ProVen VCT plc: Interim Management Statement

ProVen VCT plc

Interim Management Statement

for the nine months ended 30 November 2021

ProVen 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”)	75.0	75.7	76.4	74.8
Dividends paid to date*	75.25	73.75	71.75	71.75
NAV plus dividends paid to date	150.25	149.45	148.15	146.55

*Dividends paid represent dividends paid since the consolidation of 5p Ordinary Shares into 10p Ordinary Shares in October 2012. Prior to this date, the Company paid dividends totalling 113.95p on the 5p Ordinary Shares.

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)	11,921
Monica Vinader Limited	7,838
MPB Group Limited	7,172
Infinity Reliance Limited (t/a My 1st Years)	6,824
Luxury Promise Limited	5,425
Blis Media Limited	5,199
Mycs GmbH	5,178
Thread, Inc.	4,762
Access Systems, Inc.	4,007
Written Byte Ltd (t/a DeepCrawl)	3,783
Other investments	45,746
Total investments	107,855
Cash at bank	39,610
Other net current liabilities	(2,799)
Net Assets	144,666

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
Dealroom.co B.V	2,707
DeepStream Technologies Limited	1,256
Picasso Labs, Inc	1,109
Been There Done That Global Limited	998
Enternships Limited (t/a Learnerbly)	924
Andcrafted Ltd (t/a Plank Hardware)	913
Thread, Inc.	740
Access Systems, Inc.	237
Poq Studio Limited	55
	8,939

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	956	1,163	1,163	207	-
InSkin Media Limited	365	-	420	55	420
	1,321	1,163	1,583	262	420

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

Investment additions

	£’000
Luxury Promise Limited	3,502
EMS UK Operations Ltd (t/a Archdesk)	2,581
CGHero Limited	1,251
Papier Ltd	1,237
Mycs GmbH	853
	9,424

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	193,566,539
Shares bought back during the 3 months to 30 November 2021	(676,982)
Shares issued during the 3 months to 30 November 2021	-
As at 30 November 2021	192,889,557

In the period from 1 December 2021 to the date of this announcement, 155,183 Ordinary Shares were repurchased and subsequently cancelled.

In addition, 637,077 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 Company) 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 Company) 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 78.5 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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