Proven Growth & Income VCT plc : Interim Manage...

ProVen Growth & Income VCT plc

Interim Management Statement

for the three months ended 30 November 2012

In accordance with Rule 4.3 of the Disclosure and Transparency Rules of the UK Listing Authority, ProVen Growth & Income VCT plc presents an Interim Management Statement for the three month period ended 30 November 2012. The statement also includes relevant financial information between the end of the period and the date of publication of this statement.

Performance

Ordinary Shares

	Unaudited 30 Nov  2012	Unaudited 31 Aug 2012	Unaudited 31 May  2012	Audited 29 Feb  2012
	Pence	Pence	Pence	Pence
Net Asset Value	80.1	78.5	82.7	79.7
Dividends paid *	18.6	18.6	14.1	14.1
Total Return	98.6	97.1	96.8	93.8

* Dividends paid represents dividends paid in respect of the Original 'C' Shares between their launch in 2006 up until their conversion in 2009 and as Ordinary Shares since the 'C' Share conversion. 'C' Shares were converted into Ordinary Shares on a one for one basis in 2009.

Historic performance for the former 'D' Shares, which were converted into Ordinary Shares in October 2012, has not been presented.

Quoted investments are valued at the closing bid price at 30 November 2012. Unquoted investments are valued at fair values established using the International Private Equity and Venture Capital Valuation Guidelines.

'D' Share Conversion

Following approval at the Shareholder meetings held on 24 October 2012, the 'D' Shares were converted into Ordinary Shares on 30 October 2012. 'D' Shareholders received approximately 1.1427 Ordinary Shares for each 'D' Share previously held.

Dividend

No dividends were paid or declared in the three months to 30 November 2012 or in the period from 1 December 2012 to the date of publication of this statement.

Investment portfolio summary at 30 November 2012

	Valuation
	£'000
Venture capital investments
Espresso Group Limited	2,584
Fjordnet Limited	2,465
Donatantonio Limited	2,175
Cognolink Limited	1,732
Charterhouse Leisure Limited	1,391
Utility Exchange Online Limited	1,277
Matssoft Limited	1,229
Blis Media Limited	1,125
Inskin Media Limited	1,115
Chess Technologies Limited	906
Other investments	6,706
	22,705
Cash at bank and other liquid funds	11,859
Total	34,564

Investment activity during the three month period ended 30 November 2012

Investment additions

	£'000
Cognolink Limited	1,732
Inskin Media Limited	1,115
Utility Exchange Online Limited	462
Speed-Trap Holdings Limited	233
Senselogix Limited	6
	3,548

Investment disposals

	Cost	Market  value at 1 Sep 2012	Disposal  proceeds	Gain  Against  cost	Realised  gain  in period
	£'000	£'000	£'000	£'000	£'000
Cross Solar PV Limited	75	75	75	-	-
Sports Holdings Limited	3	3	3	-	-
	78	78	78	-	-

Investment activity from 1 December 2012 to the date of publication of this statement.

Investment additions

	£'000
Skills Matter Limited	867
Fjordnet Limited	551
Matssoft Limited	265
	1,683

Investment disposals

	Cost	Market Value at 1 Sep 2012	Disposal  proceeds	Gain against  cost	Realised  gain in  period
	£'000	£'000	£'000	£'000	£'000
Campden Media Limited	83	83	83	-	-

Proposed enhanced share buyback

The Company announces that it is planning to launch an Enhanced Share Buyback facility ("ESB") to shareholders. The ESB will provide a means for existing shareholders to apply to tender some or all of their existing Ordinary Shares (subject to scaling back) to the Company at the last published net asset value, with the sales proceeds being used to subscribe for new Ordinary Shares in the Company. The new shares will be subscribed for at a small premium above net asset value to contribute towards the costs of the ESB. The ESB therefore provides a shareholder with the opportunity to retain almost all of his or her investment in the Company, while obtaining new VCT income tax relief of up to 30 per cent of the amount subscribed (subject to shareholders' personal circumstances, annual investment limits and reducing the income tax liability to nil). Participation in the ESB may not be suitable for all shareholders and, therefore, shareholders intending to participate in the ESB are recommended to consult with their adviser as to whether it is appropriate for them to do so.

Implementation of the ESB will be subject to shareholder approval of authorities to be proposed at a general meeting of the Company to be convened. Further details, including a circular and ESB application form, will be sent to shareholders in due course.

Changes to share capital

	Ordinary Shares of  1.6187p each		'D' Shares  of 1p each
As at 1 September 2012	33,737,573		8,217,514
Shares bought back during 3 months to 30 November 2012	(10,470)		-
Share conversion on 30 October 2012	9,280,949		(8,217,514)
As at 30 November 2012	43,008,052		-

From 1 December 2012 to the date of this announcement, 58,000 New Ordinary Shares were bought back and cancelled.

Material events

Other than as described above, there were no material events during the period from 1 September 2012 to 30 November 2012 or in the period from 1 December 2012 to the date of publication of this statement.

---

This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.

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

HUG#1671026