ProVen VCT plc: Interim Management Statement

ProVen VCT plc
Interim Management Statement
for the nine months ended 30 November 2024

ProVen VCT plc (the “Company”) presents an Interim Management Statement for the nine-month period ended 30 November 2024. The statement also includes relevant financial information between the end of the period and the date of this announcement.

Performance

	Unaudited 30-Nov 2024	Unaudited 31-Aug 2024	Unaudited 31 May 2024	Audited 29-Feb 2024
	Pence	Pence	Pence	Pence
Net Asset Value per share (“NAV”)	64.0	62.9	65.6	65.2
Dividends paid up to date*	86.00	86.00	84.25	84.25
Total Return (NAV plus dividends paid since 10p Share consolidation)	150.00	148.90	149.85	149.45

*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 2024, the Company announced an Interim dividend for the year ending 28 February 2025 of 1.5p per share. This dividend was paid on 17 January 2025 to Shareholders on the register at 20 December 2024. Payment of this dividend will reduce the NAV per share as shown above to 62.5p and increase dividends paid to date to 87.5p per share.

Investment portfolio summary at 30 November 2024
Portfolio summary

	Cost	Valuation
Venture capital investments	£’000	£’000

MPB Group Limited	1,684	10,230
Gorillini NV (t/a Gorilla)	4,624	9,074
Luxury Promise Limited	5,680	8,928
Infinity Reliance Limited (t/a My 1st Years)	4,731	7,440
Picasso Labs, Inc. (t/a CreativeX	2,729	5,706
Access Systems, Inc. (t/a AccessPay)	3,737	5,661
Social Value Portal Ltd	2,458	5,351
Farmer J Limited	3,670	5,314
Lupa Foods Limited	309	4,925
Moonshot CVE Ltd	2,298	4,680
Other Venture Capital investments	83,269	63,099
Total Venture Capital investments	115,189	130,408

Cash and cash equivalents		43,438
Other net current assets		(1,799)

Net Assets		172,047

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 2024

Investment additions

There were no additions made in the quarter to 30 November 2024.

Investment disposals

	Cost	Market value at 1 March 2024	Disposal proceeds	Gain against cost	Realised gain/ (loss) in period
	£’000	£’000	£’000	£’000	£’000
Lupa Foods Limited (loan repayment)	385	502	502	117	-
Buckingham Gate Financial Services Limited	-	57	59	59	2
	385	559	561	176	2

Investment activity from 1 December 2024 to the date of this announcement

In the period from 1 December 2024 to the date of this announcement, a follow on investment was made in Social Value Portal Ltd at cost of £132,000.

In the period from 1 December 2024 to the date of this announcement, Lupa Foods Limited was fully disposed of, realising £4,914,000 of proceeds for the Company. Commonplace Digital Limited was disposed of for consideration of shares in Zencity Technologies Ltd.

Changes to share capital	Ordinary Shares of 10p each
As at 1 September 2024	268,709,951
Shares bought back during the 3 months to 30 November 2024	(3,030,427)
Shares issued during the 3 months to 30 November 2024	3,343,547
As at 30 November 2024	269,023,071

In the period from 1 December 2024 to the date of this announcement, 1,930,047 Ordinary Shares were issued on 5 December 2024 pursuant to the offer for subscription that opened on 6 November 2024 and were allotted at an average price of 65.03p, based on the net asset value of 62.9p per Ordinary Share, being the net asset value as at 31 August 2024.

In the period from 1 December 2024 to the date of this announcement, 1,103,805 Ordinary Shares were issued under the Company’s Dividend Reinvestment Scheme (“DRIS”) in relation to the dividend paid on 17 January 2025.

Offer for Subscription
ProVen VCT plc and ProVen Growth and Income VCT plc (the “Companies”) announced on 6 November 2024 that they had published a Prospectus (comprising Securities Note, Registration Document and Summary) in respect of a combined offer for subscription to raise up to £30,000,000 (up to £15,000,000 for each Company) by way of an issue of new ordinary shares in the Companies, with an over-allotment facility of up to a further £10,000,000 (up to £5,000,000 for each Company).

Material events
Other than the matters described above, there were no material events during the period from 1 September 2024 to 30 November 2024 or in the period from 1 December 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