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ProVen VCT plc: Interim Management Statement

·3-min read

ProVen VCT plc

Interim Management Statement

for the three months ended 31 May 2021

ProVen VCT plc (the “Company”) presents an Interim Management Statement for the three month period ended 31 May 2021. The statement also includes relevant financial information between the end of the period and the date of this announcement.

Performance





Unaudited

31 May

2021

Audited

28 February

2021

Pence

Pence

Net Asset Value per share (“NAV”)

76.4

74.8

Dividends paid to date*

71.75

71.75

NAV plus dividends paid to date

148.15

146.55

*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 7 June 2021, the Company announced a final dividend for the year ended 28 February 2021 of 2.0p per share. Having received approval at the Annual General Meeting of the Company on 14 July 2021, the dividend will be paid on 30 July 2021 to Shareholders on the register at 9 July 2021.

Investment portfolio summary at 31 May 2021

Portfolio summary

Valuation

Venture capital investments

£’000

Monica Vinader Limited

7,911

Zoovu Limited (t/a Smart Assistant)

7,594

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

7,151

Blis Media Limited

6,748

Mycs GmbH

6,336

MPB Group Limited

5,052

ContactEngine Limited

4,163

Thread, Inc.

3,964

Written Byte Ltd (t/a DeepCrawl)

3,833

Luxury Promise Limited

3,589

Other investments

38,744

95,085

Cash at bank

54,345

Other net current assets

(468)

Net Assets

148,962

Quoted investments are valued at the closing bid price at 31 May 2021, 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 2021

Investment additions

£’000

Utilis SAR Ltd

1,809

Moonshot CVE Holdings Ltd

1,388

Hygenica Limited

421

3,618

Investment disposals









Cost

Market

value at 1 March 2021



Disposal

proceeds

(Loss)/gain

against

cost

Realised

(loss)/gain

in period

£’000

£’000

£’000

£’000

£’000

MPB Group Limited

827

1,692

2,283

1,456

591

Response Tap Limited*

1,060

1,037

1,022

(38)

(15)

Think Limited**

-

-

16

16

16

Chargemaster plc**

-

-

10

10

10

1,887

2,729

3,331

1,444

602

*Disposal proceeds include amounts accrued in excess of cash proceeds already received.

** Disposal proceeds represent contingent proceeds.

Investment activity from 1 June 2021 to the date of this announcement

£’000

Zoovu Limited (t/a Smart Assistant)

636

636

Investment disposals from 1 June 2021 to the date of this announcement









Cost

Market

value at 1 June 2021



Disposal

proceeds

Gain

against

cost

Realised

loss

in period

£’000

£’000

£’000

£’000

£’000

ContactEngine Limited

1,391

4,163

4,089

2,698

(74)

1,391

4,163

4,089

2,698

(74)

Changes to share capital

Ordinary

Shares

of 10p each

As at 1 March 2021

169,820,219

Shares bought back during the 3 months to 31 May 2021

(765,372)

Shares issued during the 3 months to 31 May 2021

25,836,664

As at 31 May 2021

194,891,511

In the period from 1 June 2021 to the date of this announcement, 1,282,886 Ordinary Shares were repurchased and subsequently cancelled.

Material events

Other than the matters described above, there were no material events during the period from 1 March 2021 to 31 May 2021 or in the period from 1 June 2021 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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