8th Nov 2016 18:22
LONDON (Alliance News) - ProVen VCT PLC said its net asset value rose in its first half to the end of August.
As at the end of August ProVen VCT's net asset value had risen 4.1 pence to 100.8p, after adjusting for a dividend of 4.0p paid during the half.
It said it had invested a total of GBP3.3 million in the half year, including GBP2.0 million in two new investments, Thread and POQ Studio, and the remainder in existing portfolio companies.
In July it realised its investment in Big Data Partnership, generating a gain of GBP800,000, and received GBP3.8 million in loan note repayments during the period.
It will pay an interim dividend of 2.5 pence for the half.
The VCT said that the biggest event during the period had been the UK's vote to leave the European Union, and said it "cannot predict how this will play out across the current and, indeed, future portfolio. In general terms, however, the portfolio has been relatively unaffected since the vote: some companies with large foreign imports and exports have been impacted by exchange rate movements but this has always been a challenge for such businesses."
Additionally, "the nature of smaller companies is that they are less dependent on the wider economy to grow than larger companies and so wider economic events should not necessarily impact the portfolio proportionately", the trust added.
Shares in ProVen VCT were untraded Tuesday, last closing at 92.00p.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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