REG-Proven VCT plc : Interim Management Statement <Origin Href="QuoteRef">PVN.L</Origin>

Proven VctAnnouncement

23/01/2017 18:00

  
ProVen VCT plc
 
Interim Management Statement 
 
for the three months ended 30 November 2016
 
ProVen 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") 
 99.5 
 100.8 
 103.1 
 100.7 
 Dividends paid/ declared per share since conversion/ consolidation* 
 26.5 
 24.0 
 20.0 
 20.0 
 Total Return (NAV plus dividends paid/ declared*) 
 126.0 
 124.8 
 123.1 
 120.7 
 
 
*Dividends paid/ declared represent dividends paid/ declared since the consolidation of 5p Ordinary Shares into 10p Ordinary Shares on 30 October 2012. Prior to this date, the Company paid dividends totalling 113.95p on the 5p Ordinary Shares.
 
Dividends paid or declared
 
On 8 November 2016, the Company announced an interim dividend for the year ending 28 February 2017 of 2.5p 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  
 Venture capital investments 
 '000 
  
  
 Watchfinder.co.uk Limited 
 7,434 
 Monmouth Holdings Limited 
 3,844 
 Pulpitum Limited  
 3,793 
 Cogora Group Limited 
 3,524 
 Monica Vinader Limited 
 3,468 
 Perfect Channel Limited 
 3,429 
 Litchfield Media Limited 
 3,423 
 Think Limited 
 3,210 
 SPC International Limited 
 2,843 
 Third Bridge Group Limited 
 2,458 
 Other investments 
 24,890 
  
 62,316 
 Cash at bank  
 38,963 
 Total 
 101,279 
 
 
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 
 495 
 ContactEngine Limited  
 450 
  
 945 
 
 
On 15 November 2016, the Company committed to invest 758,000 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

 valueat 

 1September 2016 
 

 Disposal

 proceeds 
 Gain

 against

 cost 
 Realised

 (loss)/ gain 

 in period 
  
 '000 
 '000 
 '000 
 '000 
 '000 
 MyOptique Group Limited 
 2,420 
 4,311 
 4,302 
 1,882 
 (9) 
 Donatantonio Group Limited 
 100 
 100 
 129 
 29 
 29 
 Celoxica Limited 
 68 
 68 
 68 
 - 
 - 
  
 2,588 
 4,479 
 4,499 
 1,911 
 20 
 
 
Investment activity from 1 December 2016 to the date of this announcement
 
Investment additions
                            
  
 '000 
 Infinity Reliance Limited (trading as My 1st Years) 
 2,155 
 Whistle Sports, Inc. 
 2,090 
 D3O Holdings Limited 
 80 
 TVPlayer Limited 
 77 
  
 4,402 
 

Investment disposals
                                    
 

 

  
 

 

 Cost 
 Market

 value at 

 1September 2016 
 

 Disposal

 proceeds 
 Gain

 against

 cost 
 Realised

 gain in

 period 
  
 '000 
 '000 
 '000 
 '000 
 '000 
 Celoxica Limited 
 46 
 46 
 46 
 - 
 - 
  
 46 
 46 
 46 
 - 
 - 
 
                        
 Changes to share capital 
 Ordinary

 Shares

 of 10p each 
 As at 1 September 2016 
 98,633,058 
 Ordinary Shares bought back during the 3 months to 30 November 2016 
  (215,394) 
 Ordinary Shares issued during the 3 months to 30 November 2016 
 - 
 As at 30 November 2016 
 98,417,664 
 
 
In the period from 1 December 2016 to the date of this announcement, 45,438 Ordinary Shares were repurchased and subsequently cancelled and 349,817 Ordinary Shares were issued under the terms of the Company's Dividend Reinvestment Scheme in respect of the dividend of 2.5p per Ordinary Share paid on 16 December 2016.
 
Material events
 
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 VCT plc via Globenewswire