Proven Growth & Income VCT plc : Interim Manage...

Proven Growth & Income VCT plc : Interim Management Statement

ProVen Growth & Income VCT plc
Interim Management Statement
for the three months ended 31 May 2018

ProVen Growth & Income VCT plc (the "Company") presents an Interim Management Statement for the three month period ended 31 May 2018. The statement also includes relevant financial information between the end of the period and the date of this announcement.

Performance

 

 

 
Unaudited
31 May
2018
 Audited
28 February
2018
  Pence Pence
Net Asset Value per share ("NAV") 74.5   72.1
Dividends paid since class launch (originally as 'C' Shares)* 54.4   54.4
Total Return (NAV plus dividends paid since 'C' Share class launch) 128.9   126.5

* 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 6 June 2018, the Company announced a final dividend for the year ended 28 February 2018 of 2.0p per share. Having received approval at the Annual General Meeting of the Company on 11 July 2018, the dividend was paid on 20 July 2018 to shareholders on the register at 22 June 2018.

Investment portfolio summary at 31 May 2018

Portfolio summary

  Valuation
Venture capital investments£'000
   
Chess Technologies Limited 5,569
Watchfinder.co.uk Limited 4,835
Dryden Holdings Limited 4,762
Poq Studio Limited 4,598
Infinity Reliance Limited (t/a My 1st Years) 4,419
Chargemaster plc 3,394
Sealskinz Holdings Limited 2,995
Smart Information Systems GmbH (t/a Smart Assistant) 2,720
D30 Holdings Ltd 2,448
Blis Media Limited 2,422
Other investments 30,269
  68,431
Cash at bank 40,530
Total 108,961

Quoted investments are valued at the closing bid price at 31 May 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 31 May 2018

 £'000
Mycs GmbH 1,275
Poq Studio Limited 1,098
Infinity Reliance Limited (t/a My First Years) 924
Perfect Channel Limited 132
  3,429

Investment disposals

 

 

 
 

 

Cost
Market
value at 1 March 2018
 

Disposal
proceeds
Gain/(loss)
against
cost
Realised
gain
in period
 £'000£'000£'000£'000£'000
Omni Dental Sciences Limited - 242 242 242 -
Charterhouse Leisure Limited 1,250 13 129 (1,121) 116
Conversity Limited 12 - 2 (10) 2
  1,262 255 373 889 118

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

Investment additions

  £'000
Aistemos Limited 277
  277

Investment disposals

 

 

 
 

 

Cost
Market
value at 1 March 2018
 

Disposal
proceeds
Gain
against
cost
Realised
gain
in period
 £'000£'000£'000£'000£'000
Watchfinder.co.uk Limited 551 2,145 4,835 4,284 2,690
Chargemaster plc 1,079 2,498 3,394 2,315 896
  1,630 4,643 8,229 6,599 3,586

In addition, an amount of £335,000 was received as an interim distribution in respect of the administration of MEL Topco Limited (t/a Maplin).

Changes to share capitalOrdinary
Shares
of 1.6187p each
As at 1 March 2018 144,004,855
Shares bought back during the 3 months to 31 May 2018 -
Shares issued during the 3 months to 31 May 2018 -
As at 31 May 2018 144,004,855

In the period from 1 June 2018 to the date of this announcement, 771,075 Ordinary Shares were repurchased and subsequently cancelled.

In addition, 584,519 Ordinary Shares were issued under the Company's Dividend Reinvestment Scheme in respect of the dividend paid on 20 July 2018.

Material events
Other than the matters described above, there were no material events during the period from 1 March 2018 to 31 May 2018 or in the period from 1 June 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




This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Proven Growth & Income VCT plc via Globenewswire

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