ProVen Growth and Income VCT plc: Interim Management Statement

22nd Dec 2023 09:30

ProVen Growth and Income VCT plc: Interim Management Statement

ProVen Growth and Income VCT plcInterim Management Statement for the nine months ended 30 November 2023

ProVen Growth and Income VCT plc (the “Company”) presents an Interim Management Statement for the nine-month period ended 30 November 2023. The statement also includes relevant financial information between the end of the period and the date of this announcement.

Performance

	Unaudited30 November2023	Unaudited31 August2023	Unaudited31 May2023	Audited28 February2023
	Pence	Pence	Pence	Pence
Net Asset Value per share (“NAV”)	54.0	51.4	53.0	54.2
Dividends paid to date since class launch (originally as ‘C’ Shares)*	77.2	77.2	75.4	75.4
NAV plus dividends paid to date	131.2	128.6	128.4	129.6

* 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 7 November 2023, the Company announced an interim dividend for the year ended 28 February 2024 of 1.25p per share. This dividend was paid on 15 December 2023 to shareholders on the register at 17 November 2023. The payment of this dividend will reduce the NAV shown above of 54.0p at 30 November 2023 to 52.75p per share.

Investment portfolio summary at 30 November 2023

	Cost£’000	Valuation£’000
Luxury Promise Limited	6,020	9,646
Picasso Labs, Inc. (t/a CreativeX)	4,546	8,884
Sannpa Limited (t/a Fnatic)	6,718	6,774
MPB Group Limited	1,194	5,396
Social Value Portal Ltd	2,542	4,896
Gorillini NV (t/a Gorilla)	1,949	4,787
Utilis Israel Ltd (t/a Asterra)	2,144	4,769
Papier Ltd	4,703	4,703
Infinity Reliance Limited (t/a My 1st Years)	2,769	4,701
DeepCrawl Holding Company, Inc. (t/a Lumar)	4,033	4,029
Been There Done That Global Limited	3,149	3,942
Dash Brands Ltd	3,282	3,920
Second Nature Healthy Habits Ltd	3,842	3,842
WS HoldCo, PBC. (t/a WiredScore)	3,494	3,426
Lupa Foods Limited	646	3,114
Arctic Shores Limited	2,909	2,928
Dealroom.co B.V.	2,012	2,815
Litchfield Media Limited	1,420	2,622
Litta App Limited	2,053	2,464
Yardlink Ltd	2,319	2,319
Other venture capital investments	51,731	26,541
Total venture capital investments	113,475	116,518
Cash at bank and in hand		46,654
Other net current assets		845
Net assets		164,017

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 2023

Investment additions

	£’000
MOTH Drinks Ltd	66
	66
There has been no investment activity in the period from 1 December 2023 to the date of this announcement.

Changes to share capital	OrdinarySharesof 1.6187p each
As at 1 September 2023	306,263,244
Shares bought back during the 3 months to 30 November 2023	(2,654,971)
Shares issued during the 3 months to 30 November 2023	-
As at 30 November 2023	303,608,273

In the period from 1 December 2023 to the date of this announcement, 1,145,081 Ordinary Shares were issued under the Company’s Dividend Reinvestment Scheme (“DRIS”) in relation to the dividend paid on 15 December 2023.

Material eventsOther than the matters described above, there were no material events during the period from 1 September 2023 to 30 November 2023 or in the period from 1 December 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 [email protected] or by telephone 020 7845 7820.

Beringea LLPCompany SecretaryTelephone 020 7845 7820-End

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Proven Growth