PROVEN VCT PLC

Interim / Quarterly Report • Jul 5, 2019

National Storage Mechanism | Additional information

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ProVen VCT plc

Interim Management Statement

for the three months ended 31 May 2019

ProVen VCT plc (the “Company”) presents an Interim Management Statement for the three month period ended 31 May 2019. The statement also includes relevant financial information between the end of the period and the date of this announcement.

Performance

	Unaudited 31 May 2019	Audited 28 February 2019
	Pence	Pence
Net Asset Value per share (“NAV”)	81.2	82.2
Dividends paid to date*	63.75	63.75
NAV plus dividends paid to date	144.95	145.95

*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 31 May 2019, the Company announced a final dividend for the year ended 28 February 2019 of 2.5p per share. Having received approval at the Annual General Meeting of the Company on 3 July 2019, the dividend will be paid on 19 July 2019 to shareholders on the register at 21 June 2019.

Investment portfolio summary at 31 May 2019

Portfolio summary

	Valuation
Venture capital investments	£’000
Infinity Reliance Limited (t/a My 1st Years)	5,635
Zoovu Limited	5,345
Poq Studio Limited	4,679
Monica Vinader Limited	4,232
Litchfield Media Limited	4,198
Mycs GmbH	4,084
Rapid Charge Grid Limited	3,991
Access Systems, Inc.	3,500
Festicket Limited	3,248
Thread, Inc.	2,872
Other investments	29,559
Total investments	71,343
Cash at bank	56,106
Other net current liabilities	(4,489)
Net Assets	122,960

Quoted investments are valued at the closing bid price at 31 May 2019, 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 2019

Investment additions

	£’000
Sannpa Limited (t/a Fnatic)	1,029
Mycs GmbH	534
	1,563

Investment disposals

	Cost	Market value at 1 March 2019	Disposal proceeds	Gain against cost	Realised gain in period
	£’000	£’000	£’000	£’000	£’000
Skills Matter Limited*	32	-	32	-	32
	32	-	32	-	32

*Loan note repayment.

Investment activity from 1 June 2019 to the date of this announcement

There were no investment additions in the period from 1 June 2019 to the date of this announcement.

Investment disposals

	Cost	Market value at 1 March 2019	Disposal proceeds	Loss against cost	Realised loss in period
	£’000	£’000	£’000	£’000	£’000
7digital Group plc	1,101	4	1	(1,100)	(3)
	1,101	4	1	(1,100)	(3)

Changes to share capital	Ordinary Shares of 10p each
As at 1 March 2019	105,041,530
Shares bought back during the 3 months to 31 May 2019	-
Shares issued during the 3 months to 31 May 2019	46,313,896
As at 31 May 2019	151,355,426

The Company issued 46,313,896 shares under an offer for subscription (the “Offer”) dated 11 January 2019. Full details of the Offer were contained in a prospectus (comprising a Securities Note, Registration Document and Summary), which was published on 11 January 2019. Following an allotment on 30 April 2019 the Offer was effectively fully subscribed and was closed to further applications.

In the period from 1 June 2019 to the date of this announcement, 600,000 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 2019 to 31 May 2019 or in the period from 1 June 2019 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

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