ProVen VCT plc
Interim Management Statement
for the three months ended 31 May 2016
ProVen VCT plc (the "Company") presents an Interim Management Statement for the three month period ended 31 May 2016. The statement also includes relevant financial information between the end of the period and the date of this announcement.
Performance
| | Unaudited 31 May 2016 | Audited 29 February 2016 |
| Pence | Pence | |
| Net Asset Value per share ("NAV") | 103.1 | 100.7 |
| Dividends paid to date* | 20.0 | 20.0 |
| NAV plus dividends paid to date | 123.1 | 120.7 |
*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 1 June 2016, the Company announced a final dividend for the year ended 29 February 2016 of 4.0p per share. Having received approval at the Annual General Meeting of the Company on 5 July 2016, the dividend will be paid on 15 July 2016 to shareholders on the register at 17 June 2016.
Investment portfolio summary at 31 May 2016
Portfolio summary
| Valuation | |
| Venture capital investments | £'000 |
| Watchfinder.co.uk Limited | 5,880 |
| Monmouth Holdings Limited | 3,917 |
| Pulpitum Limited | 3,888 |
| MyOptique Group Limited | 3,723 |
| Litchfield Media Limited | 3,497 |
| Monica Vinader Limited | 3,468 |
| Cogora Group Limited | 3,253 |
| Perfect Channel Limited | 3,009 |
| Think Limited | 2,738 |
| MEL Topco Limited (t/a Maplin Electronics) | 2,621 |
| Other investments | 27,713 |
| 63,707 | |
| Cash at bank | 40,594 |
| Total | 104,301 |
Quoted investments are valued at the closing bid price at 31 May 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 31 May 2016
| £'000 | |
| Thread Inc. | 880 |
| InContext Solutions, Inc. | 400 |
| Big Data Partnership Limited | 186 |
| Other investments | 2 |
| 1,468 |
Investment disposals
| | Cost | Market value at 1 March 2016 | Disposal proceeds | Gain against cost | Realised gain in period |
| £'000 | £'000 | £'000 | £'000 | £'000 | |
| Speciality European Pharma Limited | 2,052 | 2,052 | 2,052 | - | - |
| Celoxica Limited | 65 | 65 | 65 | - | - |
| Linkdex Limited | 45 | 45 | 45 | - | - |
| Peerius Limited | 33 | 33 | 33 | - | - |
| 2,195 | 2,195 | 2,195 | - | - |
Investment activity from 1 June 2016 to the date of this announcement
Investment additions
| £'000 | |
| Poq Studio Limited | 1,125 |
| 1,125 |
Investment disposals
| | Cost | Market Value at 1 March 2016 | Disposal proceeds | Gain against cost | Realised gain in period |
| £'000 | £'000 | £'000 | £'000 | £'000 | |
| Celoxica Limited | 44 | 44 | 44 | - | - |
| Linkdex Limited | 48 | 48 | 48 | - | - |
| Conversity Limited | 85 | - | 85 | - | 85 |
| 177 | 92 | 177 | - | 85 |
| Changes to share capital | Ordinary Shares of 10p each |
| As at 1 March 2016 | 65,473,795 |
| Shares bought back during the 3 months to 31 May 2016 | - |
| Shares issued during the 3 months to 31 May 2016 | 32,867,383 |
| As at 31 May 2016 | 98,341,178 |
In the period from 1 June 2016 to the date of this announcement, 98,793 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 2016 to 31 May 2016 or in the period from 1 June 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
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