ProVen Growth and Income VCT plc: Interim Management Statement
July 26 2022 - 3:00AM
ProVen Growth and Income VCT plc: Interim Management Statement
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 |
|
|
|
Pence |
Pence |
Net Asset
Value per Ordinary share (“NAV”) |
|
|
64.2 |
67.3 |
Dividends
paid since class launch (originally as ‘C’ Shares)* |
|
|
70.7 |
70.7 |
Total Return
(NAV plus dividends paid since ‘C’ Share class launch) |
|
|
134.9 |
138.0 |
* 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 Limited |
11,770 |
Papier
Ltd |
8,972 |
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 Limited |
4,038 |
Thread,
Inc. |
3,669 |
MPB Group
Limited |
3,461 |
Other
investments |
56,195 |
|
121,977 |
Cash at
bank |
65,815 |
Other net
current liabilities |
(1,809) |
|
|
Net
Assets |
185,983 |
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
GmbH |
550 |
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)* |
3,449 |
17,471 |
17,464 |
14,015 |
(7) |
Netcall
plc |
324 |
336 |
279 |
(45) |
(57) |
Rapid Charge
Grid Limited** Lupa Foods Limited** |
220 37 |
220 48 |
220 48 |
- 11 |
- - |
Exonar
Limited |
1,602 |
- |
- |
(1,602) |
- |
|
|
|
|
|
|
|
5,632 |
18,075 |
18,011 |
12,379 |
(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 Ltd |
1,042 |
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) |
1,083 |
6,355 |
6,692 |
5,609 |
337 |
Mycs
GmbH |
5,038 |
- |
- |
(5,038) |
- |
|
|
|
|
|
|
|
6,121 |
6,355 |
6,692 |
571 |
337 |
Changes to share capital |
Ordinary Shares of
1.6187p each |
As at 1
March 2022 |
252,090,729 |
Shares
bought back during the 3 months to 31 May 2022 |
- |
Shares
issued during the 3 months to 31 May 2022 |
37,500,491 |
As at 31 May
2022 |
289,591,220 |
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
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