Proven VCT plc Proven Vct Plc: Interim Management Statement

 
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ProVen VCT plc

Interim Management Statement

for the three months ended 31 May 2022

ProVen VCT plc (the "Company") presents an Interim Management Statement for the three-month period ended 31 May 2022. The statement also includes relevant financial information between the end of the period and the date of this announcement.

Performance

 
                                      Unaudited 
                                        31 May        Audited 
                                         2022     28 February 2022 
                                        Pence          Pence 
Net Asset Value per share ("NAV")          74.5               76.7 
Dividends paid to date*                   75.25              75.25 
NAV plus dividends paid to date          149.75             151.95 
 

*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 10 June 2022, the Company declared a special dividend of 1.5p per share and proposed a final dividend, for Shareholders' approval, for the year ended 28 February 2022 of 2.25p per share. Having received approval for the final dividend at the Annual General Meeting of the Company on 20 July 2022, both dividends will be paid on 5 August 2022 to Shareholders on the register at 15 July 2022.

Investment portfolio summary at 31 May 2022

Portfolio summary

 
                                                Valuation 
Venture capital investments                      GBP'000 
 
Luxury Promise Limited                             11,241 
Monica Vinader Limited                              7,512 
Infinity Reliance Limited (t/a My 1st Years)        6,450 
Picasso Labs, Inc. (t/a CreativeX)                  6,382 
Blis Global Ltd (formerly Blis Media Limited)       4,938 
MPB Group Limited                                   4,730 
Papier Ltd                                          4,648 
Zoovu Limited (t/a SmartAssistant)                  4,162 
Access Systems, Inc. (t/a Access Pay)               4,046 
Thread, Inc.                                        3,176 
Other investments                                  50,807 
                                                --------- 
Total investments                                 108,092 
 
Cash at bank                                       66,387 
Other net current liabilities                       (870) 
 
Net Assets                                        173,609 
                                                ========= 
 

Quoted investments are valued at the closing bid price at 31 May 2022, 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 2022

Investment additions

 
                                     GBP'000 
Mycs GmbH                                460 
Picasso Labs, Inc. (t/a CreativeX)       990 
 
                                       1,450 
                                     ======= 
 

Investment disposals

 
                                   Market                Gain/(loss)   Realised 
                                  value at 1   Disposal    against      (loss) 
                          Cost    March 2022   proceeds      cost      in period 
                        GBP'000    GBP'000     GBP'000     GBP'000     GBP'000 
Zoovu Limited (t/a 
 SmartAssistant)*         3,488       13,121     13,115        9,627         (6) 
Rapid Charge Grid 
 Limited**                  491          491        491            -           - 
Netcall plc                 287          298        247         (40)        (51) 
Lupa Foods Limited**         40           52         52           12           - 
Exonar Limited            2,814            -          -      (2,814)           - 
 
                          7,120       13,962     13,905        6,785        (57) 
                        =======  ===========  =========  ===========  ========== 
 

* Loss in period relates to transaction costs incurred upon disposal

**Loan note repayment

Investment activity from 1 June 2022 to the date of this announcement

Investment additions

 
                                      GBP'000 
WS Holdco, PBC. (t/a WiredScore)        3,733 
Social Value Portal Ltd                   958 
DeepCrawl Holding Company, Inc.           932 
[Second Nature Healthy Habits Ltd]] 
 
                                        5,623 
                                      ======= 
 

Investment disposals

 
                                Market                Gain/ (loss)   Realised 
                               value at 1   Disposal     against       gain 
                       Cost    June 2022    proceeds      cost       in period 
                     GBP'000    GBP'000     GBP'000     GBP'000      GBP'000 
Blis Global Ltd 
 (formerly Blis 
 Media Limited)          841        4,938      5,200         4,359         262 
Mycs GmbH              5,908            -          -       (5,908)           - 
 
                       6,749        4,938      5,200       (1,549)         262 
                     =======  ===========  =========  ============  ========== 
 
 
                                                          Ordinary 
                                                           Shares 
Changes to share capital                                 of 10p each 
As at 1 March 2022                                       192,378,178 
Shares bought back during the 3 months to 31 May 2022              - 
Shares issued during the 3 months to 31 May 2022          40,595,362 
As at 31 May 2022                                        232,973,540 
                                                        ============ 
 

In the period from 1 June 2022 to the date of this announcement, 1,142,817 Ordinary Shares were repurchased and subsequently cancelled.

In addition, 2,465,173 Ordinary Shares were issued pursuant to the offer for subscription that opened on 11 January 2022.

Material events

Other than the matters described above, there were no material events during the period from 1 March 2022 to 31 May 2022 or in the period from 1 June 2022 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 [phone].

Beringea LLP

Company Secretary

Telephone [phone]

-End

(END) Dow Jones Newswires

July 26, 2022 03:00 ET (07:00 GMT)

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