VCT Offers now open
The four Maven VCTs have launched joint Offers, initially looking to raise up to £20 million (£5m per VCT) plus option for £20m over-allotment. Early Investment Incentive available for existing shareholders and new investors.
Important Information regarding investing in VCTs.
Taxation rules and legislation may be subject to change. The value of tax relief depends on personal circumstances.
Past performance of Maven VCTs is not an indication of future performance. The price of VCT shares can fall and rise in value and may be difficult to sell.
Maven VCTs invest in smaller, early stage companies, which can be difficult to value and dispose of.
Maven VCTs aim to pay regular dividends to shareholders but these are not guaranteed.
Maven VCTs are intended for UK taxpayers aged 18 or over who: are seeking initial tax relief, tax free income and capital growth over a term of five or more years; already have a diversified portfolio including pension assets; are able to bear up to 100% capital loss; have a medium to high risk tolerance; and will generally be informed investors with experience in investing in VCTs or an understanding of the risks involved.
Tax efficient investment in a Maven VCT
Investors have the opportunity to subscribe for new shares in one or more of the Maven VCTs, backing some of the most ambitious, growth focused smaller companies in the UK, while benefitting from a range of attractive tax reliefs.
For valid applications received by 7 February, investors benefit from a reduced Offer Administration Fee - a discount of 1.5% for Existing Shareholders and 1.25% for New Investors.
Target Market: VCTs are intended for UK taxpayers aged 18 or over with an investment horizon of five or more years and who are able to bear up to 100% capital loss and with a medium to high risk tolerance. Investors in the VCT will generally be informed investors with either experience in investing in VCTs or with a knowledge and understanding of the risks involved. |
About the Offers
4
established VCTs, with a long term record of positive shareholder returns.
£20m
target fundraise (£5 million per VCT) plus option for up to £20m over-allotment.
£7.75m
raised to date.
6%*
target annual dividend.
85+
emerging UK companies selected for their high growth potential.
30%**
initial tax relief, as well as tax free dividends and exemption from capital gains tax.
* Dividends paid for the year, as a % of the NAV per Share at the preceding year end. The payment of dividends is not guaranteed.
**New VCT shares must be held for a minimum of five years in order to retain the initial income tax relief. Tax reliefs available are dependent on the investor's individual circumstances.
Why invest
Manager with a proven track record
Invest with one of the best resourced and most active managers in the VCT industry, with a UK wide presence and a VCT hertitage spanning over 20 years.
Established and highly diversified portfolios
Shareholder returns and dividends
The Maven VCTs have a long term track record of paying dividends and delivering improvements in NAV Total Return, as well as a target annual dividend of 6% (of the NAV per share at the preceding year end).
Attractive tax reliefs
A range of tax benefits, including initial income tax relief of up to 30%, tax free dividends and exemption from capital gains tax on the disposal of VCT shares.
Track record of exits
Maven has a consistent long term track record of achieving successful private company realisations across a diverse range of sectors, which has helped to support a programme of dividend payments to shareholders.
RegTech
In Septemeber 2024 the Maven VCTs realised a significant majority of its investment in award-winning compliance and preservation software provider MirrorWeb, through a sale to MainSail Partners, a US growth equity firm. The profitable realisation generated a 4.0x return on cost, including the value of a retained minority holding in the business.
FinTech
In September 2024 the Maven VCTs partially realised their investment in Novatus Global, a leading RegTech solutions provider, as part of a $40m investment in the company by US-based private equity firm Silversmith Capital Partners. The transaction delivered a 4.68x total money multiple return for shareholders, inclusive of an ongoing minority stake in the business.
Cyber Security
In June 2024 the Maven VCTs completed a final exit from Quorum Cyber, delivering an aggregate return of 8.2x for shareholders. Following the initial sale of Quorum in 2021, the Maven VCTs had retained an economic interest in the business alongside the owners which was realised following a strategic investment by Charlesbank Capital Partners, a US private equity firm.
Dividends
|
Maven VCT 1 |
Maven VCT 3 |
Maven VCT 4 |
Maven VCT 5 |
Average tax free annual dividend per Share over past five full financial years |
2.53p | 3.51p | 3.85p | 2.13p |
Annual yield (before taking account of 30% initial tax relief available to investors) |
5.00% | 4.62% | 5.12% | 5.23% |
As at 27 September 2024
Invest in a portfolio of ambitious smaller companies
Document Library
Investors should read the Securities Note in full before applying and any decision to invest should be made based on the detail held within this document. Maven has also created an Investor Brochure providing a bitesize introduction to the Offers.
The other supplementary documentation available may be of use when considering an investment in a Maven VCT.
How to invest
Apply online, or by emailing or posting an application to the receiving agent, City Partnership.
Apply by Post
Post a completed application form to:
Maven VCT Offers
The City Partnership (UK) Ltd
The Mending Rooms
Park Valley Mills
Meltham Road
Huddersfield HD4 7BH
Further information
Submitting your application and funds
An application cannot be accepted until cleared funds are received, so funds should be submitted at the same time as the application (allowing time for a cheque to clear by any relevant deadline). Where possible payment should be by bank transfer rather than cheque, as an application cannot be accepted if cleared funds have not been received by City Partnership by an application deadline or when an Offer closes. See the Application Notes and Instructions for details of how to apply and provide application funds.
Application enquiries
For a question about the completion of an online or paper Application Form, you should follow the on-screen instructions or read the Application Notes and Instructions document. Otherwise contact the Receiving Agent, City Partnership, at mavencp@city.uk.com or 01484 240 910 (lines open 09.00 to 17.30, Monday to Friday, excluding public holidays).
If you have an enquiry about Applications and payments already submitted, you should refer to the acknowledgement email or letter sent by City Partnership (for emails also check spam or junk folders), which provides a link to City’s online tracking service where you can view the latest processing and acceptance status of the application and view/download a PDF copy. City cannot provide other updates about the receipt or status of Applications.
Allotments
There will be one or more allotments by each Maven VCT in each tax year, which will be on dates that allow each Maven VCT and the Manager to optimise the deployment of funds raised and ensure that VCT qualifying status is maintained. Allotments will be announced through a Regulatory Information Service.
For 2024/25 Applications:
Shares will be allotted on one or more dates, on or before 5 April 2025, to be determined by the Directors.
For 2025/26 Applications:
Shares will be allotted after 5 April 2025 and on or before 1 May 2025 (and/or any other date determined by the Directors prior to the close of the relevant Offer).
See Securities Note for further detail.
Certificates
Following each allotment, the Receiving Agent and Registrar, City Partnership, will issue the following information and certificates in relation to each VCT you apply to:
An email notification will be sent by City Partnership within three Business Days of an allotment, with a link for the applicant (and their financial intermediary) to download their income tax relief certificate via City’s online tracking service. If an email address has not been provided on the application form, a tax certificate will be posted within ten Business Days of the allotment.
The Registrar, City Partnership, will issue a share certificate by post within ten Business Days of each allotment (or CREST accounts will be credited within ten Business Days). Therefore, Shareholders should expect to receive share certificates within 14 Business Days following an allotment.
Information for Financial adviser and brokers
Financial intermediaries looking for more information about the Offers, can contact LightTower Partners (which distributes the Maven Offers in the adviser market and specialises in tax efficient products and investment opportunities), at investor-relations@lighttowerpartners.co.uk or 020 7071 3920.
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