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

ProVen Growth & Income VCT plc
Interim Management Statement
for the three months ended 30 November 2018

ProVen Growth & Income VCT plc (the “Company”) presents an Interim Management Statement for the three month period ended 30 November 2018. The statement also includes relevant financial information between the end of the period and the date of this announcement.

Performance

	Unaudited 30 November  2018	Unaudited 31 August 2018	Unaudited 31 May  2018	Audited 28 February 2018
	Pence	Pence	Pence	Pence
Net Asset Value per share (“NAV”)	68.3	74.3	74.5	72.1
Dividends paid/ declared since class launch (originally as ‘C’ Shares)*	60.9	56.4	54.4	54.4
Total Return (NAV plus dividends paid/ declared since ‘C’ Share class launch)	129.2	130.7	128.9	126.5

* 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 24 October 2018, the Company announced a special interim dividend for the year ending 28 February 2019 of 4.5p per share. This dividend was paid on 30 November 2018 to shareholders on the register at 2 November 2018.

Investment portfolio summary at 30 November 2018

	Valuation
	£’000
Venture capital investments
Zuvoo Limited (t/a Smart Assistant)	5,648
Chess Technologies Limited	5,413
Dryden Holdings Limited	4,761
Poq Studio Limited	4,598
Infinity Reliance Limited (t/a My 1st Years)	3,984
Sealskinz Holdings Limited	3,426
Blis Media Limited	3,300
D30 Holdings Limited	3,139
InContext Solutions, Inc.	2,619
Response Tap Limited	2,435
Other investments	25,258
	64,581
Cash at bank	32,856
Total	97,437

Quoted investments are valued at the closing bid price at 30 November 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 30 November 2018

Investment additions

		£’000
Festicket Limited		1,392
Zuvoo Limited (t/a Smart Assistant)		933
Written Byte Limited (t/a DeepCrawl)	600
MPB Group Limited	66
InContext Solutions, Inc.	46
		3,037

Investment disposals
There were no disposals in the period.

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

Investment additions

	£’000
Access Systems, Inc.		1,500
Exonar Limited		1,070
Disposable Cubicle Curtains Limited		287
MPB Group Limited		66
Thread, Inc.		45
	2,968

Investment disposals

	Cost	Market value at 1 September 2018	Disposal proceeds	Gain against cost	Realised gain in period
	£’000	£’000	£’000	£’000	£’000
Chess Technologies Limited	1,568	5,101	5,412	3,844	311
	1,568	5,101	5,412	3,844	311

Changes to share capital

	Ordinary Shares of  1.6187p each
As at 1 September 2018	143,557,292
Shares bought back during the 3 months to 30 November 2018	(170,308	)
Shares issued during the 3 months to 30 November 2018 (under the terms of the Company’s dividend reinvestment scheme)	1,387,397
As at 30 November 2018	144,774,381

In the period from 1 December 2018 to the date of this announcement, 250,000 Ordinary Shares were repurchased and subsequently cancelled.

Material events
ProVen VCT plc and ProVen Growth and Income VCT plc (the “Companies”) announced on 11 January 2019 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 £60,000,000 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 other material events during the period from 1 September 2018 to 30 November 2018 or in the period from 1 December 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]
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