Proven VCT plc Proven Vct Plc: Interim Management Statement

 
TIDMPVN 
 
   ProVen VCT plc 
 
   Interim Management Statement 
 
   for the three months ended 30 November 2020 
 
   ProVen VCT plc (the "Company") presents an Interim Management Statement 
for the three month period ended 30 November 2020. The statement also 
includes relevant financial information between the end of the period 
and the date of this announcement. 
 
   Performance 
 
 
 
 
                                                       Unaudited    Audited 
                       Unaudited         Unaudited       31 May    29 February 
                    30 November 2020   31 August 2020     2020        2020 
                         Pence             Pence         Pence       Pence 
Net Asset Value 
 per share 
 ("NAV")                        70.0             67.3       68.0          70.1 
Dividends paid to 
 date*                         71.75            70.25      68.25         68.25 
NAV plus 
 dividends paid 
 to date                      141.75           137.55     136.25        138.35 
 
 
   *Dividends paid represent dividends paid since the consolidation of 5p 
Ordinary Shares into 10p Ordinary Shares in October 2012. Prior to this 
date, the Company paid dividends totalling 113.95p on the 5p Ordinary 
Shares. 
 
   Dividends paid or declared 
 
   On 29 October 2020, the Company announced an interim dividend for the 
year ended 28 February 2021 of 1.5p per share. This dividend was paid on 
4 December 2020 to shareholders on the register at 13 November 2020. 
 
   Investment portfolio summary at 30 November 2020 
 
   Portfolio summary 
 
 
 
 
                                                 Valuation 
Venture capital investments                       GBP'000 
Zoovu Limited (t/a Smart Assistant)                  6,931 
Infinity Reliance Limited (t/a My 1(st) Years)       6,891 
Mycs GmbH                                            6,127 
Monica Vinader Limited                               4,702 
MPB Group Limited                                    4,482 
Written Byte Limited (t/a DeepCrawl)                 3,948 
Litchfield Media Limited                             4,128 
Thread, Inc.                                         4,025 
Access Systems, Inc.                                 3,808 
ContactEngine Limited                                3,470 
Other investments                                   33,935 
                                                    82,447 
 
Cash at bank                                        36,491 
Other net current assets                               243 
 
Net Assets                                         119,181 
                                                 ========= 
 
 
   Quoted investments are valued at the closing bid price at 30 November 
2020, 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 2020 
 
   Investment additions 
 
 
 
 
 
                                       GBP'000 
Written Byte Limited (t/a DeepCrawl)     1,153 
Thread, Inc.                               250 
Poq Studio Limited                         184 
Papier Ltd                                 150 
                                         1,737 
                                       ======= 
 
 
   Investment disposals 
 
 
 
 
                                                                  Gain     Realised 
                                  Market              Disposal   against     loss 
                  Cost   value at 1 September 2020    Proceeds    cost     in period 
               GBP'000           GBP'000             GBP'000    GBP'000    GBP'000 
Written Byte 
 Limited (t/a 
 DeepCrawl)*       146                         294         288       142         (6) 
 
                   146                         294         288       142         (6) 
 =====================  ==========================  ==========  ========  ========== 
 
 
   *Part-disposal of shares, which completed at the same time as the 
follow-on investment in the same company. The transaction was structured 
in this way in order to strengthen the Company's overall position as a 
shareholder in the company. 
 
   Investment activity from 1 December 2020 to the date of this 
announcement 
 
 
 
 
 
 
 
 
                 GBP'000 
Exonar Limited       309 
                     309 
                 ======= 
 
   Investment disposals from 1 December 2020 to the date of this 
announcement 
 
 
 
   There were no investment disposals in the period from 1 December 2020 to 
the date of this announcement. 
 
 
 
 
                                                          Ordinary 
                                                           Shares 
Changes to share capital                                 of 10p each 
As at 1 September 2020                                   170,706,535 
Shares bought back during the 3 months to 30 November 
 2020                                                      (390,969) 
Shares issued during the 3 months to 30 November 2020              - 
As at 30 November 2020                                   170,315,566 
                                                        ============ 
 
 
   In the period from 1 December 2020 to the date of this announcement, 
241,508 Ordinary Shares were repurchased and subsequently cancelled. 
 
   In addition, 646,450 Ordinary Shares were issued under the Company's 
Dividend Reinvestment Scheme in relation to the dividend paid on 4 
December 2020. 
 
   Material events 
 
   ProVen VCT plc and ProVen Growth and Income VCT plc (the "Companies") 
announced on 3 December 2020 that they had published a Prospectus 
(comprising Securities Note, Registration Document and Summary) in 
respect of a combined offer for subscription to raise up to 
GBP40,000,000 by way of an issue of new ordinary shares in the Companies, 
with an over-allotment facility of up to a further GBP20,000,000 payable 
in full in cash on application. 
 
   Other than the matters described above, there were no material events 
during the period from 1 September 2020 to 30 November 2020 or in the 
period from 1 December 2020 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 20, 2021 10:30 ET (15:30 GMT)

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