ProVen VCT plc
Interim Management Statement
for the three months ended 31 May 2025
ProVen 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 31- May 2025 | Audited 28 -Feb 2025 | |||
| Pence | Pence | |||
| Net Asset Value per share (“NAV”) | 63.4 | 62.9 | ||
| Dividends paid to date* | 87.50 | 87.50 | ||
| Total Return (NAV plus dividends paid since 10p Share consolidation) | 150.90 | 150.40 |
*Dividends paid represents 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 June 2025, the Company announced a final dividend for the year ended 28 February 2025 of 1.75p 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 61.65p pence and increase dividends paid to date to 89.25p per share.
Investment portfolio summary at 31 May 2025
| Cost | Valuation | |
| Venture capital investments | £’000 | £’000 |
| MPB Group Limited | 1,684 | 12,622 |
| Gorillini NV (t/a Gorilla) | 4,624 | 9,461 |
| Luxury Promise Limited | 5,680 | 8,983 |
| Infinity Reliance Limited (t/a My 1st Years) | 4,731 | 7,548 |
| Social Value Portal Ltd | 2,590 | 6,544 |
| Access Systems, Inc. (t/a AccessPay) | 3,737 | 6,042 |
| Picasso Labs, Inc. (t/a CreativeX) | 2,729 | 5,979 |
| Farmer J Limited | 3,670 | 5,911 |
| Dash Brands Ltd | 2,718 | 4,643 |
| Moonshot CVE Ltd | 2,298 | 4,567 |
| Other venture capital investments | 84,415 | 59,458 |
| Total venture capital investments | 118,876 | 131,758 |
| Cash and cash equivalents | 48,738 | |
| Other net current assets | 259 | |
| Net Assets | 180,755 |
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
Additions
| Venture capital investments | Cost £’000 |
| Limitless Travel Ltd | 1,165 |
| MOTH Drinks Ltd | 186 |
| Mojo Men Ltd | 133 |
| Total | 1,484 |
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 £26,000.
| Changes to share capital | Ordinary Shares of 10p each |
| As at 1 March 2025 | 268,666,368 |
| Shares bought back during the 3 months to 31 May 2025 | - |
| Shares issued during the 3 months to 31 May 2025 | 16,486,817 |
| As at 31 May 2025 | 285,153,185 |
In the period from 1 June 2025 to the date of this announcement, 1,823,214 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 65.32p, based on the net asset value of 62.9p 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, 4,385,063 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 Beringea's dedicated VCT 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
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