PROVEN VCT PLC

Earnings Release • Dec 22, 2023

National Storage Mechanism | Additional information

ProVen VCT plc

Interim Management Statement

for the nine months ended 30 November 2023

ProVen VCT plc (the “Company”) presents an Interim Management Statement for the nine-month period ended 30 November 2023. The statement also includes relevant financial information between the end of the period and the date of this announcement.

Performance

	Unaudited 30 November 2023	Unaudited 31 August 2023	Unaudited 31 May 2023	Audited 28 February 2023
	Pence	Pence	Pence	Pence
Net Asset Value per share (“NAV”)	65.0	62.7	64.3	65.5
Dividends paid to date*	82.75	82.75	80.75	80.75
NAV plus dividends paid to date	147.75	145.45	145.05	146.25

*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 November 2023, the Company announced an interim dividend for the year ended 28 February 2024 of 1.5p per share. This dividend was paid on 15 December 2023 to shareholders on the register at 17 November 2023. The payment of this dividend will reduce the NAV shown above of 65.0p at 30 November 2023 to 63.5p per share.

Investment portfolio summary at 30 November 2023

	Cost £'000	Valuation £'000
Luxury Promise Limited	5,680	9,202
MPB Group Limited	1,684	8,259
Infinity Reliance Limited (t/a My 1st Years)	4,731	6,987
Gorillini NV (t/a Gorilla)	2,437	5,985
Social Value Portal Ltd	2,458	4,787
Picasso Labs, Inc. (t/a CreativeX)	2,729	4,618
Access Systems, Inc. (t/a Access Pay)	3,737	4,121
Utilis Israel Ltd (t/a Asterra)	1,809	4,023
DeepCrawl Holding Company, Inc. (t/a Lumar)	3,827	3,959
Dealroom.co B.V.	2,707	3,787
WS HoldCo, PBC. (t/a WiredScore)	3,733	3,660
Lupa Foods Limited	694	3,343
Dash Brands Ltd	2,718	3,247
Not Another Beer Co Ltd (t/a Lucky Saint)	2,797	2,797
Chattermill Analytics Limited	2,793	2,793
Papier Ltd	2,770	2,770
Litchfield Media Limited	1,405	2,739
Yardlink Ltd	2,680	2,680
Moonshot CVE Ltd	1,388	2,385
Doctify Limited	2,222	2,222
Other venture capital investments	52,914	26,170
Total venture capital investments	107,913	110,534
Cash at bank and in hand		56,085
Other net current assets		1,227
Net assets		167,846

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 2023

Investment additions

	£’000
MOTH Drinks Ltd	84
	84

There has been no investment activity in the period from 1 December 2023 to the date of this announcement.

Changes to share capital	Ordinary Shares of 10p each
As at 1 September 2023	259,258,564
Shares bought back during the 3 months to 30 November 2023	(1,143,648)
Shares issued during the 3 months to 30 November 2023	-
As at 30 November 2023	258,114,916

In the period from 1 December 2023 to the date of this announcement, 1,075,458 Ordinary Shares were issued under the Company’s Dividend Reinvestment Scheme (“DRIS”) in relation to the dividend paid on 15 December 2023.

Material events

Other than the matters described above, there were no material events during the period from 1 September 2023 to 30 November 2023 or in the period from 1 December 2023 to the date of this announcement.

Further information

Further information regarding the Company can be found on Beringea's dedicated VCT website: www.proveninvestments.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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