ProVen Growth and Income VCT plc: Interim Management Statement

London, UNITED KINGDOM


ProVen Growth & Income VCT plc

Interim Management Statement

for the three months ended 31 May 2022

 

ProVen Growth & Income VCT plc (the “Company”) presents an Interim Management Statement for the three-month period ended 31 May 2022. The statement also includes relevant financial information between the end of the period and the date of this announcement.

 

Performance

 





  Unaudited

31 May

2022
Audited

28 February

2022
   PencePence
Net Asset Value per Ordinary share (“NAV”)  64.267.3
Dividends paid since class launch (originally as ‘C’ Shares)*  70.770.7
Total Return (NAV plus dividends paid since ‘C’ Share class launch)  134.9138.0

 

* 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 declared

On 10 June 2022, the Company declared a special dividend of 1.75p per share and proposed a final dividend, for Shareholders’ approval, for the year ended 28 February 2022 of 1.5p per share. Having received approval for the final dividend at the Annual General Meeting of the Company on 20 July 2022, both dividends will be paid on 5 August 2022 to Shareholders on the register at 15 July 2022.

 

Investment portfolio summary at 31 May 2022

 

Portfolio summary

 Valuation
Venture capital investments£’000
Picasso Labs, Inc. (t/a CreativeX)12,921
Luxury Promise Limited11,770
Papier Ltd8,972
Blis Global Ltd (formerly Blis Media Limited)6,355
Zoovu Limited (t/a SmartAssistant)5,544
Sannpa Limited (t/a Fnatic)4,811
Infinity Reliance Limited (t/a My 1st Years)4,241
Been There Done That Global Limited4,038
Thread, Inc.3,669
MPB Group Limited3,461
Other investments56,195
 121,977

Cash at bank65,815
Other net current liabilities(1,809)
  
Net Assets185,983

 

Quoted investments are valued at the closing bid price at 31 May 2022, 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 31 May 2022

 

Investment additions

 £’000
Mycs GmbH550
Picasso Labs, Inc. (t/a CreativeX)1,185
  
 1,735


Investment disposals

 









Cost
Market

value at 1 March 2022


Disposal

proceeds
Gain/(loss)

against

cost
Realised

(loss)

in period
 £’000£’000£’000£’000£’000
Zoovu Limited (t/a SmartAssistant)*3,44917,47117,46414,015(7)
Netcall plc324336279(45)(57)
Rapid Charge Grid Limited**

Lupa Foods Limited**
220

37
220

48
220

48
-

11
-

-
Exonar Limited1,602--(1,602)-
      
 5,63218,07518,01112,379(64)

 

* Loss in period relates to transaction costs incurred upon disposal

**Loan note repayment


Investment activity from 1 June 2022 to the date of this announcement

 £’000
WS Holdco, PBC. (t/a WiredScore)3,494
Social Value Portal Ltd1,042
DeepCrawl Holding Company, Inc.734
[Second Nature Healthy Habits Ltd] 
 5,270

 

Investment disposals

 









Cost
Market

value at 1 June 2022


Disposal

proceeds
Gain/(loss)

against

cost
Realised

gain

in period
 £’000£’000£’000£’000£’000
Blis Global Ltd (formerly Blis Media Limited)1,0836,3556,6925,609

337
Mycs GmbH5,038--(5,038)-
      
 6,1216,3556,692571337

 

Changes to share capitalOrdinary

Shares

of 1.6187p each
As at 1 March 2022252,090,729
Shares bought back during the 3 months to 31 May 2022-
Shares issued during the 3 months to 31 May 202237,500,491
As at 31 May 2022289,591,220

 

In the period from 1 June 2022 to the date of this announcement, 3,695,081 Ordinary Shares were repurchased and subsequently cancelled.

 

In addition, 2,275,339 Ordinary Shares were issued pursuant to the offer for subscription that opened on 11 January 2022.

 

Material events

Other than the matters described above, there were no material events during the period from 1 March 2022 to 31 May 2022 or in the period from 1 June 2022 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

 

-End