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.

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    Financial highlights

    As at 30 September 2024

    £89.22m

    Net Asset Value

    62.77p*

    NAV per Ordinary Share

    155.62p

    NAV Total Return per Ordinary Share

    92.85p

    Dividends paid to date per Ordinary Share

    130

    Unlisted and quoted investments

    8.76%**

    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).

    Key information

    Ordinary Shares in Issue

    (total voting rights)
    141,626,927 (at 10 December 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 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
    Company No. SC272568

     

    Latest/Announced AGM

    9 May 2024 (London)

    Next Continuation Vote

    2030

    Live Share Price

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    Download the Maven VCT investor magazine

    NEW: Issue 28

    We are delighted to share the latest edition of Maven's VCT investor magazine, Creating Value. It features new investments by the Maven VCTs, as well as news and insights from across the portfolio.

    Click here to download

    Newsletter 3D-1

    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 (per share) Paid or Declared

    94.85

     

    Year Ended November
    Payment Date
    Interim/Final
    Rate (p)
    2024

    18 October 2024

    		 Interim
    2.00
    2023

    24 May 2024

    		 Final
    1.75
     

    13 October 2023

    		 Interim
    1.75
    2022

    23 May 2023

    		 Final
    1.75
     
    		 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
    2006 - 2019
    		    
    77.60

     

    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. Horizon Ceremonies Limited

    Develops, operates and owns purpose built crematoria across the UK

    Cost £2,463,000 | Valuation £4,769,000
    % of net asset by value 5.3

    2. BioAscent Discovery Limited

    Provision of integrated drug discovery services including compound management

    Cost £1,532,000 | Valuation £4,713,000
    % of net asset by value 5.2

    3. MirrorWeb Limited

    Developer of a cloud-based web and social media archiving solution

    Cost £990,000 | Valuation £4,179,000
    % of net asset by value 4.7

    4. Bright Network (UK) Limited

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

    Cost £1,706,000 | Valuation £3,218,000
    % of net asset by value 3.6

    5. Rockar 2016 Limited (trading as Rockar)

    Innovative car retailer

    Cost £1,766,000 | Valuation £3,110,000
    % of net asset by value 3.5

     

     

     

    6. WaterBear Education Limited 

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

    Cost £987,000 | Valuation £2,905,000
    % of net asset by value 3.3

     

     

    7. QikServe Limited

    Provider of a patented cloud enterprise platform to hospitality clients, allowing customers to order, pay and participate in loyalty schemes on any mobile device,  as well as fixed third party devices.

    Cost £1,674,000 | Valuation £2,038,000
    % of net asset by value 2.3

    8. HCS Control Systems Group Limited

    Specialist manufacturer of engineered mechanical, hydraulic and electrical systems for the subsea oil and gas sector

    Cost £1,201,000 | Valuation £1,942,000
    % of net asset by value 2.2

    9. Ensco 969 Limited (trading as DPP)

    Planned and reactive mechanical and electrical maintenance

    Cost £1,532,000 | Valuation £1,857,000
    % of net asset by value 2.1

    10. CB Technology Group Limited

    Developer of a cloud-based web and social media archiving solution

    Cost £1,097,000 | Valuation £1,813,000
    % 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

    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 of Denholm Energy Services Limited and was, until 17 February 2023 when the company was sold, chairman of  Richard Irvin FM Limited.

    Brian Colquhoun

    Independent Non-executive Director

    Brian is a Fellow of the Chartered Institute of Bankers in Scotland 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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