PVN Proven Vct Plc

 
TIDMPVN 
 

ProVen VCT plc

Interim Management Statement

for the three months ended 31 May 2023

ProVen VCT plc (the "Company") presents an Interim Management Statement for the three-month period ended 31 May 2023. 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 
                                         2023        2023 
                                        Pence       Pence 
Net Asset Value per share ("NAV")          64.3          65.5 
Dividends paid to date*                   80.75         80.75 
NAV plus dividends paid to date          145.05        146.25 
 

*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 9 June 2023, the Company announced a final dividend for the year ended 28 February 2023 of 2.0p per share. Having received approval for the final dividend at the Annual General Meeting of the Company on 12 July 2023, this dividend will be paid on 4 August 2023 to Shareholders on the register at 7 July 2023. Payment of this dividend will reduce the NAV per share as shown above to 62.3p pence and increase dividends paid to date to 82.75p per share.

Investment portfolio summary at 31 May 2023

Portfolio summary

 
                                               Valuation 
Venture capital investments                     GBP'000 
 
Luxury Promise Limited                             8,294 
MPB Group Limited                                  7,027 
Infinity Reliance Limited (t/a My 1st Years)       6,090 
Picasso Labs, Inc. (t/a CreativeX)                 5,306 
Social Value Portal Ltd                            4,313 
Utilis Israel Ltd (t/a Asterra)                    4,298 
Access Systems, Inc.                               3,870 
WS HoldCo, PBC. (t/a WiredScore)                   3,752 
Cogora Group Limited                               3,359 
Lupa Foods Limited                                 3,268 
Other investments                                 53,968 
                                               --------- 
Total investments                                103,545 
 
Cash and cash equivalents                         60,239 
Other net current assets                             361 
 
Net Assets                                       164,145 
                                               ========= 
 

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 2023

Investment additions

There were no investment additions for the Company in the quarter.

Investment disposals

 
                                                            Gain     Realised 
                               Market           Disposal   against     loss 
                Cost    value at 1 March 2023   proceeds    cost     in period 
              GBP'000         GBP'000           GBP'000   GBP'000    GBP'000 
Monica 
 Vinader 
 Limited          534                   7,037      6,312     5,778       (725) 
Aistemos 
 Limited        1,819                   3,093      3,093     1,274           - 
                2,353                  10,130      9,405     7,052       (725) 
              =======  ======================  =========  ========  ========== 
 

Investment activity from 1 June 2023 to the date of this announcement

There has been no investment activity for the Company from 1 June 2023 to the date of this announcement.

 
                                                              Ordinary 
                                                               Shares 
Changes to share capital                                     of 10p each 
As at 1 March 2023                                           247,113,415 
    Shares bought back during the 3 months to 31 May 2023              - 
    Shares issued during the 3 months to 31 May 2023           8,116,540 
As at 31 May 2023                                            255,229,955 
                                                            ============ 
 

In the period from 1 June 2023 to the date of this announcement, 701,809 Ordinary Shares were repurchased and subsequently cancelled. On 6 July 2023, 2,878,511 Ordinary Shares were issued pursuant to the offer for subscription that opened on 19 October 2022. 2,878,511 Ordinary Shares were allotted at an average price of 68.0p, based on the latest net asset value of 65.5p per Ordinary Share, being the net asset value as at 28 February 2023.

Material events

Other than the matters described above, there were no material events during the period from 1 March to 31 May 2023 or in the period from 1 June 2023 to the date of this announcement.

Further information

Further information regarding the Company, can be found on Beringea's dedicated VCT 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

(END) Dow Jones Newswires

July 14, 2023 09:03 ET (13:03 GMT)

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