Proven VCT plc Proven Vct Plc: Interim Management Statement

 
TIDMPVN

ProVen VCT plc

Interim Management Statement

for the nine months ended 30 November 2023

ProVen VCT plc (the "Company") presents an Interim Management Statement for the nine-month period ended 30 November 2023. The statement also includes relevant financial information between the end of the period and the date of this announcement.

Performance

 
                              Unaudited    Unaudited   Unaudited    Audited 
                              30 November   31 August    31 May    28 February 
                                 2023         2023        2023        2023 
                                Pence        Pence       Pence       Pence 
Net Asset Value per share 
 ("NAV")                             65.0        62.7       64.3          65.5 
Dividends paid to date*             82.75       82.75      80.75         80.75 
NAV plus dividends paid to 
 date                              147.75      145.45     145.05        146.25

*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 November 2023, the Company announced an interim dividend for the year ended 28 February 2024 of 1.5p per share. This dividend was paid on 15 December 2023 to shareholders on the register at 17 November 2023. The payment of this dividend will reduce the NAV shown above of 65.0p at 30 November 2023 to 63.5p per share.

Investment portfolio summary at 30 November 2023

 
                                                 Cost    Valuation 
                                                GBP'000   GBP'000 
                                               --------  --------- 
Luxury Promise Limited                            5,680      9,202 
MPB Group Limited                                 1,684      8,259 
Infinity Reliance Limited (t/a My 1st Years)      4,731      6,987 
Gorillini NV (t/a Gorilla)                        2,437      5,985 
Social Value Portal Ltd                           2,458      4,787 
Picasso Labs, Inc. (t/a CreativeX)                2,729      4,618 
Access Systems, Inc. (t/a Access Pay)             3,737      4,121 
Utilis Israel Ltd (t/a Asterra)                   1,809      4,023 
DeepCrawl Holding Company, Inc. (t/a Lumar)       3,827      3,959 
Dealroom.co B.V.                                  2,707      3,787 
WS HoldCo, PBC. (t/a WiredScore)                  3,733      3,660 
Lupa Foods Limited                                  694      3,343 
Dash Brands Ltd                                   2,718      3,247 
Not Another Beer Co Ltd (t/a Lucky Saint)         2,797      2,797 
Chattermill Analytics Limited                     2,793      2,793 
Papier Ltd                                        2,770      2,770 
Litchfield Media Limited                          1,405      2,739 
Yardlink Ltd                                      2,680      2,680 
Moonshot CVE Ltd                                  1,388      2,385 
Doctify Limited                                   2,222      2,222 
Other venture capital investments                52,914     26,170 
---------------------------------------------  --------  --------- 
Total venture capital investments               107,913    110,534 
---------------------------------------------  --------  --------- 
Cash at bank and in hand                                    56,085 
---------------------------------------------  --------  --------- 
Other net current assets                                     1,227 
---------------------------------------------  --------  --------- 
Net assets                                                 167,846 
---------------------------------------------  --------  ---------

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 2023

Investment additions

 
                  GBP'000 
MOTH Drinks Ltd        84 
                       84 
                  =======

There has been no investment activity in the period from 1 December 2023 to the date of this announcement.

 
                                                              Ordinary 
                                                               Shares 
Changes to share capital                                     of 10p each 
As at 1 September 2023                                       259,258,564 
    Shares bought back during the 3 months to 30 November 
     2023                                                    (1,143,648) 
    Shares issued during the 3 months to 30 November 2023              - 
As at 30 November 2023                                       258,114,916 
                                                            ============

In the period from 1 December 2023 to the date of this announcement, 1,075,458 Ordinary Shares were issued under the Company's Dividend Reinvestment Scheme ("DRIS") in relation to the dividend paid on 15 December 2023.

Material events

Other than the matters described above, there were no material events during the period from 1 September 2023 to 30 November 2023 or in the period from 1 December 2023 to the date of this announcement.

Further information

Further information regarding the Company can be found on Beringea's dedicated VCT website: www.proveninvestments.co.uk or by contacting Beringea, the Investment Manager at provenvcts@beringea.co.uk or by telephone 020 7845 7820.

Beringea LLP

Company Secretary

Telephone 020 7845 7820

-End

(END) Dow Jones Newswires

December 22, 2023 04:36 ET (09:36 GMT)

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