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

ProVen Growth & Income VCT plc
Interim Management Statement
for the three months ended 31 May 2020

ProVen Growth & Income VCT plc (the “Company”) presents an Interim Management Statement for the three month period ended 31 May 2020. The statement also includes relevant financial information between the end of the period and the date of this announcement.

Performance

			Unaudited 31 May 2020	Audited 29 February 2020
			Pence	Pence
Net Asset Value per share (“NAV”)			56.2	58.6
Dividends paid since class launch (originally as ‘C’ Shares)*			64.4	64.4
Total Return (NAV plus dividends paid since ‘C’ Share class launch)			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 2 July 2020, the Company announced a final dividend for the year ended 29 February 2020 of 1.75p per share. Having received approval at the Annual General Meeting of the Company on 10 August 2020, the dividend will be paid on 28 August 2020 to Shareholders on the register at 7 August 2020.

Investment portfolio summary at 31 May 2020

Portfolio summary

	Valuation
Venture capital investments	£’000
Sannpa Limited (t/a Fnatic)	6,718
ContactEngine Limited	5,120
Mycs GmbH	4,913
Dryden Holdings Limited	4,760
Infinity Reliance Limited (t/a My 1st Years)	4,191
Zoovu Limited (t/a Smart Assistant)	3,997
Thread, Inc.	3,723
Papier Limited	3,150
Our Path Limited (t/a Second Nature)	2,800
Written Byte Limited (t/a DeepCrawl)	2,788
Other investments	35,806
	77,966
Cash at bank	48,131
Other net current liabilities	165
Net Assets	126,262

Quoted investments are valued at the closing bid price at 31 May 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 31 May 2020

Investment additions

		£’000
Commonplace Digital Limited	1,500
Luxury Promise Limited	1,350
Sannpa Limited (t/a Fnatic)	772
Thread, Inc.	421
		4,043

Investment disposals

There were no investment disposals in the three month period ended 31 May 2020.

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

		£’000
ContactEngine Limited	125
Social Value Portal Limited	1,500
		1,625

Investment disposals

	Cost	Market value at 1 June 2020	Disposal proceeds	Gain against cost	Realised gain in period
	£’000	£’000	£’000	£’000	£’000
MEL Topco Limited (t/a Maplin)*	-	-	34	34	34
Chargemaster plc*	-	-	74	74	74
	-	-	108	108	108

* Disposal proceeds represent contingent proceeds.

Changes to share capital	Ordinary Shares of 1.6187p each
As at 1 March 2020	200,137,231
Shares bought back during the 3 months to 31 May 2020	(111,270)
Shares issued during the 3 months to 31 May 2020	24,518,370
As at 31 May 2020	224,544,331

In the period from 1 June 2020 to the date of this announcement, 1,282,530 Ordinary Shares were repurchased and subsequently cancelled.

Material events
In light of the evolving situation regarding COVID-19, the Board of ProVen Growth and Income VCT plc (the "Company") carried out a review of the portfolio and announced on 23 March 2020 that the unaudited net asset value of the Company was 54.6p per share. This was based on the unaudited net asset value of the Company as at 20 March 2020.

Other than the matters described above, there were no material events during the period from 1 March 2020 to 31 May 2020 or in the period from 1 June 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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