Maven Income and Growth VCT 4 PLC

Interim Results for the Six Months Ended 30 June 2021 (Unaudited)

The Directors announce the unaudited interim results for the six months ended 30 June 2021.

Highlights

•      NAV total return at 30 June 2021 of 154.41p per share

•      NAV at 30 June 2021 of 73.81p per share

•      Increased interim dividend of 2.00p per share declared

•      Five new private company holdings added to the portfolio during the period and one further investment completed after the period end

•      Three new AIM quoted investments added to the portfolio

•      Realisation of eSafe for total return of 1.4 times cost

•      Conditional sale of Mojo Mortgages completed post period end for total return of 1.8 times cost

•      Offer for Subscription to be launched in September 2021

Overview

The reporting period has continued to be dominated by the COVID-19 pandemic, as the second wave of infection hit the UK in the Autumn, resulting in the reintroduction of protective measures and a further nationwide lockdown. It is, however, encouraging to report that, despite the challenging market conditions, your Company has continued to make positive progress since the year end and is reporting a 3.7% increase in NAV total return to 154.41p per share. This good performance reflects the increasing strength and diversity of the investee portfolio, where many private companies have continued to make tangible commercial progress. The AIM quoted portfolio also recorded an uplift in value, reflecting positive trading updates and share price appreciation across the portfolio. Shortly after the period end, your Company completed its first IPO of a private investee company with the successful flotation on AIM of GENinCode, which has generated a significant uplift in value only one year after the initial investment. Following several years of active investment, your Company now has exposure to a broad range of carefully selected growth businesses that operate in dynamic market segments such as biotech, cyber security, data analytics, fintech and healthcare. The Manager believes that many of these companies will, over time, become attractive to a wide range of potential buyers that may be willing to pay a strategic premium at exit.

Despite the ongoing challenges in the wider economy, it is encouraging to report on the progress that has been achieved during the first half of the financial year. Whilst maintaining a cautious approach to new investment, your Company added eight new VCT qualifying holdings to the portfolio. Maven's regional office network and strong presence in the key corporate finance territories continues to provide access to a wide range of potential opportunities, which enables the Manager to retain a highly selective approach to new investment. The Manager will maintain this cautious stance and retains a preference for investing in companies that operate in sectors with defensive characteristics and limited direct consumer exposure, or those that offer a disruptive technology or approach that is capable of scalable growth. Where possible, the Manager will continue to invest alongside another VCT house or partner as a means of mitigating risk. This is particularly relevant when further funding rounds are anticipated, as it enables the Manager to continue to support portfolio companies as they grow, whilst avoiding any individual overexposure. Investments will also continue to be structured in progressive tranches, with further funding released subject to the achievement of agreed milestones.

Over the past few years, the Manager has been carefully transitioning the portfolio to one that is larger and more broadly based, with a focus on early stage growth companies. Whilst many holdings are still relatively early in their stage of development, the Manager is encouraged by the progress that is being reported. Most companies are achieving the specific milestones set out at the time of original investment, and growth in recurring revenues through the securing of new customers or contracts. This demonstrates that the investment approach adopted by the Manager is starting to yield results, and the objective for the second half of the year is to further grow and diversify the portfolio.

It is important to note that it may take time for some of these investee companies to achieve scale and for full value to be optimised. The timing of exits is difficult to predict, particularly for young companies where those that gain early commercial traction may attract interest from a strategic acquirer, whereas others may need to raise further capital over an extended period in order to develop to their full potential before a formal exit process can be initiated. Throughout the period of investment, Maven maintains an active relationship with each investee management team and is closely involved during an exit process or when an unsolicited approach is received. It is encouraging to report that, during the reporting period, the holding in eSafe was exited, generating a total return of 1.4 times cost. Shortly after the period end, the conditional sale of Mojo Mortgages also completed, generating a total return of up to 1.8 times cost over the life of the investment.

Since the first nationwide lockdown in March 2020, the Manager has adhered fully to all Government and local guidelines in relation to COVID-19, including swiftly migrating its regional offices and administration hub to a remote working model. Full operational capability has been maintained throughout this period, with all third-party providers continuing to service your Company, either remotely or from a COVID-secure office environment. In line with guidance, the Maven offices have now re-opened and the Maven team intends to commence a phased return to the regional offices once the restrictions permit, as the Manager values the importance of office-based interaction and the benefits of collaborative working.

Interim Dividend

In respect of the year ending 31 December 2021, an increased interim dividend of 2.00p per Ordinary Share will be paid on 1 October 2021 to Shareholders on the register at 3 September 2021. Since the Company's launch, and after receipt of this interim dividend, 82.60p per share will have been distributed in tax free dividends. It should be noted that the payment of a dividend reduces the NAV of the Company by the total cost of the distribution.

Dividend Policy

As Shareholders will be aware from recent Annual and Interim Reports, 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.

The Board and the Manager have been giving consideration to establishing a dividend policy. Further to these discussions, 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.

The Directors would like to remind Shareholders that, 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. However, your Board considers this to be a tax efficient means of returning value to Shareholders, whilst ensuring ongoing compliance with the requirements of the VCT legislation.

Dividend Investment Scheme (DIS)

Your Company operates a DIS, through which Shareholders may elect to have their dividend payments utilised to subscribe for new Ordinary Shares issued by the Company under the standing authority requested from Shareholders at Annual General Meetings.

Shareholders who wish to participate in the DIS in respect of future dividends, including the interim dividend due to be paid on 1 October 2021, should ensure that a DIS mandate or CREST instruction, as appropriate, is received by the Registrar (Link Group) in advance of 17 September 2021, this being the next dividend election date. The mandate form, terms & conditions and full details of the scheme and tax considerations are available from the Company's website at www.mavencp.com/migvct4. An election to participate in the DIS can also be made through the Registrar's share portal at www.signalshares.com. Shares issued under the DIS should qualify for VCT tax relief applicable for the tax year in which they are allotted, subject to an individual Shareholder's circumstances. If a Shareholder is in any doubt about the merits of participating in the DIS, or their own tax status, they should seek advice from a suitably qualified adviser.

Joint Offers for Subscription

On 16 June 2021, the Directors of your Company, alongside the Board of Maven Income and Growth VCT 3 PLC, were pleased to announce the intention to raise up to £20 million in aggregate (£10 million per company), by way of joint Offers for Subscription, with over-allotment facilities for up to a further £20 million in aggregate (£10 million per company). A Prospectus with full details of the Offers is intended to be published during September 2021, and subscriptions will be accepted in respect of both the 2021/22 and 2022/23 tax years.

The Directors are confident that Maven's regional office network has the capacity and capability to continue to source attractive investment opportunities in VCT qualifying private and AIM quoted companies, and that the additional liquidity provided by the proposed fundraising will facilitate further expansion and development of the portfolio in line with the investment strategy. Furthermore, the funds raised will allow your Company to maintain its share buy-back policy, whilst also spreading costs over a wider asset base in line with the objective of maintaining a competitive total expense ratio for the benefit of all Shareholders.

Portfolio Developments

Despite the challenges presented by the pandemic, Bright Network, which has developed a media technology platform that enables leading employers to reach, identify and recruit high quality graduates and young professionals, has continued to make positive progress. In response to the first nationwide lockdown, Bright Network successfully pivoted its model from being focused on face-to-face interactions to one that could operate virtually. This allowed the business to continue to provide its range of graduate recruitment services, including virtual careers fairs, where in-person events were prohibited due to the restrictions on non-essential travel and mass gatherings. This transition has enabled the business to strengthen its market position, which means it is well placed to deliver future growth.

Throughout the period, e-commerce analytical software provider e.fundamentals continued to make progress and achieved further growth in annual recurring revenue (ARR). The business is focused on providing consumer brands with customer information to help them maximise their online listings and range of digital touchpoints used by shoppers, which has become increasingly important over the past year with the growing trend towards online shopping, particularly for grocery products. In recent months, e.fundamentals has secured a number of new high profile clients, including PepsiCo, to complement an existing client base that includes household names such as Dairy Crest, Kellogg's, Mars and Royal Canin. The business has a good pipeline of opportunities and the outlook for the remainder of 2021 is encouraging.

Horizon Ceremonies is trading to plan and, in April 2021, opened its second crematorium, in Cannock, Staffordshire. The management team is working with local funeral directors and undertakers to increase awareness of the facility, its service offerings and Horizon's family orientated approach. Construction of a third crematorium, in the suburbs of Glasgow, is now well underway and the facility is expected to open in November 2021. Two further sites are now under option, with planning applications submitted. Trading at the original site in the Clyde Coast and Garnock Valley remains strong, and business practices will be replicated across the new facilities as they are opened. The medium term strategic objective remains to build a portfolio of modern, technologically advanced crematoria that meet the highest environmental standards and offer the best possible service for families, and to sell the business to a trade acquirer when the growth plan has been achieved.

Martel Instruments, a manufacturer and supplier of custom-built compact printers, portable data loggers and display units to the medical, pharmaceutical and other testing and compliance markets, continues to trade well, buoyed by high demand from customers with exposure to the medical devices market. Martel's printers are used in clinical environments, and the COVID-19 pandemic has increased the requirement to print test results quickly, and often remotely, without the need for access to bulky hardware. Martel has a strong forward order book, which indicates that the positive momentum will continue for the remainder of the year.

Whilst market conditions within the hospitality sector have remained challenging following the second nationwide lockdown, QikServe has continued to experience good growth. The Edinburgh based business has developed a patented self-service platform that enables customers to order and pay for refreshments, either at their table or remotely, without the need for personal contact or handling menus. Following its 2019 acquisition of Preoday, a provider of order ahead, click & collect solutions, QikServe has been well positioned to benefit from the accelerated transition, within the hospitality sector, to digital ordering systems as a result of the pandemic. The business has expanded its client base and grown recurring revenues more than fourfold, and has a strong pipeline of opportunities that should help to continue to deliver growth.

Rockar is a developer of a disruptive digital platform for buying new and used cars. During the period, it has continued to grow its online white label software solution, attracting attention from a number of car manufacturers and national dealership groups that are keen to develop a digital alternative to replace or complement the traditional showroom model. Following the demerger of the retail business, Rockar is now exclusively focused on developing and expanding its technology platform. It is anticipated that there will be a progressive move towards digitising the retail car sales market, in line with the general trend across the retail economy, and Rockar is at the forefront of this technology.

In response to the rapid change in operating conditions following the outbreak of COVID-19, GradTouch successfully pivoted to a digital model and recently completed a transformative acquisition, which adds significant scale and boosts its market presence. The enlarged business provides a strong platform for future growth that should be enhanced by the recovery in the graduate recruitment market. Given the progress achieved, the protective provision that was taken against the value of the holding at the start of the pandemic has now been reversed.

A small number of portfolio companies have failed to deliver their commercial objectives, which is largely attributed to the challenging conditions in the wider economy resulting from the pandemic. Protective provisions have been taken against the value of holdings in: Lloyd's of London insurance brokering firm Altra Consultants, which is taking longer than expected to achieve necessary scale; online boiler supplier, installer and service provider Boiler Plan which, despite making good early progress, has experienced increased levels of competition in its market; and DigitalBridge, a developer of virtual design and visualisation software that is taking longer than expected to secure commercial contracts.

Over recent years, the Manager has been increasing your Company's exposure to AIM, as part of the wider growth and diversification strategy to complement the core private company holdings. Your Company now has a portfolio of attractive AIM quoted holdings, which operate across a variety of sectors where the Manager sees good long term growth prospects, including biotech, clean energy and medtech. During the period, the portfolio delivered a total gain of £2.28 million and now represents 14.5% of net assets. Whilst the majority of holdings achieved an uplift in value, there were several notable contributors to this performance. Destiny Pharma, a clinical stage biotech company focused on the discovery, development and commercialisation of new antimicrobials to prevent life-threatening infections, reported positive results for the full year to 31 December 2020 and highlighted the importance of the work it is currently undertaking in co-developing a biotherapeutic product to help prevent COVID-19. MaxCyte, a global specialist in clinical stage cell-based therapies, which has developed a cell-engineering enabled technology for the rapidly growing cell and gene-editing therapies market, reported revenue growth of 21% in the full year to 31 December 2020 and confirmed that it is on track to progress a dual listing on Nasdaq. SkinBioTherapeutics, which focuses on skin health, announced a two year research programme with the University of Manchester, which will examine the body's response to inflammation in skin health and skin disease. Furthermore, the company received positive consumer feedback following a trial amongst psoriasis sufferers of its AxisBiotix powdered food supplement and is working towards a commercial launch by the end of 2021. Since admission to AIM in November 2020, immunodiagnostics company Verici Dx, which has an initial focus on kidney transplantation, has released a number of positive announcements, which have helped to support the share price. These included the expansion of its licence agreement with Mount Sinai Medical School in New York, which includes additional patent filings; and news that clinical validation trials have commenced for two leading products.

Liquidity Management

The Board and the Manager continue to operate an active liquidity management policy, with the objective of generating income from cash resources held prior to investment. The Manager has constructed a focused portfolio of listed investment trust holdings and will continue to consider any other permitted investment options that have the potential to generate income prior to deployment in VCT qualifying companies.

New Investments

During the period, five new VCT qualifying private companies were added to the portfolio. These businesses are active in sectors that are among the UK's most dynamic and which have continued to experience growth despite the challenging conditions in the wider economy.

•      Adimo has developed a marketing technology platform for the fast-moving consumer goods (FMCG) sector, which is the world's largest advertising sector by spend. Adimo's solution gives FMCG advertisers a direct sales capability by connecting an advert or promotion to an online grocery basket and allowing a product to be added either for purchase later or to be bought instantly through Adimo's Buy Now functionality. The software also provides brands with important data on customers' buying behaviour, to help support repeat purchases. Adimo has a strong blue chip client list that includes Coca-Cola, Danone and GSK. The VCT funding is being used to grow the revenue base and progress new client opportunities.

•      Atterley is an online fashion marketplace that provides independent fashion retailers and brands with access to a fully integrated ecommerce platform, which offers a full range of services including managing logistics, customer services and marketing support. The platform is aimed at the premium designer end of the market and offers customers an extensive selection of emerging and undiscovered labels curated by high profile fashion buyers. The VCT funding is being used to expand the market presence in the US, make a number of specific hires and further develop the technology platform.

•      Cardinality is a provider of a high volume data handling and analytics software platform, which enables clients to collate, manage and derive value from very large data sets. The business processes up to 15 billion lines of code per day, which is used to help its clients increase productivity, enhance marketing activities, improve fraud detection and identify customer spending habits or patterns. Activity is currently focused on the telecoms sector and Cardinality's clients include Telefonica, Vodafone and Zain. The VCT funding is being used to expand into new target markets, with an initial focus on the financial services sector.

•      Horizon Technologies is a specialist manufacturer and supplier of airborne signals intelligence (SIGINT) systems for use in Intelligence, Surveillance and Reconnaissance applications. The core hardware solution FlyFish is currently in operation on numerous platforms worldwide, including daily search and rescue missions via NATO and FRONTEX in the Mediterranean, as well as counter piracy operations off the coast of East Africa. The VCT funding is being used to support the market launch of Amber™, a space-based Maritime Domain Awareness technology that has been developed in conjunction with the UK Government. The technology builds on the capability of FlyFish and will be added to commercial satellites to identify geolocation and classify maritime radars to help detect illegal activity such as piracy, smuggling, illegal fishing and terrorism.

•      Guru Systems is a supplier of business-to-business Internet of Things hardware, software and analytics solutions that help to improve the performance and cost-effectiveness of heating systems. Guru's carbon saving monitoring technology is initially focused on heat networks, which generate and supply heat centrally to consumers via a network of underground hot water pipes, avoiding the need for individual boilers or electric heaters in every building. Guru's solutions have the potential to improve each stage of a heat network project, resulting in significant improvements in performance. This is an attractive growth market with strong ESG credentials, and which is heavily supported by the Government's decarbonisation strategy as part of the Net Zero agenda. The VCT funding is being used to invest in sales and marketing, to launch the latest products and to prepare the business for overseas expansion.

In addition, three new AIM quoted investments have been added to the portfolio during the first half of the year:

•      Oncimmune is a leader in the field of early cancer detection. The company has developed a diagnostic test that is based on the presence of blood autoantibodies that work against specific tumours, such as lung cancer. The test has the potential to detect cancer up to four years earlier than traditional diagnostics such as X-rays or CT scans. Your Company participated in the £9 million fundraising, which completed in March 2021. The investment is being used to grow the pipeline of commercial prospects and increase operating capacity at the discovery research facility in Dortmund, Germany.

•      Polarean Imaging is an innovator in the medical imaging market, having developed equipment that enables existing MRI systems to achieve superior lung imaging by using hyperpolarised Xenon gas as an imaging agent. This provides a non-invasive and radiation-free functional imaging platform, which is more accurate and less harmful than current methods. Your company participated in the £25 million fundraising, which completed in April 2021. The investment is being used to support the ongoing clinical trial, build the commercial team, finance regulatory and medical costs, and support continued investment in research and development.

•      Spectral MD is a predictive analytics group that has developed a proprietary algorithm and optical technology for faster treatments in wound care, with a focus on burn wounds and diabetic foot ulcers. Your Company participated in the IPO on AIM, which completed in June 2021 raising £11 million. The investment is being used to support the development of the diabetic foot ulcer product, build a European presence, establish a US distribution network and provide working capital for the group.

The following investments have been completed during the reporting period:

¹Investment reflects the demerger of the retail business from the core Rockar technology platform.

At the period end, the portfolio stood at 119 unlisted and quoted investments, at a total cost of £58.63 million.

Realisations

The sale of education safeguarding software provider eSafe completed in June 2021. Since investment in December 2017, eSafe has made steady progress, expanding its client base and growing its market position within this niche area of the education market. Trading was temporarily impacted by the imposition of lockdown restrictions, primarily the closure of schools and colleges, and, at the outset of the pandemic in March 2020, a protective provision was taken against the value of the holding. The operational performance has since recovered, following the reopening of schools and colleges for face- to-face learning, and also aided by a number of high-profile child safeguarding cases that have highlighted the importance of having robust systems and protocols in place to protect children and young people. During the period, an offer to acquire the business was received from Smoothwall, a private equity backed competitor, and the sale completed shortly before the period end, generating a total return of 1.4 times cost over the life of the investment.

During the period, a total of £1.21 million was realised through AIM disposals, where the Manager was able to take advantage of share price appreciation and favourable market conditions to partially, or completely, trade out of a number of holdings in order to lock in profits.

The table below gives details of all realisations completed during the reporting period. This includes a number of legacy and underperforming investments where the Manager elected to seek an exit and, in total, these generated proceeds in excess of the carrying value at the previous year end.

¹ Proceeds exclude yield and redemption premiums received, which are disclosed as revenue for financial reporting purposes.

² Deferred consideration.

³ Loan note repayment.

⁴ Interim recovery proceeds.

During the year, one private company was struck off the Register of Companies, resulting in a realised loss of £547,000 (cost £547,000). This had no effect on the NAV of the Company as a full provision had been made against the value of the holding in a previous period.

Material Developments Since the Period End

Since 30 June 2021, one new private company holding has been added to the portfolio.

•      Snappy Shopper provides local convenience stores with the technology to set-up home delivery services at a minimal cost. The key advantage of the proposition is that it provides delivery to the customer within 30 to 60 minutes, thereby providing true convenience whilst also significantly increasing average basket spend. A large number of convenience stores do not currently have a home delivery service, which presents a significant market opportunity. Snappy has experienced rapid growth over the past year and has ambitious targets to continue its store roll-out programme. The business also includes Hungrrr, a white-label online and app food ordering system for the hospitality sector that has also experienced strong growth and has a client list that includes Brewdog, Hilton, Holiday Inn and UEFA Champions League. The VCT funding is being used to expand market share, support the technology development and to scale the team in line with growth.

In July 2021, the conditional sale of online digital mortgage broker Mojo Mortgages completed, subject to FCA approval. Your Company first invested in Mojo in 2019, supporting an ambitious management team to develop its disruptive mortgage broking technology platform. Mojo's solution provides an innovative hybrid of online and advised services, capable of managing the full process from mortgage product price comparison through to the application and completion. During the period under review, an offer to acquire the business was received from RVU, which is part of the Zoopla Property Group that owns a number of consumer finance and comparison sites such as Confused.com, Uswitch and Zoopla. The sale completed post the period end, although it is subject to FCA approval, and will generate a total return of up to 1.8 times cost over the life of the investment.

In July 2021, GENinCode, the developer of patented risk assessment products for the prevention of cardiovascular disease, successfully floated on AIM, raising £17 million and achieving a post listing market capitalisation of £42 million. Your Company invested in GENinCode in July 2020 and, after early scientific and clinical success in validating its genomic technology and products, the objective to float on AIM was identified as a strategic target that would enable the business to fulfil its international growth ambition and enhance product development. Maven's dedicated AIM team played a key role in assisting the management team with this transaction.

In August 2021, following a formal sale process, the exit from employee compensation solution provider Curo Compensation completed. The business was acquired by a US trade buyer and the sale generated a total return of 1.1 times cost over the life of the investment.

Principal and Emerging Risks and Uncertainties

The principal and emerging risks and uncertainties facing the Company were set out in full in the Strategic Report contained within the 2020 Annual Report, and are the risks associated with investment in small and medium sized unlisted and AIM/AQSE quoted companies which, by their nature, carry a higher level of risk and are subject to lower liquidity than investments in larger quoted companies. The valuation of investee companies may be affected by economic conditions, the credit environment and other risks including legislation, regulation, adherence to VCT qualifying rules and the effectiveness of the internal controls operated by the Company and the Manager. These risks and procedures are reviewed regularly by the Audit and Risk Committees and reported to your Board. The Board has confirmed that all tests, including the criteria for VCT qualifying status, continue to be monitored and met.

In March 2020, the COVID-19 pandemic developed from being an emerging risk to a principal risk that had implications for the Company, the Manager, investee companies and both the UK and global economies. The Board and the Manager have sought to identify all of the individual risks associated with the pandemic that could impact on the Company, and the steps that are required to mitigate them. These have been recorded in separate risk registers that will be reviewed on a regular basis as the situation continues to evolve.

Share Buy-backs

Shareholders have given the Board authority to buy back shares for cancellation or to be held in treasury, subject always to such transactions being in the best interests of Shareholders. During the period under review, 1,290,120 shares were bought back at a total cost of £857,000.

It is intended that, subject to market conditions, available liquidity and the maintenance of the Company's VCT status, shares will be bought back at prices representing a discount of up to 5% of the prevailing NAV per share.

Regulatory Update

The EU (Future Relationship) Act 2020, which was agreed with the EU on 24 December 2020, came into effect on 1 January 2021. The potential impact of the UK's withdrawal from the EU has been closely monitored across the investee portfolio and, as at the date of this report, there is nothing material to report. The majority of investee companies have limited direct exposure to the EU, and those that do have been implementing contingency plans to mitigate any potential impact.

During the period under review, there have been no further amendments to the rules governing VCTs. The Spring Budget was delivered on 3 March 2021, with no changes proposed to the legislation governing VCTs.

The Directors and the Manager continue to apply the International Private Equity and Venture Capital (IPEV) Valuation Guidelines as the central methodology for all private company valuations. On 31 March 2020, the IPEV Guidelines Board issued Coronavirus Special Valuation Guidance to assist managers who are applying the IPEV Valuation Guidelines to their portfolios. The IPEV Guidelines are the prevailing framework for fair value information in the private equity and venture capital industry.

Environmental, Social and Governance (ESG)

The Board recognises the importance of ESG principles and believes that each portfolio company should behave responsibly towards the environment and society, whilst operating in line with governance best practice. The Directors are pleased to report that the Manager considers ESG matters as part of the investment appraisal process and ensures that any issues are identified at an early stage. This includes the development of a robust framework that will ensure ESG matters are carefully managed throughout the period of investment. This involves close engagement with each portfolio company in relation to corporate governance practices and support for the management team in developing policies on the environment, community engagement, HR and employee relations, corporate governance and responsible product marketing.

The Directors are aware of the work that the Manager is undertaking to address the recommendations of the Task Force on Climate-related Financial Disclosures, which seek to address the material financial impacts of the global transition to a lower carbon economy. The Directors are satisfied that the Manager is taking the appropriate steps to address those requirements, and will continue to monitor progress.

In May 2021, the Manager became a signatory to the internationally recognised Principles for Responsible Investment, demonstrating its commitment to include ESG in investment decision making and ownership. The Manager is also now a signatory to the Investing in Women Code, which aims to improve female entrepreneurs' access to tools, resources and finance, supporting diversity and inclusion in access to finance.

Maven Capital Partners LLP (Maven)

On 26 May 2021, Mattioli Woods plc announced that it had entered into a conditional agreement to acquire Maven, subject to satisfaction of certain conditions and the approval by Mattioli Woods' shareholders. All required approvals were subsequently granted, and the transaction completed on 1 July 2021.

Maven will operate as an independently managed subsidiary of Mattioli Woods, retaining its regional business model, people and brand in entirety. As a result, there will be no direct impact for Maven's VCT clients, investors or investee companies. Mattioli Woods is one of the UK's leading providers of wealth management and financial planning services and Maven offers a highly complementary fit with its existing operations. Maven and Mattioli Woods share a common objective of continuing to expand the enlarged business under PLC ownership. Both businesses are well known to each other and there is strong cultural alignment, and a common focus on providing clients with the best possible service. Further details on Mattioli Woods can be found at www.mattioliwoods.com.

Your Board considers this to be a positive step in the evolution of Maven and has received confirmation that Bill Nixon will remain as its Managing Partner and lead VCT fund manager, and further, there will be no material changes to its staff, operations or access to capital. In terms of the management of your Company, the investment team and support staff providing company secretarial, accounting and administrative services, will all continue to operate as before.

Outlook

Despite the recent challenges in the wider economy, your Company has made positive progress during the first half of the financial year, and remains well positioned to continue to deliver its core strategic investment objective. The Board is encouraged by both the growth in the number of portfolio holdings and also the underlying performance, where the majority of investee companies continue to make good commercial progress and grow Shareholder value. The Board and Manager remain cautiously optimistic that there will be a progressive economic recovery once the remaining COVID-19 restrictions are lifted in the UK and its key export markets.

More generally, the UK is currently experiencing good levels of M&A activity post Brexit, where improved certainty has returned to markets, including the re-emergence of overseas investors and acquirers, notably from the US. These factors are now affecting private company markets positively, and the Manager considers that this augurs well for the immediate prospects for your Company against a backdrop of continuing strong levels of new investment activity. As a consequence, your Board remains optimistic for the outlook and prospects for the second half of the financial year.

On behalf of the Board

Maven Capital Partners UK LLP

Secretary

27 August 2021

Summary of Investment Changes

For the six months ended 30 June 2021

*Shares traded on the Alternative Investment Market (AIM) or the Aquis Stock Exchange (AQSE).

Investment Portfolio Summary

As at 30 June 2021

Investment Portfolio Summary (Continued)

As at 30 June 2021

Investment Portfolio Summary (Continued)

As at 30 June 2021

Investment Portfolio Summary (Continued)

As at 30 June 2021

¹ Other clients of Maven Capital Partners UK LLP.

² Managed by Penta Capital LLP of which Steven Scott, a Director of the Company, is a partner.

Income Statement

For the six months ended 30 June 2021

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 one reportable segment, the results of which are set out in the Income Statement and Balance Sheet. The Company derives its income from investments made in shares, securities and bank deposits.

There are no potentially dilutive capital instruments in issue and, therefore, no diluted earnings per share figures are relevant. The basic and diluted earnings per share are, therefore, identical.

The accompanying Notes are an integral part of the Financial Statements.

Statement of Changes in Equity

For the six months ended 30 June 2021

Six months ended 30 June 2021 (unaudited)

Six months ended 30 June 2020 (unaudited)

Year ended 31 December 2020 (audited)

The accompanying Notes are an integral part of the Financial Statements.

Balance Sheet

As at 30 June 2021

The Financial Statements were approved by the Board of Directors on 27 August 2021 and signed on its behalf by:

Peter Linthwaite

Director

The accompanying Notes are an integral part of the Financial Statements.

Cash Flow Statement

For the six months ended 30 June 2021

The accompanying Notes are an integral part of the Financial Statements.

Notes To The Financial Statements

For the six months ended 30 June 2021

1.    Accounting policies

The financial information for the six months ended 30 June 2021 and the six months ended 30 June 2020 comprises non-statutory accounts within the meaning of S435 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 December 2020, which have been filed at Companies House and contained an Auditor's Report that was not qualified and did not contain a statement under S498(2) or S498(3) of the Companies Act 2006.

2.    Reserves

Share premium account

The share premium account represents the premium above nominal value received by the Company on issuing shares net of issue costs. This reserve is non-distributable.

Capital redemption reserve

The nominal value of shares repurchased and cancelled is represented in the capital redemption reserve. This reserve is non-distributable.

Capital reserve - unrealised

Increases and decreases in the fair value of investments are recognised in the Income Statement and are then transferred to the capital reserve unrealised account. This reserve is non-distributable.

Capital reserve - realised

Gains or losses on investments realised in the year that have been recognised in the Income Statement are transferred to the capital reserve realised account on disposal. Furthermore, any prior unrealised gains or losses on such investments are transferred from the capital reserve unrealised account to the capital reserve realised account on disposal. This reserve is distributable.

Special distributable reserve

The total cost to the Company of the repurchase and cancellation of shares is represented in the special distributable reserve account. The special distributable reserve also represents capital dividends, capital investment management fees and the tax effect of capital items. This reserve is distributable.

Revenue reserve

The revenue reserve represents accumulated profits retained by the Company that have not been distributed to Shareholders as a dividend. This reserve is distributable.

3. Return per Ordinary Share

Directors' Responsibility Statement

The Directors confirm that, to the best of their knowledge:

•      the Financial Statements for the six months ended 30 June 2021 have been prepared in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland;

•      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 December 2021; 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.

Other information

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 registered office of the Company at Kintyre House, 205 West George Street, Glasgow G2 2LW; at the office of the Manager, Maven Capital Partners UK LLP, 5th Floor, 1-2 Royal Exchange Buildings, London EC3V 3LF; and, in due course, on the Company's website at www.mavencp.com/migvct4.

Neither the content of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

By order of the Board

Maven Capital Partners UK LLP

Secretary

27 August 2021