ProVen VCT plc: Interim Management Statement

ProVen VCT plc

Interim Management Statement

for the three months ended 31 May 2022

ProVen 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 share (“NAV”)			74.5	76.7
Dividends paid to date*			75.25	75.25
NAV plus dividends paid to date			149.75	151.95

*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 10 June 2022, the Company declared a special dividend of 1.5p per share and proposed a final dividend, for Shareholders’ approval, for the year ended 28 February 2022 of 2.25p 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
Luxury Promise Limited	11,241
Monica Vinader Limited	7,512
Infinity Reliance Limited (t/a My 1st Years)	6,450
Picasso Labs, Inc. (t/a CreativeX)	6,382
Blis Global Ltd (formerly Blis Media Limited)	4,938
MPB Group Limited	4,730
Papier Ltd	4,648
Zoovu Limited (t/a SmartAssistant)	4,162
Access Systems, Inc. (t/a Access Pay)	4,046
Thread, Inc.	3,176
Other investments	50,807
Total investments	108,092
Cash at bank	66,387
Other net current liabilities	(870)
Net Assets	173,609

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	460
Picasso Labs, Inc. (t/a CreativeX)	990
	1,450

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)*	3,488	13,121	13,115	9,627	(6)
Rapid Charge Grid Limited**	491	491	491	-	-
Netcall plc	287	298	247	(40)	(51)
Lupa Foods Limited**	40	52	52	12	-
Exonar Limited	2,814	-	-	(2,814)	-
	7,120	13,962	13,905	6,785	(57)

* 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

Investment additions

	£’000
WS Holdco, PBC. (t/a WiredScore)	3,733
Social Value Portal Ltd	958
DeepCrawl Holding Company, Inc.	932
[Second Nature Healthy Habits Ltd]]
	5,623

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)	841	4,938	5,200	4,359	262
Mycs GmbH	5,908	-	-	(5,908)	-
	6,749	4,938	5,200	(1,549)	262

Changes to share capital	Ordinary Shares of 10p each
As at 1 March 2022	192,378,178
Shares bought back during the 3 months to 31 May 2022	-
Shares issued during the 3 months to 31 May 2022	40,595,362
As at 31 May 2022	232,973,540

In the period from 1 June 2022 to the date of this announcement, 1,142,817 Ordinary Shares were repurchased and subsequently cancelled.

In addition, 2,465,173 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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