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

ProVen Growth & Income VCT plc

Interim Management Statement

for the three months ended 31 May 2021

ProVen Growth & Income VCT plc (the “Company”) presents an Interim Management Statement for the three month period ended 31 May 2021. The statement also includes relevant financial information between the end of the period and the date of this announcement.

Performance

			Unaudited 31 May 2021	Audited 28 February 2021
			Pence	Pence
Net Asset Value per share (“NAV”)			63.3	61.5
Dividends paid since class launch (originally as ‘C’ Shares)*			67.65	67.65
Total Return (NAV plus dividends paid since ‘C’ Share class launch)			130.95	129.15

* 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 7 June 2021, the Company announced a final dividend for the year ended 28 February 2021 of 1.5p per share. Having received approval at the Annual General Meeting of the Company on 14 July 2021, the dividend will be paid on 30 July 2021 to Shareholders on the register at 9 July 2021.

Investment portfolio summary at 31 May 2021

Portfolio summary

	Valuation
Venture capital investments	£’000
Zoovu Limited (t/a Smart Assistant)	9,603
Blis Media Limited	8,684
ContactEngine Limited	6,872
Sannpa Limited (t/a Fnatic)	6,661
Mycs GmbH	5,996
Infinity Reliance Limited (t/a My 1st Years)	4,841
Written Byte Ltd (t/a DeepCrawl)	4,338
Luxury Promise Limited	3,948
Thread, Inc.	3,912
Been There Done That Global Limited	3,689
Other investments	48,735
	107,279
Cash at bank	53,526
Other net current liabilities	(149)
Net Assets	160,656

Quoted investments are valued at the closing bid price at 31 May 2021, 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 2021

Investment additions

		£’000
Utilis SAR Ltd	2,144
Moonshot CVE Holdings Ltd	1,112
Hygenica Limited	276
		3,532

Investment disposals

	Cost	Market value at 1 March 2021	Disposal proceeds	(Loss)/gain against cost	Realised (loss)/gain in period
	£’000	£’000	£’000	£’000	£’000
Response Tap Limited*	1,440	1,446	1,252	(188)	(194)
MPB Group Limited	295	604	815	520	211
Chargemaster plc**	-	-	4	4	4
	1,735	2,050	2,071	336	21

*Disposal proceeds include amounts accrued in addition to cash proceeds already received in the period.

** Disposal proceeds represent contingent proceeds.

Investment activity from 1 June 2021 to the date of this announcement

		£’000
Zoovu Limited (t/a Smart Assistant)	641
		641

Investment disposals

	Cost	Market value at 1 June 2021	Disposal proceeds	Gain against cost	Realised loss in period
	£’000	£’000	£’000	£’000	£’000
ContactEngine Limited	2,455	6,872	6,758	4,303	(114)
	2,455	6,872	6,758	4,303	(114)

Changes to share capital	Ordinary Shares of 1.6187p each
As at 1 March 2021	222,333,613
Shares bought back during the 3 months to 31 May 2021	(274,661)
Shares issued during the 3 months to 31 May 2021	31,760,207
As at 31 May 2021	253,819,159

In the period from 1 June 2021 to the date of this announcement, 752,213 Ordinary Shares were repurchased and subsequently cancelled.

Material events

Other than the matters described above, there were no material events during the period from 1 March 2021 to 31 May 2021 or in the period from 1 June 2021 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 [e-mail] or by telephone [phone].

Beringea LLP

Company Secretary

Telephone [phone]

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