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13 Aug 2020 14:55
ProVen Growth and Income VCT plc: Interim Management StatementProVen Growth & Income VCT plcInterim 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
| Unaudited31 May 2020 | Audited29 February2020 | |||
| 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 declaredOn 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 | £’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 1st 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
| £’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
| £’000 | ||
| ContactEngine Limited | 125 | |
| Social Value Portal Limited | 1,500 | |
| 1,625 | ||
Investment disposals
| Cost | Market value at 1 June 2020 | Disposalproceeds | Gainagainstcost | Realisedgain in period | |
| £’000 | £’000 | £’000 | £’000 | £’000 | |
| MEL Topco Limited (t/a Maplin)* | - | - | 34 | 34 | 34 |
| Chargemaster plc* | - | - | 74 | 74 | 74 |
| - | - | 108 | 108 | 108 |
* Disposal proceeds represent contingent proceeds.
| Changes to share capital | OrdinarySharesof 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 eventsIn 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 informationFurther 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 LLPCompany SecretaryTelephone 020 7845 7820
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