PROVEN VCT PLC

Net Asset Value • Jul 15, 2021

National Storage Mechanism | Additional information

ProVen VCT plc

Interim Management Statement

for the three months ended 31 May 2021

ProVen VCT plc (the “Company”) presents an Interim Management Statement for the three month period ended 31 May 2021. The statement also includes relevant financial information between the end of the period and the date of this announcement.

Performance

			Unaudited 31 May 2021	Audited 28 February 2021
			Pence	Pence
Net Asset Value per share (“NAV”)			76.4	74.8
Dividends paid to date*			71.75	71.75
NAV plus dividends paid to date			148.15	146.55

*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 June 2021, the Company announced a final dividend for the year ended 28 February 2021 of 2.0p per share. Having received approval at the Annual General Meeting of the Company on 14 July 2021, the dividend will be paid on 30 July 2021 to Shareholders on the register at 9 July 2021.

Investment portfolio summary at 31 May 2021

Portfolio summary

	Valuation
Venture capital investments	£’000
Monica Vinader Limited	7,911
Zoovu Limited (t/a Smart Assistant)	7,594
Infinity Reliance Limited (t/a My 1st Years)	7,151
Blis Media Limited	6,748
Mycs GmbH	6,336
MPB Group Limited	5,052
ContactEngine Limited	4,163
Thread, Inc.	3,964
Written Byte Ltd (t/a DeepCrawl)	3,833
Luxury Promise Limited	3,589
Other investments	38,744
	95,085
Cash at bank	54,345
Other net current assets	(468)
Net Assets	148,962

Quoted investments are valued at the closing bid price at 31 May 2021, 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 2021

Investment additions

Utilis SAR Ltd	1,809
Moonshot CVE Holdings Ltd	1,388
Hygenica Limited	421

Investment disposals

	Cost	Market value at 1 March 2021	Disposal proceeds	(Loss)/gain against cost	Realised (loss)/gain in period
	£’000	£’000	£’000	£’000	£’000
MPB Group Limited	827	1,692	2,283	1,456	591
Response Tap Limited*	1,060	1,037	1,022	(38)	(15)
Think Limited**	-	-	16	16	16
Chargemaster plc**	-	-	10	10	10
	1,887	2,729	3,331	1,444	602

*Disposal proceeds include amounts accrued in excess of cash proceeds already received.

** Disposal proceeds represent contingent proceeds.

Investment activity from 1 June 2021 to the date of this announcement

Zoovu Limited (t/a Smart Assistant)

Investment disposals from 1 June 2021 to the date of this announcement

	Cost	Market value at 1 June 2021	Disposal proceeds	Gain against cost	Realised loss in period
	£’000	£’000	£’000	£’000	£’000
ContactEngine Limited	1,391	4,163	4,089	2,698	(74)
	1,391	4,163	4,089	2,698	(74)

Changes to share capital	Ordinary Shares of 10p each
As at 1 March 2021	169,820,219
Shares bought back during the 3 months to 31 May 2021	(765,372)
Shares issued during the 3 months to 31 May 2021	25,836,664
As at 31 May 2021	194,891,511

In the period from 1 June 2021 to the date of this announcement, 1,282,886 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 2021 to 31 May 2021 or in the period from 1 June 2021 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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