Net return on ordinary activities before taxation	1	54	55	(17)	89	72	(16)	143	127
Tax on ordinary activities	-	-	-	-	-	-	-	-	-
Return attributable to equity shareholders	1	54	55	(17)	89	72	(16)	143	127
Earnings per share (pence)	-	0.7	0.7	(0.3)	1.8	1.5	(0.3)	2.5	2.2

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	Ordinary	S Ordinary
	Shares	Shares	Total
	£'000	£'000	£'000
Opening Shareholders' funds	6,996	4,693	11,689
Net Return for year	55	72	127
Proceeds of share issue	606	-	606
Repurchase and cancellation of shares	(52)	(26)	(78)
Dividends paid - revenue	(42)	(25)	(67)
Dividends paid - capital	(169)	-	(169)
Closing Shareholders' funds	7,394	4,714	12,108

The accompanying notes are an integral part of the financial statements.

Income Statement

For the six months ended 30 June 2009 (unaudited)

	Ordinary Shares			S Ordinary Shares			TOTAL
	Revenue	Capital	Total	Revenue	Capital	Total	Revenue	Capital	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Gains on investments	-	219	219	-	80	80	-	299	299
Income from investments	117	-	117	76	-	76	193	-	193
Other income	6	-	6	2	-	2	8	-	8
Investment management fees	(11)	(44)	(55)	(8)	(30)	(38)	(19)	(74)	(93)
Other expenses	(51)	-	(51)	(38)	-	(38)	(89)	-	(89)
Net Return on ordinary activities before taxation	61	175	236	32	50	82	93	225	318
Tax on ordinary activities	(6)	6	-	(3)	3	-	(9)	9	-
Return attributable to equity shareholders	55	181	236	29	53	82	84	234	318
Earnings per share (pence)	0.7	2.3	3.0	0.6	1.0	1.6	1.3	3.3	4.6

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	Ordinary	S Ordinary
	Shares	Shares	Total
	£'000	£'000	£'000
Opening Shareholders' funds	6,647	4,750	11,397
Net Return for year	236	82	318
Dividends paid - revenue	(102)	(89)	(191)
Dividends paid - capital	-	-	-
Closing Shareholders' funds	6,781	4,743	11,524

The accompanying notes are an integral part of the financial statements.

Income Statement

For the year ended 31 December 2009

	Ordinary Shares			S Ordinary Shares			TOTAL
	Revenue	Capital	Total	Revenue	Capital	Total	Revenue	Capital	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Gains on investments	-	459	459	-	56	56	-	515	515
Income from investments	355	-	355	206	-	206	561	-	561
Other income	6	-	6	2	-	2	8	-	8
Investment management fees	(24)	(95)	(119)	(16)	(66)	(82)	(40)	(161)	(201)
Other expenses	(127)	-	(127)	(95)	-	(95)	(222)	-	(222)
Net Return on ordinary activities before taxation	210	364	574	97	(10)	87	307	354	661
Tax on ordinary activities	(42)	20	(22)	(19)	14	(5)	(61)	34	(27)
Return attributable to equity shareholders	168	384	552	78	4	82	246	388	634
Earnings per share (pence)	2.1	4.9	7.0	1.6	-	1.6	3.7	4.9	8.6

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	Ordinary	S Ordinary
	Shares	Shares	Total
	£'000	£'000	£'000
Opening Shareholders' funds	6,647	4,750	11,397
Net Return for year	552	82	634
Repurchase and cancellation of shares	(23)	-	(23)
Dividends paid - revenue	(180)	(139)	(319)
Dividends paid - capital	-	-	-
Closing Shareholders' funds	6,996	4,693	11,689

The accompanying notes are an integral part of the financial statements.

Balance Sheet

As at 30 June 2010

	30 June 2010			30 June 2009			31 December 2009
	(unaudited)			(unaudited)			(audited)
	Ordinary	S Ord		Ordinary	S Ord		Ordinary	S Ord
	Shares	Shares	Total	Shares	Shares	Total	Shares	Shares	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Fixed assets
Investments at fair value through profit or loss	6,470	3,265	9,735	6,193	3,857	10,050	6,156	2,841	8,997
Current assets
Debtors	163	73	236	241	103	344	163	65	228
Cash and overnight deposits	819	1,407	2,226	422	864	1,286	756	1,832	2,588
	982	1,480	2,462	663	967	1,630	919	1,897	2,816
Creditors: amounts falling due within one year	(58)	(31)	(89)	(75)	(81)	(156)	(79)	(45)	(124)
Net current assets	924	1,449	2,373	588	886	1,474	840	1,852	2,692
Total net assets	7,394	4,714	12,108	6,781	4,743	11,524	6,996	4,693	11,689
Capital and reserves
Called up share capital	840	494	1,334	784	497	1,281	780	497	1,277
Share premium	538	4,227	4,765	-	4,227	4,227	-	4,227	4,227
Distributable reserve	6,585	(26)	6,559	6,660	-	6,660	6,637	-	6,637
Capital Redemption Reserve	12	3	15	-	-	-	4	-	4
Capital reserves - realised	1,286	159	1,445	1,033	(52)	981	1,349	86	1,435
Capital reserves - unrealised	(2,042)	(176)	(2,218)	(1,877)	(5)	(1,882)	(1,990)	(192)	(2,182)
Revenue reserve	175	33	208	181	76	257	216	75	291
Net assets attributable to Ordinary Shareholders	7,394	4,714	12,108	6,781	4,743	11,524	6,996	4,693	11,689
Net asset value per ordinary share (pence)	88.1	95.5		86.5	95.4		89.7	94.4

The Financial Statements were approved by the Board of Directors and were signed on its behalf by

ID Cormack

Director

16 August 2010

Cash Flow Statement

For the six months ended 30 June 2010

	Six months to 30 June 2010			Six months to 30 June 2009			Year to 31 December 2009
	(unaudited)			(unaudited)			(audited)
	Ordinary	S Ord		Ordinary	S Ord		Ordinary	S Ord
	Shares	Shares	Total	Shares	Shares	Total	Shares	Shares	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Operating activities
Investment income received	87	33	120	107	93	200	397	268	665
Deposit interest received	-	-	-	6	2	8	8	3	11
Investment management fees paid	(36)	(49)	(85)	(16)	(10)	(26)	(90)	(62)	(152)
Secretarial fees paid	(35)	(24)	(59)	(11)	(8)	(19)	(34)	(25)	(59)
Cash paid to and on behalf of Directors	(20)	(13)	(33)	(19)	(14)	(33)	(38)	(27)	(65)
Other cash payments/receipts	(48)	(27)	(75)	(45)	6	(39)	(52)	(37)	(89)
Net cash (outflow)/inflow from operating activities	(52)	(80)	(132)	22	69	91	191	120	311
Taxation
Corporation tax	-	-	-	-	-	-	(12)	(15)	(27)
Financial investment
Purchase of investments	(773)	(650)	(1,423)	(629)	(400)	(1,029)	(1,617)	(1,028)	(2,645)
Sale of investments	525	341	866	855	1,194	2,049	2,121	2,804	4,925
Net cash (outflow)/inflow from financial investment	(248)	(309)	(557)	226	794	1,020	504	1,776	2,280
Equity dividends paid	(211)	(25)	(236)	(102)	(89)	(191)	(180)	(139)	(319)
Net cash (outflow)/inflow before financing	(511)	(414)	(925)	146	774	920	503	1,742	2,245
Financing
Issue of ordinary shares	606	-	606	-	-	-	-	-	-
Repurchase of Ordinary Shares	(32)	(11)	(43)	-	-	-	(23)	-	(23)
Net cash inflow/(outflow) from financing	574	(11)	563	-	-	-	(23)	-	(23)
Increase/(decrease) in cash	63	(425)	(362)	146	774	920	480	1,742	2,222

The accompanying notes are an integral part of the financial statements.

1.	Accounting Policies
	The financial information for the six months ended 30 June 2010 and the six months ended 30 June 2009 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 31 December 2009, 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.
		Share		Capital		Capital	Capital
		Premium	Distributable	reserves		reserves	redemption	Revenue
2.	Movement in reserves	Account	reserve	realised		unrealised	Reserve	reserve
	ORDINARY SHARES	£'000	£'000	£'000		£'000	£'000	£'000
	As at 31 December 2009	-	6,637	1,349		(1,990)	4	216
	Gains on sales of investments	-	-	118		-	-	-
	Decrease in unrealised appreciation	-	-	-		(52)	-	-
	Investment management fees	-	-	(12)		-	-	-
	Dividends paid	-	-	(169)		-	-	(42)
	Tax effect of capital items	-	-	-		-	-
	Share Issue - 1 April 2010	398	-	-		-	-	-
	Share Issue - 5 April 2010	85	-	-		-	-	-
	Share Issue - 30 April 2010	55	-	-		-	-	-
	Repurchase and cancellation of shares	-	(52)	-		-	8	-
	Retained net revenue for period	-	-	-		-	-	1
	As at 30 June 2010	538	6,585	1,286		(2,042)	12	175
		Share		Capital		Capital	Capital
		Premium	Distributable	reserves		reserves	redemption	Revenue
	Movement in reserves	Account	reserve	realised		unrealised	Reserve	reserve
	S ORDINARY SHARES	£'000	£'000	£'000		£'000	£'000	£'000
	As at 31 December 2009	4,227	-	86		(192)	-	75
	Gains on sales of investments	-	-	101		-	-	-
	Increase in unrealised appreciation	-	-	-		16	-	-
	Investment management fees	-	-	(28)		-	-	-
	Dividends paid	-	-	-		-	-	(25)
	Tax effect of capital items	-	-	-		-	-	-
	Repurchase and cancellation of shares	-	(26)	-		-	3	-
	Retained net revenue for period	-	-	-		-	-	(17)
	As at 30 June 2010	4,227	(26)	159		(176)	3	33
							Six months ended
3.	Return per ordinary share						30 June 2010
	ORDINARY SHARES
	The returns per share have been based on the following figures:
	Weighted average number of Ordinary shares						8,105,120
	Revenue Return						£1,000
	Capital Return						£54,000
	S ORDINARY SHARES
	The returns per share have been based on the following figures:
	Weighted average number of S Ordinary shares						4,966,057
	Revenue Return						(£17,000)
	Capital Return						£89,000

A summary of investment changes for the period under review and an investment portfolio summary as at 30 June

 2010 are attached.

SUMMARY OF INVESTMENT CHANGES  (ORDINARY SHARES)
For the six months ended 30 June 2010
	Valuation		Net investment	Appreciation	Valuation
	31 December 2009		(disinvestment)	(depreciation)	30 June 2010
	£'000	%	£'000	£'000	£'000	%
Unlisted investments
Equities	960	13.7	145	35	1,140	15.4
Preference	19	0.3	-	(1)	18	0.2
Loan stocks	3,942	56.3	467	30	4,439	60.0
	4,921	70.3	612	64	5,597	75.6
AIM investments
Equities	1,235	17.7	(364)	2	873	11.8
Listed investments
Fixed income	-	-	-	-	-	-
Total investments	6,156	88.0	248	66	6,470	87.4
Other net assets	840	12.0	84	-	924	12.6
Total Assets	6,996	100.0	332	66	7,394	100.0

SUMMARY OF INVESTMENT CHANGES (S ORDINARY SHARES0
For the six months ended 30 June 2010
	Valuation		Net investment	Appreciation	Valuation
	31 December 2009		(disinvestment)	(depreciation)	30 June 2010
	£'000	%	£'000	£'000	£'000	%
Unlisted investments
Equities	273	5.8	121	51	445	9.4
Preference	2	-	-	-	2	-
Loan stocks	2,044	43.6	415	44	2,503	53.1
	2,319	49.4	536	95	2,950	62.5
AIM investments
Equities	522	11.1	(229)	22	315	6.7
Listed investments
Fixed income	-	-	-	-	-	-
Total investments	2,841	60.5	307	117	3,265	69.2
Other net assets	1,852	39.5	(403)	-	1,449	30.8
Total Assets	4,693	100.0	(96)	117	4,714	100.0

Investment Portfolio Summary As at 30 June 2010
Investment Name		Ordinary Pool			S Share Pool		% of equity held	% of equity held by
Unlisted Investments	Valuation	Cost	% of total assets	Valuation	Cost	% of total assets	by Fund	other clients
Camwatch	293	293	3.9%	167	168	3.5%	4.7%	51.9%
Lawrence Recycling and Waste Management	260	260	3.5%	173	173	3.7%	5.5%	52.5%
Westway Services	200	131	2.7%	200	131	4.2%	2.4%	19.5%
Ailsa Craig Capital	249	249	3.4%	149	149	3.2%	46.7%	33.3%
Dunning Capital	249	249	3.4%	149	149	3.2%	46.7%	33.3%
Shiskine Capital	249	249	3.4%	149	149	3.2%	46.7%	33.3%
Training For Travel Group	170	149	2.3%	199	174	4.2%	3.7%	26.3%
PSP/AHC (Dalglen 1148)	244	316	3.3%	123	158	2.6%	7.6%	67.4%
Armannoch Investments	225	225	3.0%	125	125	2.7%	24.9%	53.7%
Valkyrie Capital	225	225	3.0%	125	125	2.7%	24.9%	53.7%
Dalglen 1150 (Walker Technical Resources)	249	249	3.4%	99	99	2.1%	7.4%	55.6%
Homelux Nenplas	326	149	4.4%	-	-	-	3.0%	37.0%
TC Communications Holdings	199	199	2.7%	124	124	2.6%	10.9%	50.5%
Nessco Group Holdings	124	124	1.7%	199	199	4.2%	4.2%	33.6%
Steminic (MS Industrial Services)	220	220	3.0%	101	101	2.1%	4.4%	47.3%
Beckford Capital	160	160	2.2%	160	160	3.4%	23.0%	77.0%
THL (Midlands)	192	259	2.6%	115	155	2.4%	4.6%	67.2%
Torridon Capital	159	103	2.2%	135	88	2.9%	2.1%	31.0%
Adler & Allan Holdings	187	187	2.5%	93	93	2.0%	1.0%	5.6%
Oliver Kay Holdings	272	209	3.7%	-	-	-	1.3%	18.7%
Atlantic Foods Group	253	199	3.4%	-	-	-	1.1%	7.7%
Venmar t/a XPD8 Solutions	109	109	1.5%	124	124	2.6%	3.6%	31.4%
Martel Instruments Holdings	227	227	3.1%	-	-	-	4.2%	40.0%
Tosca Penta Investments	88	88	1.2%	87	87	1.8%	-	0.3%
Intercede (Scotland) 1	70	70	0.9%	99	99	2.1%	1.9%	26.6%
Essential Viewing Systems	166	192	2.2%	-	-	-	5.6%	35.2%
Enpure Holdings	137	100	1.9%	-	-	-	0.4%	1.9%
Countcar	64	30	0.8%	36	17	0.8%	6.1%	47.0%
Others	31	865	0.3%	19	42	0.3%
	5,597	6,085	75.6%	2,950	2,889	62.5%
AIM/PLUS
Mount Engineering	98	124	1.3%	28	35	0.6%	0.9%	1.6%
System C Healthcare	100	150	1.4%	-	-	-	0.2%	0.8%
Animalcare Group (formerly Ritchey)	-	-	-	96	53	2.0%	0.5%	3.7%
Chime Communications	70	71	0.9%	25	26	0.5%	0.1%	0.3%
Software Radio Technology	94	138	1.3%	-	-	-	0.4%	2.2%
Betbrokers	30	66	0.4%	60	132	1.3%	0.6%	1.3%
OPG Power Ventures	41	39	0.6%	41	39	0.9%	0.2%	0.4%
DM	53	83	0.7%	26	41	0.6%	0.6%	0.8%
Plastics Capital	59	197	0.8%	15	50	0.3%	0.9%	2.8%
Hambledon Mining	60	83	0.8%	-	-	-	0.2%	0.1%
Datong	40	151	0.5%	-	-	-	0.9%	1.1%
Universe Group	36	100	0.5%	-	-	-	1.2%	1.4%
Neutrahealth plc	32	89	0.4%	-	-	-	0.6%	1.3%
Praesepe (formerly Aldgate Capital)	15	49	0.2%	15	50	0.3%	0.2%	0.8%
AMZ Holdings (formerly Amazing Holdings)	25	151	0.3%	-	-	-	0.5%	1.7%
Work Group	23	151	0.3%	-	-	-	0.7%	2.6%
Avanti Communications Group	20	10	0.3%	-	-	-	-	0.2%
Others	77	876	1.1%	9	123	0.2%
	873	2,528	11.8%	315	549	6.7%
Total	6,470	8,613	87.4%	3,265	4,547	69.2%

Other information

Copies of this announcement will be available to the public at the registered office of the Company at 149 St Vincent Street, Glasgow, G2 5NW.

By Order of the Board

MAVEN CAPITAL PARTNERS UK LLP, SECRETARY

16 August 2010

 

END

 

 

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