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Wednesday, 12 July 2017

Proven VCT plc : Interim Management Statement

     

Published: 12:39 CEST 12-07-2017 /GlobeNewswire /Source: Proven VCT plc / : PVN /ISIN: GB00B8GH9P84

Proven VCT plc : Interim Management Statement

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





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 VCT plc, 39 Earlham Street, , , LONDON WC2H 9LT, United Kingdom
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