Proven VCT plc Proven Vct Plc: Interim Management Statement
January 20 2021 - 10:30AM
UK Regulatory
TIDMPVN
ProVen VCT plc
Interim Management Statement
for the three months ended 30 November 2020
ProVen VCT plc (the "Company") presents an Interim Management Statement
for the three month period ended 30 November 2020. The statement also
includes relevant financial information between the end of the period
and the date of this announcement.
Performance
Unaudited Audited
Unaudited Unaudited 31 May 29 February
30 November 2020 31 August 2020 2020 2020
Pence Pence Pence Pence
Net Asset Value
per share
("NAV") 70.0 67.3 68.0 70.1
Dividends paid to
date* 71.75 70.25 68.25 68.25
NAV plus
dividends paid
to date 141.75 137.55 136.25 138.35
*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 29 October 2020, the Company announced an interim dividend for the
year ended 28 February 2021 of 1.5p per share. This dividend was paid on
4 December 2020 to shareholders on the register at 13 November 2020.
Investment portfolio summary at 30 November 2020
Portfolio summary
Valuation
Venture capital investments GBP'000
Zoovu Limited (t/a Smart Assistant) 6,931
Infinity Reliance Limited (t/a My 1(st) Years) 6,891
Mycs GmbH 6,127
Monica Vinader Limited 4,702
MPB Group Limited 4,482
Written Byte Limited (t/a DeepCrawl) 3,948
Litchfield Media Limited 4,128
Thread, Inc. 4,025
Access Systems, Inc. 3,808
ContactEngine Limited 3,470
Other investments 33,935
82,447
Cash at bank 36,491
Other net current assets 243
Net Assets 119,181
=========
Quoted investments are valued at the closing bid price at 30 November
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 30 November 2020
Investment additions
GBP'000
Written Byte Limited (t/a DeepCrawl) 1,153
Thread, Inc. 250
Poq Studio Limited 184
Papier Ltd 150
1,737
=======
Investment disposals
Gain Realised
Market Disposal against loss
Cost value at 1 September 2020 Proceeds cost in period
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Written Byte
Limited (t/a
DeepCrawl)* 146 294 288 142 (6)
146 294 288 142 (6)
===================== ========================== ========== ======== ==========
*Part-disposal of shares, which completed at the same time as the
follow-on investment in the same company. The transaction was structured
in this way in order to strengthen the Company's overall position as a
shareholder in the company.
Investment activity from 1 December 2020 to the date of this
announcement
GBP'000
Exonar Limited 309
309
=======
Investment disposals from 1 December 2020 to the date of this
announcement
There were no investment disposals in the period from 1 December 2020 to
the date of this announcement.
Ordinary
Shares
Changes to share capital of 10p each
As at 1 September 2020 170,706,535
Shares bought back during the 3 months to 30 November
2020 (390,969)
Shares issued during the 3 months to 30 November 2020 -
As at 30 November 2020 170,315,566
============
In the period from 1 December 2020 to the date of this announcement,
241,508 Ordinary Shares were repurchased and subsequently cancelled.
In addition, 646,450 Ordinary Shares were issued under the Company's
Dividend Reinvestment Scheme in relation to the dividend paid on 4
December 2020.
Material events
ProVen VCT plc and ProVen Growth and Income VCT plc (the "Companies")
announced on 3 December 2020 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
GBP40,000,000 by way of an issue of new ordinary shares in the Companies,
with an over-allotment facility of up to a further GBP20,000,000 payable
in full in cash on application.
Other than the matters described above, there were no material events
during the period from 1 September 2020 to 30 November 2020 or in the
period from 1 December 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
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