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

Proven Growth and Income VctAnnouncement

25/01/2018 14:10

  
ProVen Growth & Income VCT plc
 
Interim Management Statement
 
for the three months ended 30 November 2017
 
 
ProVen Growth & Income VCT plc (the "Company") presents an Interim Management Statement for the three month period ended 30 November 2017. The statement also includes relevant financial information between the end of the period and the date of this announcement.
  
Performance
                                       
  
 Unaudited

 30 November

 2017 
 Unaudited

 31 August

 2017 
 Unaudited

 31 May 

 2017 
 Audited

 28 February

 2017 
  
 Pence 
 Pence 
 Pence 
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 Net Asset Value per share ("NAV") 
 68.7 
 80.0 
 84.0 
 82.7 
 Dividends paid/ declared since class launch (originally as 'C' Shares)* 
 54.4 
 44.1 
 41.6 
 41.6 
 Total Return (NAV plus dividends paid/ declared since 'C' Share class launch) 
 123.1 
 124.1 
 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.
 
 
Net Asset Value
 
During the three month period to 30 November 2017, the NAV per share decreased from 80.0p to 68.7p. Of the total decline of 11.3p, 10.25p reflected the dividend paid during the period.
 
 
Dividends paid or declared
 
On 11 October 2017, the Company announced a special interim dividend for the year ending 28 February 2018 of 10.25p per share. This dividend was paid on 17 November 2017 to shareholders on the register at 20 October 2017.
 
 
Investment portfolio summary at 30 November 2017
                                                                        
  
 Valuation  
  
 '000 
 Venture capital investments 
  
 Chess Technologies Limited 
  5,839  
 Dryden Holdings Limited 
  4,762  
 D3O Holdings Ltd 
  3,257  
 Sealskinz Holdings Limited 
  2,604  
 Chargemaster plc 
 2,347 
 Disposable Cubicle Curtains Limited 
 2,209 
 Thread, Inc. 
 2,131 
 InContext Solutions, Inc. 
 2,075 
 Smart Information Systems GmbH (t/a Smart Assistant) 
 2,048 
 Watchfinder.co.uk Limited 
 1,903 
 Other investments 
 24,934 
  
 54,109 
 Cash at bank  
 44,635 
 Total 
 98,744 
 
 
Quoted investments are valued at the closing bid price at 30 November 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 30 November 2017
 
 
Investment additions
                            
  
 '000 
 Been There Done That Global Limited 
 1,448 
 Thread, Inc.  
 824 
 InContext Solutions, Inc. 
 387 
 Disposable Cubicle Curtains Limited 
 230 
  
 2,889 
 
 
Investment disposals
 
There were no disposals in the period.
 
 
Investment activity from 1 December 2017 to the date of this announcement
 
 
Investment additions
                
  
 '000 
 Smart Information Systems GmbH (t/a Smart Assistant) 
 672 
  
 672 
 
 
Investment disposals
 
There were no disposals from 1 December to the date of this announcement.
 
 
Changes to share capital
                            
  
 Ordinary

 Shares of

 1.6187p each 
 As at 1 September 2017 
 137,082,823 
 Shares bought back during the 3 months to 30 November 2017 
 (125,000) 
 Shares issued during the 3 months to 30 November 2017 (under the Offer for Subscription date 20 October 2017) 
 3,988,208 
 Shares issued during the 3 months to 30 November 2017 (under the terms of the Company's dividend reinvestment scheme) 
 2,686,879 
 As at 30 November 2017 
 143,632,910 
 
 
In the period from 1 December 2017 to the date of this announcement, 81,689 Ordinary Shares were repurchased and subsequently cancelled and 755,495 shares were issued under the Offer for Subscription dated 20 October 2017, which closed on 20 December 2017.
 
 
Material events
 
On 22 November 2017, following the Autumn Budget Statement, Her Majesty's Government announced a number of changes to the rules governing Venture Capital Trusts. Further details of these changes were set out in the first draft of the Finance (No. 2) Bill 2018 (the "Finance Bill") published on 1 December 2017.
 
 
As of the date of this announcement, the Board does not believe that these rule changes will materially affect the Company's investment policy and strategy. 
 
 
Other than the matters described above, there were no material events during the period from 1 September 2017 to 30 November 2017 or in the period from 1 December 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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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