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

 
TIDMPGOO 
 

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    Audited 
                                                            31 May    28 February 
                                                             2023        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                           GBP'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

 
                                                            Gain     Realised 
                               Market           Disposal   against     loss 
                Cost    value at 1 March 2023   proceeds    cost     in period 
              GBP'000         GBP'000           GBP'000   GBP'000    GBP'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.

 
                                                                Ordinary 
                                                                 Shares 
Changes to share capital                                     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: www.proveninvestments.co.uk or by contacting Beringea, the Investment Manager at [e-mail] or by telephone [phone].

Beringea LLP

Company Secretary

Telephone [phone]

-End

(END) Dow Jones Newswires

July 14, 2023 09:07 ET (13:07 GMT)

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