| ProVen VCT plc | | | | | |
| Interim Management Statement | | | | | |
| for the three months ended 31 May 2026 | | | | | |
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| ProVen VCT plc (the “Company”) presents an Interim Management Statement for the three-month period ended 31 May 2026. The statement also includes relevant financial information between the end of the period and the date of this announcement. |
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| Performance | | | | | |
| | | | | Unaudited | Audited |
| | | | | 31 May | 28 Feb |
| | | | | 2026 | 2026 |
| | | | | Pence | Pence |
| Net Asset Value per share (“NAV”) | | | | 61.1 | 60.5 |
| Dividends paid to date* | | | | 90.75 | 90.75 |
| Total Return (NAV plus dividends paid since 10p Share consolidation) | | | | 151.85 | 151.25 |
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| *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. |
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| Dividends paid or declared | | | | | |
| On 3 June 2026, the Company announced a final dividend for the year ended 28 February 2026 of 1.6p per share. This dividend will be paid on 14 August 2026 to Shareholders on the register at 17 July 2026. Payment of this dividend will reduce the NAV per share as shown above to 59.5p and increase dividends paid to date to 92.35p per share. |
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| Investment portfolio summary at 31 May 2026 | | | | | |
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| Portfolio summary | | | | | |
| | | | | Cost | Valuation |
| | | | | £'000 | £'000 |
| Venture capital investments | | | | | |
| MPB Group Limited | | | | 1,684 | 12,846 |
| Gorillini NV (t/a Gorilla) | | | | 4,624 | 9,938 |
| Farmer J Limited | | | | 4,813 | 8,135 |
| Infinity Reliance Limited (t/a My 1st Years) | | | | 4,731 | 7,365 |
| Picasso Labs, Inc. (t/a CreativeX) | | | | 2,729 | 6,302 |
| Dash Brands Ltd | | | | 2,718 | 6,004 |
| Luxury Promise Limited | | | | 5,680 | 5,938 |
| Social Value Portal Ltd | | | | 2,590 | 5,824 |
| Cogora Group Limited | | | | 2,643 | 5,270 |
| Litta App Limited | | | | 1,797 | 4,521 |
| Other venture capital investments | | | | 81,375 | 59,162 |
| Total venture capital investments | | | | 115,384 | 131,305 |
| Cash at bank and in hand | | | | | 50,516 |
| Other net current assets | | | | | 3,002 |
| Net assets | | | | | 184,823 |
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| Unquoted investments are valued at fair values established using the International Private Equity and Venture Capital Valuation Guidelines. |
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| Investment activity during the three-month period ended 31 May 2026 | | | | | |
| | | | | | |
| Investment additions | | | | | |
| | | | | | Cost |
| Venture capital investments | | | | | £’000 |
| Mothership Drinks Ltd (t/a MOTH) | | | | | 1,457 |
| Total | | | | | 1,457 |
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| Investment disposals | | | | | |
| | | Market value at | Disposal | Gain against | Realised gain / |
| | Cost | 1 March 2026 | Proceeds | Cost | (loss) in period |
| | £’000 | £’000 | £’000 | £’000 | £’000 |
| Access Systems, Inc. (t/a AccessPay) | 3,737 | 5,501 | 5,517 | 1,780 | 16 |
| Total | 3,737 | 5,501 | 5,517 | 1,780 | 16 |
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| Investment activity from 1 June 2026 to the date of this announcement |
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| In the period from 1 June 2026 to the date of this announcement, a new investment was made in Checkboard Limited (t/a Kord) at a cost of £1,492,000. |
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| In the period from 1 June 2026 to the date of this announcement, Monmouth Holdings Limited (an investee company 100% owned by the Company) was fully disposed of, realising £nil of proceeds for the Company. |
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| Changes to share capital | | | | | |
| | | | | | Ordinary |
| | | | | | Shares of |
| | | | | | 10p each |
| As at 1 March 2026 | | | | | 286,524,656 |
| Shares bought back during the 3 months to 31 May 2026 | | | | | - |
| Shares issued during the 3 months to 31 May 2026 | | | | | 16,109,542 |
| As at 31 May 2026 | | | | | 302,634,198 |
| | | | | | |
| In the period from 1 June 2026 to the date of this announcement, 855,631 Ordinary Shares were issued on 3 July 2026 pursuant to the offer for subscription that opened on 17 November 2025 and were allotted at an average price of 62.38p, based on the net asset value of 60.5p per Ordinary Share, being the net asset value as at 28 February 2026. |
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| In the period from 1 June 2026 to the date of this announcement, 4,771,095 Ordinary Shares were repurchased and subsequently cancelled. |
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| Material events | | | | | |
| Other than the matters described above, there were no material events during the period from 1 March 2026 to 31 May 2026 or in the period from 1 June 2026 to the date of this announcement. |
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| 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. |
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| Beringea LLP | | | | | |
| Company Secretary | | | | | |
| Telephone 020 7845 7820 | | | | | |
| -End | | | | | |
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