Proven Growth & Inc. Proven Growth And Income Vct Plc: Interim Management Statement
21 Enero 2020 - 02:00AM
UK Regulatory
TIDMPGOO
ProVen Growth & Income VCT plc
Interim Management Statement
for the three months ended 30 November 2019
ProVen Growth & Income VCT plc (the "Company") presents an Interim
Management Statement for the three month period ended 30 November 2019.
The statement also includes relevant financial information between the
end of the period and the date of this announcement.
Performance
Unaudited Unaudited Audited
30 November Unaudited 31 May 28 February
2019 31 August 2019 2019 2019
Pence Pence Pence Pence
Net Asset Value per share ("NAV") 61.3 63.2 67.2 68.4
Dividends paid since class launch (originally as 'C'
Shares)* 64.4 62.9 60.9 60.9
Total Return (NAV plus dividends paid since 'C' Share
class launch) 125.7 126.1 128.1 129.3
* 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 5 November 2019, the Company announced an interim dividend for the
year ended 29 February 2020 of 1.5p per share. This dividend was paid on
6 December 2019 to shareholders on the register at 15 November 2019.
Investment portfolio summary at 30 November 2019
Portfolio summary
Valuation
Venture capital investments GBP'000
Sannpa Limited (t/a Fnatic) 5,947
ContactEngine Limited 4,814
Dryden Holdings Limited 4,761
Sealskinz Holdings Limited 4,516
D3O Holdings Ltd 3,795
Zoovu Limited (t/a Smart Assistant) 3,619
Mycs GmbH 3,532
Poq Studio Limited 3,497
Thread, Inc. 3,302
Written Byte Ltd (t/a DeepCrawl) 3,254
Other investments 34,926
75,963
Cash at bank 49,405
Other net current liabilities (2,380)
Net Assets 122,988
=========
Quoted investments are valued at the closing bid price at 30 November
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 30 November 2019
Investment additions
GBP'000
Sannpa Limited (t/a Fnatic) 3,107
3,107
=======
Investment disposals
Gain Realised
Market value Disposal against gain
Cost at 1 September 2019 proceeds cost in period
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Rapid Charge
Grid
Limited* 472 472 472 - -
MatsSoft
Limited** - - 239 239 239
472 472 711 239 239
======= ==================== ========== ======== ==========
* Loan note disposal.
** Disposal proceeds represent contingent proceeds, including
consideration in the form of shares in Netcall plc.
Investment activity from 1 December 2019 to the date of this
announcement
GBP'000
Our Path Ltd 2,800
Festicket Ltd 897
3,697
=======
Investment disposals
There were no investment disposals in the period from 1 December 2019 to
the date of this announcement.
Ordinary
Shares
Changes to share capital of 1.6187p each
As at 1 September 2019 188,021,663
Shares bought back during the 3 months to 30 November
2019 (368,285)
Shares issued during the 3 months to 30 November 2019 12,919,100
As at 30 November 2019 200,572,478
================
In the period from 1 December 2019 to the date of this announcement,
279,107 Ordinary Shares were repurchased and subsequently cancelled.
In addition, 771,780 Ordinary Shares were issued under the Company's
Dividend Reinvestment Scheme in relation to the dividend paid on 6
December 2019.
Material events
ProVen VCT plc and ProVen Growth and Income VCT plc (together the
"Companies" and each being a "Company") announced on 11 November 2019
their intention to launch a combined Offer for Subscription to raise up
to GBP20 million (with each Company intending to raise up to GBP10
million) by way of an issue of new ordinary shares in the Companies,
with an over-allotment facility of up to a further GBP20 million in
aggregate (being a facility of up to GBP10 million for each Company).
Other than the matters described above, there were no material events
during the period from 1 September 2019 to 30 November 2019 or in the
period from 1 December 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
January 21, 2020 03:00 ET (08:00 GMT)
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