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ProVen Growth and Income VCT plc: Interim Management Statement

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ProVen Growth & Income VCT plc

Interim Management Statement

for the three months ended 31 May 2022

 

ProVen Growth & Income VCT plc (the “Company”) presents an Interim Management Statement for the three-month period ended 31 May 2022. The statement also includes relevant financial information between the end of the period and the date of this announcement.

 

Performance

 





 

 

Unaudited

31 May

2022

Audited

28 February

2022

 

 

 

Pence

Pence

Net Asset Value per Ordinary share (“NAV”)

 

 

64.2

67.3

Dividends paid since class launch (originally as ‘C’ Shares)*

 

 

70.7

70.7

Total Return (NAV plus dividends paid since ‘C’ Share class launch)

 

 

134.9

138.0

 

* Dividends paid represents dividends paid in respect of the Original 'C' Shares between their launch in 2006 up until their conversion in 2009 and as Ordinary Shares since the 'C' Share conversion. 'C' Shares were converted into Ordinary Shares on a one for one basis in 2009.

 

Dividends paid or declared

On 10 June 2022, the Company declared a special dividend of 1.75p per share and proposed a final dividend, for Shareholders’ approval, for the year ended 28 February 2022 of 1.5p per share. Having received approval for the final dividend at the Annual General Meeting of the Company on 20 July 2022, both dividends will be paid on 5 August 2022 to Shareholders on the register at 15 July 2022.

 

Investment portfolio summary at 31 May 2022

 

Portfolio summary

 

Valuation

Venture capital investments

£’000

Picasso Labs, Inc. (t/a CreativeX)

12,921

Luxury Promise Limited

11,770

Papier Ltd

8,972

Blis Global Ltd (formerly Blis Media Limited)

6,355

Zoovu Limited (t/a SmartAssistant)

5,544

Sannpa Limited (t/a Fnatic)

4,811

Infinity Reliance Limited (t/a My 1st Years)

4,241

Been There Done That Global Limited

4,038

Thread, Inc.

3,669

MPB Group Limited

3,461

Other investments

56,195

 

121,977

Cash at bank

65,815

Other net current liabilities

(1,809)

 

 

Net Assets

185,983

 

Quoted investments are valued at the closing bid price at 31 May 2022, discounted where appropriate. Unquoted investments are valued at fair values established using the International Private Equity and Venture Capital Valuation Guidelines.

 


 

Investment activity during the three-month period ended 31 May 2022

 

Investment additions

 

£’000

Mycs GmbH

550

Picasso Labs, Inc. (t/a CreativeX)

1,185

 

 

 

1,735


Investment disposals

 









Cost

Market

value at 1 March 2022



Disposal

proceeds

Gain/(loss)

against

cost

Realised

(loss)

in period

 

£’000

£’000

£’000

£’000

£’000

Zoovu Limited (t/a SmartAssistant)*

3,449

17,471

17,464

14,015

(7)

Netcall plc

324

336

279

(45)

(57)

Rapid Charge Grid Limited**

Lupa Foods Limited**

220

37

220

48

220

48

-

11

-

-

Exonar Limited

1,602

-

-

(1,602)

-

 

 

 

 

 

 

 

5,632

18,075

18,011

12,379

(64)

 

* Loss in period relates to transaction costs incurred upon disposal

**Loan note repayment


Investment activity from 1 June 2022 to the date of this announcement

 

£’000

WS Holdco, PBC. (t/a WiredScore)

3,494

Social Value Portal Ltd

1,042

DeepCrawl Holding Company, Inc.

734

[Second Nature Healthy Habits Ltd]

 

 

5,270

 

Investment disposals

 









Cost

Market

value at 1 June 2022



Disposal

proceeds

Gain/(loss)

against

cost

Realised

gain

in period

 

£’000

£’000

£’000

£’000

£’000

Blis Global Ltd (formerly Blis Media Limited)

1,083

6,355

6,692

5,609



337

Mycs GmbH

5,038

-

-

(5,038)

-

 

 

 

 

 

 

 

6,121

6,355

6,692

571

337

 

Changes to share capital

Ordinary

Shares

of 1.6187p each

As at 1 March 2022

252,090,729

Shares bought back during the 3 months to 31 May 2022

-

Shares issued during the 3 months to 31 May 2022

37,500,491

As at 31 May 2022

289,591,220

 

In the period from 1 June 2022 to the date of this announcement, 3,695,081 Ordinary Shares were repurchased and subsequently cancelled.

 

In addition, 2,275,339 Ordinary Shares were issued pursuant to the offer for subscription that opened on 11 January 2022.

 

Material events

Other than the matters described above, there were no material events during the period from 1 March 2022 to 31 May 2022 or in the period from 1 June 2022 to the date of this announcement.

 

Further information

Further information regarding the Company can be found on Beringea's dedicated VCT website: www.provenvcts.co.uk or by contacting Beringea, the Investment Manager, at provenvcts@beringea.co.uk or by telephone 020 7845 7820.

 

Beringea LLP

Company Secretary

Telephone 020 7845 7820

 

-End


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