Proven Growth & Income VCT plc : Interim Manage...

ProVen Growth & Income VCT plc

Interim Management Statement

for the three months ended 30 November 2017

ProVen Growth & Income VCT plc (the "Company") presents an Interim Management Statement for the three month period ended 30 November 2017. The statement also includes relevant financial information between the end of the period and the date of this announcement.

Performance

	Unaudited 30 November  2017	Unaudited 31 August 2017	Unaudited 31 May  2017	Audited 28 February 2017
	Pence	Pence	Pence	Pence
Net Asset Value per share ("NAV")	68.7	80.0	84.0	82.7
Dividends paid/ declared since class launch (originally as 'C' Shares)*	54.4	44.1	41.6	41.6
Total Return (NAV plus dividends paid/ declared since 'C' Share class launch)	123.1	124.1	125.6	124.3

* 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.

Net Asset Value

During the three month period to 30 November 2017, the NAV per share decreased from 80.0p to 68.7p. Of the total decline of 11.3p, 10.25p reflected the dividend paid during the period.

Dividends paid or declared

On 11 October 2017, the Company announced a special interim dividend for the year ending 28 February 2018 of 10.25p per share. This dividend was paid on 17 November 2017 to shareholders on the register at 20 October 2017.

Investment portfolio summary at 30 November 2017

	Valuation
	£'000
Venture capital investments
Chess Technologies Limited	5,839
Dryden Holdings Limited	4,762
D3O Holdings Ltd	3,257
Sealskinz Holdings Limited	2,604
Chargemaster plc	2,347
Disposable Cubicle Curtains Limited	2,209
Thread, Inc.	2,131
InContext Solutions, Inc.	2,075
Smart Information Systems GmbH (t/a Smart Assistant)	2,048
Watchfinder.co.uk Limited	1,903
Other investments	24,934
	54,109
Cash at bank	44,635
Total	98,744

Quoted investments are valued at the closing bid price at 30 November 2017, 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 2017

Investment additions

		£'000
Been There Done That Global Limited		1,448
Thread, Inc.		824
InContext Solutions, Inc.	387
Disposable Cubicle Curtains Limited	230
		2,889

Investment disposals

There were no disposals in the period.

Investment activity from 1 December 2017 to the date of this announcement

Investment additions

	£'000
Smart Information Systems GmbH (t/a Smart Assistant)		672
	672

Investment disposals

There were no disposals from 1 December to the date of this announcement.

Changes to share capital

	Ordinary Shares of  1.6187p each
As at 1 September 2017	137,082,823
Shares bought back during the 3 months to 30 November 2017	(125,000)
Shares issued during the 3 months to 30 November 2017 (under the Offer for Subscription date 20 October 2017)	3,988,208
Shares issued during the 3 months to 30 November 2017 (under the terms of the Company's dividend reinvestment scheme)	2,686,879
As at 30 November 2017	143,632,910

In the period from 1 December 2017 to the date of this announcement, 81,689 Ordinary Shares were repurchased and subsequently cancelled and 755,495 shares were issued under the Offer for Subscription dated 20 October 2017, which closed on 20 December 2017.

Material events

On 22 November 2017, following the Autumn Budget Statement, Her Majesty's Government announced a number of changes to the rules governing Venture Capital Trusts. Further details of these changes were set out in the first draft of the Finance (No. 2) Bill 2018 (the "Finance Bill") published on 1 December 2017.

As of the date of this announcement, the Board does not believe that these rule changes will materially affect the Company's investment policy and strategy.

Other than the matters described above, there were no material events during the period from 1 September 2017 to 30 November 2017 or in the period from 1 December 2017 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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The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Proven Growth & Income VCT plc via Globenewswire