15th Jul 2021 16:44
ProVen Growth and Income VCT plc: Interim Management StatementProVen Growth & Income VCT plc
Interim Management Statement
for the three months ended 31 May 2021
ProVen Growth & Income VCT plc (the “Company”) presents an Interim Management Statement for the three month period ended 31 May 2021. The statement also includes relevant financial information between the end of the period and the date of this announcement.
Performance
| Unaudited 31 May 2021 | Audited 28 February 2021 | |||
| Pence | Pence | |||
| Net Asset Value per share (“NAV”) | 63.3 | 61.5 | ||
| Dividends paid since class launch (originally as ‘C’ Shares)* | 67.65 | 67.65 | ||
| Total Return (NAV plus dividends paid since ‘C’ Share class launch) | 130.95 | 129.15 |
* 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 declared
On 7 June 2021, the Company announced a final dividend for the year ended 28 February 2021 of 1.5p per share. Having received approval at the Annual General Meeting of the Company on 14 July 2021, the dividend will be paid on 30 July 2021 to Shareholders on the register at 9 July 2021.
Investment portfolio summary at 31 May 2021
Portfolio summary
| Valuation | |
| Venture capital investments | £’000 |
| Zoovu Limited (t/a Smart Assistant) | 9,603 |
| Blis Media Limited | 8,684 |
| ContactEngine Limited | 6,872 |
| Sannpa Limited (t/a Fnatic) | 6,661 |
| Mycs GmbH | 5,996 |
| Infinity Reliance Limited (t/a My 1st Years) | 4,841 |
| Written Byte Ltd (t/a DeepCrawl) | 4,338 |
| Luxury Promise Limited | 3,948 |
| Thread, Inc. | 3,912 |
| Been There Done That Global Limited | 3,689 |
| Other investments | 48,735 |
| 107,279 | |
| Cash at bank | 53,526 |
| Other net current liabilities | (149) |
| Net Assets | 160,656 |
Quoted investments are valued at the closing bid price at 31 May 2021, 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 2021
Investment additions
| £’000 | ||
| Utilis SAR Ltd | 2,144 | |
| Moonshot CVE Holdings Ltd | 1,112 | |
| Hygenica Limited | 276 | |
| 3,532 | ||
Investment disposals
| Cost | Market value at 1 March 2021 | Disposal proceeds | (Loss)/gain against cost | Realised (loss)/gain in period | |
| £’000 | £’000 | £’000 | £’000 | £’000 | |
| Response Tap Limited* | 1,440 | 1,446 | 1,252 | (188) | (194) |
| MPB Group Limited | 295 | 604 | 815 | 520 | 211 |
| Chargemaster plc** | - | - | 4 | 4 | 4 |
| 1,735 | 2,050 | 2,071 | 336 | 21 |
*Disposal proceeds include amounts accrued in addition to cash proceeds already received in the period.
** Disposal proceeds represent contingent proceeds.
Investment activity from 1 June 2021 to the date of this announcement
| £’000 | ||
| Zoovu Limited (t/a Smart Assistant) | 641 | |
| 641 | ||
Investment disposals
| Cost | Market value at 1 June 2021 | Disposal proceeds | Gain against cost | Realised loss in period | |
| £’000 | £’000 | £’000 | £’000 | £’000 | |
| ContactEngine Limited | 2,455 | 6,872 | 6,758 | 4,303 | (114) |
| 2,455 | 6,872 | 6,758 | 4,303 | (114) |
| Changes to share capital | Ordinary Shares of 1.6187p each |
| As at 1 March 2021 | 222,333,613 |
| Shares bought back during the 3 months to 31 May 2021 | (274,661) |
| Shares issued during the 3 months to 31 May 2021 | 31,760,207 |
| As at 31 May 2021 | 253,819,159 |
In the period from 1 June 2021 to the date of this announcement, 752,213 Ordinary Shares were repurchased and subsequently cancelled.
Material events
Other than the matters described above, there were no material events during the period from 1 March 2021 to 31 May 2021 or in the period from 1 June 2021 to the date of this announcement.
Further information
Further 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 LLP
Company Secretary
Telephone 020 7845 7820
-End
Related Shares:
Proven Growth