REG-Proven Growth & Income VCT plc : Interim Management Statement <Origin Href="QuoteRef">PGOO.L</Origin>

Proven Growth and Income VctAnnouncement

23/01/2017 17:55

  
ProVen Growth & Income VCT plc
 
Interim Management Statement
 
for the three months ended 30 November 2016
 
ProVen Growth & Income VCT plc (the "Company") presents an Interim Management Statement for the three month period ended 30 November 2016. The statement also includes relevant financial information between the end of the period and the date of this announcement.
 
Performance
                                       
  
 Unaudited

 30 November

 2016 
 Unaudited

 31 August

 2016 
 Unaudited

 31 May 

 2016 
 Audited

 29 February

 2016 
  
 Pence 
 Pence 
 Pence 
 Pence 
 Net Asset Value per share ("NAV") 
 77.9 
 80.2 
 82.3 
 80.0 
 Dividends paid/ declared since class launch (originally as 'C' Shares)* 
 41.6 
 39.6 
 35.6 
 35.6 
 Total Return (NAV plus dividends paid/ declared since 'C' Share class launch) 
 119.5 
 119.8 
 117.9 
 115.6 
 

* Dividends paid/ declared represents dividends paid/ declared 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 8 November 2016, the Company announced an interim dividend for the year ending 28 February 2017 of 2.0p per Ordinary Share. This dividend was paid on 16 December 2016 to shareholders on the register at 18 November 2016.
 

 
Investment portfolio summary at 30 November 2016
 
Portfolio summary
                                                                        
  
 Valuation  
  
 '000 
 Venture capital investments 
  
 Third Bridge Group Limited 
 5,312 
 Pulpitum Limited 
  5,238  
 Dryden Holdings Limited 
  4,785  
 Sealskinz Holdings Limited 
  3,110  
 APM Healthcare Limited 
  2,977  
 Blis Media Limited 
 2,842 
 Disposable Cubicle Curtains Limited 
 2,768 
 D3O Holdings Limited 
  2,450  
 Chess Technologies Limited 
  2,318  
 MEL Topco Limited (t/a Maplin Electronics) 
 2,174 
 Other investments 
 23,012 
  
 56,986 
 Cash at bank  
 25,515 
 Total 
 82,501 
 

 
Quoted investments are valued at the closing bid price at 30 November 2016, 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 2016
 
Investment additions
                    
  
 '000 
 Honeycomb.TV Limited 
 605 
 ContactEngine Limited  
 550 
  
 1,155 
 

 
On 15 November 2016, the Company committed to invest 667,000 in Firefly Learning Limited, subject to clearance from HMRC.
 
Also during the period Dianomi Limited split its operations into Dianomi Limited and Buckingham Gate Financial Services Limited, and TVPlayer Limited de-merged from its parent company Simplestream Limited. The Company received a pro rata interest in these additional companies.
 
Investment disposals
                                                    
  
 

 

 Cost 
 Market

 value at

 1 September 2016 
 

 Disposal

 proceeds 
 Gain

 against

 cost 
 Realised

 (Loss)/ Gain

 in period 
  
 '000 
 '000 
 '000 
 '000 
 '000 
 MyOptique Group Limited 
 3,630 
 6,467 
 6,453 
 2,823 
 (14) 
 Donatantonio Group Limited 
 93 
 93 
 121 
 28 
 28 
 Celoxica Limited 
 68 
 68 
 68 
 - 
 - 
  
 3,791 
 6,628 
 6,642 
 2,851 
 14 
 
 
Investment activity from 1 December 2016 to the date of this announcement
 
Investment additions
                            
  
 '000 
 Infinity Reliance Limited (trading as My 1st Years) 
 1,845 
 Whistle Sports, Inc. 
 1,696 
 D3O Holdings Limited 
 295 
 TVPlayer Limited 
 279 
  
 4,115 
 

Investment disposals
                                    
  
 

 Cost 
 Market

 Value at

 1 September 2016 
 

 Disposal

 proceeds 
 Gain

 against

 cost 
 Realised

 gain in

 period 
  
 '000 
 '000 
 '000 
 '000 
 '000 
 Celoxica Limited 
 46 
 46 
 46 
 - 
 - 
  
 46 
 46 
 46 
 - 
 - 
 
  
Offer for Subscription
 
On 21 September 2016, the Company launched an offer for subscription of new ordinary shares to raise up to 30 million, with an over allotment facility of up to a further 10 million.
 
Changes to share capital
                        
  
 Ordinary

 Shares of

 1.6187p each 
 As at 1 September 2016 
 89,479,641 
 Ordinary Shares bought back during the 3 months to 30 November 2016 
 (476,661) 
 Ordinary Shares issued during the 3 months to 30 November 2016* 
 9,474,341 
 As at 30 November 2016 
 98,477,321 
 
* Under the Offer for Subscription dated 21 September 2016.
 

In the period from 1 December 2016 to the date of this announcement, 128,000 Ordinary Shares were repurchased and subsequently cancelled and 304,721 Ordinary Shares were issued under the terms of the Company's Dividend Reinvestment Scheme in respect of the dividend of 2.0p per Ordinary Share paid on 16 December 2016.
 
Material events
 
On 18 January 2017, the Company announced that the Offer for Subscription which opened on 21 September 2016 (the "Offer") will close to further applications at 5 p.m. on Tuesday 31 January 2017. The final allotment for the 2016/17 tax year is expected to take place on 3 March 2017. There will be a further allotment for the tax year 2017/18 to follow as soon as practicable after 5 April 2017, following which the Offer will close.
 
Other than the matters described above, there were no material events during the period from 1 September 2016 to 30 November 2016 or in the period from 1 December 2016 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
 
-End
 


This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Proven Growth & Income VCT plc via Globenewswire