ProVen VCT plc
Interim Management Statement
for the three months ended 31 May 2020

ProVen VCT plc (the “Company”) presents an Interim Management Statement for the three month period ended 31 May 2020. The statement also includes relevant financial information between the end of the period and the date of this announcement.

Performance

 

 

 
  Unaudited
31 May
2020
Audited
29 February
2020
   PencePence
Net Asset Value per share (“NAV”)  68.070.1
Dividends paid to date*  68.2568.25
NAV plus dividends paid to date  136.25138.35

*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 declared
On 2 July 2020, the Company announced a final dividend for the year ended 29 February 2020 of 2.0p per share. Having received approval at the Annual General Meeting of the Company on 10 August 2020, the dividend will be paid on 28 August 2020 to Shareholders on the register at 7 August 2020.

Investment portfolio summary at 31 May 2020

Portfolio summary

 Valuation
Venture capital investments£’000
Infinity Reliance Limited (t/a My 1st Years)6,448
Mycs GmbH5,809
Litchfield Media Limited4,069
Thread, Inc.3,775
Zoovu Limited (t/a Smart Assistant) 3,748
Access Systems, Inc.3,500
Monica Vinader Limited3,357
MPB Group Limited3,103
ContactEngine Limited2,976
Written Byte Limited (t/a DeepCrawl)2,890
Other investments29,005
 68,680
  
Cash at bank46,914
Other net current assets369
  
Net Assets115,963

Quoted investments are valued at the closing bid price at 31 May 2020, 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 2020

Investment additions

 £’000
Commonplace Digital Limited1,500
Luxury Promise Limited1,350
Sannpa Limited (t/a Fnatic)772
Thread, Inc.421
  
 4,043

Investment disposals

 

 

 
 

 

Cost
Market
value at 1 March 2020
 

Disposal
proceeds
Gain
against
cost
Realised
loss
in period
 £’000£’000£’000£’000£’000
SPC International Ltd58546544486(2)
      
 58546544486(2)

Investment activity from 1 June 2020 to the date of this announcement

 £’000
ContactEngine Limited125
Social Value Portal Ltd1,500
 1,625

Investment disposals from 1 June 2020 to the date of this announcement


 

 

 
 

 

Cost
Market
value at 1 June 2020
 

Disposal
proceeds
Gain
against
cost
Realised
gain
in period
 £’000£’000£’000£’000£’000
MEL Topco Limited (t/a Maplin)*--343434
Chargemaster plc*--165165165
      
 --199199199

* Disposal proceeds represent contingent proceeds.

Changes to share capitalOrdinary
Shares
of 10p each
As at 1 March 2020150,278,338
Shares bought back during the 3 months to 31 May 2020(48,572)
Shares issued during the 3 months to 31 May 202020,351,020
As at 31 May 2020170,580,786

In the period from 1 June 2020 to the date of this announcement, 630,346 Ordinary Shares were repurchased and subsequently cancelled.

Material events
In light of the evolving situation regarding COVID-19, the Board of ProVen VCT plc (the "Company") carried out a review of the portfolio and announced on 23 March 2020 that the unaudited net asset value of the Company was 65.1p per share. This was based on the unaudited net asset value of the Company as at 20 March 2020.

Other than the matters described above, there were no material events during the period from 1 March 2020 to 31 May 2020 or in the period from 1 June 2020 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