Maven Income and Growth VCT 4 PLC is a generalist VCT aiming to achieve long term capital appreciation and generate maintainable levels of income for shareholders.
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Maven VCT 4 has made recent announcements in connection with the ongoing COVID-19 situation. Those are summarised below, but to see any announcements by the VCT, including NAV updates, AGMs and the Dividend Investment Scheme, visit the VCT’s page on the London Stock Exchange.
The AGM was held on Wednesday 12 May 2021. A summary of proxy voting results, questions submitted by Shareholders and Board responses is available in the Shareholder Documents section on this page.
Maven and the VCT’s Board will continue to monitor guidance from the government and health authorities. Maven has tested business continuity plans across all its offices to ensure the resilience of key processes and IT systems and, in line with government guidelines, has moved to a programme of home working to adhere to social distancing guidance. Maven’s nationwide investment and portfolio team will maintain an active focus on value preservation and intensively managing the existing VCT portfolios, and is already working closely with each portfolio company to assess trading impact and the ongoing cash flow position. Maven appointed executives are supporting each investee management team in formulating and implementing any measures required to protect the health of employees, and assisting them to plan and take appropriate action to mitigate the impact that the Coronavirus pandemic is having on their businesses.
In what is a time of great uncertainty, if you have further questions regarding the impact of COVID-19 and Maven’s response, please call 0141 306 7400 or email enquiries@mavencp.com, and the Manager will ensure that your enquiry is directed to the appropriate person.
For Shareholding enquiries you should contact the Registrar, Link Market Services.
To visit the Share Portal for information click here where you will see the help centre (there is no need to login to access the Help information). If you want to access your shareholding you will need to follow the Getting Started instructions to login or register an account – this also allows you to reset your username and/or password if you have forgotten them. If you are a new user needing to register for the portal, you only need three pieces of information – your surname, postcode and investor code (the unique number that you will have received on previous communications from Link, such as share certificates or dividend tax confirmations).
If you are unable to use the Share portal, it is still possible to contact Link by email, in writing or by phone, but it may take a little longer than usual to get through or receive a response:
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.
Latest paid/declared
2.00p - 21 May 2021
See below for dividend history.
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 Shareholder Documents below.
NAV (at 31 March 2021)*
72.71p
NAV Total Return 2005**
95p
NAV Total Return 2021
151.31p
Increase in Total Return
59.27%
*The NAV per share shown above will be reduced by the payment of any subsequent dividends (see table below)
**As at the reporting date closest to when the current fund manager was appointed.
View Share Price and LSE Announcements
Tax-free Yield†
15.09%
†Based on average dividends paid in 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).
Ordinary Shares in Issue
(total voting rights)
111,009,898 (at 24 May 2021)
Latest/Announced AGM
12 May 2021
Next Continuation Vote
2026
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 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.
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Top Ten Investments* |
14,800 |
19,493 |
|
Total Unlisted and Quoted Investments |
60,419 |
64,151 |
|
Total Number of Unlisted and Quoted Investments |
117 |
||
Net Asset Value |
78,774 |
||
| Cost £'000 | Valuation £'000 | ||
| Horizon Cremation Develops, operates and owns purpose built crematoria across the UK |
2,463 | 3,694 | |
| BioAscent Discovery Provision of integrated drug discovery and compound management services |
1,532 | 2,351 | |
| Whiterock Group Technology business (trading under the brand ZynQ360) providing Visual Asset Management services |
1,014 | 1,753 | |
| Rockar 2016 Limited (trading as Rockar) Innovative Car Retailer |
1,674 | 1,741 | |
| Martel Instruments Holdings Limited Manufacturer of compact, handheld printers and display devices |
910 | 1,718 | |
| Vodat Communications Group Provider of managed IT network and communications solutions to business customers |
1,240 | 1,717 | |
| QikServe Limited Software platform for the hospitality sector |
1,674 | 1,674 | |
| CatTech International Industrial services business focusing on specialist extraction and replacement of catalysts |
1,115 | 1,642 | |
| The GP Service (UK) Limited Provider of online services for general medical consultations and prescriptions |
1,597 | 1,622 | |
| Contego Solutions Limited (trading as NorthRow) Provider of multi-source compliance and fraud detection checks |
1,581 | 1,581 |
The dividend history shown should not be taken as an indication of future dividends, which will be subject to a number of factors, including investment performance, surplus revenue, profitable realisations, VCT qualifying levels and the availability of cash and distributable reserves. Revisions to the VCT regulations in 2015 resulted in a change of investment focus toward earlier stage businesses, which typically provide lower levels of investment income and take longer to mature. It is anticipated that future distributions will be more closely linked to the proceeds of realisations and, therefore, will become less predictable in terms of both quantum and timing. More information is provided within the Annual and Interim Reports.
| Total Dividends Paid or Declared | 80.60 | ||
| Year Ended December | Payment Date | Interim/Final | Rate (p) |
| 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 | |
| 2017 | 30 November 2017 | Third Interim | 5.39 |
| 15 September 2017 | Second Interim | 3.70 | |
| 14 July 2017 | Interim | 3.36 | |
| 2016 | 26 May 2017 | Final | 3.05 |
| 30 September 2016 | Interim | 2.20 | |
| 2006-2015 | 42.20 |
Chairman and Independent Non-executive Director
Peter oversees the portfolio of private equity fund investments of The Royal London Mutual Insurance Society Limited. He has over 25 years of private equity experience and was chief executive of the British Private Equity and Venture Capital Association (BVCA) from 2005 to 2007. He also served as a director of Maven Income and Growth VCT 2 PLC from 16 September 2015 until 16 November 2018.
Independent Non-executive Director
Malcolm began his career with Wood Mackenzie in 1979 as a financial analyst and then spent twelve years at James Capel, after which he became head of equities at Williams de Broe. He is a founding partner of HydroCarbon Capital, which provides independent advisory services to the oil & gas sector.
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 is a chartered accountant and was formerly a licensed insolvency practitioner and accredited mediator. Fraser 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, and he is a non-executive director on the boards of Denholm Oilfield Services Limited and Richard Irvin FM Limited.
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.
Non-executive Director
Bill is managing partner of Maven Capital Partners UK LLP (Maven) and has 40 years’ 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.