Maven Income and Growth VCT 4 PLC

    Maven Income and Growth VCT 4 PLC is a generalist VCT aiming to achieve long-term capital appreciation and generate income for Shareholders by investing in ambitious UK smaller companies with growth potential.

    Financial highlights

    As at 31 December 2022

    £89.55m

    Net Asset Value

    69.00p*

    NAV per Ordinary Share

    156.60p

    NAV Total Return per Ordinary Share

    87.60p

    Dividends paid to date per Ordinary Share

    115

    Unlisted and quoted investments

    15.80%**

    Tax free yield

    *The NAV per share shown above will be reduced by the payment of any subsequent dividends (see table below)

    **Based on average dividends paid or declared in respect of the past five full financial years (including any exceptional payments) and current NAV, for an assumed investment in new shares benefitting from the current 30% initial tax relief available on investment in new VCT shares (ignoring any initial offer costs).

    Current VCT Offers

    For the first time in eight years, investors have the opportunity to subscribe for New Shares in all four Maven Income and Growth VCTs, each with a long term track record of delivering positive shareholder returns.

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    Key information

    Ordinary Shares in Issue

    (total voting rights)
    134,824,318 at 8 February 2023

    History

    Launched - 26 August 2004.
    Maven Income and Growth VCT 4 PLC was formerly known as Aberdeen Growth Opportunities VCT 2 PLC and incorporates Maven Income and Growth VCT 6 PLC (formerly known as Talisman First VCT PLC), Maven Income and Growth VCT 2 PLC (formerly known as Aberdeen Growth VCT I PLC), Ortus VCT PLC (formerly known as Guinness Flight Venture Capital Trust PLC) and Gateway VCT PLC.

    Registered Office

    Kintyre House, 205 West George Street, Glasgow, G2 2LW
    SC272568

     

    Latest/Announced AGM

    11 May 2022

    Next Continuation Vote

    2028

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    Performance

    NAV Total Return per share

    Dividends

    Decisions on distributions take into consideration the availability of surplus revenue, the realisation of capital gains, the adequacy of distributable reserves and the VCT qualifying level, all of which are kept under close and regular review by the Board and the Manager. As the portfolio continues to expand and a greater proportion of holdings are invested in young companies, future distributions will be more closely linked to realisation activity, whilst also reflecting the Company’s requirement to maintain its VCT qualifying level. If larger distributions are required as a consequence of exits, this could result in a corresponding reduction in NAV per share. It is the Board’s intention that, subject to the considerations outlined above, in the current and future years it will seek to pay an annual dividend that provides Shareholders with a yield of 5% of the NAV per share at the previous year end.

     

    Total Dividends Paid or Declared 87.60

     

    Year Ended November
    Payment Date
    Interim/Final
    Rate (p)
    2022
    		 7 October 2022 Interim
    2.00
    2021
    		 20 May 2022 Final
    1.00
       11 March 2022  Second interim
      2.00
     
    		 1 October 2021 First interim
    2.00
    2020
    		 21 May 2021 Final
    2.00
      2 October 2020 Interim
    1.00
    2019
    		 22 May 2020 Final
    2.00
      4 October 2019 Interim
    2.00
    2018
    		 22 June 2018 Second Interim
    4.80
      13 April 2018 First Interim
    8.90
    2006 - 2017
    		    
    59.90

     

    Dividend Investment Scheme

    Maven Income and Growth VCT 4 PLC operates a dividend investment scheme (DIS). Terms and Conditions (and features of the scheme), and a mandate form for participating in the DIS, are available to download in the Shareholder Documents section below.

    Portfolio

    Top 10 Investments

    1.BioAscent Discovery Limited

    Provision of integrated drug discovery services including compound management

    Cost £1,532,000 | Valuation £3,906,000
    % of net asset by value 4.5

    2. Horizon Ceremonies Limited

    Develops, operates and owns purpose built crematoria across the UK

    Cost £2,463,000 | Valuation £3,694,000
    % of net asset by value 4.2

    3. Bright Network (UK) Limited

    Media technology platform designed to enable leading employers to reach, identify and recruit good quality graduates and young professionals

    Cost £1,383,000 | Valuation £2,190,000
    % of net asset by value 2.5

    4. Relative Insight Limited

    Linguistic analysis software platform

    Cost £1,000,000 | Valuation £2,150,000
    % of net asset by value 2.4

    5. e.fundamentals (Group) Limited

    E-commerce analytics software service that provides a platform for tactical and strategic daily use by the internal sales and marketing teams of consumer goods producers

    Cost £1,042,000 | Valuation £2,121,000
    % of net asset by value 2.4

    6. Rockar 2016 Limited (trading as Rockar)

    Innovative car retailer

    Cost £1,674,000 | Valuation £2,089,000
    % of net asset by value 2.3

    7. WaterBear Education Limited 

    Private higher education college that provides a range of degree courses across the creative industries

    Cost £987,000 | Valuation £2,075,000
    % of net asset by value 2.3

    8. Delio Limited

    Designs and builds private asset infrastructure for global financial institutions

    Cost £944,000 | Valuation £2,033,000
    % of net asset by value 2.3

    9. Ensco 969 Limited (trading as DPP)

    Planned and reactive mechanical and electrical maintenance

    Cost £1,823,000 | Valuation £1,889,000
    % of net asset by value 2.1

    10. Whiterock Group Limited

    Technology business trading under the brand ZynQ360 providing visual asset management services

    Cost £1,014,000 | Valuation £1,753,000
    % of net asset by value 2.0

    Shareholder Documents

    Maven and the VCTs are committed to reducing the environmental impact of printing substantial documents. If you currently receive hard copy Annual and Interim Reports, and would prefer to receive email or postal notifications of their website publication, you should advise the Registrar, The City Partnership, using the contact details below.

    MIG4 Current Reports and Accounts

    MIG 4 Interim Report 2022
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    MIG 4 Annual Report 2021
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    See all Historical Reports and Accounts
    Click here
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    MIG4 Dividend Investment Scheme

    Board of Directors

    Fraser Gray

    Chairman and Independent Non-executive Director

    Fraser was a director of Maven Income and Growth VCT 6 PLC from 1 July 2016 until the completion of its merger with the Company. He sits on a number of advisory boards, supporting smaller companies on growth and strategic matters. He was previously a managing director in AlixPartners’ turnaround and restructuring practice, where he led the provision of restructuring and liquidity improvement solutions to clients across a wide variety of industry sectors. Fraser is a chartered accountant and accredited mediator, and was formerly a licensed insolvency practitioner. He is a non-executive director on the boards of Denholm Oilfield Services Limited and Richard Irvin FM Limited.

    Brian Colquhoun

    Independent Non-executive Director

    Brian is a Fellow of the Chartered Banker Institute and spent more than three decades at Clydesdale and Yorkshire Bank in the UK, working extensively with smaller companies and management teams in supporting their growth ambitions. He held a number of senior roles and has extensive experience of corporate lending, credit and relationship management in the SME market. His most recent role was as UK Head of Commercial Banking, where he held national responsibility for customer growth and satisfaction. Brian is also a non-executive director of Coventry and Warwickshire Growth Hub Limited.

    Bill Nixon

    Non-executive Director

    Bill is the managing partner of Maven Capital Partners UK LLP (Maven) and has over 40 years of experience in banking and private equity. He is a Fellow of the Chartered Institute of Bankers in Scotland and obtained an MBA from Strathclyde University in 1996. In the 1990’s, Bill was head of the private equity business at Clydesdale Bank plc, a subsidiary of National Australia Bank, before joining Aberdeen Asset Management plc (Aberdeen) in 1999. In 2004 he was appointed as principal fund manager to all Aberdeen managed VCTs. In 2009, Bill and his senior colleagues led a management buy-out from Aberdeen to form Maven. He is also a director of Maven Income and Growth VCT 3 PLC.

    Steven Scott

    Independent Non-executive Director

    Steven is a qualified chartered accountant. He worked in the Bank of Scotland Structured Finance Group before becoming a director of Royal Bank Development Capital, the private equity division of The Royal Bank of Scotland plc. In 1999, he founded Penta Capital LLP, an independent UK private equity manager that specialises in buy & build investments in the UK and has over £300 million under management.

    Recommendations of non-mainstream investment products

    The Company currently conducts its affairs so that the shares issued by it can be recommended by independent financial advisers to ordinary retail investors in accordance with the FCA’s rules in relation to non-mainstream investment products and intends to continue to do so for the foreseeable future. The Company’s shares are excluded from the FCA’s restrictions which apply to non-mainstream investment products because they are shares in a venture capital trust and the returns to investors are predominantly based on investments in private companies or publicly quoted securities.

    Shareholder enquiries

    For enquiries about your shareholding please contact the registrar The City Partnership:

    Call: 01484 240 910

    Lines are open 0900 to 1730, Monday to Friday, excluding public holidays in England and Wales. Calls are charged at the standard geographic rate and will vary by provider. Calls from outside the UK will be charged at the applicable international rate.

    email: mavencp@city.uk.com

    The City Partnership
    The Mending Rooms
    Park Valley Mills
    Meltham Road
    Huddersfield, HD4 7BH

    Online portal

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