ProVen Growth and Income VCT plc: Interim Management Statement
July 17 2024 - 10:54AM
UK Regulatory
ProVen Growth and Income VCT plc: Interim Management Statement
ProVen Growth and Income VCT plc
Interim Management Statement
for the three months ended 31 May 2024
ProVen Growth and Income VCT plc (the “Company”)
presents an Interim Management Statement for the three-month period
ended 31 May 2024. The statement also includes relevant financial
information between the end of the period and the date of this
announcement.
Performance
| |
|
|
Unaudited
31 May
2024 |
Audited
29 February
2024 |
| |
|
|
Pence |
Pence |
| Net Asset Value per share
(“NAV”) |
|
|
54.7 |
54.7 |
| Dividends paid since class launch
(originally as ‘C’ Shares)* |
|
|
78.4 |
78.4 |
| Total Return (NAV plus dividends
paid since ‘C’ Share class launch) |
|
|
133.1 |
133.1 |
* 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 11 June 2024, the Company announced a proposed final dividend
for the year ended 29 February 2024 of 1.5p per share. Having
received approval for the final dividend at the Annual General
Meeting of the Company on 17 July 2024, this dividend will be paid
on 16 August 2024 to Shareholders on the register at 19 July 2024.
Payment of this dividend will reduce the NAV per share as shown
above to 53.2p pence and increase dividends paid to date to 79.9p
per share.
Investment portfolio summary at 31 May
2024
Portfolio summary
| |
Valuation |
| Venture capital
investments |
£’000 |
| |
|
| Picasso Labs, Inc. (t/a
CreativeX) |
10,832 |
| Luxury Promise Limited |
10,752 |
| Sannpa Limited (t/a Fnatic) |
8,785 |
| Gorillini NV (t/a Gorilla) |
6,724 |
| Social Value Portal Ltd |
5,912 |
| MPB Group Limited |
5,703 |
| Infinity Reliance Limited (t/a My
1st Years) |
5,189 |
| Dash Brands Ltd |
5,027 |
| DeepCrawl Holding Company, Inc.
(t/a Lumar) |
4,841 |
| Papier Ltd |
4,703 |
| Other investments |
60,307 |
| Total investments |
128,775 |
| |
|
| Cash and cash equivalents |
45,326 |
| Other net current assets |
22 |
| |
|
| Net
Assets |
174,123 |
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 2024
Investment additions
Additions
Cost
£’000
Iceberg Data Lab
|
1,061 |
| Gorillini NV (t/a Gorilla) |
606 |
| Moonshot CVE Ltd |
390 |
| Dealroom.co B.V. |
128 |
| Total |
2,185 |
Investment disposals
There were no disposals made in the quarter to
31 May 2024.
Investment activity from 1 June 2024 to
the date of this announcement
There has been no investment activity for the
Company from 1 June 2024 to the date of this announcement.
| Changes to share
capital |
Ordinary
Shares
of 1.6187p each |
| As at 1 March 2024 |
302,381,579 |
| Shares issued during the 3 months
to 31 May 2024 |
16,126,451 |
| As at 31 May 2024 |
318,508,030 |
In the period from 1 June 2024 to the date of
this announcement, 5,258,994 Ordinary Shares were repurchased and
subsequently cancelled. On 3 July 2024, 3,033,574 Ordinary Shares
were issued pursuant to the offer for subscription that opened on
16 January 2024 and were allotted at an average price of 56.6p,
based on the latest net asset value of 54.7p per Ordinary Share,
being the net asset value as at 29 February 2024.
Material events
Other than the matters described above, there were no material
events during the period from 1 March to 31 May 2024 or in the
period from 1 June 2024 to the date of this announcement.
Further information
Further information regarding the Company, can be found on the
Company’s website: www.proveninvestments.co.uk or by contacting
Beringea, the Investment Manager at info@beringea.co.uk or by
telephone 020 7845 7820.
Beringea LLP
Company Secretary
Telephone 020 7845 7820
-End
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