ProVen VCT plc: Interim Management Statement

In This Article:

ProVen VCT plc
Interim Management Statement
for the three months ended 31 May 2024

ProVen VCT plc (the “Company”) presents an Interim Management Statement for the three-month period ended 31 May 2024. The statement also includes relevant financial information between the end of the period and the date of this announcement.

Performance

Unaudited
31 May
2024

Audited
29 February
2024

Pence

Pence

Net Asset Value per share (“NAV”)

65.6

65.2

Dividends paid to date*

84.25

84.25

NAV plus dividends paid to date

149.85

149.45

*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 11 June 2024, the Company announced a proposed final dividend for the year ended 29 February 2024 of 1.75p per share. Having received approval for the final dividend at the Annual General Meeting of the Company on 17 July 2024, this dividend will be paid on 16 August 2024 to Shareholders on the register at 19 July 2024. Payment of this dividend will reduce the NAV per share as shown above to 63.85p pence and increase dividends paid to date to 86.00p per share.

Investment portfolio summary at 31 May 2024

Portfolio summary

Valuation

Venture capital investments

£’000

Luxury Promise Limited

10,260

Gorillini NV (t/a Gorilla)

9,423

MPB Group Limited

8,820

Infinity Reliance Limited (t/a My 1st Years)

7,659

Social Value Portal Ltd

5,781

Picasso Labs, Inc. (t/a CreativeX)

5,451

Access Systems, Inc. (t/a AccessPay)

4,730

DeepCrawl Holding Company, Inc. (t/a Lumar)

4,364

Dash Brands Ltd

4,163

Moonshot CVE Ltd

4,123

Other investments

63,837

Total investments

128,611

Cash and cash equivalents

49,878

Other net current assets

99

Net Assets

178,588


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 2024

Investment additions

Additions
Cost
£’000

Iceberg Data Lab

2,474

Gorillini NV (t/a Gorilla)

1,415

Moonshot CVE Ltd

910

Dealroom.co B.V.

299

Total

5,098


Investment disposals

There were no disposals made in the quarter to 31 May 2024.

Investment activity from 1 June 2024 to the date of this announcement

There has been no investment activity for the Company from 1 June 2024 to the date of this announcement.

Changes to share capital

Ordinary
Shares
of 10p each

As at 1 March 2024

257,704,036

Shares issued during the 3 months to 31 May 2024

14,611,284

As at 31 May 2024

272,315,320

In the period from 1 June 2024 to the date of this announcement, 5,419,294 Ordinary Shares were repurchased and subsequently cancelled. On 3 July 2024, 2,592,761 Ordinary Shares were issued pursuant to the offer for subscription that opened on 16 January 2024 and were allotted at an average price of 67.6p, based on the latest net asset value of 65.2p per Ordinary Share, being the net asset value as at 29 February 2024.