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22 Dec 2023 09:30
ProVen Growth and Income VCT plc: Interim Management StatementProVen Growth and Income VCT plcInterim Management Statement for the nine months ended 30 November 2023
ProVen Growth and Income VCT plc (the “Company”) presents an Interim Management Statement for the nine-month period ended 30 November 2023. The statement also includes relevant financial information between the end of the period and the date of this announcement.
Performance
| Unaudited30 November2023 | Unaudited31 August2023 | Unaudited31 May2023 | Audited28 February2023 | |
| Pence | Pence | Pence | Pence | |
| Net Asset Value per share (“NAV”) | 54.0 | 51.4 | 53.0 | 54.2 |
| Dividends paid to date since class launch (originally as ‘C’ Shares)* | 77.2 | 77.2 | 75.4 | 75.4 |
| NAV plus dividends paid to date | 131.2 | 128.6 | 128.4 | 129.6 |
* 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 declaredOn 7 November 2023, the Company announced an interim dividend for the year ended 28 February 2024 of 1.25p per share. This dividend was paid on 15 December 2023 to shareholders on the register at 17 November 2023. The payment of this dividend will reduce the NAV shown above of 54.0p at 30 November 2023 to 52.75p per share.
Investment portfolio summary at 30 November 2023
| Cost£’000 | Valuation£’000 | |
| Luxury Promise Limited | 6,020 | 9,646 |
| Picasso Labs, Inc. (t/a CreativeX) | 4,546 | 8,884 |
| Sannpa Limited (t/a Fnatic) | 6,718 | 6,774 |
| MPB Group Limited | 1,194 | 5,396 |
| Social Value Portal Ltd | 2,542 | 4,896 |
| Gorillini NV (t/a Gorilla) | 1,949 | 4,787 |
| Utilis Israel Ltd (t/a Asterra) | 2,144 | 4,769 |
| Papier Ltd | 4,703 | 4,703 |
| Infinity Reliance Limited (t/a My 1st Years) | 2,769 | 4,701 |
| DeepCrawl Holding Company, Inc. (t/a Lumar) | 4,033 | 4,029 |
| Been There Done That Global Limited | 3,149 | 3,942 |
| Dash Brands Ltd | 3,282 | 3,920 |
| Second Nature Healthy Habits Ltd | 3,842 | 3,842 |
| WS HoldCo, PBC. (t/a WiredScore) | 3,494 | 3,426 |
| Lupa Foods Limited | 646 | 3,114 |
| Arctic Shores Limited | 2,909 | 2,928 |
| Dealroom.co B.V. | 2,012 | 2,815 |
| Litchfield Media Limited | 1,420 | 2,622 |
| Litta App Limited | 2,053 | 2,464 |
| Yardlink Ltd | 2,319 | 2,319 |
| Other venture capital investments | 51,731 | 26,541 |
| Total venture capital investments | 113,475 | 116,518 |
| Cash at bank and in hand | 46,654 | |
| Other net current assets | 845 | |
| Net assets | 164,017 |
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 30 November 2023
Investment additions
| £’000 | |
| MOTH Drinks Ltd | 66 |
| 66 | |
| There has been no investment activity in the period from 1 December 2023 to the date of this announcement. |
| Changes to share capital | OrdinarySharesof 1.6187p each |
| As at 1 September 2023 | 306,263,244 |
| Shares bought back during the 3 months to 30 November 2023 | (2,654,971) |
| Shares issued during the 3 months to 30 November 2023 | - |
| As at 30 November 2023 | 303,608,273 |
In the period from 1 December 2023 to the date of this announcement, 1,145,081 Ordinary Shares were issued under the Company’s Dividend Reinvestment Scheme (“DRIS”) in relation to the dividend paid on 15 December 2023.
Material eventsOther than the matters described above, there were no material events during the period from 1 September 2023 to 30 November 2023 or in the period from 1 December 2023 to the date of this announcement.
Further informationFurther information regarding the Company can be found on Beringea's dedicated VCT website: www.proveninvestments.co.uk or by contacting Beringea, the Investment Manager at provenvcts@beringea.co.uk or by telephone 020 7845 7820.
Beringea LLPCompany SecretaryTelephone 020 7845 7820-End
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