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

Proven Growth and Income VctAnnouncement

12/07/2017 11:40

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ProVen Growth & Income VCT plc

Interim Management Statement

for the three months ended 31 May 2017

 

ProVen Growth & Income VCT plc (the "Company") presents an Interim Management
Statement for the three month period ended 31 May 2017. The statement also
includes relevant financial information between the end of the period and the
date of this announcement.

 

Performance

 

                                     Unaudited  31 May  2017  Audited  28 February  2017 
                                                       Pence                       Pence 
 Net Asset Value per share ("NAV")                      84.0                        82.7 
 Dividends paid to date*                                41.6                        41.6 
 NAV plus dividends paid to date                       125.6                       124.3 

 

* 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 7 June 2017, the Company announced a final dividend for the year ended 28
February 2017 of 2.5p per share. Having received approval at the Annual
General Meeting of the Company on 4 July 2017, the dividend will be paid on 14
July 2017 to shareholders on the register at 16 June 2017.

 

Investment portfolio summary at 31 May 2017

 

Portfolio summary

                                              Valuation 
 Venture capital investments                      £'000 
                                                        
 Third Bridge Group Limited                      11,004 
 Rapid Charge Grid Limited                        5,299 
 Dryden Holdings Limited                          4,716 
 Blis Media Limited                               4,639 
 APM Healthcare Limited                           4,062 
 Disposable Cubicle Curtains Limited              3,594 
 Chess Technologies Limited                       3,557 
 Sealskinz Holdings Limited                       3,189 
 D3O Holdings Limited                             3,136 
 MEL Topco Limited (t/a Maplin Electronics)       2,006 
 Other investments                               29,481 
                                                 74,683 
 Cash at bank                                    44,059 
 Total                                          118,742 

 

Quoted investments are valued at the closing bid price at 31 May 2017,
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 2017

                          £'000 
 Poq Studio Limited         875 
 Honeycomb.TV Limited       495 
 ContactEngine Limited      137 
                          1,507 

 

 

Investment disposals

                           Cost  Market  value at 1 March 2017  Disposal  proceeds  Gain  against  cost  Realised  gain  in period 
                          £'000                          £'000               £'000                £'000                      £'000 
 Skills Matter Limited      170                            170                 170                    -                          - 
 Celoxica Limited            70                             70                  70                    -                          - 
                            240                            240                 240                    -                          - 

 

Investment activity from 1 June 2017 to the date of this announcement

 

Investment additions

                            £'000 
 Perfect Channel Limited       22 
                               22 

 

Investment disposals

                            Cost  Market  value at 1 March 2017  Disposal  proceeds  Gain  against  cost  Realised  gain in  period 
                           £'000                          £'000               £'000                £'000                      £'000 
 APM Healthcare Limited    1,731                          2,957               4,062                2,331                      1,105 
 Abzena plc                  791                            652                 987                  196                        335 
 Celoxica Limited             48                             48                  48                    -                          - 
 Conversity Limited           35                              -                  38                    3                         38 
                           2,605                          3,657               5,135                2,530                      1,478 

 

On 23 June 2017, the Company reached an agreement to sell its investment in
Third Bridge Group Limited. Completion of the transaction is subject to legal
and regulatory approvals and is expected before the end of July 2017.

 

 

 Changes to share capital                                Ordinary  Shares  of 1.6187p each 
 As at 1 March 2017                                                             98,501,050 
 Shares bought back during the 3 months to 31 May 2017                                   - 
 Shares issued during the 3 months to 31 May 2017                               38,743,426 
 As at 31 May 2017                                                             137,244,476 

 

In the period from 1 June 2017 to the date of this announcement, 428,525
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 2017 to 31 May 2017 or in the period from 1 June 2017
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
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Source: Proven Growth & Income VCT plc via Globenewswire