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 -End
ProVen VCT plc is a United Kingdom-based venture capital trust (VCT). The Companyâs investment objective is to achieve long-term returns greater than those available from investing in a portfolio of quoted companies, by investing in a portfolio of carefully selected qualifying investments in small and medium-sized unquoted companies with excellent growth prospects, and a portfolio of non-qualifying investments permitted for liquidity management purposes within the conditions imposed on all VCTs and to minimize the risk of each investment and the portfolio as a whole. The Company invests in companies at various stages of development, including those requiring capital for expansion, but not in start-ups or management buy-outs or businesses seeking to use funding to acquire other businesses. It invests in various sectors, such as consumer/e-commerce, software as a service (SaaS), business services, healthcare, and others. Its investment manager is Beringea LLP.