ProVen Growth and Income VCT plc: Interim Management Statement
February 10 2023 - 10:19AM
ProVen Growth and Income VCT plc: Interim Management Statement
ProVen Growth and Income
VCT plcInterim Management
Statement for the nine
months ended
30 November
2022
ProVen Growth and Income VCT plc (the “Company”)
presents an Interim Management Statement for the nine-month period
ended 30 November 2022. The statement also includes relevant
financial information between the end of the period and the date of
this announcement.
Performance
|
Unaudited30
November2022 |
Unaudited31
August2022 |
Unaudited31
May2022 |
Audited28
February2022 |
|
Pence |
Pence |
Pence |
Pence |
Net Asset Value per share
(“NAV”) |
55.3 |
57.7 |
64.2 |
67.3 |
Dividends paid to date since
class launch (originally as ‘C’ Shares)* |
73.9 |
73.9 |
70.7 |
70.7 |
NAV plus dividends paid to
date |
129.2 |
131.6 |
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
declaredOn 12 October 2022, the Company announced an
interim dividend for the year ended 28 February 2023 of 1.75p per
share. This dividend was paid on 2 December 2022 to shareholders on
the register at 11 November 2022.
Investment portfolio
summary at 30 November
2022
Portfolio
summary
|
Valuation |
Venture capital
investments |
£’000 |
|
|
Picasso Labs, Inc. (t/a
CreativeX) |
10,509 |
Luxury Promise Limited |
10,263 |
Papier Ltd |
5,566 |
MPB Group Limited |
4,668 |
DeepCrawl Holding Company,
Inc. |
4,560 |
Social Value Portal Ltd |
4,544 |
Been There Done That Global
Limited |
4,526 |
Infinity Reliance Limited (t/a My
1st Years) |
4,004 |
Second Nature Healthy Habits
Ltd |
3,979 |
WS HoldCo, PBC. (t/a
WiredScore) |
3,629 |
Other investments |
54,377 |
Total investments |
110,625 |
|
|
Cash at bank |
46,289 |
Other net current assets |
3,296 |
|
|
Net
Assets |
160,210 |
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
2022
Investment additions
|
£’000 |
Gorillini NV (t/a Gorilla) |
1,949 |
Doctify Limited |
1,778 |
Plu&m Limited (t/a Plum
Guide) |
88 |
|
3,815 |
Investment
disposals
|
Cost |
Market value at
1 September
2022 |
Disposalproceeds |
Gainagainstcost |
Realisedgain in
period |
|
£’000 |
£’000 |
£’000 |
£’000 |
£’000 |
Sealskinz Holdings Limited |
3,116 |
3,116 |
3,882 |
766 |
766 |
Lupa Foods Limited* |
99 |
128 |
128 |
29 |
- |
|
3,215 |
3,244 |
4,010 |
795 |
766 |
*Loan note disposal
Investment activity from
1 December 2022
to the date of this
announcement
Investment additions
|
£’000 |
Dash Brands Ltd |
3,282 |
Litta App Limited |
990 |
Arctic Shores Limited |
459 |
Commonplace Digital
Limited |
370 |
|
5,101 |
Investment
disposals
|
Cost |
Market value at
1 December
2022 |
Disposalproceeds |
Gain /
(loss)againstcost |
RealisedGain
/ (loss) in
period |
|
£’000 |
£’000 |
£’000 |
£’000 |
£’000 |
Firefly Learning Limited |
857 |
873 |
721 |
(136) |
(152) |
|
857 |
873 |
721 |
(136) |
(152) |
Changes to share
capital |
OrdinarySharesof
1.6187p each |
As at 1 September 2022 |
292,033,361 |
Shares bought back during the 3 months to 30 November 2022 |
(2,198,874) |
Shares issued during the 3 months to 30 November 2022 |
- |
As at 30 November 2022 |
289,834,487 |
In the period from 1 December 2022 to the date
of this announcement, 420,961 Ordinary Shares were repurchased and
subsequently cancelled.
In addition, 1,204,204 Ordinary Shares were
issued under the Company’s Dividend Reinvestment Scheme (“DRIS”) in
relation to the dividend paid on 2 December 2022.
Material eventsIn February
2023, the Company agreed to the sale of portfolio company Aistemos
Limited to RELX plc. The transaction is subject to customary
regulatory approvals and is expected to be completed during the
first quarter of 2023.
Other than the matters described above, there
were no material events during the period from 1 September 2022 to
30 November 2022 or in the period from 1 December 2022 to the date
of this announcement.
Further informationFurther
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 LLPCompany SecretaryTelephone 020 7845
7820-End
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