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

ProVen Growth & Income VCT plc

Interim Management Statement

for the three months ended 31 May 2022

ProVen Growth & Income VCT plc (the “Company”) presents an Interim Management Statement for the three-month period ended 31 May 2022. The statement also includes relevant financial information between the end of the period and the date of this announcement.

Performance

			Unaudited 31 May 2022	Audited 28 February 2022
			Pence	Pence
Net Asset Value per Ordinary share (“NAV”)			64.2	67.3
Dividends paid since class launch (originally as ‘C’ Shares)*			70.7	70.7
Total Return (NAV plus dividends paid since ‘C’ Share class launch)			134.9	138.0

* 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 10 June 2022, the Company declared a special dividend of 1.75p per share and proposed a final dividend, for Shareholders’ approval, for the year ended 28 February 2022 of 1.5p per share. Having received approval for the final dividend at the Annual General Meeting of the Company on 20 July 2022, both dividends will be paid on 5 August 2022 to Shareholders on the register at 15 July 2022.

Investment portfolio summary at 31 May 2022

Portfolio summary

	Valuation
Venture capital investments	£’000
Picasso Labs, Inc. (t/a CreativeX)	12,921
Luxury Promise Limited	11,770
Papier Ltd	8,972
Blis Global Ltd (formerly Blis Media Limited)	6,355
Zoovu Limited (t/a SmartAssistant)	5,544
Sannpa Limited (t/a Fnatic)	4,811
Infinity Reliance Limited (t/a My 1st Years)	4,241
Been There Done That Global Limited	4,038
Thread, Inc.	3,669
MPB Group Limited	3,461
Other investments	56,195
	121,977
Cash at bank	65,815
Other net current liabilities	(1,809)
Net Assets	185,983

Quoted investments are valued at the closing bid price at 31 May 2022, 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 2022

Investment additions

		£’000
Mycs GmbH	550
Picasso Labs, Inc. (t/a CreativeX)	1,185
		1,735

Investment disposals

	Cost	Market value at 1 March 2022	Disposal proceeds	Gain/(loss) against cost	Realised (loss) in period
	£’000	£’000	£’000	£’000	£’000
Zoovu Limited (t/a SmartAssistant)*	3,449	17,471	17,464	14,015	(7)
Netcall plc	324	336	279	(45)	(57)
Rapid Charge Grid Limited** Lupa Foods Limited**	220 37	220 48	220 48	- 11	- -
Exonar Limited	1,602	-	-	(1,602)	-
	5,632	18,075	18,011	12,379	(64)

* Loss in period relates to transaction costs incurred upon disposal

**Loan note repayment

Investment activity from 1 June 2022 to the date of this announcement

		£’000
WS Holdco, PBC. (t/a WiredScore)	3,494
Social Value Portal Ltd	1,042
DeepCrawl Holding Company, Inc.	734
[Second Nature Healthy Habits Ltd]
		5,270

Investment disposals

	Cost	Market value at 1 June 2022	Disposal proceeds	Gain/(loss) against cost	Realised gain in period
	£’000	£’000	£’000	£’000	£’000
Blis Global Ltd (formerly Blis Media Limited)	1,083	6,355	6,692	5,609	337
Mycs GmbH	5,038	-	-	(5,038)	-
	6,121	6,355	6,692	571	337

Changes to share capital	Ordinary Shares of 1.6187p each
As at 1 March 2022	252,090,729
Shares bought back during the 3 months to 31 May 2022	-
Shares issued during the 3 months to 31 May 2022	37,500,491
As at 31 May 2022	289,591,220

In the period from 1 June 2022 to the date of this announcement, 3,695,081 Ordinary Shares were repurchased and subsequently cancelled.

In addition, 2,275,339 Ordinary Shares were issued pursuant to the offer for subscription that opened on 11 January 2022.

Material events

Other than the matters described above, there were no material events during the period from 1 March 2022 to 31 May 2022 or in the period from 1 June 2022 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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