Maven Income & Growth VCTs 3 and 4
Two Maven VCTs have announced a joint VCT offer for subscription, due to open in September 2017.
Maven Income & Growth 3 VCT (”Maven 3”) and Maven Income & Growth 4 VCT (”Maven 4”) intend to raise £30 million across both funds, with an over-allotment facility of up to £10 million more. Investors should be able to subscribe for one or both of the VCTs, and for both the 2017/18 and 2018/19 tax years, subject to availability.
Register below to be notified when the offer opens and the prospectus is available.
- Mature, generalist VCTs invested across a wide range of sectors
- £69 million net assets across both VCTs; each has over 60 holdings
- Experienced team, led by long-serving VCT investor Bill Nixon
- Strong regional coverage helps with deal flow
Maven Capital Partners, led by managing partner Bill Nixon, is a specialist investor in small- to mid-cap companies. It was formed in 2009 through a management buyout by the private equity team of Aberdeen Asset Management. Its main activities are venture capital, private equity and debt financing for SMEs, and property investing. It manages six VCTs. In total Maven manages over £400 million of assets.
It has nationwide coverage through its seven offices – three in Scotland, three in the English regions and one in London. Very few other VCT managers have this to offer.
Overall Maven invests between £2 million and £8 million per deal and benefits from non-VCT money to invest alongside. This enables larger deals and allows the VCT to occasionally invest in more mature businesses. Many of the deals completed in the last five or so years have been development capital deals, therefore the November 2015 rule changes will have a lesser impact than on some other VCTs.
Maven Income and Growth VCT 3 (“Maven 3”) was launched in September 2001, originally as Aberdeen Growth Opportunities VCT. As at 30 November 2016 it had 67 holdings and net assets of £37 million.
Maven Income and Growth VCT 4 (“Maven 4”) was launched in August 2004 as Aberdeen Growth Opportunities VCT 2. It also incorporates Ortus VCT (formerly known as Guinness Flight Venture Capital Trust) and Gateway VCT. As at 31 December 2016 it had 73 holdings and net assets of £32.6 million.
Both VCTs have many holdings in common. The top five investments across both trusts are detailed below.
Top five combined holdings
|Company||Valuation across both VCTs (£'000)||Description|
|Torridon (Gibraltar)||4,838||Supplies specialist financial and legal insurance, such as After The Event (ATE) insurance for legal expenses|
|John McGavigan||4,127||Manufactures and supplies engineered and decorative plastics, e.g. interior components for BMW's Mini range|
|SPS (EU)||2,430||Manufactures and supplies a huge range of promotional merchandise for companies and brands|
|DPP||2,267||Provides hospitality industry with mobile maintenance engineers for mechanical, electrical, air con and ventilation|
|Crawford Scientific Holdings||2,136||Supplies scientific products (chromatography consumables), technical support and training|
Source: Maven. Valuations as at 30 November 2016 for Maven 3 and 31 December 2016 for Maven 4.
Maven has announced its intention to launch a joint offer for subscription across both VCTs. The target amount is £30 million in aggregate, with an overallotment facility of £10 million.
The offer will have a similar structure to previous Maven top-up offers: investors will be able to subscribe for one or both of the VCTs, and for both the 2017/18 and 2018/19 tax years. The offer is intended to be open until April 2018, although investors should note that three of Maven’s recent VCT offers have closed early due to being oversubscribed.
The prospectus is being readied for publication in September 2017. Register your interest via the form below and we will let you know as soon as this and other VCT offers open.
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