ProVen VCT NAV uplift

[naflod]

RNSs today from ProVen for the accounts to 28th February:

http://www.londonstockexchange.com/exch ... 69142.html

plus details of the agreed sale of Watchfinder, subject to the usual caveats

http://www.londonstockexchange.com/exch ... 69185.html

The effect of the sale agreement is to lift NAV from 99.7p at the end of February to 110.0p as at today's date.

Needless to say, a major uplift in the share price today too.

naflod

[UncleEbenezer]

Grrr. Bloomin' teaser there: tell us the good news, but no word on its stable-mate.

No corresponding uplift to ProVen G&I, alas. I hold the wrong VCT from that stable.

[scotia]

No corresponding uplift to ProVen G&I, alas.

Both Proven VCTs hold Watchfinder - although in Proven VCT it was 10% of portfolio, whereas in Proven G&I it was 2% (both figures from latest financial reports to 28 Feb 2018)
For Proven the NAV at 28 Feb was 99.7p, rising to 110.0p today
For Proven G&I the NAV at 28 Feb was 72.1p, rising to 73.7p today

[runnygum]

Nice. Time for a 10p special

[naflod]

Grrr. Bloomin' teaser there: tell us the good news, but no word on its stable-mate.

No corresponding uplift to ProVen G&I, alas. I hold the wrong VCT from that stable.

Sorry UncleE, I thought I had posted G&I as a reply, but obviously messed it up in my haste before going out!

naflod

[scotia]

In Proven VCT Watchfinder was reported on 28th February as a 4-bagger, making up 10% of NAV.
It has now added 10% to NAV - i.e. it has approximately doubled since the 28th February.
So it looks like it has been an 8-bagger. Not bad!

[james188]

Scotia - yes; I am not sure that everyone has yet cottoned on as to the significance if this deal for Proven VCT shareholders in particular - if it actually proceeds to completion. It would dwarf the size of the highly successful Third Bridge Group disposal late last year - and that deal had delivered the largest sale proceeds to date for the ProVen VCTs.

In the case of ProVen VCT, the reported net gain for the Third Bridge disposal alone was £4.483m (there were a couple of other material disposals which contributed to the 7p special dividend which was declared). This deal looks to be worth north of £20m to ProVen VCT, compared to an original investment cost of £2.629m. Even ignoring the impact of other realisations, if the board again decides to pay a special dividend roughly equating to the realised gain, shareholders will receive a very pleasant early Christmas present - very considerably in excess of 10p per share. 10p would only reflect the increase in valuation since end February 2018. Let’s hope that the deal actually happens!

[james188]

Just to add that the Third Bridge net gain figure of £4.483m was reported in the half-yearly report and the 2017 SD was presumably made using that figure (and the other disposals reported). I see that the revised gain amount stated in the AR is now slightly higher at £4.51m. Only another £27k, but every little helps.

[james188]

And today we have the full detail in the half-year report just out. A special dividend of 25.25p per share declared, payable on 30th November.

ProVen Growth is also pretty good at 4.5p per share, but the ProVen VCT realisations over the last six months have been simply outstanding. It obviously means a big reduction in the NAV because (for ProVen VCT) the dividend equates to 25.3% of the NAV as at 1 March 2018. The manager is also in line for a large performance fee. It should mean that the presentations by ProVen next week will be a happy event. Anyone else going?

[Gostevie]

And today we have the full detail in the half-year report just out. A special dividend of 25.25p per share declared, payable on 30th November.

ProVen Growth is also pretty good at 4.5p per share, but the ProVen VCT realisations over the last six months have been simply outstanding. It obviously means a big reduction in the NAV because (for ProVen VCT) the dividend equates to 25.3% of the NAV as at 1 March 2018. The manager is also in line for a large performance fee. It should mean that the presentations by ProVen next week will be a happy event. Anyone else going?

Yes, I am planning to attend.

Gostevie

[ali1947fish]

great news although i wish i can find a tax shelter to reinvest the divis!

[naflod]

great news although i wish i can find a tax shelter to reinvest the divis!

Hi ali

You could always register for the Proven DRIS, new shares issued using NAV, so no charges to come off.

naflod