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

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

ProVen Growth & Income 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")	74.5		72.1
Dividends paid since class launch (originally as 'C' Shares)*	54.4		54.4
Total Return (NAV plus dividends paid since 'C' Share class launch)	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 6 June 2018, the Company announced a final dividend for the year ended 28 February 2018 of 2.0p 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
Chess Technologies Limited	5,569
Watchfinder.co.uk Limited	4,835
Dryden Holdings Limited	4,762
Poq Studio Limited	4,598
Infinity Reliance Limited (t/a My 1st Years)	4,419
Chargemaster plc	3,394
Sealskinz Holdings Limited	2,995
Smart Information Systems GmbH (t/a Smart Assistant)	2,720
D30 Holdings Ltd	2,448
Blis Media Limited	2,422
Other investments	30,269
	68,431
Cash at bank	40,530
Total	108,961

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	1,275
Poq Studio Limited	1,098
Infinity Reliance Limited (t/a My First Years)	924
Perfect Channel Limited	132
	3,429

Investment disposals

	Cost	Market value at 1 March 2018	Disposal proceeds	Gain/(loss) against cost	Realised gain in period
	£'000	£'000	£'000	£'000	£'000
Omni Dental Sciences Limited	-	242	242	242	-
Charterhouse Leisure Limited	1,250	13	129	(1,121)	116
Conversity Limited	12	-	2	(10)	2
	1,262	255	373	889	118

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

Investment additions

	£'000
Aistemos Limited	277
	277

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	551	2,145	4,835	4,284	2,690
Chargemaster plc	1,079	2,498	3,394	2,315	896
	1,630	4,643	8,229	6,599	3,586

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 1.6187p each
As at 1 March 2018	144,004,855
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	144,004,855

In the period from 1 June 2018 to the date of this announcement, 771,075 Ordinary Shares were repurchased and subsequently cancelled.

In addition, 584,519 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]

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This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
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