ProVen Growth and Income VCT plc: Interim Management Statement
Source: GlobeNewswireProVen Growth and Income VCT plc
Interim Management Statement
for the nine months ended 30 November 2022
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 30 November 2022 | Unaudited 31 August 2022 | Unaudited 31 May 2022 | Audited 28 February 2022 | |
| 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.
Investment portfolio summary at 30 November 2022
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 2022
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 disposals
Cost | Market value at 1 September 2022 | 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 2022 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 Gain / (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 1.6187p 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 provenvcts@beringea.co.uk or by telephone 020 7845 7820.
Beringea LLP
Company Secretary
Telephone 020 7845 7820
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