14 Jul 2023 14:03
ProVen VCT plc: Interim Management StatementProVen VCT plcInterim Management Statement for the three months ended 31 May 2023
ProVen 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”) | 64.3 | 65.5 | ||
| Dividends paid to date* | 80.75 | 80.75 | ||
| NAV plus dividends paid to date | 145.05 | 146.25 |
*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 9 June 2023, the Company announced a final dividend for the year ended 28 February 2023 of 2.0p 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 62.3p pence and increase dividends paid to date to 82.75p per share.
Investment portfolio summary at 31 May 2023
Portfolio summary
| Valuation | |
| Venture capital investments | £’000 |
| Luxury Promise Limited | 8,294 |
| MPB Group Limited | 7,027 |
| Infinity Reliance Limited (t/a My 1st Years) | 6,090 |
| Picasso Labs, Inc. (t/a CreativeX) | 5,306 |
| Social Value Portal Ltd | 4,313 |
| Utilis Israel Ltd (t/a Asterra) | 4,298 |
| Access Systems, Inc. | 3,870 |
| WS HoldCo, PBC. (t/a WiredScore) | 3,752 |
| Cogora Group Limited | 3,359 |
| Lupa Foods Limited | 3,268 |
| Other investments | 53,968 |
| Total investments | 103,545 |
| Cash and cash equivalents | 60,239 |
| Other net current assets | 361 |
| Net Assets | 164,145 |
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 | 534 | 7,037 | 6,312 | 5,778 | (725) |
| Aistemos Limited | 1,819 | 3,093 | 3,093 | 1,274 | - |
| 2,353 | 10,130 | 9,405 | 7,052 | (725) |
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 10p each |
| As at 1 March 2023 | 247,113,415 |
| Shares bought back during the 3 months to 31 May 2023 | - |
| Shares issued during the 3 months to 31 May 2023 | 8,116,540 |
| As at 31 May 2023 | 255,229,955 |
In the period from 1 June 2023 to the date of this announcement, 701,809 Ordinary Shares were repurchased and subsequently cancelled. On 6 July 2023, 2,878,511 Ordinary Shares were issued pursuant to the offer for subscription that opened on 19 October 2022. 2,878,511 Ordinary Shares were allotted at an average price of 68.0p, based on the latest net asset value of 65.5p 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
Proven Vct (PVN)