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

ProVen Growth & Income VCT plc
Interim Management Statement
for the three months ended 30 November 2014

ProVen Growth & Income VCT plc (the "Company") presents an Interim Management Statement for the three month period ended 30 November 2014. 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  2014	Unaudited 31 Aug 2014	Unaudited 31 May  2014	Audited 28 Feb  2014
	Pence	Pence	Pence	Pence
Net Asset Value per share ("NAV")	81.9	84.2	85.0	85.2
Dividends paid to date*	31.1	29.1	27.1	27.1
Total Return	113.0	113.3	112.1	112.3

* 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 2014, discounted where appropriate. 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 21 November 2014 to Shareholders on the register at 31 October 2014.

Investment portfolio summary at 30 November 2014

	Valuation
	£'000
Venture capital investments
Cognolink Limited	3,550
Pulpitum Limited	2,788
MEL TopCo Limited (t/a Maplin)	2,500
MyOptique Group Limited	2,400
APM Healthcare Limited	2,238
Abzena plc (formerly Polytherics Limited)	2,194
Utility Exchange Online Limited (t/a SwitchMyBusiness)	1,945
Blis Media Limited	1,919
Inskin Media Limited	1,836
Disposable Cubicle Curtains Limited	1,730
Other investments	15,178
	38,278
Cash at bank	13,141
Total	51,419

Investment activity during the three month period ended 30 November 2014

Investment additions

	£'000
Watchfinder.co.uk Limited	551
Simplestream Limited	415
Chargemaster plc	154
Monica Vinader Limited	30
	1,150

Investment disposals

	Cost	Market  value at 1 Sept 2014*	Disposal  proceeds	Gain  against  cost	Realised  gain  in period
	£'000	£'000	£'000	£'000	£'000
Biovex Inc**	-	-	255	255	255
Blis Media Limited	101	101	101	-	-
Peerius Limited	46	46	46	-	-
Celoxica Limited	45	45	45	-	-
	192	192	447	255	255

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

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

Investment additions

	£'000
Speciality European Pharma Limited	2,375
InContext Solutions Inc	653
Speed-Trap Holdings Limited	111
Senselogix Limited	21
	3,160

Investment disposals

	Cost	Market Value at 1 Sept 2014*	Disposal  proceeds		Gain against  cost		Realised  gain in  period
	£'000	£'000	£'000		£'000		£'000
Celoxica Limited	40	40	40	-		-
Peerius Limited	31	31	31	-		-
Speciality European Pharma Limited	16	16	16	-		-
	87	87	87	-		-

*Adjusted for additions during the period

Changes to share capital

	Ordinary Shares of  1.6187p each
As at 1 September 2014	62,063,191
Shares bought back during the 3 months to 30 November 2014	(434,936)
Shares issued under the Company's DRIS* during the 3 months to 30 November 2014	114,205
As at 30 November 2014	61,742,460

*Dividend Reinvestment Scheme

In the period from 1 December 2014 to the date of publication of this statement, 240,000 Ordinary Shares were repurchased and subsequently cancelled.

On 22 December 2014, 2,713,353 Ordinary Shares were issued at an average price of 83.59p per share pursuant to the offer for subscription that opened on 24 October 2014.

Change in administration and company secretarial arrangements
The Company's investment manager, Beringea LLP, took over responsibility for the administration of the Company from Downing LLP with effect from 1 January 2015. Grant Whitehouse resigned as company secretary to the Company, and Beringea LLP was appointed company secretary to the Company, on 13 January 2015.

Material events
Other than as described above, there were no material events during the period from 1 September 2014 to 30 November 2014 or in the period from 1 December 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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