21st Jan 2020 08:00
ProVen Growth and Income VCT plc: Interim Management Statement
ProVen Growth & Income VCT plcInterim Management Statement for the three months ended 30 November 2019
ProVen Growth & Income VCT plc (the “Company”) presents an Interim Management Statement for the three month period ended 30 November 2019. The statement also includes relevant financial information between the end of the period and the date of this announcement.
Performance
| Unaudited30 November 2019 | Unaudited31 August 2019 | Unaudited31 May 2019 | Audited28 February2019 | |
| Pence | Pence | Pence | Pence | |
| Net Asset Value per share (“NAV”) | 61.3 | 63.2 | 67.2 | 68.4 |
| Dividends paid since class launch (originally as ‘C’ Shares)* | 64.4 | 62.9 | 60.9 | 60.9 |
| Total Return (NAV plus dividends paid since ‘C’ Share class launch) | 125.7 | 126.1 | 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 5 November 2019, the Company announced an interim dividend for the year ended 29 February 2020 of 1.5p per share. This dividend was paid on 6 December 2019 to shareholders on the register at 15 November 2019.
Investment portfolio summary at 30 November 2019
Portfolio summary
| Valuation | |
| Venture capital investments | £’000 |
| Sannpa Limited (t/a Fnatic) | 5,947 |
| ContactEngine Limited | 4,814 |
| Dryden Holdings Limited | 4,761 |
| Sealskinz Holdings Limited | 4,516 |
| D3O Holdings Ltd | 3,795 |
| Zoovu Limited (t/a Smart Assistant) | 3,619 |
| Mycs GmbH | 3,532 |
| Poq Studio Limited | 3,497 |
| Thread, Inc. | 3,302 |
| Written Byte Ltd (t/a DeepCrawl) | 3,254 |
| Other investments | 34,926 |
| 75,963 | |
| Cash at bank | 49,405 |
| Other net current liabilities | (2,380) |
| Net Assets | 122,988 |
Quoted investments are valued at the closing bid price at 30 November 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 30 November 2019
Investment additions
| £’000 | |
| Sannpa Limited (t/a Fnatic) | 3,107 |
| 3,107 |
Investment disposals
| Cost | Market value at 1 September 2019 | Disposalproceeds | Gainagainstcost | Realisedgain in period | |
| £’000 | £’000 | £’000 | £’000 | £’000 | |
| Rapid Charge Grid Limited* | 472 | 472 | 472 | - | - |
| MatsSoft Limited** | - | - | 239 | 239 | 239 |
| 472 | 472 | 711 | 239 | 239 |
* Loan note disposal.** Disposal proceeds represent contingent proceeds, including consideration in the form of shares in Netcall plc.
Investment activity from 1 December 2019 to the date of this announcement
| £’000 | ||
| Our Path Ltd | 2,800 | |
| Festicket Ltd | 897 | |
| 3,697 | ||
Investment disposals
There were no investment disposals in the period from 1 December 2019 to the date of this announcement.
| Changes to share capital | OrdinarySharesof 1.6187p each |
| As at 1 September 2019 | 188,021,663 |
| Shares bought back during the 3 months to 30 November 2019 | (368,285) |
| Shares issued during the 3 months to 30 November 2019 | 12,919,100 |
| As at 30 November 2019 | 200,572,478 |
In the period from 1 December 2019 to the date of this announcement, 279,107 Ordinary Shares were repurchased and subsequently cancelled.
In addition, 771,780 Ordinary Shares were issued under the Company’s Dividend Reinvestment Scheme in relation to the dividend paid on 6 December 2019.
Material eventsProVen VCT plc and ProVen Growth and Income VCT plc (together the “Companies” and each being a “Company”) announced on 11 November 2019 their intention to launch a combined Offer for Subscription to raise up to £20 million (with each Company intending to raise up to £10 million) by way of an issue of new ordinary shares in the Companies, with an over-allotment facility of up to a further £20 million in aggregate (being a facility of up to £10 million for each Company).
Other than the matters described above, there were no material events during the period from 1 September 2019 to 30 November 2019 or in the period from 1 December 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 [email protected] or by telephone 020 7845 7820.
Beringea LLPCompany SecretaryTelephone 020 7845 7820
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Related Shares:
Proven Growth