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Wednesday, 12 July 2017

Proven Growth & Income VCT plc : Interim Management Statement

     

Published: 12:37 CEST 12-07-2017 /GlobeNewswire /Source: Proven Growth & Income VCT plc / : PGOO /ISIN: GB00B5B7YS03

Proven Growth & Income VCT plc : Interim Management Statement

ProVen Growth & Income VCT plc

Interim Management Statement

for the three months ended 31 May 2017

 

ProVen Growth & Income 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")

84.0

82.7

Dividends paid to date*

41.6

41.6

NAV plus dividends paid to date

125.6

124.3

 

* 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 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

 

 

Third Bridge Group Limited

11,004

Rapid Charge Grid Limited

5,299

Dryden Holdings Limited

4,716

Blis Media Limited

4,639

APM Healthcare Limited

4,062

Disposable Cubicle Curtains Limited

3,594

Chess Technologies Limited

3,557

Sealskinz Holdings Limited

3,189

D3O Holdings Limited

3,136

MEL Topco Limited (t/a Maplin Electronics)

2,006

Other investments

29,481

 

74,683

Cash at bank

44,059

Total

118,742

 

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

875

Honeycomb.TV Limited

495

ContactEngine Limited

137

 

1,507

 

 

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

170

170

170

-

-

Celoxica Limited

70

70

70

-

-

 

240

240

240

-

-

 

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

 

Investment additions

 

£'000

Perfect Channel Limited

22

 

22

 

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

1,731

2,957

4,062

2,331

1,105

Abzena plc

791

652

987

196

335

Celoxica Limited

48

48

48

-

-

Conversity Limited

35

-

38

3

38

 

2,605

3,657

5,135

2,530

1,478

 

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 1.6187p each

As at 1 March 2017

98,501,050

Shares bought back during the 3 months to 31 May 2017

-

Shares issued during the 3 months to 31 May 2017

38,743,426

As at 31 May 2017

137,244,476

 

In the period from 1 June 2017 to the date of this announcement, 428,525 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





This announcement is distributed by Nasdaq Corporate Solutions (One Liberty Plaza, 165 Broadway, New York, NY 10006. Tel: +1 212 401 8700. www.nasdaqomx.com) on behalf of NASDAQ OMX Corporate Solutions clients. Source: Proven Growth & Income VCT plc, 39 Earlham Street, , LONDON, WC2H 9LT, , United Kingdom
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