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Proven VCT plc (PVN)

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Monday 28 January, 2019

Proven VCT plc

ProVen VCT plc: Interim Management Statement

ProVen VCT plc: Interim Management Statement

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

ProVen 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
 PencePencePencePence
Net Asset Value per share (“NAV”)83.3108.9114.299.7
Dividends paid/ declared per share since conversion/ consolidation*63.7538.536.036.0
Total Return (NAV plus dividends paid/ declared*)147.1147.4150.2135.7

*Dividends paid represent dividends paid since the consolidation of 5p Ordinary Shares into 10p Ordinary Shares in October 2012. Prior to this date, the Company paid dividends totalling 113.95p on the 5p Ordinary Shares.

Dividends paid or declared
On 24 October 2018, the Company announced a special interim dividend for the year ending 28 February 2019 of 25.25p 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

Portfolio summary

 Valuation
Venture capital investments£’000
  
Infinity Reliance Limited (t/a My 1st Years)6,150
Poq Studio Limited5,402
Zuvoo Limited (t/a Smart Assistant)4,892
Litchfield Media Limited4,201
Rapid Charge Grid Limited3,909
Monica Vinader Limited3,679
Chess Technologies Limited3,609
Mycs GmbH3,551
Festicket Limited3,248
InContext Solutions, Inc.3,241
Other investments27,126
 69,008
Cash at bank 19,512
Total88,520

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 Limited3,248
Zuvoo Limited (t/a Smart Assistant)2,177
Written Byte Limited (t/a Deep Crawl)1,400
InContext Solutions, Inc.442
MPB Group Limited184
 7,451

Investment disposals

 

 

 
 

 

Cost
Market
value at 1 September 2018
 

Disposal
proceeds
Gain
against
cost
Realised
gain
in period
 £’000£’000£’000£’000£’000
Think Limited                                                                                                                                                                                                                2,7576,129                        7,769                    5,012                      1,640
 2,7576,1297,7695,0121,640

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

Investment additions

 £’000
Access Systems, Inc.3,500
Exonar Limited2,496
Disposable Cubicle Curtains Limited670
MPB Group Limited184
Thread, Inc.105
 6,955

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                                                                                                                                                   1,0453,400                    3,608                 2,563                  208
 1,0453,4003,6082,563208


Changes to share capitalOrdinary
Shares
of 10p each
As at 1 September 2018101,257,111 
Shares bought back during the 3 months to 30 November 2018  (160,835)
Shares issued during the 3 months to 30 November 2018 (under the terms of the Company’s dividend reinvestment scheme)4,571,458 
As at 30 November 2018105,667,734 

In the period from 1 December 2018 to the date of this announcement, 264,521 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 [email protected] or by telephone 020 7845 7820.

Beringea LLP
Company Secretary
Telephone 020 7845 7820
-End


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