ProVen Growth and Income VCT plc: Interim Management Statement
December 22, 2023 at 04:31 am EST
Share
ProVen Growth and Income VCT plc Interim Management Statement for the nine months ended 30 November 2023
ProVen Growth and Income VCT plc (the “Company”) presents an Interim Management Statement for the nine-month period ended 30 November 2023. The statement also includes relevant financial information between the end of the period and the date of this announcement.
Performance
Unaudited 30 November 2023
Unaudited 31 August 2023
Unaudited 31 May 2023
Audited 28 February 2023
Pence
Pence
Pence
Pence
Net Asset Value per share (“NAV”)
54.0
51.4
53.0
54.2
Dividends paid to date since class launch (originally as ‘C’ Shares)*
77.2
77.2
75.4
75.4
NAV plus dividends paid to date
131.2
128.6
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 7 November 2023, the Company announced an interim dividend for the year ended 28 February 2024 of 1.25p per share. This dividend was paid on 15 December 2023 to shareholders on the register at 17 November 2023. The payment of this dividend will reduce the NAV shown above of 54.0p at 30 November 2023 to 52.75p per share.
Investment portfolio summary at 30 November 2023
Cost £’000
Valuation £’000
Luxury Promise Limited
6,020
9,646
Picasso Labs, Inc. (t/a CreativeX)
4,546
8,884
Sannpa Limited (t/a Fnatic)
6,718
6,774
MPB Group Limited
1,194
5,396
Social Value Portal Ltd
2,542
4,896
Gorillini NV (t/a Gorilla)
1,949
4,787
Utilis Israel Ltd (t/a Asterra)
2,144
4,769
Papier Ltd
4,703
4,703
Infinity Reliance Limited (t/a My 1st Years)
2,769
4,701
DeepCrawl Holding Company, Inc. (t/a Lumar)
4,033
4,029
Been There Done That Global Limited
3,149
3,942
Dash Brands Ltd
3,282
3,920
Second Nature Healthy Habits Ltd
3,842
3,842
WS HoldCo, PBC. (t/a WiredScore)
3,494
3,426
Lupa Foods Limited
646
3,114
Arctic Shores Limited
2,909
2,928
Dealroom.co B.V.
2,012
2,815
Litchfield Media Limited
1,420
2,622
Litta App Limited
2,053
2,464
Yardlink Ltd
2,319
2,319
Other venture capital investments
51,731
26,541
Total venture capital investments
113,475
116,518
Cash at bank and in hand
46,654
Other net current assets
845
Net assets
164,017
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 30 November 2023
Investment additions
£’000
MOTH Drinks Ltd
66
66
There has been no investment activity in the period from 1 December 2023 to the date of this announcement.
Changes to share capital
Ordinary Shares of 1.6187p each
As at 1 September 2023
306,263,244
Shares bought back during the 3 months to 30 November 2023
(2,654,971)
Shares issued during the 3 months to 30 November 2023
-
As at 30 November 2023
303,608,273
In the period from 1 December 2023 to the date of this announcement, 1,145,081 Ordinary Shares were issued under the Company’s Dividend Reinvestment Scheme (“DRIS”) in relation to the dividend paid on 15 December 2023.
Material events Other than the matters described above, there were no material events during the period from 1 September 2023 to 30 November 2023 or in the period from 1 December 2023 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 provenvcts@beringea.co.uk or by telephone 020 7845 7820.
Beringea LLP Company Secretary Telephone 020 7845 7820 -End
ProVen Growth and Income VCT plc is a United Kingdom-based venture capital trust. The Company's investment objective is to achieve long-term returns greater than those available from investing in a portfolio of quoted companies, by investing in a portfolio of carefully selected qualifying investments in small and medium sized unquoted companies with growth prospects and a portfolio of non-qualifying investments permitted for liquidity management purposes. It is focused on minimizing the risk of each investment and the portfolio as a whole. It invests in companies at various stages of development, including those requiring capital for expansion, but not in start-ups or in management buy-outs or businesses seeking to use funding to acquire other businesses. Its portfolio comprises approximately 52 investments across various sectors, including business services, media/advertising technology, healthcare, consumer/e-commerce and others. Its investment manager is Beringea LLP.