PROVEN VCT PLC

Quarterly Report • Jan 28, 2019

National Storage Mechanism | Additional information

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ProVen VCT plc

Interim Management Statement

for the three months ended 30 November 2018

ProVen VCT plc (the “Company”) presents an Interim Management Statement for the three month period ended 30 November 2018. The statement also includes relevant financial information between the end of the period and the date of this announcement.

Performance

	Unaudited 30 November 2018	Unaudited 31 August 2018	Unaudited 31 May 2018	Audited 28 February 2018
	Pence	Pence	Pence	Pence
Net Asset Value per share (“NAV”)	83.3	108.9	114.2	99.7
Dividends paid/ declared per share since conversion/ consolidation*	63.75	38.5	36.0	36.0
Total Return (NAV plus dividends paid/ declared*)	147.1	147.4	150.2	135.7

*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 24 October 2018, the Company announced a special interim dividend for the year ending 28 February 2019 of 25.25p per share. This dividend was paid on 30 November 2018 to shareholders on the register at 2 November 2018.

Investment portfolio summary at 30 November 2018

Portfolio summary

	Valuation
Venture capital investments	£’000
Infinity Reliance Limited (t/a My 1st Years)	6,150
Poq Studio Limited	5,402
Zuvoo Limited (t/a Smart Assistant)	4,892
Litchfield Media Limited	4,201
Rapid Charge Grid Limited	3,909
Monica Vinader Limited	3,679
Chess Technologies Limited	3,609
Mycs GmbH	3,551
Festicket Limited	3,248
InContext Solutions, Inc.	3,241
Other investments	27,126
	69,008
Cash at bank	19,512
Total	88,520

Quoted investments are valued at the closing bid price at 30 November 2018, 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 2018

Investment additions

	£’000
Festicket Limited	3,248
Zuvoo Limited (t/a Smart Assistant)	2,177
Written Byte Limited (t/a Deep Crawl)	1,400
InContext Solutions, Inc.	442
MPB Group Limited	184
	7,451

Investment disposals

	Cost	Market value at 1 September 2018	Disposal proceeds	Gain against cost	Realised gain in period
	£’000	£’000	£’000	£’000	£’000
Think Limited	2,757	6,129	7,769	5,012	1,640
	2,757	6,129	7,769	5,012	1,640

Investment activity from 1 December 2018 to the date of this announcement

Investment additions

Access Systems, Inc.	3,500
Exonar Limited	2,496
Disposable Cubicle Curtains Limited	670
MPB Group Limited	184
Thread, Inc.	105

Investment disposals

	Cost	Market value at 1 September 2018	Disposal proceeds	Gain against cost	Realised gain in period
	£’000	£’000	£’000	£’000	£’000
Chess Technologies Limited	1,045	3,400	3,608	2,563	208
	1,045	3,400	3,608	2,563	208

Changes to share capital	Ordinary Shares of 10p each
As at 1 September 2018	101,257,111
Shares bought back during the 3 months to 30 November 2018	(160,835	)
Shares issued during the 3 months to 30 November 2018 (under the terms of the Company’s dividend reinvestment scheme)	4,571,458
As at 30 November 2018	105,667,734

In the period from 1 December 2018 to the date of this announcement, 264,521 Ordinary Shares were repurchased and subsequently cancelled.

Material events

ProVen VCT plc and ProVen Growth and Income VCT plc (the “Companies”) announced on 11 January 2019 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 £60,000,000 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 other material events during the period from 1 September 2018 to 30 November 2018 or in the period from 1 December 2018 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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