PROVEN VCT PLC

Fund Information / Factsheet • Jan 20, 2021

National Storage Mechanism | Additional information

ProVen VCT plc

Interim Management Statement

for the three months ended 30 November 2020

ProVen VCT plc (the “Company”) presents an Interim Management Statement for the three month period ended 30 November 2020. The statement also includes relevant financial information between the end of the period and the date of this announcement.

Performance

	Unaudited 30 November 2020	Unaudited 31 August 2020	Unaudited 31 May 2020	Audited 29 February 2020
	Pence	Pence	Pence	Pence
Net Asset Value per share (“NAV”)	70.0	67.3	68.0	70.1
Dividends paid to date*	71.75	70.25	68.25	68.25
NAV plus dividends paid to date	141.75	137.55	136.25	138.35

*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 29 October 2020, the Company announced an interim dividend for the year ended 28 February 2021 of 1.5p per share. This dividend was paid on 4 December 2020 to shareholders on the register at 13 November 2020.

Investment portfolio summary at 30 November 2020

Portfolio summary

	Valuation
Venture capital investments	£’000
Zoovu Limited (t/a Smart Assistant)	6,931
Infinity Reliance Limited (t/a My 1st Years)	6,891
Mycs GmbH	6,127
Monica Vinader Limited	4,702
MPB Group Limited	4,482
Written Byte Limited (t/a DeepCrawl)	3,948
Litchfield Media Limited	4,128
Thread, Inc.	4,025
Access Systems, Inc.	3,808
ContactEngine Limited	3,470
Other investments	33,935
	82,447
Cash at bank	36,491
Other net current assets	243
Net Assets	119,181

Quoted investments are valued at the closing bid price at 30 November 2020, 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 2020

Investment additions                                                                                                                                                        

	£’000
Written Byte Limited (t/a DeepCrawl)	1,153
Thread, Inc.	250
Poq Studio Limited	184
Papier Ltd	150

Investment disposals

	Cost		Market value at 1 September 2020	Disposal Proceeds	Gain against cost
	£’000		£’000	£’000	£’000
Written Byte Limited (t/a DeepCrawl)*		146	294	288	142
	146		294	288	142

*Part-disposal of shares, which completed at the same time as the follow-on investment in the same company. The transaction was structured in this way in order to strengthen the Company’s overall position as a shareholder in the company.

**Investment activity from 1 December 2020 to the date of this announcement

**

Exonar Limited	309

**Investment disposals from 1 December 2020 to the date of this announcement

**

There were no investment disposals in the period from 1 December 2020 to the date of this announcement.

Changes to share capital	Ordinary Shares of 10p each
As at 1 September 2020	170,706,535
Shares bought back during the 3 months to 30 November 2020	(390,969)
Shares issued during the 3 months to 30 November 2020	-
As at 30 November 2020	170,315,566

In the period from 1 December 2020 to the date of this announcement, 241,508 Ordinary Shares were repurchased and subsequently cancelled.

In addition, 646,450 Ordinary Shares were issued under the Company’s Dividend Reinvestment Scheme in relation to the dividend paid on 4 December 2020.

Material events

ProVen VCT plc and ProVen Growth and Income VCT plc (the “Companies”) announced on 3 December 2020 that they had published a Prospectus (comprising Securities Note, Registration Document and Summary) in respect of a combined offer for subscription to raise up to £40,000,000 by way of an issue of new ordinary shares in the Companies, with an over-allotment facility of up to a further £20,000,000 payable in full in cash on application.

Other than the matters described above, there were no material events during the period from 1 September 2020 to 30 November 2020 or in the period from 1 December 2020 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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