22nd Sep 2009 16:08
Aberdeen Growth VCT I PLC
Interim Announcement for the six months ended 31 July 2009 (unaudited)
The Directors announce the unaudited Interim Management Report for the six months ended 31 July 2009.
Investment Manager's Review
It appears that the general decline in worldwide financial markets reached the bottom in early March 2009; since then some recovery has been evident and the markets have made steady progress. With almost 75% by value of the NAV invested in unlisted companies which are not subject to the same variations as the quoted markets, the Company has continued to provide stable performance over the reporting period with the NAV total return unchanged since January 2009. There are some early signs of trade buyers re-emerging in a few sectors together with indications of an improvement in the AIM market. The FTSE AIM All-share index increased by more than 30% over the reporting period as investor confidence returned to that market, which was so badly affected during the downturn.
Trading conditions for the investee companies have continued to be reasonable during the reporting period; however, the Directors have considered it prudent to reduce the valuations of a small number of holdings in response to lower earnings forecasts. However, the majority of our investments are trading in line with expectations and the Board has been able to increase some valuations, in particular, a 33% uplift in Silkwater Holdings (Cyclotech), a provider of specialist equipment to the oil and gas industry. The amount of new investment has been relatively modest during the period at £700,000, the vast majority in two new yielding unlisted investee companies. Going forward, the Board wishes to see an increased proportion of unlisted investments in the portfolio, each paying a significant level of yield which will support the continuing payment of dividends to Shareholders. The Company has cash resources available to take advantage of new opportunities and for additional investment in the existing portfolio of unlisted companies.
Performance
The net effect of the developments noted above and other, less significant, changes in the portfolio is that NAV total return per Ordinary Share at 31 July 2009 was 65.8p, unchanged from the equivalent figure at January 2009.
The Net Asset Value (NAV) per Ordinary Share at 31 July 2009, after payment of the final dividend of 1.2p in respect of the year ended January 2009, was 52.7p compared with 53.9p at 31 January 2009.
Dividend policy
The Board is pursuing a dividend policy of targeting regular dividend payments subject to the availability of distributable reserves. The Board believes that this policy, combined with continuing sound performance, should stimulate the secondary market in the Company's shares and lead to a reduction in the current discount to NAV. The Board is pleased to declare an interim dividend of 1.0p per Ordinary Share to be paid on 13 November 2009 to Shareholders on the Register at 16 October 2009.
The Company's Ordinary Shares continue to trade at a significant discount to NAV, the discount having widened during the recent adverse market conditions. The Board is, therefore, considering the re-commencement of the share buy-back programme with the aim of improving the market in the Company's shares. The share price of the Company is at odds with the underlying quality of the highly diversified private company and AIM portfolios, and the Board believes that a structured buy-back programme should assist in this regard.
The Company paid dividends totalling 3.2p to Ordinary Shareholders during the year ended 31 July 2009. This represents a yield of 4.0% on the Ordinary Shares based on their net cost after initial tax relief. Based on the mid-market price of 28p at 31 July 2009, the equivalent yield is 11.4%. The yields are tax free and are, therefore, equivalent to 15.2% to a higher-rate taxpayer.
Investment activity
During the six-month period ended 31 July 2009, two new unlisted investments were completed and a total of £719,000 was invested. At the period end, the portfolio stood at 68 unlisted and AIM/PLUS quoted investments at a total cost of £15.2 million.
The following investments have been completed during the period:
|
Investment |
Date |
Activity |
Cost £'000 |
Website |
|
Unlisted |
||||
|
Adler & Allan Holdings |
July 2009 |
Provider of services for the handling and disposal of liquid waste. |
75 |
www.adlerandallan.co.uk |
|
Dalglen (1150) (trading as Walker Technical Resources) |
June 2009 |
Provider of services to the energy sector specialising in pipeline repairs. |
293 |
www.wtr.uk.com |
|
Lawrence Recycling & Waste Management |
March 2009 |
Operator of material recycling facility. |
70 |
www.lawrenceskiphire.co.uk |
|
Martel Instruments Holdings |
March 2009 |
Manufacturer of compact, hand-held printers and display devices. |
7 |
www.martelinstruments.com |
|
Westway Cooling |
June 2009 |
Provider of design, installation and maintenance services on air-conditioning and associated building services plant. |
274 |
www.westwaycooling.co.uk |
|
Total investment |
719 |
|||
Aberdeen Growth VCT I has co-invested with Aberdeen Growth Opportunities VCT, Aberdeen Growth Opportunities VCT 2, Aberdeen Income and Growth VCT, Gateway VCT, Ortus VCT (formerly Guinness Flight Venture Capital Trust) and Talisman First Venture Capital Trust, in some or all of the above transactions and is expected to continue to do so with these as well as other clients of the Manager. The advantage is that, together, the funds are able to underwrite a wider range and size of transaction than would be the case on a stand alone basis.
Portfolio developments
There were relatively few realisations during the period driven to a large extent by the prevailing economic conditions. In particular, there has been limited liquidity in the AIM market which has curtailed active trading of the AIM portfolio, although there has been some signs of liquidity returning in the latter part of the reporting period and limited trading in AIM stocks has been possible more recently. We traded out of three holdings during the period; Optare and Relax Group where the stock had gone out of favour and losses arose; and the remaining holding in Concateno, which proved a very successful investment generating a gain of over 27% for the Company since first purchasing the holding in 2006.
The FTSE AIM All-share index increased over the period by 34.0% in a reversal of the falls experienced last year. In comparison, the value of the Company's portfolio increased by 14.0% over the period. However, this statistic is not representative of the underlying performance of the AIM portfolio as a whole. The Company has not invested in the more volatile sectors of AIM and consequently did not suffer from the large falls seen in the AIM indices in 2008. The underlying performance of the businesses in the AIM portfolio, with few exceptions, remains sound and this is expected to continue. As more liquidity returns to the AIM market, it is expected that share prices will recover further, although the timing is uncertain.
Realisations
The table below gives details of realisations during the reporting period:
|
Date first invested |
Complete/ partial exit |
Cost of shares disposed of £'000 |
Sales proceeds £'000 |
Realised gain/ (loss) £'000 |
|
|
Unlisted |
|||||
|
Energy Services Investment Company (ESIC) |
2007 |
Complete |
348 |
348 |
- |
|
Lawrence Recycling & Waste Management |
2009 |
Partial |
107 |
107 |
- |
|
Total unlisted |
455 |
455 |
- |
||
|
AIM/PLUS |
|||||
|
Avanti Communications Group |
2007 |
Partial |
56 |
93 |
37 |
|
Brookwell |
2008 |
Partial |
4 |
2 |
(2) |
|
Concateno |
2006 |
Complete |
183 |
230 |
47 |
|
Optare |
2007 |
Complete |
26 |
7 |
(19) |
|
Relax Group |
2006 |
Complete |
51 |
9 |
(42) |
|
Total AIM/PLUS |
320 |
341 |
21 |
||
|
Total |
775 |
796 |
21 |
Principal risks and uncertainties
The Board has reviewed the principal risks and uncertainties facing the Company in the second half of its financial year; these are unchanged from those it faced at the start of the year, being the risks involved in investment in small and unquoted companies. In order to reduce the exposure to investment risk, the Company has invested in a broadly-based portfolio of investments in unlisted and AIM/PLUS quoted companies in the United Kingdom. The Company remains compliant with the regulations governing venture capital trusts and the Manager closely monitors the position of the Company to ensure that it complies with the various tests at all times.
Manager and Company Secretary
On 9 June 2009, the senior members of the Private Equity Division at Aberdeen Asset Managers (Aberdeen) formed Maven Capital Partners UK LLP (Maven) and completed a management buy-out. This team was previously wholly responsible for the management of all Aberdeen VCTs and continues in that role with substantially the same staff, who operate from a network of offices across the UK. There will be no change in the level of investment management, administrative and company secretarial services which are provided and the Company has, therefore, novated the investment management agreement to Maven.
VAT recovery
Discussions continue with Aberdeen regarding the recovery of VAT paid on management fees up to 30 September 2008. Aberdeen is in negotiation with HM Revenue & Customs and the Board and Maven, as Manager, will seek early settlement of the amounts due.
VCT qualifying status
The VCT qualifying status of your Company is reviewed regularly by your Board and monitored on a continuous basis by the Manager to ensure that all of the criteria required to maintain VCT status are being achieved.
Outlook
In general, the performance of the quoted markets has been volatile and, notwithstanding recent increases in market indices generally, the Manager believes that conditions will remain fragile for some time. Opportunities to invest in companies seeking to achieve an IPO on the AIM market continue to be limited and little change is expected in the short term. Over the next twelve months, the Manager intends to take profit opportunities wherever possible with the medium term objective of increasing the proportion of unlisted assets within the portfolio with an emphasis on a paid yield. Private company assets are available at more attractive entry multiples than the recent past and the Manager continues to utilise its national network to acquire suitable assets with attractive yields. This approach will leave the Company less exposed to fluctuations in quoted markets and, over time, may be expected to improve the revenue available for distribution to Shareholders.
Maven Capital Partners UK LLP
Manager
22 September 2009
|
ABERDEEN GROWTH VCT I PLC |
||||||
|
Summary of Investment Changes |
||||||
|
For the six months ended 31 July 2009 |
||||||
|
Valuation 31 January 2009 |
Net investment/ (disinvestment) |
Appreciation/ (depreciation) |
Valuation 31 July 2009 |
|||
|
£'000 |
% |
£'000 |
£'000 |
£'000 |
£'000 |
|
|
Unlisted investments |
||||||
|
Equities |
2,485 |
20.5 |
8 |
50 |
2,543 |
21.5 |
|
Preference shares |
79 |
0.7 |
- |
- |
79 |
0.7 |
|
Loan stock |
6,307 |
52.1 |
256 |
(244) |
6,319 |
53.4 |
|
8,871 |
73.3 |
264 |
(194) |
8,941 |
75.6 |
|
|
AIM/PLUS investments |
||||||
|
Equities |
1,493 |
12.3 |
(341) |
211 |
1,363 |
11.5 |
|
Listed investments |
||||||
|
Fixed income |
525 |
4.3 |
1 |
(2) |
524 |
4.4 |
|
Total investments |
10,889 |
89.9 |
(76) |
15 |
10,828 |
91.5 |
|
Other net assets |
1,220 |
10.1 |
(205) |
- |
1,015 |
8.5 |
|
Net assets |
12,109 |
100.0 |
(281) |
15 |
11,843 |
100.0 |
|
ABERDEEN GROWTH VCT I PLC |
|||||
|
Investment Portfolio Summary |
|||||
|
As at 31 July 2009 |
|||||
|
% of equity |
|||||
|
% of |
% of |
held by |
|||
|
Valuation |
Cost |
total |
equity |
other |
|
|
Investment |
£'000 |
£'000 |
assets |
held |
clients* |
|
Unlisted |
|||||
|
Cash Bases (formerly Deckflat) |
1,000 |
500 |
8.4 |
16.5 |
11.9 |
|
Funeral Services Partnership |
788 |
647 |
6.7 |
4.6 |
25.3 |
|
PSP/AHC (Dalglen 1148) |
695 |
695 |
5.9 |
11.1 |
63.9 |
|
Oliver Kay Holdings |
521 |
458 |
4.4 |
2.9 |
17.1 |
|
Homelux Nenplas |
518 |
242 |
4.4 |
5.5 |
39.5 |
|
Llanllyr Water Company |
500 |
500 |
4.2 |
42.4 |
7.5 |
|
Martel Instruments Holdings |
490 |
490 |
4.1 |
7.9 |
30.8 |
|
Camwatch |
468 |
468 |
4.0 |
7.6 |
36.3 |
|
Cyclotech |
460 |
249 |
3.9 |
3.4 |
16.6 |
|
Essential Viewing Systems |
439 |
488 |
3.7 |
15.7 |
25.1 |
|
Steminic |
405 |
405 |
3.4 |
5.8 |
32.1 |
|
Adler & Allan Holdings |
374 |
374 |
3.2 |
1.3 |
5.8 |
|
Transys Holdings |
346 |
448 |
2.9 |
5.2 |
66.6 |
|
Dalglen (1150) (trading as Walker Technical Resources) |
293 |
293 |
2.5 |
6.3 |
56.8 |
|
Westway Cooling |
274 |
274 |
2.3 |
2.3 |
19.8 |
|
Lawrence Recycling & Waste Management |
250 |
250 |
2.1 |
3.2 |
46.8 |
|
Training For Travel Group |
227 |
199 |
1.9 |
2.3 |
27.7 |
|
Nessco Group Holdings |
174 |
174 |
1.5 |
2.3 |
35.5 |
|
TC Communications Holdings |
149 |
149 |
1.3 |
3.1 |
32.2 |
|
Enpure Holdings |
137 |
100 |
1.2 |
0.4 |
4.4 |
|
PLM Dollar Group |
119 |
119 |
1.0 |
1.4 |
28.8 |
|
Countcar |
84 |
12 |
0.7 |
4.1 |
22.5 |
|
PSCA International |
78 |
78 |
0.7 |
- |
- |
|
Driver Hire Investments Group |
53 |
127 |
0.4 |
0.7 |
5.1 |
|
IRW Systems |
45 |
90 |
0.4 |
21.2 |
8.9 |
|
Other unlisted investments |
54 |
3,076 |
0.4 |
||
|
Total unlisted investments |
8,941 |
10,905 |
75.6 |
||
|
AIM/PLUS |
|||||
|
Avanti Communications Group |
238 |
125 |
2.0 |
0.2 |
0.5 |
|
Litcomp |
225 |
250 |
1.9 |
- |
4.9 |
|
AMZ Holdings (formerly Amazing Holdings) |
174 |
251 |
1.5 |
0.8 |
1.4 |
|
System C Healthcare |
170 |
189 |
1.4 |
0.4 |
1.0 |
|
Melorio |
101 |
98 |
0.9 |
0.3 |
2.5 |
|
Hasgrove |
56 |
97 |
0.5 |
0.3 |
1.4 |
|
OPG Power Ventures |
39 |
41 |
0.3 |
0.1 |
0.5 |
|
Tangent Communications |
36 |
98 |
0.3 |
0.4 |
0.8 |
|
Software Radio Technology |
32 |
408 |
0.3 |
1.3 |
1.3 |
|
Managed Support Services (formerly Worthington Nichols Group) |
32 |
180 |
0.3 |
0.2 |
0.6 |
|
Mount Engineering |
27 |
35 |
0.2 |
0.2 |
2.3 |
|
Praesepe (formerly Aldgate Capital) |
27 |
49 |
0.2 |
0.1 |
0.9 |
|
Work Group |
25 |
251 |
0.2 |
1.2 |
2.1 |
|
Brulines Group |
24 |
31 |
0.2 |
0.1 |
0.3 |
|
Formation Group |
24 |
83 |
0.2 |
0.2 |
1.0 |
|
Plastics Capital |
18 |
74 |
0.2 |
0.3 |
3.4 |
|
Other AIM/PLUS investments |
115 |
2,072 |
0.9 |
||
|
Total AIM/PLUS investments |
1,363 |
4,332 |
11.5 |
||
|
Listed fixed income |
|||||
|
Treasury 4.75% 7/6/2010 |
524 |
499 |
4.4 |
||
|
Total investments |
10,828 |
15,736 |
91.5 |
|
|
|
*Other clients of Maven Capital Partners UK LLP. |
|||||
|
ABERDEEN GROWTH VCT I PLC |
|||
|
Income Statement |
|||
|
Six months ended 31 July 2009 (unaudited) |
|||
|
Revenue |
Capital |
Total |
|
|
£'000 |
£'000 |
£'000 |
|
|
Gains/(losses) on investments |
- |
15 |
15 |
|
Income from investments |
229 |
- |
229 |
|
Other income |
9 |
- |
9 |
|
Investment management fees |
(15) |
(135) |
(150) |
|
Other expenses |
(99) |
- |
(99) |
|
Profit/(loss) on ordinary activities before taxation |
124 |
(120) |
4 |
|
Tax on ordinary activities |
(12) |
12 |
- |
|
Profit/(loss) on ordinary activities after taxation |
112 |
(108) |
4 |
|
Earnings per share (pence) |
0.50 |
(0.48) |
0.02 |
|
ABERDEEN GROWTH VCT I PLC |
|||
|
Income Statement |
|||
|
Six months ended 31 July 2008 (unaudited) |
|||
|
Revenue |
Capital |
Total |
|
|
£'000 |
£'000 |
£'000 |
|
|
Gains/(losses) on investments |
- |
(1,062) |
(1,062) |
|
Income from investments |
335 |
- |
335 |
|
Other income |
8 |
- |
8 |
|
Investment management fees |
(23) |
(204) |
(227) |
|
Other expenses |
(105) |
- |
(105) |
|
Profit/(loss) on ordinary activities before taxation |
215 |
(1,266) |
(1,051) |
|
Tax on ordinary activities |
(38) |
38 |
-
|
|
Profit/(loss) on ordinary activities after taxation |
177 |
(1,228) |
(1,051)
|
|
Earnings per share (pence) |
0.79 |
(5.46) |
(4.67) |
|
ABERDEEN GROWTH VCT I PLC |
|||
|
Income Statement |
|||
|
Year ended 31 January 2009 (audited) |
|||
|
Revenue |
Capital |
Total |
|
|
£'000 |
£'000 |
£'000 |
|
|
Gains/(losses) on investments |
- |
(3,124) |
(3,124) |
|
Income from investments |
679 |
- |
679 |
|
Other income |
19 |
- |
19 |
|
Investment management fees |
(40) |
(357) |
(397) |
|
Other expenses |
(314) |
- |
(314) |
|
Profit/(loss) on ordinary activities before taxation |
344 |
(3,481) |
(3,137) |
|
Tax on ordinary activities |
(66) |
66 |
- |
|
Profit/(loss) on ordinary activities after taxation |
278 |
(3,415) |
(3,137) |
|
Earnings per share (pence) |
1.24 |
(15.19) |
(13.95) |
|
A Statement of Total Recognised Gains and Losses has not been prepared, as all gains and losses are recognised in the Income Statement. |
|||
|
All items in the above statement are derived from continuing operations. The Company has only one class of business and derives its income from investments made in shares, securities and bank deposits. |
|||
|
The total column of this statement is the Profit and Loss Account of the Company. |
|||
|
The accompanying Notes are an integral part of the Financial Statements. |
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|
ABERDEEN GROWTH VCT I PLC |
|||
|
Reconciliation of Movements in Shareholders' Funds |
|||
|
Six months ended 31 July 2009 |
Six months ended 31 July 2008 |
Year ended 31 January 2009 |
|
|
(unaudited) |
(unaudited) |
(audited) |
|
|
£'000 |
£'000 |
£'000 |
|
|
Opening Shareholders' funds |
12,109 |
15,695 |
15,695 |
|
Total profit/(loss) for the period |
4 |
(1,051) |
(3,137) |
|
Dividends paid - revenue |
(270) |
(337) |
(337) |
|
Dividends paid - capital |
- |
(112) |
(112) |
|
Closing Shareholders' funds |
11,843 |
14,195 |
12,109 |
|
The accompanying Notes are an integral part of the Financial Statements. |
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|
ABERDEEN GROWTH VCT I PLC |
|||
|
Balance Sheet |
|||
|
31 July |
31 July |
31 January |
|
|
2009 |
2008 |
2009 |
|
|
(unaudited) |
(unaudited) |
(audited) |
|
|
£'000 |
£'000 |
£'000 |
|
|
Fixed assets |
|||
|
Investments at fair value through profit or loss |
10,828 |
13,330 |
10,889 |
|
Current assets |
|||
|
Debtors |
602 |
445 |
521 |
|
Cash and overnight deposits |
451 |
450 |
733 |
|
1,053 |
895 |
1,254 |
|
|
Creditors |
|||
|
Amounts falling due within one year |
(38) |
(30) |
(34) |
|
Net current assets |
1,015 |
865 |
1,220 |
|
Net assets |
11,843 |
14,195 |
12,109 |
|
Capital and reserves |
|||
|
Called up share capital |
2,248 |
2,248 |
2,248 |
|
Share premium |
10,535 |
10,535 |
10,535 |
|
Capital reserves - realised |
(4,291) |
(3,692) |
(4,188) |
|
Capital reserves - unrealised |
(4,908) |
(3,212) |
(4,903) |
|
Special distributable reserve |
7,830 |
7,830 |
7,830 |
|
Capital redemption reserve |
212 |
212 |
212 |
|
Revenue reserve |
217 |
274 |
375 |
|
Equity Shareholders' funds |
11,843 |
14,195 |
12,109 |
|
Net Asset Value per Ordinary Share (pence) |
52.7 |
63.1
|
53.9 |
|
The accompanying Notes are an integral part of the Financial Statements. |
|||
|
ABERDEEN GROWTH VCT I PLC |
|||
|
Cash Flow Statement |
|||
|
Six onths ended |
Six months ended |
Year ended |
|
|
31 July 2009 |
31 July 2008 |
31 January 2009 |
|
|
(unaudited) |
(unaudited) |
(audited) |
|
|
£'000 |
£'000 |
£'000 |
|
|
Operating activities |
|||
|
Investment income received |
164 |
341 |
601 |
|
Deposit interest received |
9 |
7 |
19 |
|
Investment management fees paid |
(150) |
(227) |
(397) |
|
Secretarial fees paid |
(42) |
(43) |
(86) |
|
Directors' expenses paid |
(19) |
(29) |
(76) |
|
Other cash payments |
(41) |
(49) |
(155) |
|
Net cash outflow from operating activities |
(79) |
- |
(94) |
|
Financial investment |
|||
|
Purchase of investments |
(719) |
(1,961) |
(2,396) |
|
Sale of investments |
786 |
2,724 |
3,536 |
|
Net cash inflow from financial investment |
67 |
763 |
1,140 |
|
Equity dividends paid |
(270) |
(449) |
(449) |
|
Net cash (outflow)/inflow before financing |
(282) |
314 |
597 |
|
Financing |
|||
|
Repurchase of Ordinary Shares |
- |
- |
- |
|
Net cash outflow from financing |
- |
- |
- |
|
(Decrease)/increase in cash |
(282) |
314 |
597 |
|
The accompanying Notes are an integral part of the Financial Statements. |
|||
Aberdeen Growth VCT I PLC
Notes to the Financial Statements
1. Accounting policies
The financial information for the six months ended 31 July 2009 and the six months ended 31 July 2008 comprises non-statutory accounts within the meaning of the Companies Act 2006. The financial information contained in this report has been prepared on the basis of the accounting policies set out in the Annual Report and Financial Statements for the year ended 31 January 2009.
The results for the year ended 31 January 2009 are extracted from the full accounts for that year, which received an unqualified report from the Auditors and have been filed with the Registrar of Companies.
2. Movement in reserves
|
Share premium |
Capital reserves - realised |
Capital reserves - unrealised |
Special distribut-able reserve |
Capital redemption reserve |
Revenue reserve |
|
|
£'000 |
£'000 |
£'000 |
£'000 |
£000 |
£'000 |
|
|
At 31 January 2009 |
10,535 |
(4,188) |
(4,903) |
7,830 |
212 |
375 |
|
Profit on sales of investments |
- |
20 |
- |
- |
- |
- |
|
Net decrease in value of investments |
- |
- |
(5) |
- |
- |
- |
|
Investment management fees |
- |
(135) |
- |
- |
- |
- |
|
Dividends paid |
- |
- |
- |
- |
- |
(270) |
|
Tax effect of capital items |
- |
12 |
- |
- |
- |
- |
|
Profit on ordinary activities after taxation |
- |
- |
- |
- |
- |
112 |
|
As at 31 July 2009 |
10,535 |
(4,291) |
(4,908) |
7,830 |
212 |
217 |
3. Returns per Ordinary Share
The returns per Ordinary Share are based on the following figures:
|
Six months ended |
|
|
31 July 2009 |
|
|
£'000 |
|
|
Weighted average number of Ordinary Shares in issue |
22,483,497 |
|
Revenue return |
£112,000 |
|
Capital return |
(£108,000) |
Other information
The Net Asset Value per Ordinary Share has been calculated using the number of Ordinary Shares in issue at 31 July 2009 of 22,483,497.
A summary of investment changes for the six months under review and an investment portfolio summary as at 31 July 2009 are included above.
A full copy of the Interim Report and Financial Statements will be printed and issued to Shareholders.
Copies of this announcement will be available to the public at the office of Maven Capital Partners UK LLP, 149 St Vincent Street, Glasgow and at the registered office of the Company, One Bow Churchyard, Cheapside, London.
Directors' responsibility statement
The Directors confirm that, to the best of their knowledge:
the Financial Statements for the six months ended 31 July 2009 have been prepared in accordance with applicable accounting standards, the Companies Act 2006 and the 2009 Statement of Recommended Practice 'Financial Statements of Investment Trust Companies' ('the SORP');
the Interim Management Report includes a fair review of the information required by DTR 4.2.7R in relation to the indication of important events during the first six months, and of the principal risks and uncertainties facing the Company during the second six months, of the year ending 31 January 2010; and
the Interim Management Report includes adequate disclosure of the information required by DTR 4.2.8R in relation to related party transactions and any changes therein.
By order of the Board
Maven Capital Partners UK LLP
Secretary
22 September 2009
Related Shares:
Maven Income and Growth VCT 2