REG-ProVen VCT plc: Interim Management Statement

Proven VctAnnouncement

17/07/2025 10:00

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ProVen VCT plc
Interim Management Statement 
for the three months ended 31 May 2025

ProVen 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 31- May 2025  Audited 28 -Feb 2025  
                                                                           Pence                   Pence                 
 Net Asset Value per share (“NAV”)                                         63.4                    62.9                  
 Dividends paid to date*                                                   87.50                   87.50                 
 Total Return (NAV plus dividends paid since 10p Share consolidation)      150.90                  150.40                

*Dividends paid represents dividends paid since the consolidation of 5p
Ordinary Shares into 10p Ordinary Shares in October 2012. Prior to this date,
the Company paid dividends totalling 113.95p on the 5p Ordinary Shares.

Dividends paid or declared
On 5 June 2025, the Company announced a final dividend for the year ended 28
February 2025 of 1.75p 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 61.65p pence and increase dividends
paid to date to 89.25p per share.

Investment portfolio summary at 31 May 2025



                                               Cost      Valuation  
 Venture capital investments                   £’000     £’000      
                                                                    
 MPB Group Limited                             1,684     12,622     
 Gorillini NV (t/a Gorilla)                    4,624     9,461      
 Luxury Promise Limited                        5,680     8,983      
 Infinity Reliance Limited (t/a My 1st Years)  4,731     7,548      
 Social Value Portal Ltd                       2,590     6,544      
 Access Systems, Inc. (t/a AccessPay)          3,737     6,042      
 Picasso Labs, Inc. (t/a CreativeX)            2,729     5,979      
 Farmer J Limited                              3,670     5,911      
 Dash Brands Ltd                               2,718     4,643      
 Moonshot CVE Ltd                              2,298     4,567      
 Other venture capital investments             84,415    59,458     
 Total venture capital investments             118,876   131,758    
                                                                    
 Cash and cash equivalents                               48,738     
 Other net current assets                                259        
                                                                    
 Net Assets                                              180,755    

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



Additions

 Venture capital investments  Cost £’000     
 Limitless Travel Ltd         1,165          
 MOTH Drinks Ltd              186            
 Mojo Men Ltd                 133            
 Total                        1,484          

                                                                           

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
£26,000.

 Changes to share capital                               Ordinary Shares of 10p each  
 As at 1 March 2025                                     268,666,368                  
 Shares bought back during the 3 months to 31 May 2025  -                            
 Shares issued during the 3 months to 31 May 2025       16,486,817                   
 As at 31 May 2025                                      285,153,185                  

In the period from 1 June 2025 to the date of this announcement, 1,823,214
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 65.32p, based on the net asset value of 62.9p 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, 4,385,063
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 Beringea's
dedicated VCT 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
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