Proven Growth & Inc. Proven Growth And Income Vct Plc: Interim Management Statement
14 Julio 2023 - 8:07AM
UK Regulatory
TIDMPGOO
ProVen Growth and Income VCT plc
Interim Management Statement
for the three months ended 31 May 2023
ProVen Growth and Income VCT plc (the "Company") presents an
Interim Management Statement for the three-month period ended 31
May 2023. 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
2023 2023
Pence Pence
Net Asset Value per share ("NAV") 53.0 54.2
Dividends paid since class launch (originally as 'C'
Shares)* 75.4 75.4
Total Return (NAV plus dividends paid since 'C' Share
class launch) 128.4 129.6
* 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 9 June 2023, the Company announced a final dividend for the
year ended 28 February 2023 of 1.75p per share. Having received
approval for the final dividend at the Annual General Meeting of
the Company on 12 July 2023, this dividend will be paid on 4 August
2023 to Shareholders on the register at 7 July 2023. Payment of
this dividend will reduce the NAV per share as shown above to
51.25p pence and increase dividends paid to date to 77.15p per
share.
Investment portfolio summary at 31 May 2023
Portfolio summary
Valuation
Venture capital investments GBP'000
Picasso Labs, Inc. (t/a CreativeX) 10,444
Luxury Promise Limited 8,699
Utilis Israel Ltd (t/a Asterra) 5,095
MPB Group Limited 4,720
Papier Ltd 4,703
Been There Done That Global Limited 4,466
Social Value Portal Ltd 4,402
Infinity Reliance Limited (t/a My 1st Years) 3,933
Second Nature Healthy Habits Ltd 3,842
WS HoldCo, PBC. (t/a WiredScore) 3,512
Other investments 54,153
----------------------
Total investments 107,969
Cash and cash equivalents 53,060
Other net current assets 278
Net Assets 161,307
======================
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
2023
Investment additions
There were no investment additions for the Company in the
quarter.
Investment disposals
Gain Realised
Market Disposal against loss
Cost value at 1 March 2023 proceeds cost in period
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Monica
Vinader
Limited 204 2,687 2,410 2,206 (277)
Aistemos
Limited 1,681 2,852 2,852 1,171 -
1,885 5,539 5,262 3,377 (277)
======= ====================== ========= ======== ==========
Investment activity from 1 June 2023 to the date of this
announcement
There has been no investment activity for the Company from 1
June 2023 to the date of this announcement.
Ordinary
Shares
Changes to share capital of 1.6187p each
As at 1 March 2023 297,414,345
Shares bought back during the 3 months to 31 May 2023 -
Shares issued during the 3 months to 31 May 2023 7,144,716
As at 31 May 2023 304,559,061
================
In the period from 1 June 2023 to the date of this announcement,
1,612,697 Ordinary Shares were repurchased and subsequently
cancelled. On 6 July 2023, 2,350,754 Ordinary Shares were issued
pursuant to the offer for subscription that opened on 19 October
2022. 2,350,754 Ordinary Shares were allotted at an average price
of 56.3p, based on the latest net asset value of 54.2p per Ordinary
Share, being the net asset value as at 28 February 2023.
Material events
Other than the matters described above, there were no material
events during the period from 1 March to 31 May 2023 or in the
period from 1 June 2023 to the date of this announcement.
Further information
Further information regarding the Company, can be found on
Beringea's dedicated VCT website: www.proveninvestments.co.uk or by
contacting Beringea, the Investment Manager at info@beringea.co.uk
or by telephone 020 7845 7820.
Beringea LLP
Company Secretary
Telephone 020 7845 7820
-End
(END) Dow Jones Newswires
July 14, 2023 09:07 ET (13:07 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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