Proven VCT plc Proven Vct Plc : Interim Management Statement
July 12 2017 - 5:39AM
UK Regulatory
TIDMPVN
ProVen VCT plc
Interim Management Statement
for the three months ended 31 May 2017
ProVen VCT plc (the "Company") presents an Interim Management Statement
for the three month period ended 31 May 2017. The statement also
includes relevant financial information between the end of the period
and the date of this announcement.
Performance
Unaudited Audited
31 May 28 February
2017 2017
Pence Pence
Net Asset Value per share ("NAV") 107.9 106.3
Dividends paid to date* 26.5 26.5
NAV plus dividends paid to date 134.4 132.8
*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 7 June 2017, the Company announced a final dividend for the year
ended 28 February 2017 of 2.5p per share. Having received approval at
the Annual General Meeting of the Company on 4 July 2017, the dividend
will be paid on 14 July 2017 to shareholders on the register at 16 June
2017.
Investment portfolio summary at 31 May 2017
Portfolio summary
Valuation
Venture capital investments GBP'000
Watchfinder.co.uk Limited 9,465
Third Bridge Group Limited 5,092
Perfect Channel Limited 4,660
Think Limited 3,899
Rapid Charge Grid Limited 3,837
Monmouth Holdings Limited 3,773
Monica Vinader Limited 3,679
Chargemaster plc 3,615
Blis Media Limited 3,605
Litchfield Media Limited 3,353
Other investments 31,415
76,393
Cash at bank 31,094
Total 107,487
Quoted investments are valued at the closing bid price at 31 May 2017,
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 2017
GBP'000
Poq Studio Limited 1,125
Honeycomb.TV Limited 405
ContactEngine Limited 112
1,642
Investment disposals
Gain Realised
Market Disposal against gain
Cost value at 1 March 2017 proceeds cost in period
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Skills
Matter
Limited 79 79 79 - -
Celoxica
Limited 70 70 70 - -
149 149 149 - -
Investment activity from 1 June 2017 to the date of this announcement
Investment additions
GBP'000
Perfect Channel Limited 150
150
Investment disposals
Gain Realised
Market Disposal against gain in
Cost value at 1 March 2017 proceeds cost period
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
APM
Healthcare
Limited 500 986 1,354 854 368
Conversity
Limited 86 - 94 8 94
Celoxica
Limited 48 48 48 - -
634 1,034 1,496 862 462
On 23 June 2017, the Company reached an agreement to sell its investment
in Third Bridge Group Limited. Completion of the transaction is subject
to legal and regulatory approvals and is expected before the end of July
2017.
Ordinary
Shares
Changes to share capital of 10p each
As at 1 March 2017 98,562,973
Shares bought back during the 3 months to 31 May 2017 -
Shares issued during the 3 months to 31 May 2017 -
As at 31 May 2017 98,562,973
In the period from 1 June 2017 to the date of this announcement, 593,469
Ordinary Shares were repurchased and subsequently cancelled.
Material events
Other than the matters described above, there were no material events
during the period from 1 March 2017 to 31 May 2017 or in the period from
1 June 2017 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
-End
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Proven VCT plc via Globenewswire
(END) Dow Jones Newswires
July 12, 2017 06:39 ET (10:39 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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