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LONDON (Alliance News) - ProVen Growth & Income VCT PLC and ProVen VCT PLC both posted a drop in net asset value on Thursday for their most recent financial years due to dividend payments.
ProVen VCT said its NAV as at February 28 - the end of its financial year - was 82.2 pence per share, down 18% from 99.7p per share the year before.
The 17.5p drop was due largely to dividend payments of 27.75p per share made during the year, up from 9.5p the year before, as well as performance incentive accrual of 5.2p per share. This drop was somewhat offset by a 15.45p per share uplift, mostly from positive valuation.
ProVen VCT has proposed a final dividend of 2.5p per share to be paid in July, flat year-on-year.
Total return, which includes NAV per share and dividends paid, rose 7.6% to 145.95p per share from 135.7p per share.
Chair Neal Ransome said: "Despite the uncertainty over Brexit and the economic climate generally, the company is well placed with a well-diversified portfolio of over 40 companies, together with significant funds raised after the year end to expand this portfolio. Your board remains confident about the prospects of the company going forward."
Shares in ProVen VCT were down 1.3% at 77.50p on Friday afternoon.
ProVen Growth & Income VCT's NAV per share on February 28, also the end of its financial year, was 68.4p, a decline of 5.1% from 72.1p the year before.
This 3.7p per share reduction was again due to dividend payments, this time totalling 6.5p per share - versus 12.75p per share in financial 2018 - offset by a 2.8p per share uplift largely from positive valuation movements.
The venture capital trust is proposing a final 2.0p per share dividend for financial 2019, equal to the final dividend proposed in its prior financial year.
ProVen Growth & Income VCT's total return, which again is NAV plus dividends paid, rose to 129.3p per share from 126.5p per share, a rise of 2.2%.
Investment manager Beringea LLP said: "The year has seen a strong flow of both new investment prospects as well as opportunities to continue to support the development of existing portfolio companies. Competition for investments remains high, but we remain disciplined and will not invest in opportunities that we consider to be overpriced.
"The disposals achieved in the year have driven the strong performance of the company and follows on from the past few years where the exit environment has been supported by a high level of merger and acquisition activity. This trend is unlikely to continue forever, however, and we will continue to nurture the existing portfolio as well as find exciting new companies to fund using the money raised after the year end. The opening of a Beringea office in Manchester during the year has extended the reach of Beringea's investment team, opening up additional investment opportunities across the whole of the UK," Beringea added.
Shares in ProVen Growth & Income VCT were untraded on Friday afternoon, last quoted at 64.0p.
Beringea is also the investment manager for ProVen VCT.