ProVen VCT plc: Interim Management Statement
Updated : 08:00
ProVen VCT plc
Interim Management Statement
for the three months ended 30 November 2019
ProVen 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 30 November 2019 | Unaudited 31 August 2019 | Unaudited 31 May 2019 | Audited 28 February 2019 |
| Pence | Pence | Pence | Pence | |
| Net Asset Value per share (“NAV”) | 73.6 | 76.4 | 81.2 | 82.2 |
| Dividends paid to date* | 68.25 | 66.25 | 63.75 | 63.75 |
| NAV plus dividends paid to date | 141.85 | 142.65 | 144.95 | 145.95 |
*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 5 November 2019, the Company announced an interim dividend for the year ended 29 February 2020 of 2.0p 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 | £’000 |
| Infinity Reliance Limited (t/a My 1st Years) | 5,172 |
| Mycs GmbH | 4,197 |
| Litchfield Media Limited | 4,194 |
| Poq Studio Limited | 3,986 |
| Access Systems, Inc. | 3,500 |
| Zoovu Limited (t/a Smart Assistant) | 3,467 |
| Written Byte Limited (t/a DeepCrawl) | 3,373 |
| Thread, Inc. | 3,354 |
| Monica Vinader Limited | 3,342 |
| Festicket Limited | 3,248 |
| Other investments | 30,306 |
| 68,139 | |
| Cash at bank | 43,569 |
| Other net current assets | (956) |
| Net Assets | 110,752 |
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
There were no investment additions in the period.
Investment disposals
| | Cost | Market value at 1 September 2019 | Disposal proceeds | Gain against cost | Realised gain in period |
| £’000 | £’000 | £’000 | £’000 | £’000 | |
| Think Limited* | - | - | 1,359 | 1,359 | 1,359 |
| Rapid Charge Grid Limited** | 1,050 | 1,050 | 1,050 | - | - |
| Monmouth Holdings Limited** | 1,000 | 1,000 | 1,000 | - | - |
| MatsSoft Limited*** | - | - | 211 | 211 | 211 |
| 2,050 | 2,050 | 3,620 | 1,570 | 1,570 |
* Disposal proceeds represent contingent proceeds.
** 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
| £’000 | ||
| Our Path Ltd | 1,200 | |
| Festicket Ltd | 384 | |
| 1,584 | ||
Investment disposals from 1 December 2019 to the date of this announcement
| | Cost | Market value at 1 December 2019 | Disposal proceeds | Gain against cost | Realised gain in period |
| £’000 | £’000 | £’000 | £’000 | £’000 | |
| Monmouth Holdings Limited* | 100 | 100 | 100 | - | - |
| 100 | 100 | 100 | - | - |
* Loan note disposal.
| Changes to share capital | Ordinary Shares of 10p each |
| As at 1 September 2019 | 151,054,397 |
| Shares bought back during the 3 months to 30 November 2019 | (578,698) |
| Shares issued during the 3 months to 30 November 2019 | - |
| As at 30 November 2019 | 150,475,699 |
In the period from 1 December 2019 to the date of this announcement, 256,568 Ordinary Shares were repurchased and subsequently cancelled.
In addition, 678,894 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 £20 million (with each Company intending to raise up to £10 million) by way of an issue of new ordinary shares in the Companies, with an over-allotment facility of up to a further £20 million in aggregate (being a facility of up to £10 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 provenvcts@beringea.co.uk or by telephone 020 7845 7820.
Beringea LLP
Company Secretary
Telephone 020 7845 7820
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