ProVen Growth and Income VCT plc: Interim Management Statement
ProVen Growth and Income VCT plc
Interim Management Statement
for the nine months ended 30 November 2021
ProVen Growth and Income 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”) | 63.5 | 63.4 | 63.3 | 61.5 |
| Dividends paid since class launch (originally as ‘C’ Shares)* | 70.65 | 69.15 | 67.65 | 67.65 |
| Total Return (NAV plus dividends paid since ‘C’ Share class launch) | 134.15 | 132.55 | 130.95 | 129.15 |
* 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 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) | 15,564 |
| Papier Ltd | 6,947 |
| Sannpa Limited (t/a Fnatic) | 6,925 |
| Blis Media Limited | 6,691 |
| Picasso Labs, Inc. | 6,161 |
| Luxury Promise Limited | 5,861 |
| Thread, Inc. | 5,241 |
| MPB Group Limited | 4,799 |
| Infinity Reliance Limited (t/a My 1st Years) | 4,561 |
| Mycs GmbH | 4,542 |
| Other investments | 53,598 |
| Total investments | 120,890 |
| Cash at bank | 42,778 |
| Other net current liabilities | (3,269) |
| Net Assets | 160,399 |
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 | |
| DeepStream Technologies Limited | 2,744 |
| Dealroom.co B.V | 2,012 |
| Picasso Labs, Inc | 1,891 |
| Been There Done That Global Limited | 1,702 |
| Enternships Limited (t/a Learnerbly) | 1,575 |
| Thread, Inc. | 1,260 |
| Andcrafted Ltd (t/a Plank Hardware) | 1,087 |
| Access Systems, Inc. | 283 |
| Poq Studio Limited | 95 |
| 12,649 |
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 | 3,550 | 4,317 | 4,317 | 767 | - |
| InSkin Media Limited | 1,435 | - | 1,653 | 218 | 1,653 |
| 4,985 | 4,317 | 5,970 | 985 | 1,653 |
Investment activity from 1 December 2021 to the date of this announcement
Investment additions
| £’000 | |
| Luxury Promise Limited | 3,498 |
| EMS UK Operations Ltd (t/a Archdesk) | 2,234 |
| Mycs GmbH | 1,457 |
| CGHero Limited | 1,249 |
| Papier Ltd | 1,246 |
| 9,684 |
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 | 253,542,525 |
| Shares bought back during the 3 months to 30 November 2021 | (1,047,621) |
| Shares issued during the 3 months to 30 November 2021 | - |
| As at 30 November 2021 | 252,494,904 |
In the period from 1 December 2021 to the date of this announcement, 271,759 Ordinary Shares were repurchased and subsequently cancelled.
In addition, 909,121 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 of the Companies) 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 of the Companies) 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 66.6 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: or by contacting Beringea, the Investment Manager at or by telephone 020 7845 7820.
Beringea LLP
Company Secretary
Telephone 020 7845 7820
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