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
 PencePencePencePence
Net Asset Value per share (“NAV”)65.062.764.365.5
Dividends paid to date*82.7582.7580.7580.75
NAV plus dividends paid to date147.75145.45145.05146.25

*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 Limited5,6809,202
MPB Group Limited1,6848,259
Infinity Reliance Limited (t/a My 1st Years)4,7316,987
Gorillini NV (t/a Gorilla)2,4375,985
Social Value Portal Ltd2,4584,787
Picasso Labs, Inc. (t/a CreativeX)2,7294,618
Access Systems, Inc. (t/a Access Pay)3,7374,121
Utilis Israel Ltd (t/a Asterra)1,8094,023
DeepCrawl Holding Company, Inc. (t/a Lumar)3,8273,959
Dealroom.co B.V.2,7073,787
WS HoldCo, PBC. (t/a WiredScore)3,7333,660
Lupa Foods Limited6943,343
Dash Brands Ltd2,7183,247
Not Another Beer Co Ltd (t/a Lucky Saint)2,7972,797
Chattermill Analytics Limited2,7932,793
Papier Ltd2,7702,770
Litchfield Media Limited1,4052,739
Yardlink Ltd2,6802,680
Moonshot CVE Ltd1,3882,385
Doctify Limited2,2222,222
Other venture capital investments52,91426,170
Total venture capital investments107,913110,534
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 Ltd84
 84
  
  

There has been no investment activity in the period from 1 December 2023 to the date of this announcement.

Changes to share capitalOrdinary
Shares
of 10p each
As at 1 September 2023259,258,564
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 2023258,114,916

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