ProVen Growth and Income VCT plc: Interim Management Statement
Source: GlobeNewswireProVen Growth and Income VCT plc
Interim Management Statement
for the three months ended 31 May 2025
ProVen Growth and Income VCT plc (the “Company”) presents an Interim Management Statement for the three-month period ended 31 May 2025. The statement also includes relevant financial information between the end of the period and the date of this announcement.
Performance
| Unaudited | Audited | |
| 31-May | 28-Feb | |
| 2025 | 2025 | |
| Pence | Pence | |
| Net Asset Value per share (“NAV”) | 50.2 | 50.2 |
| Dividends paid since class launch (originally as "C" Shares)* | 81.15 | 81.15 |
| Total Return (NAV plus dividends paid since "C" Share class launch) | 131.35 | 131.35 |
*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 June 2025, the Company announced a final dividend for the year ended 28 February 2025 of 1.5p per share. This dividend will be paid on 15 August 2025 to Shareholders on the register at 18 July 2025. Payment of this dividend will reduce the NAV per share as shown above to 48.7p pence and increase dividends paid to date to 82.65p per share.
Investment portfolio summary at 31 May 2025
| Cost | Valuation | |
| Venture capital investments | £'000 | £'000 |
| Picasso Labs, Inc. (t/a CreativeX) | 4,546 | 12,170 |
| Luxury Promise Limited | 6,020 | 9,417 |
| MPB Group Limited | 1,194 | 7,959 |
| Gorillini NV (t/a Gorilla) | 2,886 | 6,762 |
| Social Value Portal Ltd | 2,660 | 6,655 |
| Dash Brands Ltd | 3,282 | 5,606 |
| Infinity Reliance Limited (t/a My 1st Years) | 2,769 | 5,123 |
| Second Nature Healthy Habits Ltd | 3,842 | 5,059 |
| Utilis Israel Ltd (t/a Asterra) | 2,144 | 4,860 |
| Papier Ltd | 4,703 | 4,703 |
| Other venture capital investments | 81,431 | 54,174 |
| Total venture capital investments | 115,477 | 122,488 |
| Cash at bank and in hand | 41,759 | |
| Other net current assets | 169 | |
| Net assets | 164,416 |
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 2025
Investment additions
| Cost | |
| Venture capital investments | £'000 |
| Limitless Travel Ltd | 1,035 |
| MOTH Drinks Ltd | 164 |
| Mojo Men Ltd | 117 |
| Total | 1,316 |
Investment disposals
There were no disposals made in the quarter to 31 May 2025.
Investment activity from 1 June 2025 to the date of this announcement
In the period from 1 June 2025 to the date of this announcement, a follow on investment was made in Not Another Beer Co Ltd (t/a Lucky Saint) at a cost of £23,000.
Changes to share capital
Ordinary Shares of 1.6187p each
| As at 1 March 2025 | 312,422,990 |
| Shares bought back during the 3 months to 31 May 2025 | - |
| Shares issued during the 3 months to 31 May 2025 | 15,087,371 |
| As at 31 May 2025 | 327,510,361 |
In the period from 1 June 2025 to the date of this announcement, 1,540,601 Ordinary Shares were issued on 2 July 2025 pursuant to the offer for subscription that opened on 6 November 2024 and were allotted at an average price of 52.3p, based on the net asset value of 50.2p per Ordinary Share, being the net asset value as at 28 February 2025.
In the period from 1 June 2025 to the date of this announcement, 5,867,796 Ordinary Shares were repurchased and subsequently cancelled.
Material events
Other than the matters described above, there were no material events during the period from 1 March 2025 to 31 May 2025 or in the period from 1 June 2025 to the date of this announcement.
Further information
Further information regarding the Company can be found on the Company's website: www.proveninvestments.co.uk or by contacting Beringea, the Investment Manager at info@beringea.co.uk or by telephone 020 7845 7820.
Beringea LLP
Company Secretary
Telephone 020 7845 7820
