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.

    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. 

    Offers signpost 1

    Download the Securities Note

    Investors should read the Securities Note in full before applying and any decision to invest should be made based on detail held within this document.

    Download

    Offers signpost 2

    We are accepting applications

    Apply Online

    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.

    £9.5m

    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

    users
    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. 

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    Established and highly diversified portfolios
    Immediate access to established VCT portfolios invested in ambitious earlier stage private companies selected for their high growth potential, and offering both geographical and sectoral diversification.
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    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).

    30% icon
    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

    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.

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    Novatus Global management team

    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.

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    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.

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    Niche Manufacturing

    In September 2024 the Maven VCTs fully exited its investment in CB Technology, a specialist electronics contract manufacturer (ECM), following its acquisition by Elite Electronic Systems, generating a return on investment of 2.85x cost for shareholders.

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    Dividends

    The Maven VCTs have a track record of paying regular dividends and have delivered dividends and yields as shown:

     
    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

    Gain access to highly diversified and established portfolios of over 85 entrepreneurial UK businesses, including:
    Bright Network
    Recruitment Technology

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    BioAscent
    BioTech

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    Guru Systems
    Energy Tech

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    Rockar Tech
    E-commerce Software

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    Nano Interactive
    AdTech

    Read More

    Pura
    Baby Care Products

    Read More

    Learn more about the highly diversified portfolios.

    Download this handy guide which offers greater insight into a selection of the exciting private company assets held in the Maven VCT portfolios. 

    Download here

    Portfolio brochure 3D

    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 Online

    Submit an application online through the portal operated by City Partnership:

     

    Apply Online

    Apply by Email

    Submit a paper application by email to City Partnership at mavencp@city.uk.com

     

    Apply by Email

    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
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    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
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    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
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    There will be one or more allotments by each Maven VCT in each tax year, which will be on dates that allow the VCT and the Manager to optimise the deployment of funds raised and ensure that VCT qualifying status is maintained. That may make it necessary for each VCT to delay its first allotment in respect of 2024/25 until early in its new financial year.
    Allotments will be announced through a Regulatory Information Service. 

    For 2024/25 Applications:
    The first allotments of new shares by Maven VCTs 3 and 5 took place on 18 December 2024.

    The first allotments by VCTs 1 and 4 are expected to take place in January and/or February 2025 on dates to be agreed between Maven and the VCT Boards.

    Further shares will be allotted by each of the VCTs 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 Maven and the VCT Boards prior to the close of the relevant Offer). 

    See Securities Note for further detail.

    Certificates
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    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
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    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.