Proven Growth & Inc. Proven Growth And Income Vct Plc: Interim Management Statement
13 Agosto 2020 - 8:55AM
UK Regulatory
TIDMPGOO
ProVen Growth & Income VCT plc
Interim Management Statement
for the three months ended 31 May 2020
ProVen Growth & Income VCT plc (the "Company") presents an Interim
Management Statement for the three month period ended 31 May 2020. The
statement also includes relevant financial information between the end
of the period and the date of this announcement.
Performance
Unaudited Audited
31 May 29 February
2020 2020
Pence Pence
Net Asset Value per share ("NAV") 56.2 58.6
Dividends paid since class launch (originally as 'C'
Shares)* 64.4 64.4
Total Return (NAV plus dividends paid since 'C' Share
class launch) 120.6 123.0
* 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 2 July 2020, the Company announced a final dividend for the year
ended 29 February 2020 of 1.75p per share. Having received approval at
the Annual General Meeting of the Company on 10 August 2020, the
dividend will be paid on 28 August 2020 to Shareholders on the register
at 7 August 2020.
Investment portfolio summary at 31 May 2020
Portfolio summary
Valuation
Venture capital investments GBP'000
Sannpa Limited (t/a Fnatic) 6,718
ContactEngine Limited 5,120
Mycs GmbH 4,913
Dryden Holdings Limited 4,760
Infinity Reliance Limited (t/a My 1(st) Years) 4,191
Zoovu Limited (t/a Smart Assistant) 3,997
Thread, Inc. 3,723
Papier Limited 3,150
Our Path Limited (t/a Second Nature) 2,800
Written Byte Limited (t/a DeepCrawl) 2,788
Other investments 35,806
77,966
Cash at bank 48,131
Other net current liabilities 165
Net Assets 126,262
=========
Quoted investments are valued at the closing bid price at 31 May 2020,
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 2020
Investment additions
GBP'000
Commonplace Digital Limited 1,500
Luxury Promise Limited 1,350
Sannpa Limited (t/a Fnatic) 772
Thread, Inc. 421
4,043
=======
Investment disposals
There were no investment disposals in the three month period ended 31
May 2020.
Investment activity from 1 June 2020 to the date of this announcement
GBP'000
ContactEngine Limited 125
Social Value Portal Limited 1,500
1,625
=======
Investment disposals
Gain Realised
Market Disposal against gain
Cost value at 1 June 2020 proceeds cost in period
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
MEL Topco
Limited (t/a
Maplin)* - - 34 34 34
Chargemaster
plc* - - 74 74 74
- - 108 108 108
======= ===================== ========== ======== ==========
* Disposal proceeds represent contingent proceeds.
Ordinary
Shares
Changes to share capital of 1.6187p each
As at 1 March 2020 200,137,231
Shares bought back during the 3 months to 31 May 2020 (111,270)
Shares issued during the 3 months to 31 May 2020 24,518,370
As at 31 May 2020 224,544,331
================
In the period from 1 June 2020 to the date of this announcement,
1,282,530 Ordinary Shares were repurchased and subsequently cancelled.
Material events
In light of the evolving situation regarding COVID-19, the Board of
ProVen Growth and Income VCT plc (the "Company") carried out a review of
the portfolio and announced on 23 March 2020 that the unaudited net
asset value of the Company was 54.6p per share. This was based on the
unaudited net asset value of the Company as at 20 March 2020.
Other than the matters described above, there were no material events
during the period from 1 March 2020 to 31 May 2020 or in the period from
1 June 2020 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
August 13, 2020 09:55 ET (13:55 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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