PROVEN VCT PLC

Management Reports • Feb 10, 2023

National Storage Mechanism | Additional information

ProVen VCT plc

Interim Management Statement

for the nine months ended 30 November 2022

ProVen VCT plc (the “Company”) presents an Interim Management Statement for the nine-month period ended 30 November 2022. The statement also includes relevant financial information between the end of the period and the date of this announcement.

Performance

	Unaudited 30 November 2022	Unaudited 31 August 2022	Unaudited 31 May 2022	Audited 28 February 2022
	Pence	Pence	Pence	Pence
Net Asset Value per share (“NAV”)	66.3	67.6	74.5	76.7
Dividends paid to date*	79.00	79.00	75.25	75.25
NAV plus dividends paid to date	145.30	146.60	149.75	151.95

*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 12 October 2022, the Company announced an interim dividend for the year ended 28 February 2023 of 1.75p per share. This dividend was paid on 2 December 2022 to shareholders on the register at 11 November 2022.

Investment portfolio summary at 30 November 2022

Portfolio summary

	Valuation
Venture capital investments	£’000
Luxury Promise Limited	9,794
MPB Group Limited	6,932
Infinity Reliance Limited (t/a My 1st Years)	6,173
Picasso Labs, Inc. (t/a CreativeX)	5,392
Monica Vinader Limited	5,359
Social Value Portal Ltd	4,376
DeepCrawl Holding Company, Inc.	4,156
Access Systems, Inc. (t/a Access Pay)	4,000
WS HoldCo, PBC. (t/a WiredScore)	3,877
Papier Ltd	3,144
Other investments	56,132
Total investments	109,335
Cash at bank	45,580
Other net current assets	3,149
Net Assets	158,064

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 2022

Investment additions

	£’000
Gorillini NV (t/a Gorilla)	2,437
Doctify Limited	2,222
Plu&m Limited (t/a Plum Guide)	88
	4,747

Investment disposals

	Cost	Market value at 1 September 2022	Disposal proceeds	Gain against cost	Realised gain in period
	£’000	£’000	£’000	£’000	£’000
Sealskinz Holdings Limited	834	834	1,040	206	206
Lupa Foods Limited*	106	137	137	31	-
	940	971	1,177	237	206

*Loan note disposal

Investment activity from 1 December 2022 to the date of this announcement

Investment additions

	£’000
Dash Brands Ltd	2,718
Litta App Limited	860
Arctic Shores Limited	541
Commonplace Digital Limited	380
	4,499

Investment disposals

	Cost	Market value at 1 December 2022	Disposal proceeds	Gain / (loss) against cost	Realised Gain / (loss) in period
	£’000	£’000	£’000	£’000	£’000
Firefly Learning Limited	1,202	1,239	1,036	(166)	(203)
	1,202	1,239	1,036	(166)	(203)

Changes to share capital	Ordinary Shares of 10p each
As at 1 September 2022	239,336,524
Shares bought back during the 3 months to 30 November 2022	(819,282)
Shares issued during the 3 months to 30 November 2022	-
As at 30 November 2022	238,517,242

In the period from 1 December 2022 to the date of this announcement, 98,420 Ordinary Shares were repurchased and subsequently cancelled.

In addition, 1,110,056 Ordinary Shares were issued under the Company’s Dividend Reinvestment Scheme (“DRIS”) in relation to the dividend paid on 2 December 2022.

Material events

In February 2023, the Company agreed to the sale of portfolio company Aistemos Limited to RELX plc. The transaction is subject to customary regulatory approvals and is expected to be completed during the first quarter of 2023.

Other than the matters described above, there were no material events during the period from 1 September 2022 to 30 November 2022 or in the period from 1 December 2022 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

-End