ProVen Growth & Income VCT plc
Interim Management Statement
for the three months ended 31 May 2022
ProVen Growth & Income VCT plc (the “Company”) presents an Interim Management Statement for the three-month period ended 31 May 2022. The statement also includes relevant financial information between the end of the period and the date of this announcement.
Performance
| Unaudited
31 May 2022 |
Audited
28 February 2022 |
|||
| Pence | Pence | |||
| Net Asset Value per Ordinary share (“NAV”) | 64.2 | 67.3 | ||
| Dividends paid since class launch (originally as ‘C’ Shares)* | 70.7 | 70.7 | ||
| Total Return (NAV plus dividends paid since ‘C’ Share class launch) | 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 10 June 2022, the Company declared a special dividend of 1.75p per share and proposed a final dividend, for Shareholders’ approval, for the year ended 28 February 2022 of 1.5p per share. Having received approval for the final dividend at the Annual General Meeting of the Company on 20 July 2022, both dividends will be paid on 5 August 2022 to Shareholders on the register at 15 July 2022.
Investment portfolio summary at 31 May 2022
Portfolio summary
| Valuation | |
| Venture capital investments | £’000 |
| Picasso Labs, Inc. (t/a CreativeX) | 12,921 |
| Luxury Promise Limited | 11,770 |
| Papier Ltd | 8,972 |
| Blis Global Ltd (formerly Blis Media Limited) | 6,355 |
| Zoovu Limited (t/a SmartAssistant) | 5,544 |
| Sannpa Limited (t/a Fnatic) | 4,811 |
| Infinity Reliance Limited (t/a My 1st Years) | 4,241 |
| Been There Done That Global Limited | 4,038 |
| Thread, Inc. | 3,669 |
| MPB Group Limited | 3,461 |
| Other investments | 56,195 |
| 121,977 | |
| Cash at bank | 65,815 |
| Other net current liabilities | (1,809) |
| Net Assets | 185,983 |
Quoted investments are valued at the closing bid price at 31 May 2022, 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 2022
Investment additions
| £’000 | ||
| Mycs GmbH | 550 | |
| Picasso Labs, Inc. (t/a CreativeX) | 1,185 | |
| 1,735 | ||
Investment disposals
|
Cost |
Market
value at 1 March 2022 |
Disposal proceeds |
Gain/(loss)
against cost |
Realised
(loss) in period |
|
| £’000 | £’000 | £’000 | £’000 | £’000 | |
| Zoovu Limited (t/a SmartAssistant)* | 3,449 | 17,471 | 17,464 | 14,015 | (7) |
| Netcall plc | 324 | 336 | 279 | (45) | (57) |
| Rapid Charge Grid Limited**
Lupa Foods Limited** |
220
37 |
220
48 |
220
48 |
–
11 |
–
– |
| Exonar Limited | 1,602 | – | – | (1,602) | – |
| 5,632 | 18,075 | 18,011 | 12,379 | (64) |
* Loss in period relates to transaction costs incurred upon disposal
**Loan note repayment
Investment activity from 1 June 2022 to the date of this announcement
| £’000 | ||
| WS Holdco, PBC. (t/a WiredScore) | 3,494 | |
| Social Value Portal Ltd | 1,042 | |
| DeepCrawl Holding Company, Inc. | 734 | |
| [Second Nature Healthy Habits Ltd] | ||
| 5,270 | ||
Investment disposals
|
Cost |
Market
value at 1 June 2022 |
Disposal proceeds |
Gain/(loss)
against cost |
Realised
gain in period |
|
| £’000 | £’000 | £’000 | £’000 | £’000 | |
| Blis Global Ltd (formerly Blis Media Limited) | 1,083 | 6,355 | 6,692 | 5,609 |
337 |
| Mycs GmbH | 5,038 | – | – | (5,038) | – |
| 6,121 | 6,355 | 6,692 | 571 | 337 |
| Changes to share capital | Ordinary
Shares of 1.6187p each |
| As at 1 March 2022 | 252,090,729 |
| Shares bought back during the 3 months to 31 May 2022 | – |
| Shares issued during the 3 months to 31 May 2022 | 37,500,491 |
| As at 31 May 2022 | 289,591,220 |
In the period from 1 June 2022 to the date of this announcement, 3,695,081 Ordinary Shares were repurchased and subsequently cancelled.
In addition, 2,275,339 Ordinary Shares were issued pursuant to the offer for subscription that opened on 11 January 2022.
Material events
Other than the matters described above, there were no material events during the period from 1 March 2022 to 31 May 2022 or in the period from 1 June 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
-End
