UK markets closed
  • FTSE 100

    7,500.89
    +34.98 (+0.47%)
     
  • FTSE 250

    20,338.96
    +93.53 (+0.46%)
     
  • AIM

    933.20
    +4.84 (+0.52%)
     
  • GBP/EUR

    1.1820
    +0.0002 (+0.02%)
     
  • GBP/USD

    1.2139
    -0.0064 (-0.52%)
     
  • BTC-GBP

    20,196.34
    +456.27 (+2.31%)
     
  • CMC Crypto 200

    574.64
    +3.36 (+0.59%)
     
  • S&P 500

    4,280.15
    +72.88 (+1.73%)
     
  • DOW

    33,761.05
    +424.38 (+1.27%)
     
  • CRUDE OIL

    91.88
    -2.46 (-2.61%)
     
  • GOLD FUTURES

    1,818.90
    +11.70 (+0.65%)
     
  • NIKKEI 225

    28,546.98
    +727.65 (+2.62%)
     
  • HANG SENG

    20,175.62
    +93.19 (+0.46%)
     
  • DAX

    13,795.85
    +101.34 (+0.74%)
     
  • CAC 40

    6,553.86
    +9.19 (+0.14%)
     

ProVen VCT plc: Interim Management Statement

  • Oops!
    Something went wrong.
    Please try again later.
·4-min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

ProVen VCT plc

Interim Management Statement

for the three months ended 31 May 2022

 

ProVen 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 share (“NAV”)

 

 

74.5

76.7

Dividends paid to date*

 

 

75.25

75.25

NAV plus dividends paid to date

 

 

149.75

151.95

 

*Dividends paid represent dividends paid since the consolidation of 5p Ordinary Shares into 10p Ordinary Shares in October 2012. Prior to this date, the Company paid dividends totalling 113.95p on the 5p Ordinary Shares.

 

Dividends paid or declared

On 10 June 2022, the Company declared a special dividend of 1.5p per share and proposed a final dividend, for Shareholders’ approval, for the year ended 28 February 2022 of 2.25p 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

 

 

Luxury Promise Limited

11,241

Monica Vinader Limited

7,512

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

6,450

Picasso Labs, Inc. (t/a CreativeX)

6,382

Blis Global Ltd (formerly Blis Media Limited)

4,938

MPB Group Limited

4,730

Papier Ltd

4,648

Zoovu Limited (t/a SmartAssistant)

4,162

Access Systems, Inc. (t/a Access Pay)

4,046

Thread, Inc.

3,176

Other investments

50,807

Total investments

108,092

 

 

Cash at bank

66,387

Other net current liabilities

(870)

 

 

Net Assets

173,609

 

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

460

Picasso Labs, Inc. (t/a CreativeX)

990

 

 

 

1,450

 

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)*

3,488

13,121

13,115

9,627

(6)

Rapid Charge Grid Limited**

491

491

491

-

-

Netcall plc

287

298

247

(40)

(51)

Lupa Foods Limited**

40

52

52

12

-

Exonar Limited

2,814

-

-

(2,814)

-

 

 

 

 

 

 

 

7,120

13,962

13,905

6,785

(57)

* 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

 

Investment additions

 

£’000

WS Holdco, PBC. (t/a WiredScore)

3,733

Social Value Portal Ltd

958

DeepCrawl Holding Company, Inc.

932

[Second Nature Healthy Habits Ltd]]

 

 

 

 

5,623

 

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)

841

4,938

5,200

4,359

262

Mycs GmbH

5,908

-

-

(5,908)

-

 

 

 

 

 

 

 

6,749

4,938

5,200

(1,549)

262

 

Changes to share capital

Ordinary

Shares

of 10p each

As at 1 March 2022

192,378,178

Shares bought back during the 3 months to 31 May 2022

-

Shares issued during the 3 months to 31 May 2022

40,595,362

As at 31 May 2022

232,973,540

 

In the period from 1 June 2022 to the date of this announcement, 1,142,817 Ordinary Shares were repurchased and subsequently cancelled.

 

In addition, 2,465,173 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


Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting