Proven Vct Share Discussion Threads

[jonwig] 12/7/2017 12:50

Portfolio update: nav 107.9p.

Third Bridge (being sold) is up from £2.458m (30 Nov) to £5.092m (31 May). Presumably that's the sale price. Leaves them with over £36m cash to deploy.

[steve3sandal] 08/6/2017 12:24

Thank you for the prompt...good reading, though I might have hoped for 6.5p to be repeated given liquidity and gains made. The real shame for me is that they are not raising funds this year.

[jonwig] 08/6/2017 08:33

A pretty good performance for the year to Feb:

"The Company's net asset value ("NAV") per share increased by 12.1p over the year (after adding back the dividends of 6.5p paid in the year), an increase of 12% on the opening NAV. At 28 February 2017 the NAV per share stood at 106.3p."

[cerrito] 01/4/2016 18:00

Catching up with things I went into this for a very modest amount for this tax year and just seen that they closed early on March 24 and used £4m of the Over allotment facility ie raised £34m so let's hope that the Investment Team keep their cool and invest this large amount wisely.
Given that total assets of PVN were £63m at 30.11.15 -per website- and in the year to Feb 2015 they invested just £18m(and this was before sales etcet of £7m), this represents quite a step change. I note that Proven Growth and Income which were slightly bigger had no share raise.
Makes me wonder if I made the right decision but as far as I could determine one had the same issues with other funds.

[jonwig] 10/3/2016 15:58

First equity issue on the fundraising:



Current number of applications is higher, according to clubfinance. I don't know whether they'll reach the £30m.

[mw8156] 29/2/2016 21:50

big wrrite-up in the times for d30 today
i too am worried by them and others trying to raise too much esp in view of the changed legislation vetoing mbo's which makes for much more competition for deals.

[jonwig] 29/2/2016 06:44

Cerrito - agreed there's lots of fundraising going on, and it's driven my demand for legitimate tax avoidance of course. I remember reading somewhere (sorry, no link) that growing companies are going to VCT/EIS rather than IPO on AIM, even though the qualifying rules have changed.
We'll have to see how funds get invested!

I use Clubfinance as discount broker. This page shows, I think, that the more established providers are raising the cash at the expense of smaller/newer ones:



(Foresight flopping? Wouldn't surprise me!)

EDIT: incidentally, share buybacks at market price, issue of new shares at or near NAV will cover part of their investment problem!

[cerrito] 28/2/2016 23:33

Yes Jonwig I agree that they are good people; my problem is that I see PVN at the last reporting date had net assets of £65m of which cash was £17.5m...and following their M Vinader sale they have £3m+ more.
I see that they are raising up to £30m- a substantial for them new amount and wonder if they/Beringea have the management depth to both make and monitor all the new investments they would be making.
I have Downing VCT's and I see that they are raising funds for their generalist fund-Downing One- where cash was £18m out of total assets of £82m so the same issue applies-I see that they are raising funds for Downing Two-the defined term VCT's who also have cash.
Albion are also raising funds and two of their VCT's where I have holdings also have plenty of cash.
Thoughts anyone??

[jonwig] 08/2/2016 19:14

The Board of ProVen VCT plc (the "Company") is pleased to announce that the Company has realised 60% of its ordinary share investment in Monica Vinader Limited, generating a return of 12 times cost on the original 2010 investment and an IRR of over 70% on the ordinary shares sold. Following this realisation, the unaudited net asset value of the Company is 99.5p per share

That's up from 97.2p at 30 Nov 2015. Have an application in for the current round.