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(Alliance News) - ProVen VCT PLC and ProVen Growth & Income VCT PLC on Thursday both posted a drop in net asset value for financial 2020.
ProVen VCT said its NAV as at February 29 was 70.1 pence per share, down 15% from 82.2p recorded at the end of financial 2019. ProVen Growth & Income VCT's NAV fell to 58.6p from 68.4p year-on-year.
Both companies said the decline is largely due to the decrease in the valuation of some of its holdings as well as the dividend of 4.5p and 3.5p paid by ProVen VCT and ProVen Growth & Income VCT respectively, for the year to the end of February.
During the year, ProVen VCT said it has invested a total of GBP10.9 million, while ProVen Growth & Income VCT made investments worth GBP25.6 million.
During the period, ProVen VCT said it has completed a purchase of 2.6 million shares at an average price of 73.0p each, worth GBP1.9 million. This represented 2.5% of the shares in issue at the financial year. ProVen Growth & Income VCT bought back 2.4 million shares at of 60.1p each, totalling GBP1.5 million. This represented 1.7% of the shares in issue at the start of the
period.
"The economic and commercial turbulence created by the coronavirus pandemic subsequent to the year end has inevitably had an impact on the company. This resulted in a revaluation of the portfolio to take account of the context in which we are now operating and the announcement of a reduced net asset value in March. Nonetheless, I believe that the company has effectively helped to guide our portfolio companies through the immediate shock of the outbreak and it is now working alongside these portfolio companies to help them prepare and adapt to a new trading environment," said ProVen VCT Chair Neal Ransome.
ProVen Growth & Income VCT Chair Mark Vlessing said: "The combination of Brexit and Covid19 has provided an unprecedented economic, social and political backdrop for the market as a whole. Subsequent to the year-end, the economic and commercial turbulence created by the coronavirus pandemic has resulted in a revaluation of the portfolio to take account of the context in which we are now operating and the announcement of a reduced net asset value in March of 54.6p per share. Despite the current challenging economic and social conditions, the board remains conï¬dent that the Company has resilient long-term prospects."
ProVen VCT shares were untraded on Thursday in London, last quoted at at 61.50p each. ProVen Growth & Income VCT was also untraded, last quoted at 51p each.
By Ife Taiwo; ifetaiwo@alliancenews.com.
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