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Proven VCT plc : Interim Management Statement

Proven VCT plc : Interim Management Statement ET | Source: Proven VCT Plc

ProVen VCT plc

Interim Management Statement

for the three months ended 31 May 2017

ProVen 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") 107.9 106.3
Dividends paid to date* 26.5 26.5
NAV plus dividends paid to date 134.4 132.8

*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 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
Watchfinder.co.uk Limited 9,465
Third Bridge Group Limited 5,092
Perfect Channel Limited 4,660
Think Limited 3,899
Rapid Charge Grid Limited 3,837
Monmouth Holdings Limited 3,773
Monica Vinader Limited 3,679
Chargemaster plc 3,615
Blis Media Limited 3,605
Litchfield Media Limited 3,353
Other investments 31,415
76,393
Cash at bank 31,094
Total 107,487

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 1,125
Honeycomb.TV Limited 405
ContactEngine Limited 112
1,642

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 79 79 79
Celoxica Limited 70 70 70
149 149 149

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

Investment additions

£'000
Perfect Channel Limited 150
150

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 500 986 1,354 854 368
Conversity Limited 86 94 8 94
Celoxica Limited 48 48 48
634 1,034 1,496 862 462

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 10p each
As at 1 March 2017 98,562,973
Shares bought back during the 3 months to 31 May 2017
Shares issued during the 3 months to 31 May 2017
As at 31 May 2017 98,562,973

In the period from 1 June 2017 to the date of this announcement, 593,469 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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