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
Comments are closed.