ProVen Growth and Income VCT plc: Interim Management Statement
ProVen Growth and Income VCT plc
Interim Management Statement
for the three months ended 31 May 2023
ProVen Growth and Income VCT plc (the “Company”) presents an Interim Management Statement for the three-month period ended 31 May 2023. The statement also includes relevant financial information between the end of the period and the date of this announcement.
Performance
| Unaudited 31 May 2023 | Audited 28 February 2023 | |||
| Pence | Pence | |||
| Net Asset Value per share (“NAV”) | 53.0 | 54.2 | ||
| Dividends paid since class launch (originally as ‘C’ Shares)* | 75.4 | 75.4 | ||
| Total Return (NAV plus dividends paid since ‘C’ Share class launch) | 128.4 | 129.6 |
* 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 9 June 2023, the Company announced a final dividend for the year ended 28 February 2023 of 1.75p per share. Having received approval for the final dividend at the Annual General Meeting of the Company on 12 July 2023, this dividend will be paid on 4 August 2023 to Shareholders on the register at 7 July 2023. Payment of this dividend will reduce the NAV per share as shown above to 51.25p pence and increase dividends paid to date to 77.15p per share.
Investment portfolio summary at 31 May 2023
Portfolio summary
| Valuation | |
| Venture capital investments | £’000 |
| Picasso Labs, Inc. (t/a CreativeX) | 10,444 |
| Luxury Promise Limited | 8,699 |
| Utilis Israel Ltd (t/a Asterra) | 5,095 |
| MPB Group Limited | 4,720 |
| Papier Ltd | 4,703 |
| Been There Done That Global Limited | 4,466 |
| Social Value Portal Ltd | 4,402 |
| Infinity Reliance Limited (t/a My 1st Years) | 3,933 |
| Second Nature Healthy Habits Ltd | 3,842 |
| WS HoldCo, PBC. (t/a WiredScore) | 3,512 |
| Other investments | 54,153 |
| Total investments | 107,969 |
| Cash and cash equivalents | 53,060 |
| Other net current assets | 278 |
| Net Assets | 161,307 |
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 2023
Investment additions
There were no investment additions for the Company in the quarter.
Investment disposals
Cost | Market value at 1 March 2023 | Disposal proceeds | Gain against cost | Realised loss in period | |
| £’000 | £’000 | £’000 | £’000 | £’000 | |
| Monica Vinader Limited | 204 | 2,687 | 2,410 | 2,206 | (277) |
| Aistemos Limited | 1,681 | 2,852 | 2,852 | 1,171 | - |
| 1,885 | 5,539 | 5,262 | 3,377 | (277) |
Investment activity from 1 June 2023 to the date of this announcement
There has been no investment activity for the Company from 1 June 2023 to the date of this announcement.
| Changes to share capital | Ordinary Shares of 1.6187p each |
| As at 1 March 2023 | 297,414,345 |
| Shares bought back during the 3 months to 31 May 2023 | - |
| Shares issued during the 3 months to 31 May 2023 | 7,144,716 |
| As at 31 May 2023 | 304,559,061 |
In the period from 1 June 2023 to the date of this announcement, 1,612,697 Ordinary Shares were repurchased and subsequently cancelled. On 6 July 2023, 2,350,754 Ordinary Shares were issued pursuant to the offer for subscription that opened on 19 October 2022. 2,350,754 Ordinary Shares were allotted at an average price of 56.3p, based on the latest net asset value of 54.2p per Ordinary Share, being the net asset value as at 28 February 2023.
Material events
Other than the matters described above, there were no material events during the period from 1 March to 31 May 2023 or in the period from 1 June 2023 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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