5 Jul 2019 11:40
ProVen Growth and Income VCT plc: Interim Management Statement
ProVen Growth & Income VCT plcInterim Management Statement for the three months ended 31 May 2019
ProVen Growth & Income VCT plc (the “Company”) presents an Interim Management Statement for the three month period ended 31 May 2019. The statement also includes relevant financial information between the end of the period and the date of this announcement.
Performance
| Unaudited31 May 2019 | Audited28 February2019 | ||
| Pence | Pence | ||
| Net Asset Value per share (“NAV”) | 67.2 | 68.4 | |
| Dividends paid since class launch (originally as ‘C’ Shares)* | 60.9 | 60.9 | |
| Total Return (NAV plus dividends paid since ‘C’ Share class launch) | 128.1 | 129.3 |
* 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 31 May 2019, the Company announced a final dividend for the year ended 28 February 2019 of 2.0p per share. Having received approval at the Annual General Meeting of the Company on 3 July 2019, the dividend will be paid on 19 July 2019 to shareholders on the register at 21 June 2019.
Investment portfolio summary at 31 May 2019
Portfolio summary
| Valuation | |
| Venture capital investments | £’000 |
| Zoovu Limited | 6,325 |
| Dryden Holdings Limited | 4,761 |
| Sealskinz Holdings Limited | 4,379 |
| Poq Studio Limited | 4,036 |
| D3O Holdings Ltd | 3,884 |
| Blis Media Limited | 3,552 |
| Infinity Reliance Limited (t/a My 1st Years) | 3,543 |
| Sannpa Limited (t/a Fnatic) | 2,839 |
| Mycs GmbH | 2,520 |
| Response Tap Limited | 2,444 |
| Other investments | 27,127 |
| Total investments | 65,410 |
| Cash at bank | 56,398 |
| Other net current liabilities | (353) |
| Net Assets | 121,455 |
Quoted investments are valued at the closing bid price at 31 May 2019, 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 2019
Investment additions
| £’000 | |
| Sannpa Limited (t/a Fnatic) | 2,839 |
| Mycs GmbH | 1,246 |
| 4,085 |
Investment disposals
| Cost | Market value at 1 March 2019 | Disposalproceeds | Gain)againstcost | Realisedgain in period | |
| £’000 | £’000 | £’000 | £’000 | £’000 | |
| Skills Matter Limited* | 68 | - | 68 | - | 68 |
| 68 | - | 68 | - | 68 |
*Loan note repayment.
Investment activity from 1 June 2019 to the date of this announcement
There were no investment additions in the period from 1 June 2019 to the date of this announcement.
Investment disposals
| Cost | Market value at 1 March 2019 | Disposalproceeds | Lossagainstcost | Realisedloss in period | |
| £’000 | £’000 | £’000 | £’000 | £’000 | |
| 7digital Group plc | 400 | 1 | - | (400) | (1) |
| 400 | 1 | - | (400) | (1) |
| Changes to share capital | OrdinarySharesof 1.6187p each |
| As at 1 March 2019 | 144,047,261 |
| Shares bought back during the 3 months to 31 May 2019 | - |
| Shares issued during the 3 months to 31 May 2019 | 36,598,021 |
| As at 31 May 2019 | 180,645,282 |
The Company issued 36,598,021 shares under an offer for subscription (the “Offer”) dated 11 January 2019. Full details of the Offer were contained in a prospectus (comprising a Securities Note, Registration Document and Summary), which was published on 11 January 2019.
Following the release of the annual financial statements to 28 February 2019, the Company published a supplementary prospectus for the Offer on 13 June 2019. In the period from 1 June 2019 to the date of this announcement, a further 3,840,194 shares were issued under the Offer.
In the period from 1 June 2019 to the date of this announcement, 400,000 Ordinary Shares were repurchased and subsequently cancelled.
Material eventsOther than the matters described above, there were no material events during the period from 1 March 2019 to 31 May 2019 or in the period from 1 June 2019 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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Proven Growth (PGOO)