ProVen Growth and Income VCT plc
Interim Management Statement
for the nine months ended 30 November 2024
ProVen Growth and Income VCT plc (the “Company”) presents an Interim Management Statement for the nine-month period ended 30 November 2024. The statement also includes relevant financial information between the end of the period and the date of this announcement.
Performance
| Unaudited 30-Nov 2024 | Unaudited 31-Aug 2024 | Unaudited 31 May 2024 | Audited 29-Feb 2024 | ||||
| Pence | Pence | Pence | Pence | ||||
| Net Asset Value per share (“NAV”) | 51.7 | 51.5 | 54.7 | 54.7 | |||
| Dividends paid since class launch (originally as ‘C’ Shares)* | 79.90 | 79.90 | 78.40 | 78.40 | |||
| Total Return (NAV plus dividends paid since ‘C’ Share class launch) | 131.60 | 131.40 | 133.10 | 133.10 |
* 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 5 November 2024, the Company announced an Interim dividend for the year ending 28 February 2025 of 1.25p per share. This dividend was paid on 17 January 2025 to Shareholders on the register at 20 December 2024. Payment of this dividend will reduce the NAV per share as shown above to 50.45p and increase dividends paid to date to 81.15p per share.
Investment portfolio summary at 30 November 2024
Portfolio summary
| Cost | Valuation | |
| Venture capital investments | £’000 | £’000 |
| Picasso Labs, Inc. (t/a CreativeX) | 4,546 | 11,425 |
| Luxury Promise Limited | 6,020 | 9,360 |
| MPB Group Limited | 1,194 | 6,476 |
| Gorillini NV (t/a Gorilla) | 2,886 | 6,464 |
| Social Value Portal Ltd | 2,542 | 5,472 |
| Dash Brands Ltd | 3,282 | 5,277 |
| Infinity Reliance Limited (t/a My 1st Years) | 2,769 | 5,057 |
| Utilis Israel Ltd (t/a Asterra) | 2,144 | 4,803 |
| Papier Ltd | 4,703 | 4,703 |
| Lupa Foods Limited | 284 | 4,585 |
| Other investments | 81,716 | 60,970 |
| Total investments | 112,086 | 124,592 |
| Cash and cash equivalents | 39,655 | |
| Other net current assets | (2,186) | |
| Net Assets | 162,061 |
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 2024
Investment additions
There were no additions made in the quarter to 30 November 2024.
Investment disposals
Cost | Market value at 1 March 2024 | Disposal | Gain against cost | Realised gain/ (loss) in period | |
| £’000 | £’000 | £’000 | £’000 | £’000 | |
| Lupa Foods Limited (loan repayment) | 362 | 468 | 468 | 106 | – |
| Buckingham Gate Financial Services Limited | – | 150 | 155 | 155 | 5 |
| 362 | 618 | 623 | 261 | 5 |
Investment activity from 1 December 2024 to the date of this announcement
In the period from 1 December 2024 to the date of this announcement, a follow on investment was made in Social Value Portal Ltd at cost of £118,000.
In the period from 1 December 2024 to the date of this announcement, Lupa Foods Limited was fully disposed of, realising £4,574,000 of proceeds for the Company. Commonplace Digital Limited was disposed of for consideration of shares in Zencity Technologies Ltd.
| Changes to share capital | Ordinary Shares of 1.6187p each |
| As at 1 September 2024 | 315,001,048 |
| Shares bought back during the 3 months to 30 November 2024 | (4,402,488) |
| Shares issued during the 3 months to 30 November 2024 | 3,129,865 |
| As at 30 November 2024 | 313,728,425 |
In the period from 1 December 2024 to the date of this announcement, 1,797,547 Ordinary Shares were issued on 5 December 2024 pursuant to the offer for subscription that opened on 6 November 2024 and were allotted at an average price of 53.38p, based on the net asset value of 51.5p per Ordinary Share, being the net asset value as at 31 August 2024.
In the period from 1 December 2024 to the date of this announcement, 1,094,340 Ordinary Shares were issued under the Company’s Dividend Reinvestment Scheme (“DRIS”) in relation to the dividend paid on 17 January 2025.
Offer for Subscription
ProVen VCT plc and ProVen Growth and Income VCT plc (the “Companies”) announced on 6 November 2024 that they had published a Prospectus (comprising Securities Note, Registration Document and Summary) in respect of a combined offer for subscription to raise up to £30,000,000 (up to £15,000,000 for each Company) by way of an issue of new ordinary shares in the Companies, with an over-allotment facility of up to a further £10,000,000 (up to £5,000,000 for each Company).
Material events
Other than the matters described above, there were no material events during the period from 1 September 2024 to 30 November 2024 or in the period from 1 December 2024 to the date of this announcement.
Further information
Further information regarding the Company can be found on the Company’s website: www.proveninvestments.co.uk or by contacting Beringea, the Investment Manager at info@beringea.co.uk or by telephone 020 7845 7820.
Beringea LLP
Company Secretary
Telephone 020 7845 7820
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