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Proven VCT plc (PVN)

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Thursday 15 July, 2021

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 31 May 2021

 

ProVen VCT plc (the “Company”) presents an Interim Management Statement for the three month period ended 31 May 2021. The statement also includes relevant financial information between the end of the period and the date of this announcement.

 

Performance

 





    Unaudited

31 May

2021
Audited

28 February

2021
      Pence Pence
Net Asset Value per share (“NAV”)     76.4 74.8
Dividends paid to date*     71.75 71.75
NAV plus dividends paid to date     148.15 146.55

 

*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 7 June 2021, the Company announced a final dividend for the year ended 28 February 2021 of 2.0p per share. Having received approval at the Annual General Meeting of the Company on 14 July 2021, the dividend will be paid on 30 July 2021 to Shareholders on the register at 9 July 2021.

 

Investment portfolio summary at 31 May 2021

 

Portfolio summary

  Valuation
Venture capital investments £’000
Monica Vinader Limited 7,911
Zoovu Limited (t/a Smart Assistant) 7,594
Infinity Reliance Limited (t/a My 1st Years) 7,151
Blis Media Limited 6,748
Mycs GmbH 6,336
MPB Group Limited 5,052
ContactEngine Limited 4,163
Thread, Inc. 3,964
Written Byte Ltd (t/a DeepCrawl) 3,833
Luxury Promise Limited 3,589
Other investments 38,744
  95,085
   
Cash at bank 54,345
Other net current assets (468)
   
Net Assets 148,962

 

Quoted investments are valued at the closing bid price at 31 May 2021, 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 2021

 

Investment additions

 

  £’000
Utilis SAR Ltd 1,809
Moonshot CVE Holdings Ltd 1,388
Hygenica Limited 421
   
  3,618

 

Investment disposals

 

 









Cost
Market

value at 1 March 2021


Disposal

proceeds
(Loss)/gain

against

cost
Realised

(loss)/gain

in period
  £’000 £’000 £’000 £’000 £’000
MPB Group Limited 827 1,692 2,283 1,456 591
Response Tap Limited* 1,060 1,037 1,022 (38) (15)
Think Limited** - - 16 16 16
Chargemaster plc** - - 10 10 10
           
  1,887 2,729 3,331 1,444 602

 

*Disposal proceeds include amounts accrued in excess of cash proceeds already received.

** Disposal proceeds represent contingent proceeds.

 

Investment activity from 1 June 2021 to the date of this announcement

  £’000
Zoovu Limited (t/a Smart Assistant) 636
   
  636

 

Investment disposals from 1 June 2021 to the date of this announcement









Cost
Market

value at 1 June 2021


Disposal

proceeds
Gain

against

cost
Realised

loss

in period
  £’000 £’000 £’000 £’000 £’000
ContactEngine Limited 1,391 4,163 4,089 2,698 (74)
           
  1,391 4,163 4,089 2,698 (74)

 

Changes to share capital Ordinary

Shares

of 10p each
As at 1 March 2021 169,820,219
Shares bought back during the 3 months to 31 May 2021 (765,372)
Shares issued during the 3 months to 31 May 2021 25,836,664
As at 31 May 2021 194,891,511

 

In the period from 1 June 2021 to the date of this announcement, 1,282,886 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 2021 to 31 May 2021 or in the period from 1 June 2021 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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