REG-ProVen Growth and Income VCT plc: Interim Management Statement

Proven Growth and Income VctAnnouncement

17/07/2025 09:30

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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