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

ProVen Growth and Income VCT plc

Interim Management Statement

for the nine months ended 30 November 2021

ProVen Growth and Income VCT plc (the “Company”) presents an Interim Management Statement for the nine-month period ended 30 November 2021. The statement also includes relevant financial information between the end of the period and the date of this announcement.

Performance

	Unaudited 30 November 2021	Unaudited 31 August 2021	Unaudited 31 May 2021	Audited 28 February 2021
	Pence	Pence	Pence	Pence
Net Asset Value per share (“NAV”)	63.5	63.4	63.3	61.5
Dividends paid since class launch (originally as ‘C’ Shares)*	70.65	69.15	67.65	67.65
Total Return (NAV plus dividends paid since ‘C’ Share class launch)	134.15	132.55	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 5 November 2021, the Company announced an interim dividend for the year ended 28 February 2022 of 1.5p per share. This dividend was paid on 10 December 2021 to shareholders on the register at 18 November 2021.

Investment portfolio summary at 30 November 2021

Portfolio summary

	Valuation
Venture capital investments	£’000
Zoovu Limited (t/a SmartAssistant)	15,564
Papier Ltd	6,947
Sannpa Limited (t/a Fnatic)	6,925
Blis Media Limited	6,691
Picasso Labs, Inc.	6,161
Luxury Promise Limited	5,861
Thread, Inc.	5,241
MPB Group Limited	4,799
Infinity Reliance Limited (t/a My 1st Years)	4,561
Mycs GmbH	4,542
Other investments	53,598
Total investments	120,890
Cash at bank	42,778
Other net current liabilities	(3,269)
Net Assets	160,399

Quoted investments are valued at the closing bid price at 30 November 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 nine-month period ended 30 November 2021

Investment additions

	£’000
DeepStream Technologies Limited	2,744
Dealroom.co B.V	2,012
Picasso Labs, Inc	1,891
Been There Done That Global Limited	1,702
Enternships Limited (t/a Learnerbly)	1,575
Thread, Inc.	1,260
Andcrafted Ltd (t/a Plank Hardware)	1,087
Access Systems, Inc.	283
Poq Studio Limited	95
	12,649

Investment disposals

	Cost	Market value at 1 September 2021	Disposal proceeds	Gain against cost	Realised gain in period
	£’000	£’000	£’000	£’000	£’000
D30 Holdings Ltd	3,550	4,317	4,317	767	-
InSkin Media Limited	1,435	-	1,653	218	1,653
	4,985	4,317	5,970	985	1,653

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

Investment additions

	£’000
Luxury Promise Limited	3,498
EMS UK Operations Ltd (t/a Archdesk)	2,234
Mycs GmbH	1,457
CGHero Limited	1,249
Papier Ltd	1,246
	9,684

Investment disposals

There were no investment disposals in the period from 1 December 2021 to the date of this announcement.

Changes to share capital	Ordinary Shares of 10p each
As at 1 September 2021	253,542,525
Shares bought back during the 3 months to 30 November 2021	(1,047,621)
Shares issued during the 3 months to 30 November 2021	-
As at 30 November 2021	252,494,904

In the period from 1 December 2021 to the date of this announcement, 271,759 Ordinary Shares were repurchased and subsequently cancelled.

In addition, 909,121 Ordinary Shares were issued under the Company’s Dividend Reinvestment Scheme (“DRIS”) in relation to the dividend paid on 10 December 2021.

Material events

ProVen VCT plc and ProVen Growth and Income VCT plc (the “Companies”) announced on 11 January 2022 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 £40,000,000 (up to £20,000,000 for each of the Companies) by way of an issue of new ordinary shares in the Companies, with an over-allotment facility of up to a further £40,000,000 (up to £20,000,000 for each of the Companies) payable in full in cash on application.

The Company announced an updated NAV on 21 January 2022 following the exchange of contracts for the sale of one of its portfolio companies, conditional on certain regulatory approvals. The updated NAV per share was 66.6 pence, which reflected the impact of the conditional disposal on the unaudited NAV of the Company at 31 August 2021, less the 1.5 pence dividend paid by the Company on 10 December 2021 and included changes to the Company’s share capital as a result of the allotment of shares pursuant to the DRIS in December 2021 and the buyback of shares announced in November and December 2021.

Other than the matters described above, there were no material events during the period from 1 September 2021 to 30 November 2021 or in the period from 1 December 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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