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

ProVen Growth & Income VCT plc
Interim Management Statement
for the three months ended 31 May 2014

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 31 May 2014. The statement also includes relevant financial information between the end of the period and the date of publication of this statement.

Performance

	Unaudited  31 May 2014	Audited  28 Feb 2014	Unaudited 30 Nov  2013	Unaudited 31 Aug 2013
	Pence	Pence	Pence	Pence
Net Asset Value per share	85.0	85.2	86.0	83.1
Dividends paid to date*	27.1	27.1	24.6	22.6
Total Return	112.1	112.3	110.6	105.7

* 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.

Venture capital investments are valued at fair values established using the International Private Equity and Venture Capital Valuation Guidelines.

Dividend
A final dividend for the year ended 28 February 2014 of 2.0p per share was announced on 19 June 2014, to be paid on 25 July 2014 to Shareholders on the register at 27 June 2014.

Investment portfolio summary at 31 May 2014

	Valuation
	£'000
Venture capital investments
Cognolink Limited	3,500
Pulpitum Limited	2,900
MyOptique Group Limited	2,400
APM Healthcare Limited	2,162
Inskin Media Limited	2,018
Utility Exchange Online Limited	2,002
Charterhouse Leisure Limited	1,818
Disposable Cubicle Curtains Limited	1,730
Blis Media Limited	1,682
Monica Vinader Limited	1,585
Other investments	10,432
	32,229
Cash at bank	20,473
Total	52,702

Investment activity during the three month period ended 31 May 2014

Investment additions during the three month period ended 31 May 2014

	£'000
MyOptique Group Limited	2,400
Response Tap Limited	1,440
Big Data Partnership Limited	720
Peerius Limited	600
Charterhouse Leisure Limited	250
Eagle-i Music Limited	47
	5,457

Investment disposals during the three month period ended 31 May 2014

	Cost	Market  value at 1 Mar 2014 *	Disposal  proceeds	Gain/ (loss)  against  cost	Realised gain in  period
	£'000	£'000	£'000	£'000	£'000
Eagle Rock Entertainment Group Limited	680	725	736	56	11
Pilat Media Global plc	50	231	237	187	6
Peerius Limited	33	33	33	-	-
Sports Holdings Limited	12	11	11	(1)	-
Steak Media Limited**	-	-	186	186	186
Fjordnet**	-	-	59	59	59
	775	1,000	1,262	487	262

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

Investment activity from 1 June 2014 to the date of publication of this statement

Investment additions since 1 June 2014

	£'000
Chargemaster plc	925
Perfect Channel Limited	255
	1,180

Investment disposals since 1 June 2014

	Cost	Market Value at 1 Mar 2014*	Disposal proceeds	Gain against cost	Realised  gain in period
	£'000	£'000	£'000	£'000	£'000
Donatantonio Limited	204	265	265	61	-
Peerius Limited	30	30	30	-	-
	234	295	295	61	-

*Adjusted for additions during the period

The Company has provided a loan facility of £750,000 to Celoxica Limited, but no drawdowns have been made.

Changes to share capital

	Ordinary Shares of  1.6187p each
As at 1 March 2014	62,631,290
Shares bought back during the 3 months to 31 May 2014	-
Shares issued during the 3 months to 31 May 2014	-
As at 31 May 2014	62,631,290

In the period from 1 June 2014 to the date of publication of this statement, 400,000 Ordinary Shares were repurchased and subsequently cancelled.

Material events
Other than as described above, there were no material events during the period from 1 March 2014 to 31 May 2014 or in the period from 1 June 2014 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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