ProVen Growth & Income VCT plc
Interim Management Statement
for the three months ended 30 November 2018
ProVen Growth & Income 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
| Unaudited 30 November 2018 | Unaudited 31 August 2018 | Unaudited 31 May 2018 | Audited 28 February 2018 | |
| Pence | Pence | Pence | Pence | |
| Net Asset Value per share (“NAV”) | 68.3 | 74.3 | 74.5 | 72.1 |
| Dividends paid/ declared since class launch (originally as ‘C’ Shares)* | 60.9 | 56.4 | 54.4 | 54.4 |
| Total Return (NAV plus dividends paid/ declared since ‘C’ Share class launch) | 129.2 | 130.7 | 128.9 | 126.5 |
* 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 24 October 2018, the Company announced a special interim dividend for the year ending 28 February 2019 of 4.5p 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
| Valuation | |
| £’000 | |
| Venture capital investments | |
| Zuvoo Limited (t/a Smart Assistant) | 5,648 |
| Chess Technologies Limited | 5,413 |
| Dryden Holdings Limited | 4,761 |
| Poq Studio Limited | 4,598 |
| Infinity Reliance Limited (t/a My 1st Years) | 3,984 |
| Sealskinz Holdings Limited | 3,426 |
| Blis Media Limited | 3,300 |
| D30 Holdings Limited | 3,139 |
| InContext Solutions, Inc. | 2,619 |
| Response Tap Limited | 2,435 |
| Other investments | 25,258 |
| 64,581 | |
| Cash at bank | 32,856 |
| Total | 97,437 |
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 | 1,392 | |
| Zuvoo Limited (t/a Smart Assistant) | 933 | |
| Written Byte Limited (t/a DeepCrawl) | 600 | |
| MPB Group Limited | 66 | |
| InContext Solutions, Inc. | 46 | |
| 3,037 | ||
Investment disposals
There were no disposals in the period.
Investment activity from 1 December 2018 to the date of this announcement
Investment additions
| £’000 | ||
| Access Systems, Inc. | 1,500 | |
| Exonar Limited | 1,070 | |
| Disposable Cubicle Curtains Limited | 287 | |
| MPB Group Limited | 66 | |
| Thread, Inc. | 45 | |
| 2,968 | ||
Investment disposals
| | Cost | Market value at 1 September 2018 | Disposal proceeds | Gain against cost | Realised gain in period |
| £’000 | £’000 | £’000 | £’000 | £’000 | |
| Chess Technologies Limited | 1,568 | 5,101 | 5,412 | 3,844 | 311 |
| 1,568 | 5,101 | 5,412 | 3,844 | 311 |
Changes to share capital
| Ordinary Shares of 1.6187p each | ||
| As at 1 September 2018 | 143,557,292 | |
| Shares bought back during the 3 months to 30 November 2018 | (170,308 | ) |
| Shares issued during the 3 months to 30 November 2018 (under the terms of the Company’s dividend reinvestment scheme) | 1,387,397 | |
| As at 30 November 2018 | 144,774,381 | |
In the period from 1 December 2018 to the date of this announcement, 250,000 Ordinary Shares were repurchased and subsequently cancelled.
Material events
ProVen 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 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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