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

ProVen Growth and Income VCT plc
Interim Management Statement
for the nine months ended 3 0 November 202 2

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

	Unaudited 3 0 November 20 2 2	Una udited 31 August 20 2 2	Unaudited 31 May 202 2	Audited 28 February 202 2
	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 declared
On 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.

I nvestment portfolio summary at 30 November 202 2

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 202 2

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 d isposals

	Cost	Market value at 1 September 202 2	Disposal proceeds	Gain against cost	Realised gain 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 202 2 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	Disposal proceeds	Gain / (loss) against cost	Realised G ain / (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	Ordinary Shares of 1 .6187 p 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 events
In 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 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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