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Proven Growth & Inc. (PGOO)

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Thursday 13 August, 2020

Proven Growth & Inc.

ProVen Growth and Income VCT plc: Interim Management Statement

ProVen Growth and Income VCT plc: Interim Management Statement

ProVen Growth & Income VCT plc
Interim Management Statement
for the three months ended 31 May 2020

ProVen Growth & Income VCT plc (the “Company”) presents an Interim Management Statement for the three month period ended 31 May 2020. The statement also includes relevant financial information between the end of the period and the date of this announcement.

Performance

 

 

 
    Unaudited
31 May
2020
Audited
29 February
2020
      Pence Pence
Net Asset Value per share (“NAV”)     56.2 58.6
Dividends paid since class launch (originally as ‘C’ Shares)*     64.4 64.4
Total Return (NAV plus dividends paid since ‘C’ Share class launch)     120.6 123.0

* 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 2 July 2020, the Company announced a final dividend for the year ended 29 February 2020 of 1.75p per share. Having received approval at the Annual General Meeting of the Company on 10 August 2020, the dividend will be paid on 28 August 2020 to Shareholders on the register at 7 August 2020.

Investment portfolio summary at 31 May 2020

Portfolio summary

  Valuation
Venture capital investments £’000
Sannpa Limited (t/a Fnatic) 6,718
ContactEngine Limited 5,120
Mycs GmbH 4,913
Dryden Holdings Limited 4,760
Infinity Reliance Limited (t/a My 1st Years) 4,191
Zoovu Limited (t/a Smart Assistant) 3,997
Thread, Inc. 3,723
Papier Limited 3,150
Our Path Limited (t/a Second Nature) 2,800
Written Byte Limited (t/a DeepCrawl) 2,788
Other investments 35,806
  77,966

 
Cash at bank 48,131
Other net current liabilities 165
   
Net Assets 126,262

Quoted investments are valued at the closing bid price at 31 May 2020, 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 2020

Investment additions

  £’000
Commonplace Digital Limited 1,500
Luxury Promise Limited 1,350
Sannpa Limited (t/a Fnatic) 772
Thread, Inc. 421
   
  4,043


Investment disposals

There were no investment disposals in the three month period ended 31 May 2020.

Investment activity from 1 June 2020 to the date of this announcement

  £’000
ContactEngine Limited 125
Social Value Portal Limited 1,500
  1,625

Investment disposals

 

 

 
 

 

Cost
Market
value at 1 June 2020
 

Disposal
proceeds
Gain
against
cost
Realised
gain
in period
  £’000 £’000 £’000 £’000 £’000
MEL Topco Limited (t/a Maplin)* - - 34 34 34
Chargemaster plc* - - 74 74 74
           
  - - 108 108 108

* Disposal proceeds represent contingent proceeds.

Changes to share capital Ordinary
Shares
of 1.6187p each
As at 1 March 2020 200,137,231
Shares bought back during the 3 months to 31 May 2020 (111,270)
Shares issued during the 3 months to 31 May 2020 24,518,370
As at 31 May 2020 224,544,331

In the period from 1 June 2020 to the date of this announcement, 1,282,530 Ordinary Shares were repurchased and subsequently cancelled.

Material events
In light of the evolving situation regarding COVID-19, the Board of ProVen Growth and Income VCT plc (the "Company") carried out a review of the portfolio and announced on 23 March 2020 that the unaudited net asset value of the Company was 54.6p per share. This was based on the unaudited net asset value of the Company as at 20 March 2020.

Other than the matters described above, there were no material events during the period from 1 March 2020 to 31 May 2020 or in the period from 1 June 2020 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 [email protected] or by telephone 020 7845 7820.

Beringea LLP
Company Secretary
Telephone 020 7845 7820

-End


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