Uncategorised - LightTower Partners: Recent Episodes
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The Directors of Unicorn AIM VCT plc are pleased to announce that they intend to launch an offer for subscription to raise £20 million (with an over-allotment facility to raise up to a further £5 million) through the issue of new ordinary shares (“the Offer”).
The prospectus, which will contain the full details and terms and conditions of the Offer, is expected to be available in January 2025.
After being the fastest filling share offer in the VCT market last year, closing a £20 million top up Offer for subscription in just seven days, we advise acting quickly to avoid disappointment and secure your clients’ allocation. If you would like us to keep you informed on the offer and its launch date, or to book a meeting, please get in touch via emailor call us on 020 7071 3940.
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We are delighted to announce that the four Maven VCT’s have launched new joint Offers for subscription, looking to raise up to £40 million in total (incl. aggregate overallotment facilities of up to £20 million).
With a long history of successful fundraising, and following a recent period of strong exit activity (see below) and NAV and dividend increases, the offers are expected to be very popular with investors and advisers.
An early bird incentive is available; offering a 1.5% discount for existing investors in any Maven VCT, and a 1.25% discount for new investors.
To access key documentation, including the securities note and application forms, find out more here
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The Maven VCTs have partially realised their investment in Novatus Global (Novatus), a leading RegTech solutions provider, as part of a $40m investment in the company by US-based private equity firm Silversmith Capital Partners. The transaction comes just over two years after Maven’s VCTs first invested in the company and delivers a 4.7x total money multiple return for shareholders, inclusive of an ongoing minority stake in the business.
Maven’s VCTs first invested in Novatus in July 2022, with the funding allocated to expanding the team of technical advisors, enhancing sales and marketing efforts, and further developing its cutting-edge RegTech offering. During Maven’s investment period, Novatus significantly increased its annual recurring revenues by 13-fold, more than doubled its headcount, expanded internationally and made several strategic hires to its senior leadership team.
This marks the 5th exit for the Maven VCTs in 2024, following a busy summer of exit activity with exits from GradTouch (1.7x), Quorum Cyber (8.2x), MirrorWeb (4.0x) and CB Technology (2.85x).
Find out more about the Maven VCTs here.
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Maven has fully exited its investment in CB Technology (CBT), a specialist electronics contract manufacturer (ECM), following its acquisition by Elite Electronic Systems. With a combined turnover of over £50 million, the acquisition creates one of the largest ECM operators in the UK while generating a return on investment of 2.85x cost for Maven’s investors.
Based in Livingston, Scotland, CBT provides high reliability electronics capable of operating in the harshest of environments, including extremes of temperature, pressure and vibration. Maven initially backed a management buy-in of CBT in 2014, following the retirement sale from the company’s founders.
This contributes to an extended period of exit activity for the Maven VCTs, following the exit from MirrorWeb (4.0x) last week, as well as exits from GradTouch (1.7x) and Quorum Cyber (8.2x) in June.
Find out more about the Maven VCTs here.
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We are delighted to announce that the Pembroke VCT Offeris now open, seeking to raise £40m (with £20m overallotment facility) for the 2024/25 and 2025/26 tax years.
Early bird incentives are available; a 1.0% discount for existing investors and a 0.5% discount for new investors (each capped at the first £5 million, or until 31st December 2024).
To access key documentation, including the Prospectus and online application form visit the Pembroke VCT page.
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Maven Capital Partners has completed a partial exit from MirrorWeb, for a return on cost of 4.0x for the Maven VCTs. This profitable realisation was achieved through a sale to US growth equity firm MainSail Partners, and the VCTs have retained an ongoing equity stake in the business.
Since Maven’s initial investment in 2018, MirrorWeb has significantly increased annual recurring revenues from £1.1 million to £4.9 million, expanded into the US market—led by CEO David Clee who relocated to Austin, Texas—and doubled its headcount to 50 employees.
This exit marks the third successful realisation for Maven this year, following recent exits for a total return of 8.2x from Quorum Cyber, and 1.7x from GradTouch.
Find out more about the Maven VCTs here.
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Pembroke VCT are pleased to announce recent 1.4x exit from BOAT International Business Media, as it becomes part of Informa group.
Following an investment of £3.3 million, Pembroke has received proceeds of £4.6 million. The agreement comes at an exciting time for BOAT International Media, which has seen significant growth across its print, events, digital and data business in recent years.
More information on the exit can be found in Pembroke’s July Newsletter, as well as details on the VCT’s £3 million new investment into activewear brand Tala.
Read the July Newsletter here.
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The Maven VCTs have completed a final exit from Quorum Cyber, which was originally sold to a mid-market Private Equity buyer in 2021, generating an initial return of 6.5x cost.
Crucially, the Maven VCTs retained an economic interest in the Quorum business alongside the new owners and have now realised this remaining holding following a strategic investment by Charlesbank Capital Partners, a US private equity firm. This latest transaction has delivered an aggregate return of 8.2x for shareholders.
“We are delighted with the return for our investors, which highlights the excellent work by the Quorum Cyber management team in strengthening their relationship with Microsoft, entering new markets, growing the team, and enhancing their service offering.”
David Milroy, Partner at Maven
Find out more about the Maven VCTs here
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The directors of Pembroke VCT plc are pleased to announce their intention to launch a new offer for subscription (the “Offer”) of new B Ordinary Shares in the 2024/2025 and 2025/2026 tax years.
The prospectus with full details of the Offer is expected to be published in September 2024.
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Maven have confirmed that the four VCTs have announced their intention to launch new joint Offers for subscription, looking to raise up to £40 million in total (incl. aggregate overallotment facilities of up to £20 million).
A prospectus with full details of the Offers is expected to be published in Autumn 2024.
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Maven has completed an exit from GradTouch to London private equity firm, Pelican Capital.
The sale of the Manchester based technology platform for graduate employers has generated a return of up to 1.7x for Maven client funds. Maven first invested in the business in December 2017 through NPIF Maven Equity Finance, with the Maven VCTs providing its support in 2019 following the achievement of key commercial milestones.
The sale to Pelican Capital will enable the business the continue its impressive growth to date, supporting an ambitious buy and build strategy to further expand its brand portfolio of innovative businesses focused on transforming the early career development space.
“The backing we have received from Maven has been instrumental in the expansion of GradTouch. Their strategic guidance and financial support have proved valuable in fuelling our growth and we are now in a strong position to embark on a new chapter.”
Zac Williams, CEO at GradTouch
Find out more about the Maven VCTs here
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The Unicorn AIM VCT has recently announced an interim dividend of 3.0p per share. This will be paid on 13 August 2024 to shareholders who were on the register from 12 July 2024.
This is following the recent special dividend of 11.7p per share stemming from the successful exit of Abcam after their acquisition by Danaher Corporation at the end of last year. These interim dividends solidify Unicorn‘s dedication to delivering value to their shareholders.
Further details can be found in the VCT’s half-yearly report that has just been published on the London Stock Exchange.
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Pembroke VCT has announced an interim dividend of 2p per share to be paid on 23 April 2024.
All new applications for the current offer received by 18 March 2024 will qualify for the dividend. Read the full RNS announcement here.
As well as the announced 2p dividend for the 2025 financial year, Pembroke VCT has also paid 27p per share over the previous 5 financial years.
Pembroke VCT pays tax free dividends, having paid out at least 5p per year in each of the last 4 years. One in four of its portfolio companies are individually valued at £50 million or more.
Pembroke Offer now half full
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There is limited time remaining for your clients to invest in Maven VCTs’ joint Offers. With only 1 week to go until tax year end, the deadline for receipt of applications and cleared funds for allotment in the 2023/24 tax year is 9am on Friday 5 April 2024.
Due to ongoing investor demand, after surpassing the initial £20m target, the Maven VCTs have announced the use of their over-allotment facilities. There is now remaining capacity in all VCTs, as the Maven VCTs can accept further applications up to an increased £30m capacity.
- Applicants or their advisers are able to use a single application to invest in any or all of the VCTs for both the 2023/24 and 2024/25 tax years, and can also apply quickly and conveniently online.
The terms and conditions of the offer are set out in the Securities Note.
About Maven Capital Partners
- Manage c.£691 million* in aggregate, including funds, on behalf of the four VCTs and other private equity and property assets
- One of the most active managers in the VCT industry, with 41 new private company investments completed since January 2020¹
- Four established VCT portfolios of c.60 private companies each, broadly diversified by sector and geography, plus an AIM portfolio of 20 – 40² companies per VCT
- History of regular tax-free dividend payments, and a target 5% dividend yield
Maven VCTs are intended for UK taxpayers aged 18 or over with an investment horizon of five or more years and who are able to bear up to 100% capital loss and with a medium to high risk tolerance. Investors in Maven VCT will generally be informed investors with either experience in investing in VCTs or with a knowledge and understanding of the risks involved.
Sources: Maven Capital Partners. As at 31/12/2023 (Value of assets managed by Maven Capital Partners and Maven Property Investment Limited). ¹As at 01/01/2024. ²As at the most recently published accounts. ³Average dividend payments over past five full financial years as at 01/01/2024. 4Based on dividends paid or declared for most recent financial year, and previous year-end NAV per share. The payment of dividends is not guaranteed, and historical levels are no indication or forecast of likely future dividend levels. The quantum and timing of dividends are likely to be closely linked to portfolio realisations.*
Past performance is not a guide to future performance; the value of an investment and income from it can go down as well as up. Your capital is at risk.
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The interview explores Maven Capital Partners’ Ewan MacKinnon’s insights on investment opportunities and risks across different sectors for investors.
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We are pleased to announce that the Edition EIS Scale Up Tranche is now open to investors.
Click here for full details of the offer.
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If you have any questions about the Edition EIS, please email investor-relations@lighttowerpartners.co.uk or call 020 7071 3940.
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Pembroke VCT’s September newsletter is now available.
Click here to download
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Advisers wanting to invest in VCTs for clients need to look past due diligence forms and meet fund managers in person to dig deeper into the detail, Jack Rose told delegates at the PA360 North conference. Click here to read the full article. For further information on the range of tax efficient products we distribute, […]
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LightTower Partners’ Head of Tax- efficient products, Jack Rose, considers the current dichotomy in the tax-advantaged sector – despite the overwhelming availability of EIS there is actually a reduction in demand from advisers, while VCTs now face the opposite issue. Click here to read the full article. For further information on the range of tax […]
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We recently hosted a conference call with Pembroke VCT’s Managing Director Andrew Wolfson. Click here to listen to the recording. For more information on the Pembroke VCT please click here or call 020 7071 3920.
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We are pleased to announce that Maven Income & Growth VCT has been shortlisted for the Investment Week Investment Company of the Year Awards 2018. These awards highlight investment companies that produce consistent performance and where there is, in the judges’ opinion, a high likelihood that the investors will not be disappointed in the future. Click […]
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