Proven Growth & Inc. Proven Growth & Income Vct Plc : Interim Management Statement

 
TIDMPGOO 
 
 
   ProVen Growth & Income VCT plc 
 
   Interim Management Statement 
 
   for the three months ended 31 May 2017 
 
 
 
   ProVen Growth & Income VCT plc (the "Company") presents an Interim 
Management Statement for the three month period ended 31 May 2017. The 
statement also includes relevant financial information between the end 
of the period and the date of this announcement. 
 
 
 
   Performance 
 
 
 
 
 
 
                                    Unaudited    Audited 
                                      31 May    28 February 
                                       2017        2017 
                                      Pence       Pence 
Net Asset Value per share ("NAV")        84.0          82.7 
Dividends paid to date*                  41.6          41.6 
NAV plus dividends paid to date         125.6         124.3 
 
 
 
 
   * 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 June 2017, the Company announced a final dividend for the year 
ended 28 February 2017 of 2.5p per share. Having received approval at 
the Annual General Meeting of the Company on 4 July 2017, the dividend 
will be paid on 14 July 2017 to shareholders on the register at 16 June 
2017. 
 
 
 
   Investment portfolio summary at 31 May 2017 
 
 
 
   Portfolio summary 
 
 
 
 
                                             Valuation 
Venture capital investments                   GBP'000 
 
Third Bridge Group Limited                      11,004 
Rapid Charge Grid Limited                        5,299 
Dryden Holdings Limited                          4,716 
Blis Media Limited                               4,639 
APM Healthcare Limited                           4,062 
Disposable Cubicle Curtains Limited              3,594 
Chess Technologies Limited                       3,557 
Sealskinz Holdings Limited                       3,189 
D3O Holdings Limited                             3,136 
MEL Topco Limited (t/a Maplin Electronics)       2,006 
Other investments                               29,481 
                                                74,683 
Cash at bank                                    44,059 
Total                                          118,742 
 
 
 
 
   Quoted investments are valued at the closing bid price at 31 May 2017, 
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 2017 
 
 
 
 
                        GBP'000 
Poq Studio Limited          875 
Honeycomb.TV Limited        495 
ContactEngine Limited       137 
                          1,507 
 
 
 
 
 
 
   Investment disposals 
 
 
 
 
                                                            Gain     Realised 
                              Market            Disposal   against     gain 
               Cost    value at 1 March 2017    proceeds    cost     in period 
             GBP'000         GBP'000           GBP'000    GBP'000    GBP'000 
Skills 
 Matter 
 Limited         170                     170         170         -           - 
Celoxica 
 Limited          70                      70          70         -           - 
                 240                     240         240         -           - 
 
 
 
 
   Investment activity from 1 June 2017 to the date of this announcement 
 
 
 
   Investment additions 
 
 
 
 
                          GBP'000 
Perfect Channel Limited        22 
                               22 
 
 
 
 
   Investment disposals 
 
 
 
 
                                                              Gain    Realised 
                                Market            Disposal   against   gain in 
                 Cost    value at 1 March 2017    proceeds    cost     period 
               GBP'000         GBP'000           GBP'000    GBP'000   GBP'000 
APM 
 Healthcare 
 Limited         1,731                   2,957       4,062     2,331     1,105 
Abzena plc         791                     652         987       196       335 
Celoxica 
 Limited            48                      48          48         -         - 
Conversity 
 Limited            35                       -          38         3        38 
                 2,605                   3,657       5,135     2,530     1,478 
 
 
 
 
   On 23 June 2017, the Company reached an agreement to sell its investment 
in Third Bridge Group Limited. Completion of the transaction is subject 
to legal and regulatory approvals and is expected before the end of July 
2017. 
 
 
 
 
 
 
 
 
                                                            Ordinary 
                                                             Shares 
Changes to share capital                                 of 1.6187p each 
As at 1 March 2017                                            98,501,050 
Shares bought back during the 3 months to 31 May 2017                  - 
Shares issued during the 3 months to 31 May 2017              38,743,426 
As at 31 May 2017                                            137,244,476 
 
 
 
 
   In the period from 1 June 2017 to the date of this announcement, 428,525 
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 2017 to 31 May 2017 or in the period from 
1 June 2017 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 [e-mail] or by telephone 020 
7845 7820. 
 
 
 
   Beringea LLP 
 
   Company Secretary 
 
   Telephone [phone] 
 
 
 
   -End 
 
   This announcement is distributed by Nasdaq Corporate Solutions on behalf 
of Nasdaq Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: Proven Growth & Income VCT plc via Globenewswire 
 
 
 
 

(END) Dow Jones Newswires

July 12, 2017 06:37 ET (10:37 GMT)

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