PVN Proven Vct Plc

 
TIDMPVN 
 
   ProVen VCT plc 
 
   Interim Management Statement 
 
   for the three months ended 31 May 2019 
 
   ProVen VCT plc (the "Company") presents an Interim Management Statement 
for the three month period ended 31 May 2019. The statement also 
includes relevant financial information between the end of the period 
and the date of this announcement. 
 
   Performance 
 
 
 
 
                                    Unaudited    Audited 
                                      31 May    28 February 
                                       2019        2019 
                                      Pence       Pence 
Net Asset Value per share ("NAV")        81.2          82.2 
Dividends paid to date*                 63.75         63.75 
NAV plus dividends paid to date        144.95        145.95 
 
 
   *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 31 May 2019, the Company announced a final dividend for the year 
ended 28 February 2019 of 2.5p per share. Having received approval at 
the Annual General Meeting of the Company on 3 July 2019, the dividend 
will be paid on 19 July 2019 to shareholders on the register at 21 June 
2019. 
 
   Investment portfolio summary at 31 May 2019 
 
   Portfolio summary 
 
 
 
 
                                                 Valuation 
Venture capital investments                       GBP'000 
 
Infinity Reliance Limited (t/a My 1(st) Years)       5,635 
Zoovu Limited                                        5,345 
Poq Studio Limited                                   4,679 
Monica Vinader Limited                               4,232 
Litchfield Media Limited                             4,198 
Mycs GmbH                                            4,084 
Rapid Charge Grid Limited                            3,991 
Access Systems, Inc.                                 3,500 
Festicket Limited                                    3,248 
Thread, Inc.                                         2,872 
Other investments                                   29,559 
Total investments                                   71,343 
 
Cash at bank                                        56,106 
Other net current liabilities                      (4,489) 
 
Net Assets                                         122,960 
 
 
   Quoted investments are valued at the closing bid price at 31 May 2019, 
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 2019 
 
   Investment additions 
 
 
 
 
                              GBP'000 
Sannpa Limited (t/a Fnatic)     1,029 
Mycs GmbH                         534 
                                1,563 
                              ======= 
 
 
   Investment disposals 
 
 
 
 
                                                            Gain     Realised 
                              Market            Disposal   against     gain 
               Cost    value at 1 March 2019    proceeds    cost     in period 
             GBP'000         GBP'000           GBP'000    GBP'000    GBP'000 
Skills 
 Matter 
 Limited*         32                       -          32         -          32 
                  32                       -          32         -          32 
             =======  ======================  ==========  ========  ========== 
 
 
   *Loan note repayment. 
 
   Investment activity from 1 June 2019 to the date of this announcement 
 
   There were no investment additions in the period from 1 June 2019 to the 
date of this announcement. 
 
   Investment disposals 
 
 
 
 
                                                            Loss     Realised 
                              Market            Disposal   against     loss 
               Cost    value at 1 March 2019    proceeds    cost     in period 
             GBP'000         GBP'000           GBP'000    GBP'000    GBP'000 
7digital 
 Group plc     1,101                       4           1   (1,100)         (3) 
               1,101                       4           1   (1,100)         (3) 
             =======  ======================  ==========  ========  ========== 
 
 
 
 
 
 
                                                          Ordinary 
                                                           Shares 
Changes to share capital                                 of 10p each 
As at 1 March 2019                                       105,041,530 
Shares bought back during the 3 months to 31 May 2019              - 
Shares issued during the 3 months to 31 May 2019          46,313,896 
As at 31 May 2019                                        151,355,426 
                                                        ============ 
 
 
   The Company issued 46,313,896 shares under an offer for subscription 
(the "Offer") dated 11 January 2019. Full details of the Offer were 
contained in a prospectus (comprising a Securities Note, Registration 
Document and Summary), which was published on 11 January 2019. Following 
an allotment on 30 April 2019 the Offer was effectively fully subscribed 
and was closed to further applications. 
 
   In the period from 1 June 2019 to the date of this announcement, 600,000 
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 2019 to 31 May 2019 or in the period from 
1 June 2019 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 
 
 
 
 

(END) Dow Jones Newswires

July 05, 2019 06:37 ET (10:37 GMT)

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