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

ProVen Growth & Income VCT plc
Interim Management Statement
for the three months ended 30 November 2013

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 2013. The statement also includes relevant financial information between the end of the period and the date of publication of this statement.

Performance

	Unaudited 30 Nov  2013	Unaudited 31 Aug 2013	Unaudited 31 May  2013	Audited 28 Feb  2013
	Pence	Pence	Pence	Pence
Net Asset Value per share ("NAV")	86.0	83.1	87.9	87.7
Dividends paid to date*	24.6	22.6	18.6	18.6
Total Return	110.6	105.7	106.5	106.3

* 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.

Quoted investments are valued at the closing bid price at 30 November 2013. Unquoted investments are valued at fair values established using the International Private Equity and Venture Capital Valuation Guidelines.

Dividend
An interim dividend of 2.0p per share was paid on 15 November 2013 to Shareholders on the register at 25 October 2013.

A second interim dividend of 2.5p has been announced today, to be paid on 28 February 2014 to Shareholders on the register at 7 February 2014.

Investment portfolio summary at 30 November 2013

	Valuation
	£'000
Venture capital investments
Cognolink Limited	3,591
APM Healthcare Limited	2,076
Utility Exchange Online Limited	2,074
Inskin Media Limited	2,009
Blis Media Limited	1,682
Monica Vinader Limited	1,578
Chess Technologies Limited	1,415
Charterhouse Leisure Limited	1,377
Polytherics Limited	1,284
Donatantonio Limited	1,259
Other investments	5,338
	23,683
Cash at bank	28,148
Total	51,831

Investment activity during the three month period ended 30 November 2013

Investment additions

	£'000
Corgora Group Limited (previously Campden Media Limited)	166
Utility Exchange Online Limited	260
Polytherics Limited	260
Senselogix Limited	61
Speed-Trap Holdings Limited	58
	805

Investment disposals

	Cost	Market  value at 1 Sept 2013 *	Disposal  proceeds	Gain  against  cost	Realised  gain  in period
	£'000	£'000	£'000	£'000	£'000
Espresso Group Limited	482	1,278	1,365	883	87
Sports Holdings Limited	1	-	1	-	1
Speed-Trap Holdings Limited	1	1	1	-	-
Steak Media Limited**	-	-	4	4	4
	484	1,279	1,371	887	92

*Adjusted for additions during the period
** Investment previously realised but further proceeds received

Investment activity from 1 December 2013 to the date of publication of this statement

Investment additions

	£'000
Pulpitum Limited	2,900

Investment disposals

	Cost	Market Value at 1 Sept 2013*	Disposal  proceeds	Gain against  cost	Realised  gain in  period
	£'000	£'000	£'000	£'000	£'000
Speed-Trap Holdings Limited	57	57	57	-	-

*Adjusted for additions during the period

Changes to share capital

	Ordinary Shares of  1.6187p each
As at 1 September 2013	60,475,468
Shares bought back during the 3 months to 30 November 2013	(185,274)
Shares issued during the 3 months to 30 November 2013	1,546,601
Shares issued under the Company's DRIS* during the 3 months to 30 November 2013	93,929
As at 30 November 2013	61,930,724

*Dividend Reinvestment Scheme

In the period from 1 December 2013 to the date of publication of this statement, 379,327 Ordinary Shares were repurchased and subsequently cancelled.

On 12 December 2013, 3,881 Ordinary Shares were issued at 81.1p per share under the Dividend Reinvestment Scheme relating to the dividend declared on 15 November 2013.

On 19 December 2013, 362,537 Ordinary Shares were issued at 83.2p per share and 93,354 Ordinary Shares were issued at 85.9p per share pursuant to the offer for subscription that opened on 23 January 2013.

Material events
Other than as described above, there were no material events during the period from 1 September 2013 to 30 November 2013 or in the period from 1 December 2013 to the date of publication of this statement.

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Proven Growth & Income VCT plc via Globenewswire

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