In This Article:
ProVen Growth & Income VCT plc
Interim Management Statement
for the three months ended 31 May 2022
ProVen Growth & Income VCT plc (the “Company”) presents an Interim Management Statement for the three-month period ended 31 May 2022. The statement also includes relevant financial information between the end of the period and the date of this announcement.
Performance
|
|
|
| Unaudited | Audited |
|
|
|
| Pence | Pence |
| Net Asset Value per Ordinary share (“NAV”) |
|
| 64.2 | 67.3 |
| Dividends paid since class launch (originally as ‘C’ Shares)* |
|
| 70.7 | 70.7 |
| Total Return (NAV plus dividends paid since ‘C’ Share class launch) |
|
| 134.9 | 138.0 |
* 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 10 June 2022, the Company declared a special dividend of 1.75p per share and proposed a final dividend, for Shareholders’ approval, for the year ended 28 February 2022 of 1.5p per share. Having received approval for the final dividend at the Annual General Meeting of the Company on 20 July 2022, both dividends will be paid on 5 August 2022 to Shareholders on the register at 15 July 2022.
Investment portfolio summary at 31 May 2022
Portfolio summary
|
| Valuation |
| Venture capital investments | £’000 |
| Picasso Labs, Inc. (t/a CreativeX) | 12,921 |
| Luxury Promise Limited | 11,770 |
| Papier Ltd | 8,972 |
| Blis Global Ltd (formerly Blis Media Limited) | 6,355 |
| Zoovu Limited (t/a SmartAssistant) | 5,544 |
| Sannpa Limited (t/a Fnatic) | 4,811 |
| Infinity Reliance Limited (t/a My 1st Years) | 4,241 |
| Been There Done That Global Limited | 4,038 |
| Thread, Inc. | 3,669 |
| MPB Group Limited | 3,461 |
| Other investments | 56,195 |
|
| 121,977 |
| Cash at bank | 65,815 |
| Other net current liabilities | (1,809) |
|
|
|
| Net Assets | 185,983 |
Quoted investments are valued at the closing bid price at 31 May 2022, 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 2022
Investment additions
|
| £’000 | |
| Mycs GmbH | 550 | |
| Picasso Labs, Inc. (t/a CreativeX) | 1,185 | |
|
|
| |
|
| 1,735 | |
Investment disposals
|
|
| Market |
| Gain/(loss) | Realised |
|
| £’000 | £’000 | £’000 | £’000 | £’000 |
| Zoovu Limited (t/a SmartAssistant)* | 3,449 | 17,471 | 17,464 | 14,015 | (7) |
| Netcall plc | 324 | 336 | 279 | (45) | (57) |
| Rapid Charge Grid Limited** | 220 | 220 | 220 | - | - |
| Exonar Limited | 1,602 | - | - | (1,602) | - |
|
|
|
|
|
|
|
|
| 5,632 | 18,075 | 18,011 | 12,379 | (64) |