ProVen Growth and Income VCT plc
Interim Management Statement
for the three months ended 31 May 2025
ProVen Growth and Income VCT plc (the “Company”) presents an Interim Management Statement for the three-month period ended 31 May 2025. The statement also includes relevant financial information between the end of the period and the date of this announcement.
Performance
Unaudited
Audited
31-May
28-Feb
2025
2025
Pence
Pence
Net Asset Value per share (“NAV”)
50.2
50.2
Dividends paid since class launch (originally as "C" Shares)*
81.15
81.15
Total Return (NAV plus dividends paid since "C" Share class launch)
131.35
131.35
*Dividends paid represents dividends paid in respect of the Original "C" Shares between their launch in 2006 up until their conversion in 2009 and as Ordinary Shares since the "C" Share conversion. "C" Shares were converted into Ordinary Shares on a one for one basis in 2009.
Dividends paid or declared
On 5 June 2025, the Company announced a final dividend for the year ended 28 February 2025 of 1.5p per share. This dividend will be paid on 15 August 2025 to Shareholders on the register at 18 July 2025. Payment of this dividend will reduce the NAV per share as shown above to 48.7p pence and increase dividends paid to date to 82.65p per share.
Investment portfolio summary at 31 May 2025
Cost
Valuation
Venture capital investments
£'000
£'000
Picasso Labs, Inc. (t/a CreativeX)
4,546
12,170
Luxury Promise Limited
6,020
9,417
MPB Group Limited
1,194
7,959
Gorillini NV (t/a Gorilla)
2,886
6,762
Social Value Portal Ltd
2,660
6,655
Dash Brands Ltd
3,282
5,606
Infinity Reliance Limited (t/a My 1st Years)
2,769
5,123
Second Nature Healthy Habits Ltd
3,842
5,059
Utilis Israel Ltd (t/a Asterra)
2,144
4,860
Papier Ltd
4,703
4,703
Other venture capital investments
81,431
54,174
Total venture capital investments
115,477
122,488
Cash at bank and in hand
41,759
Other net current assets
169
Net assets
164,416
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 2025
Investment additions
Cost
Venture capital investments
£'000
Limitless Travel Ltd
1,035
MOTH Drinks Ltd
164
Mojo Men Ltd
117
Total
1,316
Investment disposals
There were no disposals made in the quarter to 31 May 2025.
Investment activity from 1 June 2025 to the date of this announcement
In the period from 1 June 2025 to the date of this announcement, a follow on investment was made in Not Another Beer Co Ltd (t/a Lucky Saint) at a cost of £23,000.
Changes to share capital
Ordinary Shares of 1.6187p each
As at 1 March 2025
312,422,990
Shares bought back during the 3 months to 31 May 2025
-
Shares issued during the 3 months to 31 May 2025
15,087,371
As at 31 May 2025
327,510,361
In the period from 1 June 2025 to the date of this announcement, 1,540,601 Ordinary Shares were issued on 2 July 2025 pursuant to the offer for subscription that opened on 6 November 2024 and were allotted at an average price of 52.3p, based on the net asset value of 50.2p per Ordinary Share, being the net asset value as at 28 February 2025.
In the period from 1 June 2025 to the date of this announcement, 5,867,796 Ordinary Shares were repurchased and subsequently cancelled.
Material events
Other than the matters described above, there were no material events during the period from 1 March 2025 to 31 May 2025 or in the period from 1 June 2025 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
