ProVen Growth and Income VCT plc: Interim Management Statement

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

ProVen Growth and Income 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”)	51.7	51.5	54.7	54.7
Dividends paid since class launch (originally as ‘C’ Shares)*	79.90	79.90	78.40	78.40
Total Return (NAV plus dividends paid since ‘C’ Share class launch)	131.60	131.40	133.10	133.10

* 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 5 November 2024, the Company announced an Interim dividend for the year ending 28 February 2025 of 1.25p 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 50.45p and increase dividends paid to date to 81.15p per share.

Investment portfolio summary at 30 November 2024
Portfolio summary

	Cost	Valuation
Venture capital investments	£’000	£’000

Picasso Labs, Inc. (t/a CreativeX)	4,546	11,425
Luxury Promise Limited	6,020	9,360
MPB Group Limited	1,194	6,476
Gorillini NV (t/a Gorilla)	2,886	6,464
Social Value Portal Ltd	2,542	5,472
Dash Brands Ltd	3,282	5,277
Infinity Reliance Limited (t/a My 1st Years)	2,769	5,057
Utilis Israel Ltd (t/a Asterra)	2,144	4,803
Papier Ltd	4,703	4,703
Lupa Foods Limited	284	4,585
Other investments	81,716	60,970
Total investments	112,086	124,592

Cash and cash equivalents		39,655
Other net current assets		(2,186)

Net Assets		162,061

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)	362	468	468	106	-
Buckingham Gate Financial Services Limited	-	150	155	155	5
	362	618	623	261	5

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 £118,000.

In the period from 1 December 2024 to the date of this announcement, Lupa Foods Limited was fully disposed of, realising £4,574,000 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 1.6187p each
As at 1 September 2024	315,001,048
Shares bought back during the 3 months to 30 November 2024	(4,402,488)
Shares issued during the 3 months to 30 November 2024	3,129,865
As at 30 November 2024	313,728,425

In the period from 1 December 2024 to the date of this announcement, 1,797,547 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 53.38p, based on the net asset value of 51.5p 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, 1,094,340 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
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