Maven Income and Growth VCT 4
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.
NAV Total Return per share
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Shareholder enquiries & Registrar
For Shareholding enquiries you can contact the Registrar, Link Market Services, on vcts@linkgroup.co.uk, or via Link’s shareholding portal at www.signalshares.com which enables you to easily access your shareholding and maintain address details online, as well as being able to change the way Link communicates with you and specify how you wish to receive dividends. All instructions to amend the share register should be given via the Share Portal or in writing to Link Market Services, The Registry, 34 Beckenham Road, Beckenham, BR3 4TU.
Link also operates a dedicated non-premium rate VCT shareholder helpline on behalf of the Maven VCTs, on 0333 300 1566. 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. Please note that the helpline cannot provide any financial, legal, investment or tax advice.
Caution: Unsolicited offers for shares
Some shareholders have received unsolicited calls from organisations offering to buy their VCT shares at prices much higher than current market values, or to sell non-tradable, overpriced, high risk or even non-existent securities. Whilst the callers may sound credible, shareholders should be aware that their intentions are often fraudulent. If you receive such a call, you should exercise caution and take note of the advice available from the ACTION FRAUD website as well as consulting the Financial Conduct Authority (FCA) website (which contains valuable information on how to avoid investment and pension scams).
Recommendation 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.
VCT Offers and Proposed Merger
Maven Income and Growth VCT 4 has launched joint £15m VCT Offers with Maven Income and Growth VCT 3, each seeking to raise £7.5 million. The additional funds will allow both to make further new and follow-on investments in fast growing private companies, at a time when Maven’s nationwide team is generating a strong pipeline of new transactions across its office network. Please note that the Board of Maven VCT 4 has also announced proposals for a merger with Maven Income and Growth VCT 6 (further details of the Offers and the proposed merger can be found in the Circular below) - however the share Offer by Maven VCT 4 will proceed regardless of whether the Merger is approved and completed.
Dividends
Latest paid/declared
2.00p - 4 October 2019
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 Total Return Performance
NAV (at 30 September 2019)*
72.65p
NAV Total Return 2005**
95p
NAV Total Return 2019
146.25p
Increase in Total Return
53.95%
*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.
Price and Yield Information
View Share Price and LSE Announcements
Tax-free Yield†
16.63%
†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).
Key Data
Ordinary Shares in Issue
(total voting rights)
75,534,950 (at 4 October 2019)
Latest/Announced AGM
15 May 2019 (London)
Next Continuation Vote
2024
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.
Investment Portfolio (as at 30 June 2019)
Valuation by deal type
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Valuation by industry group
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Top 10 Investments (excluding acquisition vehicles)
Top Ten Investments* |
11,444 |
13,520 |
Total Investments |
36,871 |
35,018 |
Total Number of Investments |
79 |
|
Net Asset Value |
55,158 |
|
| Cost £'000 | Valuation £'000 | |
| Ensco 969 (trading as DPP) Planned and reactive mechanical and electrical maintenance |
1,720 | 1,862 |
| Vodat Communications Group Provider of managed IT network and communications solutions to business customers |
1,131 | 1,608 |
| Rockar 2016 (trading as Rockar) Innovative Car Retailer |
1,005 | 1,551 |
| Glacier Energy Services Holdings Provides onsite cutting machines and machining services | 1,391 | 1,391 |
| CatTech International Specialist industrial services business focusing on the extraction and replacement of catalysts at oil refineries and petro-chemical plants |
1,004 | 1,286 |
| CB Technology Group Manufacture and test high end printed circuit boards with high reliability and performance for deployment in hostile environments |
1,013 | 1,256 |
| Maven Co-invest Endeavour Partnership (invested in Global Risk Partners) Investment vehicle undertaking a buy and build in the specialty insurance sector |
814 | 1,174 |
|
The GP Service (UK) |
1,142 | 1,168 |
| HCS Control Systems Group Provider of a wide range of subsea control systems to the global oil & gas industry | 1,141 | 1,141 |
| ITS Technology Group Fibre and wireless infrastructure provider |
1,083 | 1,083 |
Dividend History
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 | 75.60 | ||
| Year Ended December | Payment Date | Interim/Final | Rate (p) |
| 2019 | 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 | |
| 2015 | 6 May 2016 | Final | 3.05 |
| 25 September 2015 | Interim | 2.20 | |
| 2006-2014 | 36.95 |
Shareholder Documents
Shareholder documents, are available for download here. Maven and the VCTs are committed to reducing the environmental impact of printing and posting substantial documents. If you currently receive hard copy Annual and Interim Reports, and would prefer to receive postal notifications of their website publication, or would like to switch from postal to email notifications of publication, you should advise the Registrar, Link Asset Services, using the registrar details above.
MIG4 Current Circulars and KIDs
MIG4 Historical Report and Accounts
MIG4 Historical Circulars and KIDs
VCT Board of Directors
Peter Linthwaite
Chairman and Independent 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.
Malcolm Graham-Wood
Independent 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 now a founding partner of HydroCarbon Capital which provides independent advisory services to the oil & gas sector.
Steven Scott
Independent 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, an independent UK private equity manager with around £400 million under management. Penta specialises in buy & build investments and opportunities presented by the credit crunch and liquidity issues in the UK.
Bill Nixon
Director
Bill is managing partner of Maven Capital Partners UK LLP (Maven) and has over 30 years’ experience in banking and private equity. He is a Fellow of the Chartered Institute of Bankers in Scotland and obtained an MBA fromStrathclyde 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 a director of Maven Income and Growth VCTs 3 and 6.
For enquiries about your shareholding please call the registrar Link Asset Services on 0333 300 1566, or email vcts@linkgroup.co.uk. You can also access Link’s share portal here:
Contact Link