ProVen Growth and Income VCT plc: Interim Management Statement
14 Julio 2023 - 8:07AM
ProVen Growth and Income VCT plc: Interim Management Statement
ProVen Growth and Income
VCT plcInterim 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
|
|
|
Unaudited31
May2023 |
Audited28
February2023 |
|
|
|
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
declaredOn 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 |
£’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
|
Cost |
Market value at
1 March
2023 |
Disposalproceeds |
Gainagainstcost |
Realisedloss in
period |
|
£’000 |
£’000 |
£’000 |
£’000 |
£’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.
Changes to share
capital |
OrdinarySharesof
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 eventsOther 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 informationFurther
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 LLPCompany SecretaryTelephone 020 7845
7820-End
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