PVN Proven Vct Plc

 
TIDMPVN 
 

ProVen VCT plc

Interim Management Statement

for the three months ended 31 May 2021

ProVen 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")          76.4          74.8 
Dividends paid to date*                   71.75         71.75 
NAV plus dividends paid to date          148.15        146.55 
 

*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 7 June 2021, the Company announced a final dividend for the year ended 28 February 2021 of 2.0p 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 
Monica Vinader Limited                             7,911 
Zoovu Limited (t/a Smart Assistant)                7,594 
Infinity Reliance Limited (t/a My 1st Years)       7,151 
Blis Media Limited                                 6,748 
Mycs GmbH                                          6,336 
MPB Group Limited                                  5,052 
ContactEngine Limited                              4,163 
Thread, Inc.                                       3,964 
Written Byte Ltd (t/a DeepCrawl)                   3,833 
Luxury Promise Limited                             3,589 
Other investments                                 38,744 
                                                  95,085 
 
Cash at bank                                      54,345 
Other net current assets                           (468) 
 
Net Assets                                       148,962 
                                               ========= 
 

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                1,809 
Moonshot CVE Holdings Ltd     1,388 
Hygenica Limited                421 
 
                              3,618 
                            ======= 
 

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 
MPB Group 
 Limited           827                   1,692      2,283        1,456           591 
Response Tap 
 Limited*        1,060                   1,037      1,022         (38)          (15) 
Think 
 Limited**           -                       -         16           16            16 
Chargemaster 
 plc**               -                       -         10           10            10 
 
                 1,887                   2,729      3,331        1,444           602 
               =======  ======================  =========  ===========  ============ 
 

*Disposal proceeds include amounts accrued in excess of cash proceeds already received.

** 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)        636 
 
                                           636 
                                       ======= 
 

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

 
                                                             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          1,391                  4,163      4,089     2,698        (74) 
 
                  1,391                  4,163      4,089     2,698        (74) 
                =======  =====================  =========  ========  ========== 
 
 
                                                          Ordinary 
                                                           Shares 
Changes to share capital                                 of 10p each 
As at 1 March 2021                                       169,820,219 
Shares bought back during the 3 months to 31 May 2021      (765,372) 
Shares issued during the 3 months to 31 May 2021          25,836,664 
As at 31 May 2021                                        194,891,511 
                                                        ============ 
 

In the period from 1 June 2021 to the date of this announcement, 1,282,886 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 11:46 ET (15:46 GMT)

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