ProVen VCT plc: interim management statement

ProVen VCT plc

Intermediate management statement

for the nine months ended November 30, 2021

ProVen VCT plc (the “Company”) presents an interim management statement for the nine-month period ended 30 November 2021. The statement also includes relevant financial information between the end of the period and the date of this announcement.

Performance

Unaudited

November 30

2021

Unaudited

August 31

2021

Unaudited

May 31st

2021

Checked

February 28

2021

Under Under Under Under
Net asset value per share (“NAV”) 75.0 75.7 76.4 74.8
Dividends paid to date* 75.25 73.75 71.75 71.75
NAV plus dividends paid to date 150.25 149.45 148.15 146.55

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

Dividends paid or declared

On November 5, 2021, the Company announced an interim dividend for the year ended February 28, 2022 of 1.5 pence per share. This dividend was paid on December 10, 2021 to shareholders registered on November 18, 2021.

Summary of the investment portfolio as of November 30, 2021

Portfolio Summary

Evaluation
Venture capital investments £’000
Zoovu Limited (t/a SmartAssistant) 11,921
Monica Vinader Limited 7,838
MPB Group Limited 7,172
Infinity Reliance Limited (t/a My 1st Years) 6,824
Limited Luxury Promise 5,425
Blis Media Limited 5,199
Mycs GmbH 5,178
Wire, Inc. 4,762
Access Systems, Inc. 4,007
Byte Writing Ltd (t/a DeepCrawl) 3,783
Other investments 45,746
Total investments 107,855
Money in the bank 39,610
Other net current liabilities (2,799)
Net assets 144,666

Listed investments are valued at the closing bid price on November 30, 2021, updated if necessary. Unlisted investments are valued at fair value established according to international guidelines on the valuation of private equity and venture capital.

Investing activity during the nine-month period ended November 30, 2021

Investment Additions

£’000
Dealroom.co BV 2,707
DeepStream Technologies Limited 1,256
Picasso Laboratories, Inc. 1,109
I went there Done That Global Limited 998
Internships Limited (t/a Learnerbly) 924
Andcrafted Ltd (t/a Plank Hardware) 913
Wire, Inc. 740
Access Systems, Inc. 237
Poq Studio Limited 55
8,939

Investment disposals

Cost

Marlet

value as of September 1, 2021

Arrangement

product

To earn

vs

Cost

Realized

Gain

in period

£’000 £’000 £’000 £’000 £’000
D30 Holdings Ltd 956 1,163 1,163 207
InSkin Media Limited 365 420 55 420
1,321 1,163 1,583 262 420

Investment activity from December 1, 2021 to the date of this announcement

Investment Additions

£’000
Limited Luxury Promise 3,502
EMS UK Operations Ltd (t/a Archdesk) 2,581
CGhero Limited 1,251
Paper Ltd 1,237
Mycs GmbH 853
9,424

Investment disposals

There have been no investment disposals during the period from December 1, 2021 to the date of this announcement.

Changes in share capital Ordinary

Shares

10p each

As of September 1, 2021 193 566 539
Shares redeemed during the 3 months until November 30, 2021 (676,982)
Shares issued during the 3 months until November 30, 2021
As of November 30, 2021 192 889 557

During the period from December 1, 2021 to the date of this announcement, 155,183 common shares were repurchased and subsequently cancelled.

In addition, 637,077 common shares were issued under the Company’s dividend reinvestment program (“DRIS”) in connection with the dividend paid on December 10, 2021.

Hardware events

ProVen VCT plc and ProVen Growth and Income VCT plc (the “Companies”) announced on 11 January 2022 that they had published a prospectus (including a securities note, registration document and summary) relating to a combined offer to raise up to £40,000,000 (up to £20,000,000 for each Company) through an issue of new ordinary shares of the Companies, with an over-allotment facility of up to £40,000,000 additional £ (up to £20,000,000 for each Company) payable in full in cash on demand.

The Company announced an updated net asset value on January 21, 2022 following the exchange of contracts for the sale of one of its portfolio companies, subject to certain regulatory approvals. The updated net asset value per share was 78.5 pence, which reflected the impact of the conditional sale on the unaudited net asset value of the Company as at 31 August 2021, less the dividend of 1.5 pence paid by the Company on December 10, 2021 and included changes to the Company’s share capital following the allocation of shares under the DRIS in December 2021 and the share buyback announced in November and December 2021.

Other than the matters described above, there have been no material events during the period from September 1, 2021 to November 30, 2021 or during the period from December 1, 2021 to the date of this announcement.

More information

Further information about 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 on 020 7845 7820 .

Beringea LLP

Company Secretary

Telephone 020 7845 7820

-To finish

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