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 30 November 2023 | Unaudited 31 August 2023 | Unaudited 31 May 2023 | Audited 28 February 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 £'000 | Valuation £'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
| £’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.
| Changes to share capital | Ordinary Shares 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
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