REG-Proven Growth & Income VCT plc : Interim Management Statement

Proven Growth and Income VctAnnouncement

27/07/2018 11:30

  
ProVen Growth & Income VCT plc
Interim Management Statement 
for the three months ended 31 May 2018
    
ProVen Growth & Income VCT plc (the "Company") presents an Interim Management Statement for the three month period ended 31 May 2018. The statement also includes relevant financial information between the end of the period and the date of this announcement.
  
Performance
                                   
  

  

   
 Unaudited
31 May 
2018   
   
 Audited
28 February
2018   
   
 Pence 
   
 Pence 
 Net Asset Value per share ("NAV") 
 74.5 
   
 72.1 
 Dividends paid since class launch (originally as 'C' Shares)* 
 54.4 
   
 54.4 
 Total Return (NAV plus dividends paid since 'C' Share class launch) 
 128.9 
   
 126.5 
  
* 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 6 June 2018, the Company announced a final dividend for the year ended 28 February 2018 of 2.0p per share. Having received approval at the Annual General Meeting of the Company on 11 July 2018, the dividend was paid on 20 July 2018 to shareholders on the register at 22 June 2018.
   
Investment portfolio summary at 31 May 2018
  
Portfolio summary 
                                                                        
   
 Valuation  
 Venture capital investments 
 £'000 
   
   
 Chess Technologies Limited 
 5,569 
 Watchfinder.co.uk Limited 
 4,835 
 Dryden Holdings Limited 
 4,762 
 Poq Studio Limited 
 4,598 
 Infinity Reliance Limited (t/a My 1st Years) 
 4,419 
 Chargemaster plc 
 3,394 
 Sealskinz Holdings Limited 
 2,995 
 Smart Information Systems GmbH (t/a Smart Assistant) 
 2,720 
 D30 Holdings Ltd 
 2,448 
 Blis Media Limited 
 2,422 
 Other investments 
 30,269 
   
 68,431 
 Cash at bank  
 40,530 
 Total 
 108,961 
  
Quoted investments are valued at the closing bid price at 31 May 2018, 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 2018
                            
   
 £'000 
 Mycs GmbH 
 1,275 
 Poq Studio Limited 
 1,098 
 Infinity Reliance Limited (t/a My First Years) 
 924 
 Perfect Channel Limited  
 132 
   
 3,429 
   
Investment disposals
                                                    
  

  

   
  

  

 Cost 
 Market 
value at 1 March 2018  
  

 Disposal
proceeds  
 Gain/(loss)
against
cost   
 Realised
gain 
in period   
   
 £'000 
 £'000 
 £'000 
 £'000 
 £'000 
 Omni Dental Sciences Limited 
 - 
 242 
 242 
 242 
 - 
 Charterhouse Leisure Limited 
 1,250 
 13 
 129 
 (1,121) 
 116 
 Conversity Limited 
 12 
 - 
 2 
 (10) 
 2 
   
 1,262 
 255 
 373 
 889 
 118 
  
Investment activity from 1 June 2018 to the date of this announcement
  
Investment additions
                
   
 £'000 
 Aistemos Limited 
 277 
   
 277 
  
Investment disposals
                                              
  

  

   
  

  

 Cost 
 Market 
value at 1 March 2018  
  

 Disposal
proceeds  
 Gain
against
cost   
 Realised
gain 
in period   
   
 £'000 
 £'000 
 £'000 
 £'000 
 £'000 
 Watchfinder.co.uk Limited 
 551 
 2,145 
 4,835 
 4,284 
 2,690 
 Chargemaster plc 
 1,079 
 2,498 
 3,394 
 2,315 
 896 
   
 1,630 
 4,643 
 8,229 
 6,599 
 3,586 
  
In addition, an amount of £335,000 was received as an interim distribution in respect of the administration of MEL Topco Limited (t/a Maplin).
                         
 Changes to share capital 
 Ordinary
Shares
of 1.6187p each   
 As at 1 March 2018 
 144,004,855 
 Shares bought back during the 3 months to 31 May 2018 
 - 
 Shares issued during the 3 months to 31 May 2018 
 - 
 As at 31 May 2018 
 144,004,855 
  
In the period from 1 June 2018 to the date of this announcement, 771,075 Ordinary Shares were repurchased and subsequently cancelled. 
  
In addition, 584,519 Ordinary Shares were issued under the Company's Dividend Reinvestment Scheme in respect of the dividend paid on 20 July 2018.
  
Material events
Other than the matters described above, there were no material events during the period from 1 March 2018 to 31 May 2018 or in the period from 1 June 2018 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