Proven Growth Regulatory News (PGOO)

14 Jul 2023 14:07

ProVen Growth and Income VCT plc: Interim Management Statement

ProVen Growth and Income VCT plcInterim Management Statement for the three months ended 31 May 2023

ProVen Growth and Income VCT plc (the “Company”) presents an Interim Management Statement for the three-month period ended 31 May 2023. The statement also includes relevant financial information between the end of the period and the date of this announcement.

Performance

			Unaudited31 May2023	Audited28 February2023
			Pence	Pence
Net Asset Value per share (“NAV”)			53.0	54.2
Dividends paid since class launch (originally as ‘C’ Shares)*			75.4	75.4
Total Return (NAV plus dividends paid since ‘C’ Share class launch)			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 9 June 2023, the Company announced a final dividend for the year ended 28 February 2023 of 1.75p per share. Having received approval for the final dividend at the Annual General Meeting of the Company on 12 July 2023, this dividend will be paid on 4 August 2023 to Shareholders on the register at 7 July 2023. Payment of this dividend will reduce the NAV per share as shown above to 51.25p pence and increase dividends paid to date to 77.15p per share.

Investment portfolio summary at 31 May 2023

Portfolio summary

	Valuation
Venture capital investments	£’000
Picasso Labs, Inc. (t/a CreativeX)	10,444
Luxury Promise Limited	8,699
Utilis Israel Ltd (t/a Asterra)	5,095
MPB Group Limited	4,720
Papier Ltd	4,703
Been There Done That Global Limited	4,466
Social Value Portal Ltd	4,402
Infinity Reliance Limited (t/a My 1st Years)	3,933
Second Nature Healthy Habits Ltd	3,842
WS HoldCo, PBC. (t/a WiredScore)	3,512
Other investments	54,153
Total investments	107,969
Cash and cash equivalents	53,060
Other net current assets	278
Net Assets	161,307

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 2023

Investment additions

There were no investment additions for the Company in the quarter.

Investment disposals

	Cost	Market value at 1 March 2023	Disposalproceeds	Gainagainstcost	Realisedloss in period
	£’000	£’000	£’000	£’000	£’000
Monica Vinader Limited	204	2,687	2,410	2,206	(277)
Aistemos Limited	1,681	2,852	2,852	1,171	-
	1,885	5,539	5,262	3,377	(277)

Investment activity from 1 June 2023 to the date of this announcement

There has been no investment activity for the Company from 1 June 2023 to the date of this announcement.

Changes to share capital	OrdinarySharesof 1.6187p each
As at 1 March 2023	297,414,345
Shares bought back during the 3 months to 31 May 2023	-
Shares issued during the 3 months to 31 May 2023	7,144,716
As at 31 May 2023	304,559,061

In the period from 1 June 2023 to the date of this announcement, 1,612,697 Ordinary Shares were repurchased and subsequently cancelled. On 6 July 2023, 2,350,754 Ordinary Shares were issued pursuant to the offer for subscription that opened on 19 October 2022. 2,350,754 Ordinary Shares were allotted at an average price of 56.3p, based on the latest net asset value of 54.2p per Ordinary Share, being the net asset value as at 28 February 2023.

Material eventsOther than the matters described above, there were no material events during the period from 1 March to 31 May 2023 or in the period from 1 June 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 info@beringea.co.uk or by telephone 020 7845 7820.

Beringea LLPCompany SecretaryTelephone 020 7845 7820-End