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

ProVen Growth & Income VCT plc
Interim Management Statement
for the three months ended 30 November 2020

ProVen Growth & Income VCT plc (the “Company”) presents an Interim Management Statement for the three month period ended 30 November 2020. The statement also includes relevant financial information between the end of the period and the date of this announcement.

Performance

	Unaudited 30 November 2020	Unaudited 31 August 2020	Unaudited 31 May 2020	Audited 29 February 2020
	Pence	Pence	Pence	Pence
Net Asset Value per share (“NAV”)	57.2	55.3	56.2	58.6
Dividends paid since class launch (originally as ‘C’ Shares)*	67.65	66.15	64.4	64.4
Total Return (NAV plus dividends paid since ‘C’ Share class launch)	124.85	121.45	120.6	123.0

* 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 29 October 2020, the Company announced an interim dividend for the year ended 28 February 2021 of 1.5p per share. This dividend was paid on 4 December 2020 to shareholders on the register at 13 November 2020.

Investment portfolio summary at 30 November 2020

Portfolio summary

	Valuation
Venture capital investments	£’000
Zoovu Limited (t/a Smart Assistant)	8,594
Sannpa Limited *t/a Fnatic)	6,912
ContactEngine Limited	5,767
Mycs GmbH	5,486
Dryden Holdings Limited	4,760
Infinity Reliance Limited (t/a My 1st Years)	4,619
Written Byte Ltd (t/a DeepCrawl)	4,441
Thread, Inc.	3,972
Papier Ltd	3,458
Our Path Ltd (t/a Second Nature)	2,983
Other investments	41,345
	92,337
Cash at bank	35,110
Other net current liabilities	223
Net Assets	127,670

Quoted investments are valued at the closing bid price at 30 November 2020, 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 2020

Investment additions

	£’000
Written Byte Limited (t/a DeepCrawl)	1,930
Papier Ltd	308
Thread, Inc.	250
Poq Studio Limited	150
	2,638

Investment disposals

	Cost	Market value at 1 September 2020	Disposal proceeds	Gain against cost	Realised loss in period
	£’000	£’000	£’000	£’000	£’000
Written Byte Limited (t/a DeepCrawl)*	246	492	483	237	(9)
	246	492	483	237	(9)

*Part-disposal of shares, which completed at the same time as the follow-on investment in the same company. The transaction was structured in this way in order to strengthen the Company’s overall position as a shareholder in the company.

Investment activity from 1 December 2020 to the date of this announcement

		£’000
Exonar Limited	517
		517

Investment disposals

There were no investment disposals in the period from 1 December 2020 to the date of this announcement.

Changes to share capital	Ordinary Shares of 1.6187p each
As at 1 September 2020	223,886,810
Shares bought back during the 3 months to 30 November 2020	(573,067)
Shares issued during the 3 months to 30 November 2020	-
As at 30 November 2020	223,313,743

In the period from 1 December 2020 to the date of this announcement, 604,344 Ordinary Shares were repurchased and subsequently cancelled.

In addition, 964,664 Ordinary Shares were issued under the Company’s Dividend Reinvestment Scheme in relation to the dividend paid on 4 December 2020.

Material events
ProVen VCT plc and ProVen Growth and Income VCT plc (the “Companies”) announced on 3 December 2020 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 £40,000,000 by way of an issue of new ordinary shares in the Companies, with an over-allotment facility of up to a further £20,000,000 payable in full in cash on application.

Other than the matters described above, there were no material events during the period from 1 September 2020 to 30 November 2020 or in the period from 1 December 2020 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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