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ProVen VCT plc: Interim Management Statement
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 | Audited |
|
|
| 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
|
| Market |
| Gain/(loss) | Realised |
| £’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
|
| Market |
| Gain/ (loss) | Realised |
| £’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 |
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
