Proven Growth & Income VCT plc : Half-yearly re...

ProVen Growth & Income VCT plc

Half-Yearly Report for the Six Months Ended 31 August 2012

Financial Summary

	31 Aug 2012	29 Feb 2012	31 Aug 2011
	Pence	Pence	Pence
Ordinary Shares *
Net asset value per share ("NAV")	78.5	82.2	79.7
Dividends paid **	18.6	14.1	14.1
Total return (NAV plus dividends paid)	97.1	96.3	93.8
'D' Shares
Net asset value per share ("NAV")	89.7	86.8	89.9

*  The Ordinary Shares were originally created as 'C' Shares in 2006. The original Ordinary Shares merged with the 'C' Shares in October 2009 at which point the 'C' Shares were converted into Ordinary Shares on a one-for-one basis.

**  Dividends paid represents dividends paid in respect of the 'C' Shares between their launch in 2006 up until their conversion in 2009 and as Ordinary Shares since the 'C' Share conversion.

Chairman's Statement

Introduction

I am pleased to present my report for the six months 31 August 2012. In a difficult period for the economy, the performance of the Company's investment portfolio has been robust, with increases in total returns of both the Ordinary and 'D' Share classes.

Net asset values

Ordinary Shares

As at 31 August 2012, the net asset value ("NAV") per Ordinary Share stood at 78.5p, an increase of 0.8p per share or 0.9% since the year end (after adjusting for the 4.5p dividend paid on 31 August 2012).

'D' Shares

As at 31 August 2012, the NAV per 'D' Share stood at 89.7p, an increase of 2.9p per share or 3.3% since the year end.

Venture capital investments

Ordinary Share portfolio

The Ordinary Share pool made three follow-on investments in the period at a total cost of £510,000. Additionally, the Company received a new investment in Vigilant Application Limited as part of the administration of the failed investment, Overtis Group Limited.

The investment in Ashford Colour Press Limited was sold in the period, producing a small realised gain. There was also one small partial loan stock redemption.

In reviewing the investment valuations at the period end, the Board has agreed a number of movements. The net effect of the movements was an unrealised loss of £236,000 alongside net realised gains of £79,000.

'D' Share portfolio

The 'D' Share pool completed four follow-on investments during the period, at a total cost of £498,000. In respect of disposals, there was one small loan stock redemption.

The net effect of investment valuation movements over the period was an unrealised gain of £279,000. The most notable increases were £73,000 in Tossed, on the back of improving trading results, and £172,000 in Senselogix, where there has been improved trading as well as new funding from a third party investor.

Further details of the developments within the investment portfolios are included in the Investment Manager's Report.

Results and dividends

The Income Statement shows a gain on ordinary activities after taxation for the Company during the period of £451,000 (£543,000 revenue surplus and £92,000 capital loss). Details of how this is analysed between the share pools is shown in the detailed Income Statement. No interim dividends will be paid.

'D' Share conversion

I can confirm that the proposals to convert the 'D' Shares into Ordinary Shares to give both groups of Shareholders exposure to a more diversified portfolio and simplify the structure of the Company were approved at the Shareholder meetings on 24 October 2012 and the conversion took place on 30 October 2012. 'D' Shareholders received approximately 1.1427 Ordinary Shares for each 'D' Share previously held. Former 'D' Shareholders should receive new certificates shortly.

The value of Shareholders' investments in the Company has not changed as a result of the Share conversion.

Share buybacks

The Company continues to have a policy of purchasing its own shares that become available in the market in order to help provide liquidity to those Shareholders that need it. The current policy is to purchase Ordinary Shares at a price equivalent to a 10% discount to the latest published NAV.

During the period, the Company purchased 644,424 Ordinary Shares at an average price of 73.5p per share and 19,300 'D' Shares at an average price of 83.3p per share. These shares were subsequently cancelled.

Shareholders who are considering selling their shares are reminded that the Company's Administrator, Downing LLP, is able to provide details of close periods and of the prices at which the Company has bought in shares.

Outlook

The Company has a significant level of funds available for investment and the Manager reports a strong pipeline of potential investment opportunities. Now that the Company has just one share class, the format of the Company's reports to Shareholders in future will be simpler and should allow investors to track the ongoing performance of their investment more easily. The Board and the Manager believes that the combined portfolio of venture capital investments has the potential to deliver good returns to Shareholders, in line with the Company's investment objectives.

Marc Vlessing

Chairman

31 October 2012

Investment Manager's Report

Introduction

We set out below our half yearly report to 31 August 2012 for ProVen Growth and Income VCT plc.  Despite an economic background which continues to be challenging, the overall performance of the companies in the investment portfolio has been resilient and we continue to see a good flow of companies looking for equity investment.

Portfolio activity and valuation

Ordinary Share pool

At 31 August 2012, the Company's Ordinary Share portfolio comprised holdings in 21 companies, of which 18 were unquoted and 3 were quoted, at a valuation of £15.2 million and original acquisition cost of £13.9 million. In addition, the Ordinary Share pool held £11.3 million in cash and liquidity funds.

Further funding was provided to Fjordnet £260,000, Utility Exchange £167,000 and Campden Media, £83,000 during the period. Ashford Colour Press was sold to its management in June, generating a modest capital profit on the initial investment but with an overall return since investment of 8% per annum including interest received on loan notes. Overtis Group went into administration during the period and is therefore treated as realised although, as mentioned in the Chairman's Statement, the Company received an investment in Vigilant Applications Limited as part of the administration process.

The value of the Ordinary Share portfolio decreased by £236,000 during the period. This movement reflects a combination of both individual portfolio company performance and the impact of wider market comparables which are used in valuations.

'D' Share pool

At 31 August 2012, the Company's 'D' Share portfolio comprised 10 unquoted holdings with a valuation of £3.2 million and cost of £3.1 million. In addition, the 'D' Share pool held £4.2 million in cash and liquidity funds.

Further funding was provided to APM Healthcare £238,000, Utility Exchange £146,000, Senselogix £64,000 and Fjordnet £50,000. In addition, the Company received founder shares in Long Eaton Healthcare, a GP centre pharmacy, by virtue of its original investment in APM Healthcare.

The value of the 'D' Share portfolio increased by a £279,000 over the period, primarily as a result uplifts in the valuations of Senselogix, Tossed and Fjordnet.

Post period end developments

Following the half year end, an investment of £1,115,000 (Ordinary Share £750,000; 'D' Share £365,000), as part of total funding of £1.8 million from Beringea managed VCTs, was made into Inskin Media. Inskin is a UK based company that has developed a range of technologies for the rapidly growing area of online video advertising. The company has established itself as a significant player in the UK market by its ability to provide innovative technology formats which have been proven to drive higher yields for online media owners and strong returns for advertising campaigns. With its established strong network of premium publishers, the company is planning to extend its reach into additional digital platforms such as mobile, tablets and connected TVs and into new geographies. A further investment of £233,000 was made into Speed-Trap Holdings in the 'D' Share portfolio to support the company's further development.

We are pleased that Shareholders approved the merger of the Company's two share classes after the period end. At the date of this report there is one investment portfolio in which all Shareholders have an interest at a cost and valuation of £17.0 million and £18.0 million respectively. This gives all Shareholders access to a broader range of unquoted investments and lowers the overall risk profile of their investment. In addition, the Company's cash and liquid funds ensure that the Company is able to take advantage of new investment opportunities.

Outlook

As some Shareholders may be aware, the VCT regulations under which the Company operates changed during the period. These changes included an increase in the maximum VCT qualifying investment in any one company in any 12 month period to £5 million and an increase in the gross assets and maximum employees of a VCT qualifying company. These changes mean that the Company can invest in larger, and therefore potentially lower risk, businesses and also invest further funds in established and successful portfolio companies which may have outgrown the previous VCT limits. We are also pleased with progress made by a number of the portfolio companies during what has been, and continues to be, a difficult period for businesses in general and smaller companies in particular. We are optimistic that, with stable economic conditions, the investment portfolio has the potential to deliver strong realised returns for Shareholders.

Beringea LLP

31 October 2012

Unaudited Balance Sheet

as at 31 August 2012

Company Total

	31 Aug 2012		31 Aug 2011		29 Feb 2012
	£'000		£'000		£'000
Fixed assets
Investments	18,450		16,061		17,621
Current assets
Debtors	260		241		1,208
Current investments	2,500		2,500		2,500
Cash at bank and in hand	12,962		16,156		14,402
	15,722		18,897		18,110
Creditors: amounts falling due within one year	(309)		(287)		(347)
Net current assets	15,413		18,610		17,763
Net assets	33,863		34,671		35,384
Capital and reserves
Called up share capital	628		636		638
Capital redemption reserve	977		961		966
Share premium account	17,797		17,418		17,758
Special reserve	11,802		15,504		14,513
Capital reserve - realised	1,430		1,389		1,459
Revaluation reserve	1,435		(545)		614
Revenue reserve	(206)		(692)		(564)
Equity shareholders' funds	33,863		34,671		35,384
Net asset value per Ordinary Share:	78.5p		79.7p		82.2p
Net asset value per 'D' Share:	89.7p		89.9p		86.8p

Ordinary Shares

	31 Aug 2012		31 Aug 2011		29 Feb 2012
	£'000		£'000		£'000
Fixed assets
Investments	15,226		13,709		15,168
Current assets
Debtors	233		223		1,189
Current investments	1,250		1,250		1,250
Cash at bank and in hand	10,026		12,313		10,897
	11,509		13,789		13,336
Creditors: amounts falling due within one year	(244)		(232)		(271)
Net current assets	11,265		13,554		13,065
Net assets	26,491		27,263		28,233
Capital and reserves
Called up share capital	546		554		556
Capital redemption reserve	976		960		965
Share premium account	10,012		9,633		9,973
Special reserve	11,802		15,504		14,513
Capital reserve - realised	1,765		1,625		1,752
Revaluation reserve	1360		(520)		818
Revenue reserve	30		(493)		(344)
Equity shareholders' funds	26,491		27,263		28,233
Net asset value per Ordinary Share	78.5p		79.7p		82.2p

'D' Shares

	31 Aug 2012		31 Aug 2011		29 Feb 2012
	£'000		£'000		£'000
Fixed assets
Investments	3,224		2,352		2,453
Current assets
Debtors	27		18		19
Current investments	1,250		1,250		1,250
Cash at bank and in hand	2,936		3,843		3,505
	4,213		5,111		4,774
Creditors: amounts falling due within one year	(65)		(55)		(76)
Net current assets	4,148		5,056		4,698
Net assets	7,372		7,408		7,151
Capital and reserves
Called up share capital	82		82		82
Capital redemption reserve	1		1		1
Share premium account	7,785		7,785		7,785
Special reserve	-		-		-
Capital reserve - realised	(335)		(236)		(293)
Revaluation reserve	75		(25)		(204)
Revenue reserve	(236)		(199)		(220)
Equity shareholders' funds	7,372		7,408		7,151
Net asset value per 'D' Share	89.7p		89.9p		86.8p

Unaudited Income Statement

for the six months ended 31 August 2012

Company Total

	Six months ended 31 Aug 2012				Six months ended 31 Aug 2011				Year  ended  29 Feb  2012
	Revenue	Capital	Total		Revenue	Capital	Total		Total
	£'000	£'000	£'000		£'000	£'000	£'000		£'000
Income	824	-	824		279	-	279		663
Gains/(losses) on investments	-	122	122		-	(490)	(490)		236
	824	122	946		279	(490)	(211)		899
Investment management fee	(71)	(214)	(285)		(89)	(270)	(359)		(718)
Performance incentive fees	-	-	-		-	-	-		-
Other expenses	(210)	-	(210)		(162)	-	(162)		(322)
Return/(loss) on ordinary activities before taxation	543	(92)	451		28	(760)	(732)		(141)
Tax on ordinary activities	-	-	-		-	-	-		-
Return/(loss) attributable to equity shareholders	543	(92)	451		28	(760)	(732)		(141)
Basic and diluted return/(loss) per Ordinary Share	1.6p	(1.0p)	0.6p		0.2p	(2.4p)	(2.2p)		0.4p
Basic and diluted return/(loss) per 'D' Share	0.0p	2.9p	2.9p		(0.3p)	0.1p	(0.2p)		(3.2p)

Analysed by share class:

Ordinary Share pool

	Six months ended 31 Aug 2012				Six months ended  31 Aug 2011				Year ended 29 Feb 2012
	Revenue	Capital	Total		Revenue	Capital	Total		Total
	£'000	£'000	£'000		£'000	£'000	£'000		£'000
Income	769	-	769		240	-	240		585
(Losses)/gains on investments	-	(157)	(157)		-	(555)	(555)		350
	769	(157)	612		240	(555)	(315)		935
Investment management fee	(57)	(171)	(228)		(71)	(215)	(286)		(570)
Performance incentive fees	-	-	-		-	-	-		-
Other expenses	(170)	-	(170)		(119)	-	(119)		(243)
Return/(loss) on ordinary activities before taxation	542	(328)	214		50	(770)	(720)		122
Tax on ordinary activities	-	-	-		-	-	-		-
Return/(loss) attributable to equity shareholders	542	(328)	214		50	(770)	(720)		122
'D' Share pool
	£'000	£'000	£'000		£'000	£'000	£'000		£'000
Income	55	-	55		39	-	39		78
Gains/(losses) on investments	-	279	279		-	65	65		(114)
	55	279	334		39	65	104		(36)
Investment management fee	(14)	(43)	(57)		(18)	(55)	(73)		(148)
Performance incentive fees	-	-	-		-	-	-		-
Other expenses	(40)	-	(40)		(43)	-	(43)		(79)
Return/(loss) on ordinary activities before taxation	1	236	237		(22)	10	(12)		(263)
Tax on ordinary activities	-	-	-		-	-	-		-
Return/(loss) attributable to equity shareholders	1	236	237		(22)	10	(12)		(263)

Reconciliation of Movements in Shareholders' Funds

for the six months ended 31 August 2012

	31 Aug 2012						31 Aug 2011		29 Feb 2012
	Ordinary Shares		'D' Shares		Total		Total		Total
	£'000		£'000		£'000		£'000		£'000
Opening shareholders' funds	28,233		7,151		35,384		28,241		28,241
Proceeds from share issues	39		-		39		9,652		10,020
Share issue costs	-		-		-		(528)		(549)
Purchase of own shares	(476)		(16)		(492)		(415)		(640)
Total recognised gain/(loss) for the year	214		237		451		(732)		(141)
Distributions paid in the period	(1,519)		-		(1,519)		(1,547)		(1,547)
Closing shareholders' funds	26,491		7,372		33,863		34,671		35,384

Unaudited Cash Flow Statement

for the six months ended 31 August 2012

		Six months ended 31 Aug 2012	Six months ended 31 Aug 2011	Year  ended 29 Feb 2012
	Note	£'000	£'000	£'000
Net cash inflow/(outflow) from operating activities	A	196	(302)	(1,649)
Capital expenditure
Purchase of investments		(1,008)	(663)	(3,514)
Disposal of investments		1,345	976	2,019
Net cash inflow/(outflow) from capital expenditure		337	313	(1,495)
Equity distributions paid		(1,520)	(1,547)	(1,547)
Net cash outflow before financing		(987)	(1,536)	(4,691)
Financing
Proceeds from share issue		39	8,373	10,020
Share issue costs		-	(528)	(549)
Purchase of own shares		(492)	(286)	(511)
Net cash inflow from financing		(453)	7,559	8,960
(Decrease)/Increase in cash	B	(1,440)	6,023	4,269
Notes to the cash flow statement:
A Net cash flow from operating activities
Return/(loss) on ordinary activities before taxation		451	(732)	(141)
(Gains)/losses on investments		(122)	490	(236)
Increase in debtors		(54)	(51)	(45)
Decrease in creditors		(38)	(9)	(1,227)
Net cash inflow/(outflow) from operating activities		237	(302)	(1,649)
B Analysis of net funds
Beginning of period		14,402	10,133	10,133
Net cash (outflow)/inflow		(1,440)	6,023	4,269
End of period		12,962	16,156	14,402

Summary of Investment Portfolio

as at 31 August 2012

	Cost	Valuation	Valuation movement in the  period	% of portfolio by value
Ordinary Share pool	£'000	£'000	£'000
Top ten venture capital investments (by value)
Espresso Group Limited	1,582	2,584	149	9.8%
Donatantonio Limited	1,366	2,175	(163)	8.2%
Fjordnet Limited	1,660	2,273	368	8.6%
Charterhouse Leisure Limited	1,000	1,125	69	4.2%
Blis Media Limited	621	1,125	(247)	4.2%
Cross Solar PV Limited	978	978	-	3.7%
Campden Media Limited	840	884	24	3.4%
Eagle-i Music Limited	804	804	-	3.0%
Eagle Rock Entertainment Group Limited	680	780	(26)	2.9%
Chess Technologies Limited	900	721	(375)	2.7%
	10,431	13,449	(201)	50.7%
Other venture capital investments	3,435	1,777	(35)	6.7%
	13,866	15,226	(236)	57.4%
Liquidity fund investments		1,250		4.8%
Cash at bank and in hand		10,026		37.8%
Ordinary Share pool total		26,502		100.0%
'D' Share pool	£'000	£'000	£'000	%
Venture capital investments (by value)
Tossed Limited	624	745	73	10.1%
MatsSoft Limited	650	669	19	9.0%
APM Healthcare Limited	425	425	-	5.7%
Utility Exchange Online Limited	380	380	-	5.1%
Monica Vinader Limited	138	292	(23)	4.0%
Senselogix Limited	196	231	172	3.1%
Speed-Trap Holdings Limited	295	181	-	2.4%
Fjordnet Limited	326	191	40	2.6%
Cinergy International (UK) Limited	115	104	(8)	1.4%
Long Eaton Healthcare Limited	-	6	6	0.1%
	3,149	3,224	279	43.5%
Liquidity fund investments		1,250		16.9%
Cash at bank and in hand		2,936		39.6%
'D' Share pool total		7,410		100.0%

Other venture capital investments in the Ordinary Share pool at 31 August 2012 comprise: SPC International Limited, Utility Exchange Online Limited, Dianomi Limited, MatsSoft Limited, Pilat Media Global plc, UBC Media Group plc, Sports Holdings Limited, Immedia Broadcasting plc, Vigilant Applications Limited, Isango! Limited and Baby Innovations S.A. t/a Steribottle.

With the exclusion of Pilat Media Global plc, UBC Media Group plc and Immedia plc which are quoted on AIM, all venture capital investments are unquoted.

Summary of Investment Movements

for the six months ended 31 August 2012

Additions	Cost
	£'000
Ordinary Share pool
Fjordnet Limited	260
Utility Exchange Online Limited	167
Campden Media Limited	83
	510
'D' Share pool
APM Healthcare Limited	238
Utility Exchange Online Limited	146
Senselogix Limited	64
Fjordnet Limited	50
	498

Disposals

		Market
		value at		Gain/(loss)	Realised
	Cost	1 March  2012*	Disposal Proceeds	against cost	gain in  period
	£'000	£'000	£'000	£'000	£'000
Ordinary Share pool
Ashford Colour Press Limited	275	210	289	15	79
Sports Holdings Limited	6	6	6	-	-
Overtis Group Limited	713	-	-	(713)	-
	994	216	295	(698)	79
'D' Share pool
Senselogix Limited	6	6	6	-	-
	6	6	6	-	-
	1,000	222	301	(698)	79

* Adjusted for investments made since 1 March 2012

Notes to the Unaudited Financial Statements

1. The unaudited half-yearly results cover the six months to 31 August 2012 and have been prepared in accordance with UK Generally Accepted Accounting Practice ("UK GAAP"). Where presentational guidance set out in the Statement of Recommended Practice "Financial Statements of Investment Trust Companies" revised January 2009 ("SORP") is consistent with the requirements of UK GAAP, the Directors have sought to prepare the financial statements on a consistent basis compliant with the recommendations of the SORP.

2. All revenue and capital items in the Income Statement derive from continuing operations.

3. There are no recognised gains or losses other than those disclosed in the Income Statement.

4. The Company has only one class of business and derives its income from investments made in shares, securities and bank deposits.

5. The comparative figures were in respect of the period ended 31 August 2011 and the year ended 29 February 2012.

6. Return per share for the period has been calculated on the following:

	Ordinary Shares		'D' Shares
Revenue return per share based on:
Net revenue profit/(loss) after taxation (£'000)	542		1
Capital return per share based on:
Net capital (loss)/gain after taxation (£'000)	(328)		236
Weighted average number of shares in issue	34,176,462		8,228,707

7. NAV per share for the period has been calculated on the following:

	Ordinary Shares		'D' Shares
Net assets (£'000)	26,491		7,372
Number of shares in issue at period end	33,737,573		8,217,514

8. Dividends

	Six months to 31 Aug 2012					Six months to 31 Aug 2011				Year ended 29 Feb 2012
	Revenue		Capital	Total		Revenue	Capital	Total		Total
	£'000		£'000	£'000		£'000	£'000	£'000		£'000
Ordinary Share dividends paid in period
2012 Final		169	1,351	1,520		172	1,375	1,547		1,547

No dividends have been paid in respect of the 'D' Shares to date.

9. Reserves

	Capital redemption reserve	Share premium account	Special reserve	Capital reserve - realised	Revaluation reserve	Revenue reserve
	£'000	£'000	£'000	£'000	£'000	£'000
At 1 March 2012	966	17,758	14,513	1,459	614	(564)
Purchase of own shares	11	-	(476)	-	-	(16)
Issue of new shares	-	39	-	-	-	-
Expenses capitalised	-	-	-	(214)	-	-
Tax relief on capital expenses	-	-	-	-	-	-
Gains/(losses) on investments	-	-	-	79	43	-
Retained revenue	-	-	-	-	-	543
Transfer between reserves	-	-	(2,235)	1,457	778	-
Distributions paid	-	-	-	(1,351)	-	(169)
At 31 August 2012	977	17,797	11,802	1,430	1,435	(206)

The Special reserve, Capital reserve-realised and Revenue reserve are all distributable reserves. The Revaluation reserve includes losses of £2,293,000 which are included in the calculation of distributable reserves. Total distributable reserves are £10,733,000.

10. Contingent liabilities, guarantees and financial commitments

The Company has guaranteed bank borrowings on one of its investments, Donatantonio Limited, amounting to £225,000. A third party has provided a guarantee to the Company amounting to £112,500 in respect of the above guarantee such that the Company's net exposure is £112,500.

Apart from the above, the Company has no contingent liabilities, guarantees and financial commitments.

11. The unaudited financial statements set out herein do not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006 and have not been delivered to the Registrar of Companies. The figures for the year ended 29 February 2012 have been extracted from the financial statements for that year, which have been delivered to the Registrar of Companies; the Auditor's report on those financial statements was unqualified.

12. The Directors confirm that, to the best of their knowledge, the half-yearly financial statements have been prepared in accordance with the "Statement: Half-Yearly Financial Reports" issued by the UK Accounting Standards Board and the half-yearly financial report includes a fair review of the information required by:

a. DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements, and a description of the principal risks and uncertainties for the remaining six months of the year; and

b. DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period, and any changes in the related party transactions described in the last annual report that could do so.

13. Risks and uncertainties

Under the Disclosure and Transparency Directive, the Board is required, in the Company's half-yearly results, to report on principal risks and uncertainties facing the Company over the remainder of the financial year.

The Board has concluded that the key risks facing the Company over the remainder of the financial year are as follows:

i. investment risk associated with investing in small and immature businesses;

ii. investment risk arising from extremely volatile stock market conditions and their potential effect on investment valuation; and

iii. failure to maintain approval as a VCT.

In the case of (i), the Board is satisfied with the Company's approach. The Investment Manager follows a rigorous process in vetting and careful structuring of new investments and, after an investment is made, close monitoring of the business. In respect of (ii), the Company seeks to hold a diversified portfolio. However, the Company's ability to manage this risk is quite limited, primarily due to the restrictions arising from the VCT regulations and the general nature of investing in small unquoted businesses.

The Company's compliance with the VCT regulations is continually monitored by the Administrator, who reports regularly to the Board on the current position. The Company also retains PricewaterhouseCoopers to provide regular reviews and advice in this area. The Board considers that this approach reduces the risk of a breach of the VCT regulations to a minimal level.

14. Going concern

The Company has considerable financial resources both at the period end and at the date of this report, and holds a diversified portfolio of investments. As a consequence, the Directors believe that the Company is well placed to manage its business risks successfully despite the current uncertain economic outlook.

The Directors confirm that they are satisfied that the Company has adequate resources to continue in business for the foreseeable future. For this reason, they believe that the Company continues to be a going concern and that it is appropriate to apply the going concern basis in preparing the financial statements.

15. Copies of the unaudited half-yearly results will be sent to Shareholders. Further copies can be obtained from the Company's Registered Office and will be available for download from www.provenvcts.com and www.downing.co.uk.

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Source: Proven Growth & Income VCT plc via Thomson Reuters ONE

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