Proven VCT plc : Interim Management Statement

ProVen VCT plc
Interim Management Statement
for the three months ended 31 May 2018

ProVen VCT plc (the "Company") presents an Interim Management Statement for the three month period ended 31 May 2018. The statement also includes relevant financial information between the end of the period and the date of this announcement.

Performance

	Unaudited 31 May 2018	Audited 28 February 2018
	Pence	Pence
Net Asset Value per share ("NAV")	114.2	99.7
Dividends paid to date*	36.0	36.0
NAV plus dividends paid to date	150.2	135.7

*Dividends paid represent dividends paid since the consolidation of 5p Ordinary Shares into 10p Ordinary Shares in October 2012. Prior to this date, the Company paid dividends totalling 113.95p on the 5p Ordinary Shares.

Dividends paid or declared
On 6 June 2018, the Company announced a final dividend for the year ended 28 February 2018 of 2.5p per share. Having received approval at the Annual General Meeting of the Company on 11 July 2018, the dividend was paid on 20 July 2018 to shareholders on the register at 22 June 2018.

Investment portfolio summary at 31 May 2018

Portfolio summary

	Valuation
Venture capital investments	£'000
Watchfinder.co.uk Limited	23,054
Chargemaster plc	7,613
Infinity Reliance Limited (t/a My 1st Years)	6,658
Think Limited	6,109
Poq Studio Limited	5,402
Monica Vinader Limited	4,597
Litchfield Media Limited	4,205
Rapid Charge Grid Limited	3,765
Chess Technologies Limited	3,713
Mycs GmbH	3,551
Other investments	29,628
	98,295
Cash at bank	20,864
Total	119,159

Quoted investments are valued at the closing bid price at 31 May 2018, 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 2018

	£'000
Mycs GmbH	3,551
Infinity Reliance Limited (t/a My First Years)	2,576
Poq Studio Limited	902
Perfect Channel Limited	368
	7,397

Investment disposals

	Cost	Market value at 1 March 2018	Disposal proceeds	Loss against cost	Realised gain in period
	£'000	£'000	£'000	£'000	£'000
Charterhouse Leisure Limited	875	9	91	(784)	82
Conversity Limited	29	-	4	(25)	4
	904	9	95	(809)	86

Investment activity from 1 June 2018 to the date of this announcement

Investment additions

	£'000
Aistemos Limited	1,223
	1,223

Investment disposals

	Cost	Market value at 1 March 2018	Disposal proceeds	Gain against cost	Realised gain in period
	£'000	£'000	£'000	£'000	£'000
Watchfinder.co.uk Limited	2,629	10,228	23,054	20,425	12,826
Chargemaster plc	2,421	5,604	7,613	5,192	2,009
	5,050	15,832	30,667	25,617	14,835

In addition, an amount of £335,000 was received as an interim distribution in respect of the administration of MEL Topco Limited (t/a Maplin).

Changes to share capital	Ordinary Shares of 10p each
As at 1 March 2018	101,874,597
Shares bought back during the 3 months to 31 May 2018	-
Shares issued during the 3 months to 31 May 2018	-
As at 31 May 2018	101,874,597

In the period from 1 June 2018 to the date of this announcement, 705,349 Ordinary Shares were repurchased and subsequently cancelled.

In addition, 324,715 Ordinary Shares were issued under the Company's Dividend Reinvestment Scheme in respect of the dividend paid on 20 July 2018.

Material events
Other than the matters described above, there were no material events during the period from 1 March 2018 to 31 May 2018 or in the period from 1 June 2018 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]
-End

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The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Proven VCT plc via Globenewswire