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10 Feb 2023 15:21
ProVen VCT plc: Interim Management StatementProVen VCT plcInterim Management Statement for the nine months ended 30 November 2022
ProVen VCT plc (the “Company”) presents an Interim Management Statement for the nine-month period ended 30 November 2022. The statement also includes relevant financial information between the end of the period and the date of this announcement.
Performance
| Unaudited30 November2022 | Unaudited31 August2022 | Unaudited31 May2022 | Audited28 February2022 | |
| Pence | Pence | Pence | Pence | |
| Net Asset Value per share (“NAV”) | 66.3 | 67.6 | 74.5 | 76.7 |
| Dividends paid to date* | 79.00 | 79.00 | 75.25 | 75.25 |
| NAV plus dividends paid to date | 145.30 | 146.60 | 149.75 | 151.95 |
*Dividends paid represent dividends paid since the consolidation of 5p Ordinary Shares into 10p Ordinary Shares in October 2012. Prior to this date, the Company paid dividends totalling 113.95p on the 5p Ordinary Shares.
Dividends paid or declaredOn 12 October 2022, the Company announced an interim dividend for the year ended 28 February 2023 of 1.75p per share. This dividend was paid on 2 December 2022 to shareholders on the register at 11 November 2022.
Investment portfolio summary at 30 November 2022
Portfolio summary
| Valuation | |
| Venture capital investments | £’000 |
| Luxury Promise Limited | 9,794 |
| MPB Group Limited | 6,932 |
| Infinity Reliance Limited (t/a My 1st Years) | 6,173 |
| Picasso Labs, Inc. (t/a CreativeX) | 5,392 |
| Monica Vinader Limited | 5,359 |
| Social Value Portal Ltd | 4,376 |
| DeepCrawl Holding Company, Inc. | 4,156 |
| Access Systems, Inc. (t/a Access Pay) | 4,000 |
| WS HoldCo, PBC. (t/a WiredScore) | 3,877 |
| Papier Ltd | 3,144 |
| Other investments | 56,132 |
| Total investments | 109,335 |
| Cash at bank | 45,580 |
| Other net current assets | 3,149 |
| Net Assets | 158,064 |
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 2022
Investment additions
| £’000 | |
| Gorillini NV (t/a Gorilla) | 2,437 |
| Doctify Limited | 2,222 |
| Plu&m Limited (t/a Plum Guide) | 88 |
| 4,747 |
Investment disposals
| Cost | Market value at 1 September 2022 | Disposalproceeds | Gainagainstcost | Realisedgain in period | |
| £’000 | £’000 | £’000 | £’000 | £’000 | |
| Sealskinz Holdings Limited | 834 | 834 | 1,040 | 206 | 206 |
| Lupa Foods Limited* | 106 | 137 | 137 | 31 | - |
| 940 | 971 | 1,177 | 237 | 206 |
*Loan note disposal
Investment activity from 1 December 2022 to the date of this announcement
Investment additions
| £’000 | |
| Dash Brands Ltd | 2,718 |
| Litta App Limited | 860 |
| Arctic Shores Limited | 541 |
| Commonplace Digital Limited | 380 |
| 4,499 |
Investment disposals
| Cost | Market value at 1 December 2022 | Disposalproceeds | Gain / (loss)againstcost | RealisedGain / (loss) in period | |
| £’000 | £’000 | £’000 | £’000 | £’000 | |
| Firefly Learning Limited | 1,202 | 1,239 | 1,036 | (166) | (203) |
| 1,202 | 1,239 | 1,036 | (166) | (203) |
| Changes to share capital | OrdinarySharesof 10p each |
| As at 1 September 2022 | 239,336,524 |
| Shares bought back during the 3 months to 30 November 2022 | (819,282) |
| Shares issued during the 3 months to 30 November 2022 | - |
| As at 30 November 2022 | 238,517,242 |
In the period from 1 December 2022 to the date of this announcement, 98,420 Ordinary Shares were repurchased and subsequently cancelled.
In addition, 1,110,056 Ordinary Shares were issued under the Company’s Dividend Reinvestment Scheme (“DRIS”) in relation to the dividend paid on 2 December 2022.
Material eventsIn February 2023, the Company agreed to the sale of portfolio company Aistemos Limited to RELX plc. The transaction is subject to customary regulatory approvals and is expected to be completed during the first quarter of 2023.
Other than the matters described above, there were no material events during the period from 1 September 2022 to 30 November 2022 or in the period from 1 December 2022 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-End
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