PROVEN VCT PLC

Business and Financial Review • Jul 17, 2024

National Storage Mechanism | Additional information

ProVen VCT plc

Interim Management Statement

for the three months ended 31 May 2024

ProVen VCT plc (the “Company”) presents an Interim Management Statement for the three-month period ended 31 May 2024. The statement also includes relevant financial information between the end of the period and the date of this announcement.

Performance

			Unaudited 31 May 2024	Audited 29 February 2024
			Pence	Pence
Net Asset Value per share (“NAV”)			65.6	65.2
Dividends paid to date*			84.25	84.25
NAV plus dividends paid to date			149.85	149.45

*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 11 June 2024, the Company announced a proposed final dividend for the year ended 29 February 2024 of 1.75p per share. Having received approval for the final dividend at the Annual General Meeting of the Company on 17 July 2024, this dividend will be paid on 16 August 2024 to Shareholders on the register at 19 July 2024. Payment of this dividend will reduce the NAV per share as shown above to 63.85p pence and increase dividends paid to date to 86.00p per share.

Investment portfolio summary at 31 May 2024

Portfolio summary

	Valuation
Venture capital investments	£’000
Luxury Promise Limited	10,260
Gorillini NV (t/a Gorilla)	9,423
MPB Group Limited	8,820
Infinity Reliance Limited (t/a My 1st Years)	7,659
Social Value Portal Ltd	5,781
Picasso Labs, Inc. (t/a CreativeX)	5,451
Access Systems, Inc. (t/a AccessPay)	4,730
DeepCrawl Holding Company, Inc. (t/a Lumar)	4,364
Dash Brands Ltd	4,163
Moonshot CVE Ltd	4,123
Other investments	63,837
Total investments	128,611
Cash and cash equivalents	49,878
Other net current assets	99
Net Assets	178,588

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 2024

Investment additions

Additions

Cost

£’000

Iceberg Data Lab	2,474
Gorillini NV (t/a Gorilla)	1,415
Moonshot CVE Ltd	910
Dealroom.co B.V.	299
Total	5,098

Investment disposals

There were no disposals made in the quarter to 31 May 2024.

Investment activity from 1 June 2024 to the date of this announcement

There has been no investment activity for the Company from 1 June 2024 to the date of this announcement.

Changes to share capital	Ordinary Shares of 10p each
As at 1 March 2024	257,704,036
Shares issued during the 3 months to 31 May 2024	14,611,284
As at 31 May 2024	272,315,320

In the period from 1 June 2024 to the date of this announcement, 5,419,294 Ordinary Shares were repurchased and subsequently cancelled. On 3 July 2024, 2,592,761 Ordinary Shares were issued pursuant to the offer for subscription that opened on 16 January 2024 and were allotted at an average price of 67.6p, based on the latest net asset value of 65.2p per Ordinary Share, being the net asset value as at 29 February 2024.

Material events

Other than the matters described above, there were no material events during the period from 1 March to 31 May 2024 or in the period from 1 June 2024 to the date of this announcement.

Further information

Further information regarding the Company, can be found on the Company's website: www.proveninvestments.co.uk or by contacting Beringea, the Investment Manager at info@beringea.co.uk or by telephone 020 7845 7820.

Beringea LLP

Company Secretary

Telephone 020 7845 7820

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