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

Proven VctAnnouncement

12/07/2017 11:40

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ProVen VCT plc

Interim Management Statement

for the three months ended 31 May 2017

 

ProVen 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")                     107.9                       106.3 
 Dividends paid to date*                                26.5                        26.5 
 NAV plus dividends paid to date                       134.4                       132.8 

 

*Dividends paid represent 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 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 
                                         
 Watchfinder.co.uk Limited         9,465 
 Third Bridge Group Limited        5,092 
 Perfect Channel Limited           4,660 
 Think Limited                     3,899 
 Rapid Charge Grid Limited         3,837 
 Monmouth Holdings Limited         3,773 
 Monica Vinader Limited            3,679 
 Chargemaster plc                  3,615 
 Blis Media Limited                3,605 
 Litchfield Media Limited          3,353 
 Other investments                31,415 
                                  76,393 
 Cash at bank                     31,094 
 Total                           107,487 

 

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       1,125 
 Honeycomb.TV Limited       405 
 ContactEngine Limited      112 
                          1,642 

 

 

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       79                             79                  79                    -                          - 
 Celoxica Limited            70                             70                  70                    -                          - 
                            149                            149                 149                    -                          - 

 

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

 

Investment additions

                            £'000 
 Perfect Channel Limited      150 
                              150 

 



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      500                            986               1,354                  854                        368 
 Conversity Limited           86                              -                  94                    8                         94 
 Celoxica Limited             48                             48                  48                    -                          - 
                             634                          1,034               1,496                  862                        462 

 

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 10p each 
 As at 1 March 2017                                                         98,562,973 
 Shares bought back during the 3 months to 31 May 2017                               - 
 Shares issued during the 3 months to 31 May 2017                                    - 
 As at 31 May 2017                                                          98,562,973 

 

In the period from 1 June 2017 to the date of this announcement, 593,469
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 VCT plc via Globenewswire