ProVen VCT plc's Strong Performance in Recent Management Update
ProVen VCT plc: Interim Management Update
ProVen VCT plc
Interim Management Statement
for the three months ended 31 May
ProVen VCT plc presents its Interim Management Statement reflecting its performance for the recent three-month period ending on 31 May. This statement includes vital financial updates made from the period's end up to the date of this announcement.
Company Performance Overview
The Company reported significant metrics relating to its operations. Notably, the Net Asset Value per share (NAV) was recorded at 63.4 pence, showing an increment from the previous NAV of 62.9 pence. This rise reflects the resilience and strategic investments managed by the company.
Financial Highlights
The interim report provides a glimpse of the financial health of ProVen VCT plc:
- Dividends paid to date: 87.50 pence, consistent with prior reports.
- Total Return: 150.90 pence, which encompasses NAV and paid dividends since the consolidation event.
This consistent performance showcases the Company's commitment to delivering value to its shareholders.
Dividend Announcements
On 5 June, the Company declared a final dividend for the year ending 28 February, amounting to 1.75 pence per share. Shareholders recorded on 18 July are expected to receive this dividend by 15 August.
Impact of Dividend on NAV
Following this announcement, the NAV per share will adjust to 61.65 pence, increasing dividends paid to date to 89.25 pence per share. This underscores the company's proactive approach to shareholder returns.
Investment Portfolio Summary
As of 31 May, ProVen's investment portfolio highlights its diverse interests. Key investments include:
- MPB Group Limited: Original cost of 1,684, current valuation of 12,622.
- Gorillini NV: Cost of 4,624, with a valuation of 9,461.
- Luxury Promise Limited: Acquired at a cost of 5,680, valued at 8,983.
These investment metrics illustrate the strategic focus on high-potential firms, robustly contributing to the overall growth of the Company.
Investment Activity and Changes
The quarter ending 31 May saw the Company actively engaging in several investment activities:
Additions to the Portfolio
Investments made during this period included:
- Limitless Travel Ltd: 1,165
- MOTH Drinks Ltd: 186
- Mojo Men Ltd: 133
This brings the total additions to 1,484, reflecting the Company’s commitment to seeking new growth opportunities within the market.
Disposals
Notably, there were no disposals in the quarter ending 31 May, which suggests a strategic hold on existing successful investments.
Recent Investment Activity
From the period of 1 June onwards, the Company reported a follow-on investment in Not Another Beer Co Ltd with an investment of £26,000, showcasing a determination to back firms with promising growth trajectories.
Changes to Share Capital
The report specifies recent changes to the Company’s share capital, with 16,486,817 shares issued during the three months ending 31 May, resulting in a total of 285,153,185 shares by the end of the period.
Material Events and Further Information
During the reporting period, no significant events were observed; the Company continues to focus on its investment strategy without interruption.
For more information, shareholders and interested parties can reach out to the Investment Manager, Beringea, using their contact details available on their official website or via telephone.
Beringea LLP
Company Secretary
Telephone 020 7845 7820
-End
Frequently Asked Questions
What is ProVen VCT plc's latest Net Asset Value?
The latest NAV is reported at 63.4 pence per share.
What dividend was declared recently by ProVen VCT plc?
A final dividend of 1.75 pence per share was declared for the year ending 28 February.
How has the investment portfolio performed?
The portfolio shows substantial valuations, with significant investments like MPB Group Limited and Gorillini NV.
Were there any disposals during the last quarter?
No disposals were made in the quarter ending 31 May.
What recent investments have been made?
In June, an investment of £26,000 was made in Not Another Beer Co Ltd.
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