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Proven Growth & Income VCT plc : Interim Management Statement

Proven Growth & Income VCT plc : Interim Management Statement ET | Source: Proven Growth & Income VCT plc

ProVen Growth & Income VCT plc

Interim Management Statement

for the three months ended 31 May 2017

ProVen Growth & Income VCT plc (the "Company") presents an Interim Management Statement for the three month period ended 31 May 2017. The statement also includes relevant financial information between the end of the period and the date of this announcement.

Performance

Unaudited
31 May
2017
Audited
28 February
2017
Pence Pence
Net Asset Value per share ("NAV") 84.0 82.7
Dividends paid to date* 41.6 41.6
NAV plus dividends paid to date 125.6 124.3

* 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 7 June 2017, the Company announced a final dividend for the year ended 28 February 2017 of 2.5p per share. Having received approval at the Annual General Meeting of the Company on 4 July 2017, the dividend will be paid on 14 July 2017 to shareholders on the register at 16 June 2017.

Investment portfolio summary at 31 May 2017

Portfolio summary

Valuation
Venture capital investments £'000
Third Bridge Group Limited 11,004
Rapid Charge Grid Limited 5,299
Dryden Holdings Limited 4,716
Blis Media Limited 4,639
APM Healthcare Limited 4,062
Disposable Cubicle Curtains Limited 3,594
Chess Technologies Limited 3,557
Sealskinz Holdings Limited 3,189
D3O Holdings Limited 3,136
MEL Topco Limited (t/a Maplin Electronics) 2,006
Other investments 29,481
74,683
Cash at bank 44,059
Total 118,742

Quoted investments are valued at the closing bid price at 31 May 2017, discounted where appropriate. 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 2017

£'000
Poq Studio Limited 875
Honeycomb.TV Limited 495
ContactEngine Limited 137
1,507

Investment disposals

Cost Market
value at 1 March 2017
Disposal
proceeds
Gain
against
cost
Realised
gain
in period
£'000 £'000 £'000 £'000 £'000
Skills Matter Limited 170 170 170
Celoxica Limited 70 70 70
240 240 240

Investment activity from 1 June 2017 to the date of this announcement

Investment additions

£'000
Perfect Channel Limited 22
22

Investment disposals

Cost Market
value at 1 March 2017
Disposal
proceeds
Gain
against
cost
Realised
gain in
period
£'000 £'000 £'000 £'000 £'000
APM Healthcare Limited 1,731 2,957 4,062 2,331 1,105
Abzena plc 791 652 987 196 335
Celoxica Limited 48 48 48
Conversity Limited 35 38 3 38
2,605 3,657 5,135 2,530 1,478

On 23 June 2017, the Company reached an agreement to sell its investment in Third Bridge Group Limited. Completion of the transaction is subject to legal and regulatory approvals and is expected before the end of July 2017.

Changes to share capital Ordinary
Shares
of 1.6187p each
As at 1 March 2017 98,501,050
Shares bought back during the 3 months to 31 May 2017
Shares issued during the 3 months to 31 May 2017 38,743,426
As at 31 May 2017 137,244,476

In the period from 1 June 2017 to the date of this announcement, 428,525 Ordinary Shares were repurchased and subsequently cancelled.

Material events

Other than the matters described above, there were no material events during the period from 1 March 2017 to 31 May 2017 or in the period from 1 June 2017 to the date of this announcement.

Further information

Further information regarding the Company, can be found on Beringea's dedicated VCT website: www.provenvcts.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

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