PROVEN VCT PLC

Management Reports • Jul 14, 2023

National Storage Mechanism | Additional information

ProVen VCT plc

Interim Management Statement

for the three months ended 31 May 2023

ProVen VCT plc (the “Company”) presents an Interim Management Statement for the three-month period ended 31 May 2023. The statement also includes relevant financial information between the end of the period and the date of this announcement.

Performance

			Unaudited 31 May 2023	Audited 28 February 2023
			Pence	Pence
Net Asset Value per share (“NAV”)			64.3	65.5
Dividends paid to date*			80.75	80.75
NAV plus dividends paid to date			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 9 June 2023, the Company announced a final dividend for the year ended 28 February 2023 of 2.0p per share. Having received approval for the final dividend at the Annual General Meeting of the Company on 12 July 2023, this dividend will be paid on 4 August 2023 to Shareholders on the register at 7 July 2023. Payment of this dividend will reduce the NAV per share as shown above to 62.3p pence and increase dividends paid to date to 82.75p per share.

Investment portfolio summary at 31 May 2023

Portfolio summary

	Valuation
Venture capital investments	£’000
Luxury Promise Limited	8,294
MPB Group Limited	7,027
Infinity Reliance Limited (t/a My 1st Years)	6,090
Picasso Labs, Inc. (t/a CreativeX)	5,306
Social Value Portal Ltd	4,313
Utilis Israel Ltd (t/a Asterra)	4,298
Access Systems, Inc.	3,870
WS HoldCo, PBC. (t/a WiredScore)	3,752
Cogora Group Limited	3,359
Lupa Foods Limited	3,268
Other investments	53,968
Total investments	103,545
Cash and cash equivalents	60,239
Other net current assets	361
Net Assets	164,145

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 2023

Investment additions

There were no investment additions for the Company in the quarter.

Investment disposals

	Cost	Market value at 1 March 2023	Disposal proceeds	Gain against cost	Realised loss in period
	£’000	£’000	£’000	£’000	£’000
Monica Vinader Limited	534	7,037	6,312	5,778	(725)
Aistemos Limited	1,819	3,093	3,093	1,274	-
	2,353	10,130	9,405	7,052	(725)

Investment activity from 1 June 2023 to the date of this announcement

There has been no investment activity for the Company from 1 June 2023 to the date of this announcement.

Changes to share capital	Ordinary Shares of 10p each
As at 1 March 2023	247,113,415
Shares bought back during the 3 months to 31 May 2023	-
Shares issued during the 3 months to 31 May 2023	8,116,540
As at 31 May 2023	255,229,955

In the period from 1 June 2023 to the date of this announcement, 701,809 Ordinary Shares were repurchased and subsequently cancelled. On 6 July 2023, 2,878,511 Ordinary Shares were issued pursuant to the offer for subscription that opened on 19 October 2022. 2,878,511 Ordinary Shares were allotted at an average price of 68.0p, based on the latest net asset value of 65.5p per Ordinary Share, being the net asset value as at 28 February 2023.

Material events

Other than the matters described above, there were no material events during the period from 1 March to 31 May 2023 or in the period from 1 June 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 info@beringea.co.uk or by telephone 020 7845 7820.

Beringea LLP

Company Secretary

Telephone 020 7845 7820

-End