Source: Proven VCT Plc
ProVen VCT plc: Interim Management Statement
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 | ||
| Pence | Pence | |||
| Net Asset Value per share (“NAV”) | 68.0 | 70.1 | ||
| Dividends paid to date* | 68.25 | 68.25 | ||
| NAV plus dividends paid to date | 136.25 | 138.35 |
*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 GmbH | 5,809 |
| Litchfield Media Limited | 4,069 |
| Thread, Inc. | 3,775 |
| Zoovu Limited (t/a Smart Assistant) | 3,748 |
| Access Systems, Inc. | 3,500 |
| Monica Vinader Limited | 3,357 |
| MPB Group Limited | 3,103 |
| ContactEngine Limited | 2,976 |
| Written Byte Limited (t/a DeepCrawl) | 2,890 |
| Other investments | 29,005 |
| 68,680 | |
| Cash at bank | 46,914 |
| Other net current assets | 369 |
| Net Assets | 115,963 |
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 Limited | 1,500 | |
| Luxury Promise Limited | 1,350 | |
| 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 Ltd | 58 | 546 | 544 | 486 | (2) |
| 58 | 546 | 544 | 486 | (2) |
Investment activity from 1 June 2020 to the date of this announcement
| £’000 | ||
| ContactEngine Limited | 125 | |
| Social Value Portal Ltd | 1,500 | |
| 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)* | - | - | 34 | 34 | 34 |
| Chargemaster plc* | - | - | 165 | 165 | 165 |
| - | - | 199 | 199 | 199 |
* Disposal proceeds represent contingent proceeds.
| Changes to share capital | Ordinary Shares of 10p each |
| As at 1 March 2020 | 150,278,338 |
| Shares bought back during the 3 months to 31 May 2020 | (48,572) |
| Shares issued during the 3 months to 31 May 2020 | 20,351,020 |
| As at 31 May 2020 | 170,580,786 |
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
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