ProVen Growth and Income VCT plc: Interim Manag...

ProVen Growth & Income VCT plc
Interim Management Statement
for the three months ended 30 November 2019

ProVen Growth & Income VCT plc (the “Company”) presents an Interim Management Statement for the three month period ended 30 November 2019. The statement also includes relevant financial information between the end of the period and the date of this announcement.

Performance

	Unaudited 30 November 2019	Unaudited 31 August 2019	Unaudited 31 May 2019	Audited 28 February 2019
	Pence	Pence	Pence	Pence
Net Asset Value per share (“NAV”)	61.3	63.2	67.2	68.4
Dividends paid since class launch (originally as ‘C’ Shares)*	64.4	62.9	60.9	60.9
Total Return (NAV plus dividends paid since ‘C’ Share class launch)	125.7	126.1	128.1	129.3

* 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 2019, the Company announced an interim dividend for the year ended 29 February 2020 of 1.5p per share. This dividend was paid on 6 December 2019 to shareholders on the register at 15 November 2019.

Investment portfolio summary at 30 November 2019

Portfolio summary

	Valuation
Venture capital investments	£’000
Sannpa Limited (t/a Fnatic)	5,947
ContactEngine Limited	4,814
Dryden Holdings Limited	4,761
Sealskinz Holdings Limited	4,516
D3O Holdings Ltd	3,795
Zoovu Limited (t/a Smart Assistant)	3,619
Mycs GmbH	3,532
Poq Studio Limited	3,497
Thread, Inc.	3,302
Written Byte Ltd (t/a DeepCrawl)	3,254
Other investments	34,926
	75,963
Cash at bank	49,405
Other net current liabilities	(2,380)
Net Assets	122,988

Quoted investments are valued at the closing bid price at 30 November 2019, 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 30 November 2019

Investment additions

	£’000
Sannpa Limited (t/a Fnatic)	3,107
	3,107

Investment disposals

	Cost	Market value  at 1 September 2019	Disposal proceeds	Gain against cost	Realised gain in period
	£’000	£’000	£’000	£’000	£’000
Rapid Charge Grid Limited*	472	472	472	-	-
MatsSoft Limited**	-	-	239	239	239
	472	472	711	239	239

* Loan note disposal.
** Disposal proceeds represent contingent proceeds, including consideration in the form of shares in Netcall plc.

Investment activity from 1 December 2019 to the date of this announcement

		£’000
Our Path Ltd	2,800
Festicket Ltd	897
		3,697

Investment disposals

There were no investment disposals in the period from 1 December 2019 to the date of this announcement.

Changes to share capital	Ordinary Shares of 1.6187p each
As at 1 September 2019	188,021,663
Shares bought back during the 3 months to 30 November 2019	(368,285)
Shares issued during the 3 months to 30 November 2019	12,919,100
As at 30 November 2019	200,572,478

In the period from 1 December 2019 to the date of this announcement, 279,107 Ordinary Shares were repurchased and subsequently cancelled.

In addition, 771,780 Ordinary Shares were issued under the Company’s Dividend Reinvestment Scheme in relation to the dividend paid on 6 December 2019.

Material events
ProVen VCT plc and ProVen Growth and Income VCT plc (together the “Companies” and each being a “Company”) announced on 11 November 2019 their intention to launch a combined Offer for Subscription to raise up to £20 million (with each Company intending to raise up to £10 million) by way of an issue of new ordinary shares in the Companies, with an over-allotment facility of up to a further £20 million in aggregate (being a facility of up to £10 million for each Company).

Other than the matters described above, there were no material events during the period from 1 September 2019 to 30 November 2019 or in the period from 1 December 2019 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 [e-mail] or by telephone [phone].

Beringea LLP
Company Secretary
Telephone [phone]

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