ProVen VCT plc
Interim Management Statement
for the three months ended 30 November 2016
ProVen 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") | 99.5 | 100.8 | 103.1 | 100.7 |
| Dividends paid/ declared per share since conversion/ consolidation* | 26.5 | 24.0 | 20.0 | 20.0 |
| Total Return (NAV plus dividends paid/ declared*) | 126.0 | 124.8 | 123.1 | 120.7 |
*Dividends paid/ declared represent dividends paid/ declared since the consolidation of 5p Ordinary Shares into 10p Ordinary Shares on 30 October 2012. Prior to this date, the Company paid dividends totalling 113.95p on the 5p Ordinary Shares.
Dividends paid or declared
On 8 November 2016, the Company announced an interim dividend for the year ending 28 February 2017 of 2.5p 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 | |
| Venture capital investments | £'000 |
| Watchfinder.co.uk Limited | 7,434 |
| Monmouth Holdings Limited | 3,844 |
| Pulpitum Limited | 3,793 |
| Cogora Group Limited | 3,524 |
| Monica Vinader Limited | 3,468 |
| Perfect Channel Limited | 3,429 |
| Litchfield Media Limited | 3,423 |
| Think Limited | 3,210 |
| SPC International Limited | 2,843 |
| Third Bridge Group Limited | 2,458 |
| Other investments | 24,890 |
| 62,316 | |
| Cash at bank | 38,963 |
| Total | 101,279 |
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 | 495 |
| ContactEngine Limited | 450 |
| 945 |
On 15 November 2016, the Company committed to invest £758,000 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 | 2,420 | 4,311 | 4,302 | 1,882 | (9) |
| Donatantonio Group Limited | 100 | 100 | 129 | 29 | 29 |
| Celoxica Limited | 68 | 68 | 68 | - | - |
| 2,588 | 4,479 | 4,499 | 1,911 | 20 |
Investment activity from 1 December 2016 to the date of this announcement
Investment additions
| £'000 | |
| Infinity Reliance Limited (trading as My 1st Years) | 2,155 |
| Whistle Sports, Inc. | 2,090 |
| D3O Holdings Limited | 80 |
| TVPlayer Limited | 77 |
| 4,402 |
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 | - | - |
| Changes to share capital | Ordinary Shares of 10p each |
| As at 1 September 2016 | 98,633,058 |
| Ordinary Shares bought back during the 3 months to 30 November 2016 | (215,394) |
| Ordinary Shares issued during the 3 months to 30 November 2016 | - |
| As at 30 November 2016 | 98,417,664 |
In the period from 1 December 2016 to the date of this announcement, 45,438 Ordinary Shares were repurchased and subsequently cancelled and 349,817 Ordinary Shares were issued under the terms of the Company's Dividend Reinvestment Scheme in respect of the dividend of 2.5p per Ordinary Share paid on 16 December 2016.
Material events
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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