28th Jan 2019 15:07
ProVen VCT plc: Interim Management Statement
ProVen VCT plcInterim Management Statement for the three months ended 30 November 2018
ProVen VCT plc (the “Company”) presents an Interim Management Statement for the three month period ended 30 November 2018. The statement also includes relevant financial information between the end of the period and the date of this announcement.
Performance
| Unaudited30 November2018 | Unaudited31 August2018 | Unaudited31 May2018 | Audited28 February2018 | |
| Pence | Pence | Pence | Pence | |
| Net Asset Value per share (“NAV”) | 83.3 | 108.9 | 114.2 | 99.7 |
| Dividends paid/ declared per share since conversion/ consolidation* | 63.75 | 38.5 | 36.0 | 36.0 |
| Total Return (NAV plus dividends paid/ declared*) | 147.1 | 147.4 | 150.2 | 135.7 |
*Dividends paid represent dividends paid since the consolidation of 5p Ordinary Shares into 10p Ordinary Shares in October 2012. Prior to this date, the Company paid dividends totalling 113.95p on the 5p Ordinary Shares.
Dividends paid or declaredOn 24 October 2018, the Company announced a special interim dividend for the year ending 28 February 2019 of 25.25p per share. This dividend was paid on 30 November 2018 to shareholders on the register at 2 November 2018.
Investment portfolio summary at 30 November 2018
Portfolio summary
| Valuation | |
| Venture capital investments | £’000 |
| Infinity Reliance Limited (t/a My 1st Years) | 6,150 |
| Poq Studio Limited | 5,402 |
| Zuvoo Limited (t/a Smart Assistant) | 4,892 |
| Litchfield Media Limited | 4,201 |
| Rapid Charge Grid Limited | 3,909 |
| Monica Vinader Limited | 3,679 |
| Chess Technologies Limited | 3,609 |
| Mycs GmbH | 3,551 |
| Festicket Limited | 3,248 |
| InContext Solutions, Inc. | 3,241 |
| Other investments | 27,126 |
| 69,008 | |
| Cash at bank | 19,512 |
| Total | 88,520 |
Quoted investments are valued at the closing bid price at 30 November 2018, 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 2018
Investment additions
| £’000 | |
| Festicket Limited | 3,248 |
| Zuvoo Limited (t/a Smart Assistant) | 2,177 |
| Written Byte Limited (t/a Deep Crawl) | 1,400 |
| InContext Solutions, Inc. | 442 |
| MPB Group Limited | 184 |
| 7,451 |
Investment disposals
| Cost | Market value at 1 September 2018 | Disposalproceeds | Gainagainstcost | Realisedgain in period | |
| £’000 | £’000 | £’000 | £’000 | £’000 | |
| Think Limited | 2,757 | 6,129 | 7,769 | 5,012 | 1,640 |
| 2,757 | 6,129 | 7,769 | 5,012 | 1,640 |
Investment activity from 1 December 2018 to the date of this announcement
Investment additions
| £’000 | ||
| Access Systems, Inc. | 3,500 | |
| Exonar Limited | 2,496 | |
| Disposable Cubicle Curtains Limited | 670 | |
| MPB Group Limited | 184 | |
| Thread, Inc. | 105 | |
| 6,955 | ||
Investment disposals
| Cost | Market value at 1 September 2018 | Disposalproceeds | Gainagainstcost | Realisedgain in period | |
| £’000 | £’000 | £’000 | £’000 | £’000 | |
| Chess Technologies Limited | 1,045 | 3,400 | 3,608 | 2,563 | 208 |
| 1,045 | 3,400 | 3,608 | 2,563 | 208 |
| Changes to share capital | OrdinarySharesof 10p each | |
| As at 1 September 2018 | 101,257,111 | |
| Shares bought back during the 3 months to 30 November 2018 | (160,835 | ) |
| Shares issued during the 3 months to 30 November 2018 (under the terms of the Company’s dividend reinvestment scheme) | 4,571,458 | |
| As at 30 November 2018 | 105,667,734 | |
In the period from 1 December 2018 to the date of this announcement, 264,521 Ordinary Shares were repurchased and subsequently cancelled.
Material eventsProVen VCT plc and ProVen Growth and Income VCT plc (the “Companies”) announced on 11 January 2019 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 £60,000,000 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 other material events during the period from 1 September 2018 to 30 November 2018 or in the period from 1 December 2018 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
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Proven Vct