ProVen Growth & Income VCT plc
Interim Management Statement
for the three months ended 30 November 2016
ProVen Growth & Income VCT plc (the "Company") presents an Interim Management Statement for the three month period ended 30 November 2016. The statement also includes relevant financial information between the end of the period and the date of this announcement.
Performance
| Unaudited 30 November 2016 | Unaudited 31 August 2016 | Unaudited 31 May 2016 | Audited 29 February 2016 | |
| Pence | Pence | Pence | Pence | |
| Net Asset Value per share ("NAV") | 77.9 | 80.2 | 82.3 | 80.0 |
| Dividends paid/ declared since class launch (originally as 'C' Shares)* | 41.6 | 39.6 | 35.6 | 35.6 |
| Total Return (NAV plus dividends paid/ declared since 'C' Share class launch) | 119.5 | 119.8 | 117.9 | 115.6 |
* Dividends paid/ declared represents dividends paid/ declared 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 8 November 2016, the Company announced an interim dividend for the year ending 28 February 2017 of 2.0p per Ordinary Share. This dividend was paid on 16 December 2016 to shareholders on the register at 18 November 2016.
Investment portfolio summary at 30 November 2016
Portfolio summary
| Valuation | |
| £'000 | |
| Venture capital investments | |
| Third Bridge Group Limited | 5,312 |
| Pulpitum Limited | 5,238 |
| Dryden Holdings Limited | 4,785 |
| Sealskinz Holdings Limited | 3,110 |
| APM Healthcare Limited | 2,977 |
| Blis Media Limited | 2,842 |
| Disposable Cubicle Curtains Limited | 2,768 |
| D3O Holdings Limited | 2,450 |
| Chess Technologies Limited | 2,318 |
| MEL Topco Limited (t/a Maplin Electronics) | 2,174 |
| Other investments | 23,012 |
| 56,986 | |
| Cash at bank | 25,515 |
| Total | 82,501 |
Quoted investments are valued at the closing bid price at 30 November 2016, 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 2016
Investment additions
| £'000 | |
| Honeycomb.TV Limited | 605 |
| ContactEngine Limited | 550 |
| 1,155 |
On 15 November 2016, the Company committed to invest £667,000 in Firefly Learning Limited, subject to clearance from HMRC.
Also during the period Dianomi Limited split its operations into Dianomi Limited and Buckingham Gate Financial Services Limited, and TVPlayer Limited de-merged from its parent company Simplestream Limited. The Company received a pro rata interest in these additional companies.
Investment disposals
| Cost | Market value at 1 September 2016 | Disposal proceeds | Gain against cost | Realised (Loss)/ Gain in period | |
| £'000 | £'000 | £'000 | £'000 | £'000 | |
| MyOptique Group Limited | 3,630 | 6,467 | 6,453 | 2,823 | (14) |
| Donatantonio Group Limited | 93 | 93 | 121 | 28 | 28 |
| Celoxica Limited | 68 | 68 | 68 | - | - |
| 3,791 | 6,628 | 6,642 | 2,851 | 14 |
Investment activity from 1 December 2016 to the date of this announcement
Investment additions
| £'000 | |
| Infinity Reliance Limited (trading as My 1st Years) | 1,845 |
| Whistle Sports, Inc. | 1,696 |
| D3O Holdings Limited | 295 |
| TVPlayer Limited | 279 |
| 4,115 |
Investment disposals
| Cost | Market Value at 1 September 2016 | Disposal proceeds | Gain against cost | Realised gain in period | |
| £'000 | £'000 | £'000 | £'000 | £'000 | |
| Celoxica Limited | 46 | 46 | 46 | - | - |
| 46 | 46 | 46 | - | - |
Offer for Subscription
On 21 September 2016, the Company launched an offer for subscription of new ordinary shares to raise up to £30 million, with an over allotment facility of up to a further £10 million.
Changes to share capital
| Ordinary Shares of 1.6187p each | |
| As at 1 September 2016 | 89,479,641 |
| Ordinary Shares bought back during the 3 months to 30 November 2016 | (476,661) |
| Ordinary Shares issued during the 3 months to 30 November 2016* | 9,474,341 |
| As at 30 November 2016 | 98,477,321 |
* Under the Offer for Subscription dated 21 September 2016.
In the period from 1 December 2016 to the date of this announcement, 128,000 Ordinary Shares were repurchased and subsequently cancelled and 304,721 Ordinary Shares were issued under the terms of the Company's Dividend Reinvestment Scheme in respect of the dividend of 2.0p per Ordinary Share paid on 16 December 2016.
Material events
On 18 January 2017, the Company announced that the Offer for Subscription which opened on 21 September 2016 (the "Offer") will close to further applications at 5 p.m. on Tuesday 31 January 2017. The final allotment for the 2016/17 tax year is expected to take place on 3 March 2017. There will be a further allotment for the tax year 2017/18 to follow as soon as practicable after 5 April 2017, following which the Offer will close.
Other than the matters described above, there were no material events during the period from 1 September 2016 to 30 November 2016 or in the period from 1 December 2016 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 provenvcts@beringea.co.uk or by telephone 020 7845 7820.
Beringea LLP
Company Secretary
Telephone 020 7845 7820
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