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VCT PLC
Annual Report for the year ended 31 January 202602 / Maven Renovar VCT PLC
The Company
Maven Renovar VCT PLC (formerly known as Amati AIM VCT plc) (the Company) is a public company limited by shares. It was incorporated in England and Wales on
10 January 2001 with company registration number 04138683. Its registered office is at 6th Floor, Saddlers House, 44 Gutter Lane, London EC2V 6BR.
The Company is a Venture Capital Trust (VCT) and its shares are listed on the Official List and traded on the Main Market of the London Stock Exchange.
Investment Objectives
The investment objectives of the Company are to
generate tax free capital gains and regular dividend income for its Shareholders, while complying with
the requirements of the rules and regulations applicable to VCTs.
Continuation Date
The Articles of Association (the Articles) require the Directors to put a proposal for the continuation of the Company, in its then form, to Shareholders at the Company's Annual General Meeting to be held in 2029 or, if later, at the Annual General Meeting following the fifth anniversary of the latest allotment of new shares.
Share Dealing
Shares in the Company can be purchased and sold in the market through a stockbroker. For qualifying
investors buying shares on the open market:
dividends are free of income tax;
no capital gains tax is payable on a disposal of shares;
there is no minimum holding period;
the value of shares, and income from them, can fall as well as rise;
tax regulations and rates of tax may be subject to change; and
the market for VCT shares can be illiquid, so there may not be available buyers and the shares may be valued at a discount to NAV per share.
Recommendation of Non-mainstream Investment Products
The Company currently conducts its affairs so that the shares issued by it can be recommended by authorised financial advisers to ordinary retail investors in
accordance with the rules of the Financial Conduct Authority (FCA) 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 that apply to
non-mainstream investment products because they are shares in a VCT and the returns to investors are based predominantly on investments in private companies or publicly quoted securities.
Unsolicited Offers for Shares (Boiler Room Scams)
Shareholders in a number of UK registered companies have received unsolicited calls from organisations,
usually based overseas or using false UK addresses or phone lines routed abroad, offering to buy shares at
prices much higher than their current market values or to sell non-tradeable, overpriced, high risk or even non-existent securities. Whilst the callers may sound credible and professional, Shareholders should be
aware that their intentions are often fraudulent and
high-pressure sales techniques may be applied, often involving a request for an indemnity or a payment to be provided in advance.
If you receive such a call, you should exercise caution and, based on advice from the FCA, the following
precautions are suggested:
obtain the name of the individual or organisation calling;
check the FCA register to confirm if the caller is authorised;
call back using the details on the FCA register to verify the caller's identity;
discontinue the call if you are in any doubt about the intentions of the caller, or if calls persist; and
report any individual or organisation that makes
unsolicited calls with an offer to buy or sell shares to the FCA and the City of London Police.
Useful Contact Details:
Action Fraud
Telephone: 0300 123 2040 Website: actionfraud.police.uk FCA
Telephone: 0800 111 6768 (freephone) Website: fca.org.uk/scamsmart
03 / Maven Renovar VCT PLC
IN THIS REPORT 01STRATEGIC REPORT
02GOVERNANCE REPORT
02 / Corporate Summary 04 / Financial Highlights 07 / Your Board
09 / Chairman's Statement
15 / Summary of Investment Changes
16 / Business Report
26 / Portfolio Analysis
27 / Investment Manager's Review
36 / Largest Investments by Valuation 41 / Investment Portfolio Summary
03FINANCIAL STATEMENTS
44 / Directors' Report
51 / Directors' Remuneration Report
55 / Statement of Corporate Governance
62 / Statement of Directors' Responsibilities
63 / Report of the Audit Committee
67 / Independent Auditor's Report to the Members of Maven Renovar VCT PLC
04ADDITIONAL INFORMATION
75 / Income Statement
76 / Statement of Changes in Equity
77 / Balance Sheet
78 / Cash Flow Statement
79 / Notes to the Financial Statements
95 / Glossary
98 / Your Notes
99 / Contact Information
04 / Maven Renovar VCT PLC
FINANCIAL HIGHLIGHTSAS AT 31 JANUARY 2026
£86.25m Net asset value (NAV) | 60.92p NAV per Ordinary Share | 213.26p NAV total return1* per Ordinary Share |
3.50p Special dividend2 per Ordinary Share | 152.34p Cumulative dividends paid* per Ordinary Share | 19.64% Annual yield3* |
NAV Total Return Performance1*
320
240
(p) 160
80
0
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Dividends paid as at the year end NAV total returnThe above chart shows the NAV total return per Ordinary Share and dividends paid as at 31 January in each year. Dividends that have been declared but not yet paid are included in the NAV at the balance sheet date.
The policy for valuing investments is disclosed in Note 1(e) to the Financial Statements on page 80 of this Annual Report.
05 / Maven Renovar VCT PLC
FINANCIAL HISTORY
31 January 2026 | 31 January 2025 | 31 January 2024 | |
NAV | £86,245,000 | £111,538,000 | £143,078,000 |
NAV per Ordinary Share | 60.92p | 76.39p | 94.70p |
Dividends paid or proposed per Ordinary Share for the year | 15.00p | 16.50p | 5.00p |
Cumulative dividends paid per Ordinary Share to date as at the year end* | 152.34p | 137.34p | 120.84p |
NAV total return per Ordinary Share1* | 213.26p | 213.73p | 215.54p |
NAV 12 month return4 | -0.64% | -1.91% | -23.06% |
Share price5 | 59.00p | 71.50p | 88.50p |
Discount to NAV* | 3.15% | 6.41% | 6.55% |
Share price total return 12 month6 | 5.21% | -0.79% | -22.18% |
Deutsche Numis Alternative Markets Total Return Index benchmark return* | 15.79% | -2.98% | -11.33% |
Annual yield3* | 19.64% | 17.42% | 3.77% |
Ongoing charges ratio (OCR)* | 1.08% | 2.12% | 2.00% |
Ordinary Shares in issue | 141,562,628 | 146,009,780 | 151,069,824 |
1 Sum of current NAV per Ordinary Share and cumulative dividends paid per Ordinary Share to date as at the year end (excluding initial tax relief).
2 In respect of the year ending 31 January 2027.
3 In line with the updated dividend policy, the Board aims to pay annual dividends amounting to 6% of the Company's NAV per Ordinary Share at the immediately preceding year end.
4 Sum of current NAV per Ordinary Share and dividends paid during the year, divided by the NAV per Ordinary Share at the preceding year end.
5 Closing mid-market price at the year end (Source: Bloomberg L.P.).
6 Share price total return is the theoretical return, including reinvesting each dividend in additional shares in the Company at the closing mid-market price on the day the shares trade ex-dividend.
* Definitions of these Alternative Performance Measures (APMs) can be found in the Glossary on pages 95 to 97 of this Annual Report. The principal Key Performance Indicators (KPIs) are highlighted in the Business Report on pages 20 and 21.
