PROVEN VCT PLC

Net Asset Value • Aug 13, 2020

National Storage Mechanism | Additional information

ProVen VCT plc

Interim Management Statement

for the three months ended 31 May 2020

ProVen VCT plc (the “Company”) presents an Interim Management Statement for the three month period ended 31 May 2020. The statement also includes relevant financial information between the end of the period and the date of this announcement.

Performance

			Unaudited 31 May 2020	Audited 29 February 2020
			Pence	Pence
Net Asset Value per share (“NAV”)			68.0	70.1
Dividends paid to date*			68.25	68.25
NAV plus dividends paid to date			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 2 July 2020, the Company announced a final dividend for the year ended 29 February 2020 of 2.0p per share. Having received approval at the Annual General Meeting of the Company on 10 August 2020, the dividend will be paid on 28 August 2020 to Shareholders on the register at 7 August 2020.

Investment portfolio summary at 31 May 2020

Portfolio summary

	Valuation
Venture capital investments	£’000
Infinity Reliance Limited (t/a My 1st Years)	6,448
Mycs GmbH	5,809
Litchfield Media Limited	4,069
Thread, Inc.	3,775
Zoovu Limited (t/a Smart Assistant)	3,748
Access Systems, Inc.	3,500
Monica Vinader Limited	3,357
MPB Group Limited	3,103
ContactEngine Limited	2,976
Written Byte Limited (t/a DeepCrawl)	2,890
Other investments	29,005
	68,680
Cash at bank	46,914
Other net current assets	369
Net Assets	115,963

Quoted investments are valued at the closing bid price at 31 May 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 31 May 2020

Investment additions

Commonplace Digital Limited	1,500
Luxury Promise Limited	1,350
Sannpa Limited (t/a Fnatic)	772
Thread, Inc.	421

Investment disposals

	Cost	Market value at 1 March 2020	Disposal proceeds	Gain against cost	Realised loss in period
	£’000	£’000	£’000	£’000	£’000
SPC International Ltd	58	546	544	486	(2)
	58	546	544	486	(2)

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

**

ContactEngine Limited	125
Social Value Portal Ltd	1,500

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

**

	Cost	Market value at 1 June 2020	Disposal proceeds	Gain against cost	Realised gain in period
	£’000	£’000	£’000	£’000	£’000
MEL Topco Limited (t/a Maplin)*	-	-	34	34	34
Chargemaster plc*	-	-	165	165	165
	-	-	199	199	199

* Disposal proceeds represent contingent proceeds.

Changes to share capital	Ordinary Shares of 10p each
As at 1 March 2020	150,278,338
Shares bought back during the 3 months to 31 May 2020	(48,572)
Shares issued during the 3 months to 31 May 2020	20,351,020
As at 31 May 2020	170,580,786

In the period from 1 June 2020 to the date of this announcement, 630,346 Ordinary Shares were repurchased and subsequently cancelled.

Material events

In light of the evolving situation regarding COVID-19, the Board of ProVen VCT plc (the "Company") carried out a review of the portfolio and announced on 23 March 2020 that the unaudited net asset value of the Company was 65.1p per share. This was based on the unaudited net asset value of the Company as at 20 March 2020.

Other than the matters described above, there were no material events during the period from 1 March 2020 to 31 May 2020 or in the period from 1 June 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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