ProVen Growth and Income VCT plc: Interim Manag...

ProVen Growth and Income VCT plc: Interim Management Statement

ProVen Growth & Income VCT plc
Interim Management Statement
for the three months ended 30 November 2018

ProVen Growth & Income VCT plc (the “Company”) presents an Interim Management Statement for the three month period ended 30 November 2018. The statement also includes relevant financial information between the end of the period and the date of this announcement.

Performance

 Unaudited
30 November
 2018
Unaudited
31 August
2018
Unaudited
31 May
 2018
Audited
28 February
2018
 PencePencePencePence
Net Asset Value per share (“NAV”)68.374.374.572.1
Dividends paid/ declared since class launch (originally as ‘C’ Shares)*60.956.454.454.4
Total Return (NAV plus dividends paid/ declared since ‘C’ Share class launch)129.2130.7128.9126.5

* 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 24 October 2018, the Company announced a special interim dividend for the year ending 28 February 2019 of 4.5p per share. This dividend was paid on 30 November 2018 to shareholders on the register at 2 November 2018.

Investment portfolio summary at 30 November 2018

 Valuation
 £’000
Venture capital investments 
Zuvoo Limited (t/a Smart Assistant)5,648
Chess Technologies Limited5,413
Dryden Holdings Limited4,761
Poq Studio Limited4,598
Infinity Reliance Limited (t/a My 1st Years)3,984
Sealskinz Holdings Limited3,426
Blis Media Limited3,300
D30 Holdings Limited3,139
InContext Solutions, Inc.2,619
Response Tap Limited2,435
Other investments25,258
 64,581
Cash at bank 32,856
Total97,437

Quoted investments are valued at the closing bid price at 30 November 2018, 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 2018

Investment additions

 £’000
Festicket Limited1,392
Zuvoo Limited (t/a Smart Assistant)933
Written Byte Limited (t/a DeepCrawl)600
MPB Group Limited66
InContext Solutions, Inc.46
 3,037

Investment disposals
There were no disposals in the period.

Investment activity from 1 December 2018 to the date of this announcement

Investment additions

 £’000
Access Systems, Inc.1,500
Exonar Limited1,070
Disposable Cubicle Curtains Limited287
MPB Group Limited66
Thread, Inc.45
 2,968

Investment disposals

 

 

 
 

 

Cost
Market
value at 1 September 2018
 

Disposal
proceeds
Gain
against
cost
Realised
gain
in period
 £’000£’000£’000£’000£’000
Chess Technologies Limited                                                                                                                                 1,5685,101                 5,412                3,844                  311
 1,5685,1015,4123,844311

Changes to share capital

 Ordinary
Shares of
 1.6187p each
As at 1 September 2018143,557,292 
Shares bought back during the 3 months to 30 November 2018(170,308)
Shares issued during the 3 months to 30 November 2018 (under the terms of the Company’s dividend reinvestment scheme)1,387,397 
As at 30 November 2018144,774,381 

In the period from 1 December 2018 to the date of this announcement, 250,000 Ordinary Shares were repurchased and subsequently cancelled.

Material events
ProVen VCT plc and ProVen Growth and Income VCT plc (the “Companies”) announced on 11 January 2019 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 £60,000,000 by way of an issue of new ordinary shares in the Companies, with an over-allotment facility of up to a further £20,000,000 payable in full in cash on application.

Other than the matters described above, there were no other material events during the period from 1 September 2018 to 30 November 2018 or in the period from 1 December 2018 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

UK 100

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