TIDMPGOO 
 

ProVen Growth & Income VCT plc

Interim Management Statement

for the three months ended 31 May 2021

ProVen Growth & Income 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    Audited 
                                                            31 May    28 February 
                                                             2021        2021 
                                                            Pence       Pence 
Net Asset Value per share ("NAV")                              63.3          61.5 
Dividends paid since class launch (originally as 'C' 
 Shares)*                                                     67.65         67.65 
Total Return (NAV plus dividends paid since 'C' Share 
 class launch)                                               130.95        129.15 
 

* 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 7 June 2021, the Company announced a final dividend for the year ended 28 February 2021 of 1.5p 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                     GBP'000 
Zoovu Limited (t/a Smart Assistant)                9,603 
Blis Media Limited                                 8,684 
ContactEngine Limited                              6,872 
Sannpa Limited (t/a Fnatic)                        6,661 
Mycs GmbH                                          5,996 
Infinity Reliance Limited (t/a My 1st Years)       4,841 
Written Byte Ltd (t/a DeepCrawl)                   4,338 
Luxury Promise Limited                             3,948 
Thread, Inc.                                       3,912 
Been There Done That Global Limited                3,689 
Other investments                                 48,735 
                                                 107,279 
Cash at bank                                      53,526 
Other net current liabilities                      (149) 
 
Net Assets                                       160,656 
                                               ========= 
 

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

 
                            GBP'000 
Utilis SAR Ltd                2,144 
Moonshot CVE Holdings Ltd     1,112 
Hygenica Limited                276 
 
                              3,532 
                            ======= 
 

Investment disposals

 
                                                           (Loss)/gain    Realised 
                                Market           Disposal    against     (loss)/gain 
                 Cost    value at 1 March 2021   proceeds      cost       in period 
               GBP'000         GBP'000           GBP'000     GBP'000      GBP'000 
Response Tap 
 Limited*        1,440                   1,446      1,252        (188)         (194) 
MPB Group 
 Limited           295                     604        815          520           211 
Chargemaster 
 plc**               -                       -          4            4             4 
 
                 1,735                   2,050      2,071          336            21 
               =======  ======================  =========  ===========  ============ 
 

*Disposal proceeds include amounts accrued in addition to cash proceeds already received in the period.

** Disposal proceeds represent contingent proceeds.

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

 
                                      GBP'000 
Zoovu Limited (t/a Smart Assistant)       641 
 
                                          641 
                                      ======= 
 

Investment disposals

 
                                                             Gain     Realised 
                                Market           Disposal   against     loss 
                  Cost    value at 1 June 2021   proceeds    cost     in period 
                GBP'000         GBP'000          GBP'000   GBP'000    GBP'000 
ContactEngine 
 Limited          2,455                  6,872      6,758     4,303       (114) 
 
                  2,455                  6,872      6,758     4,303       (114) 
                =======  =====================  =========  ========  ========== 
 
 
                                                            Ordinary 
                                                             Shares 
Changes to share capital                                 of 1.6187p each 
As at 1 March 2021                                           222,333,613 
Shares bought back during the 3 months to 31 May 2021          (274,661) 
Shares issued during the 3 months to 31 May 2021              31,760,207 
As at 31 May 2021                                            253,819,159 
                                                        ================ 
 

In the period from 1 June 2021 to the date of this announcement, 752,213 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

 
 

(END) Dow Jones Newswires

July 15, 2021 11:44 ET (15:44 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
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