**Summary of Maven Renovar VCT PLC Half-Year Report (October 2025)**
**Key Highlights**
1. **Appointment of Maven Capital Partners UK LLP:** Maven was appointed as the new Investment Manager effective May 1, 2025, replacing Amati Global Investors Limited. Maven is waiving its investment management fee for two years.
2. **Stable Performance** Modest increase in NAV total return to 214.58p per Ordinary Share at July 31, 2025, with NAV at 67.24p per share.
3. **Dividends**
Special dividend of 10.00p per share paid on May 30, 2025.
Interim dividend of 2.50p per share and special dividend of 2.50p per share to be paid on November 14, 2025.
4. **Portfolio Adjustments**
Focus on rationalizing AIM holdings to retain high-conviction investments and reduce exposure to underperforming companies.
Two new private company investments added: Digilytics (AI-enabled loan processing) and Liftango (demand-responsive transport solutions).
5. **Strategic Review**
Proposal to adopt an "AIM Plus" strategy (allowing greater private company investment) was rejected by shareholders at the 2025 AGM.
Investment Policy remains unchanged, focusing on AIM and AQSE markets with selective private company investments.
6. **Share Buybacks**
2.36 million shares repurchased at £1.58 million during the period.
Share buyback policy revised to maintain a 5% discount to NAV (from 7%).
7. **Board Changes**
Neeta Patel CBE and Robert Legget appointed as independent non-executive directors.
Julia Henderson retired after the 2025 AGM.
8. **Tender Offer**
Board plans to consult shareholders on a tender offer to provide liquidity for exiting investors.
9. **Fund Raising**
No fund raising planned for the year due to AIM market challenges and unchanged Investment Policy.
10. **Risks and Uncertainties**
Principal risks include investment in small/medium-sized AIM and unlisted companies, economic conditions, and regulatory compliance.
Emerging risks include geopolitical instability, AI-related data protection risks, and shareholder alignment challenges.
**Financial Performance**
Net return attributable to shareholders£1.053 million (H1 2025).
Realised gains from AIM portfolio realisations: £3.424 million.
Cash proceeds from M&A activity£14.7 million.
**Outlook**
Focus on improving performance and returning to steady growth under Mavens management.
Continued engagement with shareholders to address concerns and provide exit opportunities.
**Conclusion**
Maven Renovar VCT PLC is transitioning under Mavens leadership, focusing on portfolio rationalization, shareholder value enhancement, and strategic alignment. Despite AIM market challenges, the company aims to deliver improved performance through disciplined investment and shareholder-friendly policies.