PROVEN VCT PLC

Interim / Quarterly Report • Jan 21, 2020

National Storage Mechanism | Additional information

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ProVen VCT plc

Interim Management Statement

for the three months ended 30 November 2019

ProVen VCT plc (the “Company”) presents an Interim Management Statement for the three month period ended 30 November 2019. The statement also includes relevant financial information between the end of the period and the date of this announcement.

Performance

	Unaudited 30 November 2019	Unaudited 31 August 2019	Unaudited 31 May 2019	Audited 28 February 2019
	Pence	Pence	Pence	Pence
Net Asset Value per share (“NAV”)	73.6	76.4	81.2	82.2
Dividends paid to date*	68.25	66.25	63.75	63.75
NAV plus dividends paid to date	141.85	142.65	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 5 November 2019, the Company announced an interim dividend for the year ended 29 February 2020 of 2.0p per share. This dividend was paid on 6 December 2019 to shareholders on the register at 15 November 2019.

Investment portfolio summary at 30 November 2019

Portfolio summary

	Valuation
Venture capital investments	£’000
Infinity Reliance Limited (t/a My 1st Years)	5,172
Mycs GmbH	4,197
Litchfield Media Limited	4,194
Poq Studio Limited	3,986
Access Systems, Inc.	3,500
Zoovu Limited (t/a Smart Assistant)	3,467
Written Byte Limited (t/a DeepCrawl)	3,373
Thread, Inc.	3,354
Monica Vinader Limited	3,342
Festicket Limited	3,248
Other investments	30,306
	68,139
Cash at bank	43,569
Other net current assets	(956)
Net Assets	110,752

Quoted investments are valued at the closing bid price at 30 November 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 30 November 2019

Investment additions

There were no investment additions in the period.

Investment disposals

	Cost	Market value at  1 September 2019	Disposal proceeds	Gain against cost	Realised gain in period
	£’000	£’000	£’000	£’000	£’000
Think Limited*	-	-	1,359	1,359	1,359
Rapid Charge Grid Limited**	1,050	1,050	1,050	-	-
Monmouth Holdings Limited**	1,000	1,000	1,000	-	-
MatsSoft Limited***	-	-	211	211	211
	2,050	2,050	3,620	1,570	1,570

* Disposal proceeds represent contingent proceeds.

** Loan note disposal.

*** Disposal proceeds represent contingent proceeds, including consideration in the form of shares in Netcall plc.

**Investment activity from 1 December 2019 to the date of this announcement

**

Our Path Ltd	1,200
Festicket Ltd	384

**Investment disposals from 1 December 2019 to the date of this announcement

**

	Cost	Market value at  1 December 2019	Disposal proceeds	Gain against cost	Realised gain in period
	£’000	£’000	£’000	£’000	£’000
Monmouth Holdings Limited*	100	100	100	-	-
	100	100	100	-	-

* Loan note disposal.

Changes to share capital	Ordinary Shares of 10p each
As at 1 September 2019	151,054,397
Shares bought back during the 3 months to 30 November 2019	(578,698)
Shares issued during the 3 months to 30 November 2019	-
As at 30 November 2019	150,475,699

In the period from 1 December 2019 to the date of this announcement, 256,568 Ordinary Shares were repurchased and subsequently cancelled.

In addition, 678,894 Ordinary Shares were issued under the Company’s Dividend Reinvestment Scheme in relation to the dividend paid on 6 December 2019.

Material events

ProVen VCT plc and ProVen Growth and Income VCT plc (together the “Companies” and each being a “Company”) announced on 11 November 2019 their intention to launch a combined Offer for Subscription to raise up to £20 million (with each Company intending to raise up to £10 million) by way of an issue of new ordinary shares in the Companies, with an over-allotment facility of up to a further £20 million in aggregate (being a facility of up to £10 million for each Company).

Other than the matters described above, there were no material events during the period from 1 September 2019 to 30 November 2019 or in the period from 1 December 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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