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

ProVen Growth & Income VCT plc
Interim Management Statement
for the three months ended 31 May 2019

ProVen Growth & Income VCT plc (the “Company”) presents an Interim Management Statement for the three month period ended 31 May 2019. The statement also includes relevant financial information between the end of the period and the date of this announcement.

Performance

	Unaudited 31 May 2019		Audited 28 February 2019
	Pence		Pence
Net Asset Value per share (“NAV”)	67.2		68.4
Dividends paid since class launch (originally as ‘C’ Shares)*	60.9		60.9
Total Return (NAV plus dividends paid since ‘C’ Share class launch)	128.1		129.3

* 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 31 May 2019, the Company announced a final dividend for the year ended 28 February 2019 of 2.0p per share. Having received approval at the Annual General Meeting of the Company on 3 July 2019, the dividend will be paid on 19 July 2019 to shareholders on the register at 21 June 2019.

Investment portfolio summary at 31 May 2019

Portfolio summary

	Valuation
Venture capital investments	£’000
Zoovu Limited	6,325
Dryden Holdings Limited	4,761
Sealskinz Holdings Limited	4,379
Poq Studio Limited	4,036
D3O Holdings Ltd	3,884
Blis Media Limited	3,552
Infinity Reliance Limited (t/a My 1st Years)	3,543
Sannpa Limited (t/a Fnatic)	2,839
Mycs GmbH	2,520
Response Tap Limited	2,444
Other investments	27,127
Total investments	65,410
Cash at bank	56,398
Other net current liabilities	(353)
Net Assets	121,455

Quoted investments are valued at the closing bid price at 31 May 2019, 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 2019

Investment additions

	£’000
Sannpa Limited (t/a Fnatic)	2,839
Mycs GmbH	1,246
	4,085

Investment disposals

	Cost	Market value at 1 March 2019	Disposal proceeds	Gain) against cost	Realised gain in period
	£’000	£’000	£’000	£’000	£’000
Skills Matter Limited*	68	-	68	-	68
	68	-	68	-	68

*Loan note repayment.

Investment activity from 1 June 2019 to the date of this announcement

There were no investment additions in the period from 1 June 2019 to the date of this announcement.

Investment disposals

	Cost	Market value at 1 March 2019	Disposal proceeds	Loss against cost	Realised loss in period
	£’000	£’000	£’000	£’000	£’000
7digital Group plc	400	1	-	(400)	(1)
	400	1	-	(400)	(1)

Changes to share capital	Ordinary Shares of 1.6187p each
As at 1 March 2019	144,047,261
Shares bought back during the 3 months to 31 May 2019	-
Shares issued during the 3 months to 31 May 2019	36,598,021
As at 31 May 2019	180,645,282

The Company issued 36,598,021 shares under an offer for subscription (the “Offer”) dated 11 January 2019. Full details of the Offer were contained in a prospectus (comprising a Securities Note, Registration Document and Summary), which was published on 11 January 2019.

Following the release of the annual financial statements to 28 February 2019, the Company published a supplementary prospectus for the Offer on 13 June 2019. In the period from 1 June 2019 to the date of this announcement, a further 3,840,194 shares were issued under the Offer.

In the period from 1 June 2019 to the date of this announcement, 400,000 Ordinary Shares were repurchased and subsequently cancelled.

Material events
Other than the matters described above, there were no material events during the period from 1 March 2019 to 31 May 2019 or in the period from 1 June 2019 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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