ProVen Growth and Income VCT plc
Interim Management Statement
for the three months ended 31 May 2024
ProVen Growth and Income VCT plc (the “Company”) presents an Interim Management Statement for the three-month period ended 31 May 2024. The statement also includes relevant financial information between the end of the period and the date of this announcement.
Performance
| Unaudited 31 May 2024 | Audited 29 February 2024 | |||
| Pence | Pence | |||
| Net Asset Value per share (“NAV”) | 54.7 | 54.7 | ||
| Dividends paid since class launch (originally as ‘C’ Shares)* | 78.4 | 78.4 | ||
| Total Return (NAV plus dividends paid since ‘C’ Share class launch) | 133.1 | 133.1 |
* Dividends paid represents dividends paid in respect of the Original 'C' Shares between their launch in 2006 up until their conversion in 2009 and as Ordinary Shares since the 'C' Share conversion. 'C' Shares were converted into Ordinary Shares on a one for one basis in 2009.
Dividends paid or declared
On 11 June 2024, the Company announced a proposed final dividend for the year ended 29 February 2024 of 1.5p per share. Having received approval for the final dividend at the Annual General Meeting of the Company on 17 July 2024, this dividend will be paid on 16 August 2024 to Shareholders on the register at 19 July 2024. Payment of this dividend will reduce the NAV per share as shown above to 53.2p pence and increase dividends paid to date to 79.9p per share.
Investment portfolio summary at 31 May 2024
Portfolio summary
| Valuation | |
| Venture capital investments | £’000 |
| Picasso Labs, Inc. (t/a CreativeX) | 10,832 |
| Luxury Promise Limited | 10,752 |
| Sannpa Limited (t/a Fnatic) | 8,785 |
| Gorillini NV (t/a Gorilla) | 6,724 |
| Social Value Portal Ltd | 5,912 |
| MPB Group Limited | 5,703 |
| Infinity Reliance Limited (t/a My 1st Years) | 5,189 |
| Dash Brands Ltd | 5,027 |
| DeepCrawl Holding Company, Inc. (t/a Lumar) | 4,841 |
| Papier Ltd | 4,703 |
| Other investments | 60,307 |
| Total investments | 128,775 |
| Cash and cash equivalents | 45,326 |
| Other net current assets | 22 |
| Net Assets | 174,123 |
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 2024
Investment additions
Additions
Cost
£’000
| Iceberg Data Lab | 1,061 |
| Gorillini NV (t/a Gorilla) | 606 |
| Moonshot CVE Ltd | 390 |
| Dealroom.co B.V. | 128 |
| Total | 2,185 |
Investment disposals
There were no disposals made in the quarter to 31 May 2024.
Investment activity from 1 June 2024 to the date of this announcement
There has been no investment activity for the Company from 1 June 2024 to the date of this announcement.
| Changes to share capital | Ordinary Shares of 1.6187p each |
| As at 1 March 2024 | 302,381,579 |
| Shares issued during the 3 months to 31 May 2024 | 16,126,451 |
| As at 31 May 2024 | 318,508,030 |
In the period from 1 June 2024 to the date of this announcement, 5,258,994 Ordinary Shares were repurchased and subsequently cancelled. On 3 July 2024, 3,033,574 Ordinary Shares were issued pursuant to the offer for subscription that opened on 16 January 2024 and were allotted at an average price of 56.6p, based on the latest net asset value of 54.7p per Ordinary Share, being the net asset value as at 29 February 2024.
Material events
Other than the matters described above, there were no material events during the period from 1 March to 31 May 2024 or in the period from 1 June 2024 to the date of this announcement.
Further information
Further information regarding the Company, can be found on the Company’s website: www.proveninvestments.co.uk or by contacting Beringea, the Investment Manager at info@beringea.co.uk or by telephone 020 7845 7820.
Beringea LLP
Company Secretary
Telephone 020 7845 7820
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