20th Jan 2021 15:26
ProVen Growth and Income VCT plc: Interim Management StatementProVen Growth & Income VCT plcInterim Management Statement for the three months ended 30 November 2020
ProVen Growth & Income VCT plc (the “Company”) presents an Interim Management Statement for the three month period ended 30 November 2020. The statement also includes relevant financial information between the end of the period and the date of this announcement.
Performance
| Unaudited30 November 2020 | Unaudited31 August 2020 | Unaudited31 May 2020 | Audited29 February2020 | |
| Pence | Pence | Pence | Pence | |
| Net Asset Value per share (“NAV”) | 57.2 | 55.3 | 56.2 | 58.6 |
| Dividends paid since class launch (originally as ‘C’ Shares)* | 67.65 | 66.15 | 64.4 | 64.4 |
| Total Return (NAV plus dividends paid since ‘C’ Share class launch) | 124.85 | 121.45 | 120.6 | 123.0 |
* 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 29 October 2020, the Company announced an interim dividend for the year ended 28 February 2021 of 1.5p per share. This dividend was paid on 4 December 2020 to shareholders on the register at 13 November 2020.
Investment portfolio summary at 30 November 2020
Portfolio summary
| Valuation | |
| Venture capital investments | £’000 |
| Zoovu Limited (t/a Smart Assistant) | 8,594 |
| Sannpa Limited *t/a Fnatic) | 6,912 |
| ContactEngine Limited | 5,767 |
| Mycs GmbH | 5,486 |
| Dryden Holdings Limited | 4,760 |
| Infinity Reliance Limited (t/a My 1st Years) | 4,619 |
| Written Byte Ltd (t/a DeepCrawl) | 4,441 |
| Thread, Inc. | 3,972 |
| Papier Ltd | 3,458 |
| Our Path Ltd (t/a Second Nature) | 2,983 |
| Other investments | 41,345 |
| 92,337 | |
| Cash at bank | 35,110 |
| Other net current liabilities | 223 |
| Net Assets | 127,670 |
Quoted investments are valued at the closing bid price at 30 November 2020, 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 2020
Investment additions
| £’000 | |
| Written Byte Limited (t/a DeepCrawl) | 1,930 |
| Papier Ltd | 308 |
| Thread, Inc. | 250 |
| Poq Studio Limited | 150 |
| 2,638 |
Investment disposals
| Cost | Market value at 1 September 2020 | Disposalproceeds | Gainagainstcost | Realisedloss in period | |
| £’000 | £’000 | £’000 | £’000 | £’000 | |
| Written Byte Limited (t/a DeepCrawl)* | 246 | 492 | 483 | 237 | (9) |
| 246 | 492 | 483 | 237 | (9) |
*Part-disposal of shares, which completed at the same time as the follow-on investment in the same company. The transaction was structured in this way in order to strengthen the Company’s overall position as a shareholder in the company. Investment activity from 1 December 2020 to the date of this announcement
| £’000 | ||
| Exonar Limited | 517 | |
| 517 | ||
Investment disposals
There were no investment disposals in the period from 1 December 2020 to the date of this announcement.
| Changes to share capital | OrdinarySharesof 1.6187p each |
| As at 1 September 2020 | 223,886,810 |
| Shares bought back during the 3 months to 30 November 2020 | (573,067) |
| Shares issued during the 3 months to 30 November 2020 | - |
| As at 30 November 2020 | 223,313,743 |
In the period from 1 December 2020 to the date of this announcement, 604,344 Ordinary Shares were repurchased and subsequently cancelled.
In addition, 964,664 Ordinary Shares were issued under the Company’s Dividend Reinvestment Scheme in relation to the dividend paid on 4 December 2020.
Material eventsProVen VCT plc and ProVen Growth and Income VCT plc (the “Companies”) announced on 3 December 2020 that they had published a Prospectus (comprising Securities Note, Registration Document and Summary) in respect of a combined offer for subscription to raise up to £40,000,000 by way of an issue of new ordinary shares in the Companies, with an over-allotment facility of up to a further £20,000,000 payable in full in cash on application.
Other than the matters described above, there were no material events during the period from 1 September 2020 to 30 November 2020 or in the period from 1 December 2020 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
-End
Related Shares:
Proven Growth