ProVen VCT plc

Interim Management Statement

ProVen VCT plc
Interim Management Statement
for the three months ended 31 May 2023

ProVen VCT plc (the “Company”) presents an Interim Management Statement for the three-month period ended 31 May 2023. The statement also includes relevant financial information between the end of the period and the date of this announcement.

Performance

			Unaudited 31 May 2023	Audited 28 February 2023
			Pence	Pence
Net Asset Value per share (“NAV”)			64.3	65.5
Dividends paid to date*			80.75	80.75
NAV plus dividends paid to date			145.05	146.25

*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 9 June 2023, the Company announced a final dividend for the year ended 28 February 2023 of 2.0p per share. Having received approval for the final dividend at the Annual General Meeting of the Company on 12 July 2023, this dividend will be paid on 4 August 2023 to Shareholders on the register at 7 July 2023. Payment of this dividend will reduce the NAV per share as shown above to 62.3p pence and increase dividends paid to date to 82.75p per share.

Investment portfolio summary at 31 May 2023

Portfolio summary

	Valuation
Venture capital investments	£’000
Luxury Promise Limited	8,294
MPB Group Limited	7,027
Infinity Reliance Limited (t/a My 1st Years)	6,090
Picasso Labs, Inc. (t/a CreativeX)	5,306
Social Value Portal Ltd	4,313
Utilis Israel Ltd (t/a Asterra)	4,298
Access Systems, Inc.	3,870
WS HoldCo, PBC. (t/a WiredScore)	3,752
Cogora Group Limited	3,359
Lupa Foods Limited	3,268
Other investments	53,968
Total investments	103,545
Cash and cash equivalents	60,239
Other net current assets	361
Net Assets	164,145

Unquoted investments are valued at fair values established using the International Private Equity and Venture Capital Valuation Guidelines.