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

 
TIDMPGOO 
 
   ProVen Growth & Income VCT plc 
 
   Interim Management Statement 
 
   for the three months ended 30 November 2019 
 
   ProVen Growth & Income VCT plc (the "Company") presents an Interim 
Management Statement for the three month period ended 30 November 2019. 
The statement also includes relevant financial information between the 
end of the period and the date of this announcement. 
 
   Performance 
 
 
 
 
                                                         Unaudited                     Unaudited    Audited 
                                                         30 November     Unaudited       31 May    28 February 
                                                            2019       31 August 2019     2019        2019 
                                                           Pence           Pence         Pence       Pence 
Net Asset Value per share ("NAV")                               61.3             63.2       67.2          68.4 
Dividends paid since class launch (originally as 'C' 
 Shares)*                                                       64.4             62.9       60.9          60.9 
Total Return (NAV plus dividends paid since 'C' Share 
 class launch)                                                 125.7            126.1      128.1         129.3 
 
 
   * 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 5 November 2019, the Company announced an interim dividend for the 
year ended 29 February 2020 of 1.5p per share. This dividend was paid on 
6 December 2019 to shareholders on the register at 15 November 2019. 
 
   Investment portfolio summary at 30 November 2019 
 
   Portfolio summary 
 
 
 
 
                                      Valuation 
Venture capital investments            GBP'000 
Sannpa Limited (t/a Fnatic)               5,947 
ContactEngine Limited                     4,814 
Dryden Holdings Limited                   4,761 
Sealskinz Holdings Limited                4,516 
D3O Holdings Ltd                          3,795 
Zoovu Limited (t/a Smart Assistant)       3,619 
Mycs GmbH                                 3,532 
Poq Studio Limited                        3,497 
Thread, Inc.                              3,302 
Written Byte Ltd (t/a DeepCrawl)          3,254 
Other investments                        34,926 
                                         75,963 
Cash at bank                             49,405 
Other net current liabilities           (2,380) 
 
Net Assets                              122,988 
                                      ========= 
 
 
   Quoted investments are valued at the closing bid price at 30 November 
2019, 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 30 November 2019 
 
   Investment additions 
 
 
 
 
                              GBP'000 
Sannpa Limited (t/a Fnatic)     3,107 
                                3,107 
                              ======= 
 
 
   Investment disposals 
 
 
 
 
                                                            Gain     Realised 
                            Market value       Disposal    against     gain 
                 Cost    at 1 September 2019    proceeds    cost     in period 
               GBP'000        GBP'000          GBP'000    GBP'000    GBP'000 
Rapid Charge 
 Grid 
 Limited*          472                   472         472         -           - 
MatsSoft 
 Limited**           -                     -         239       239         239 
                   472                   472         711       239         239 
               =======  ====================  ==========  ========  ========== 
 
   * Loan note disposal. 
 
   ** Disposal proceeds represent contingent proceeds, including 
consideration in the form of shares in Netcall plc. 
 
 
 
   Investment activity from 1 December 2019 to the date of this 
announcement 
 
 
 
 
                GBP'000 
Our Path Ltd      2,800 
Festicket Ltd       897 
                  3,697 
                ======= 
 
 
   Investment disposals 
 
   There were no investment disposals in the period from 1 December 2019 to 
the date of this announcement. 
 
 
 
 
                                                            Ordinary 
                                                             Shares 
Changes to share capital                                 of 1.6187p each 
As at 1 September 2019                                       188,021,663 
Shares bought back during the 3 months to 30 November 
 2019                                                          (368,285) 
Shares issued during the 3 months to 30 November 2019         12,919,100 
As at 30 November 2019                                       200,572,478 
                                                        ================ 
 
 
   In the period from 1 December 2019 to the date of this announcement, 
279,107 Ordinary Shares were repurchased and subsequently cancelled. 
 
   In addition, 771,780 Ordinary Shares were issued under the Company's 
Dividend Reinvestment Scheme in relation to the dividend paid on 6 
December 2019. 
 
   Material events 
 
   ProVen VCT plc and ProVen Growth and Income VCT plc (together the 
"Companies" and each being a "Company") announced on 11 November 2019 
their intention to launch a combined Offer for Subscription to raise up 
to GBP20 million (with each Company intending to raise up to GBP10 
million) by way of an issue of new ordinary shares in the Companies, 
with an over-allotment facility of up to a further GBP20 million in 
aggregate (being a facility of up to GBP10 million for each Company). 
 
   Other than the matters described above, there were no material events 
during the period from 1 September 2019 to 30 November 2019 or in the 
period from 1 December 2019 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 
 
 
 
 
 
 

(END) Dow Jones Newswires

January 21, 2020 03:00 ET (08:00 GMT)

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