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

ProVen Growth & Income VCT plc

Interim Management Statement

for the three months ended 30 November 2016

ProVen Growth & Income VCT plc (the "Company") presents an Interim Management Statement for the three month period ended 30 November 2016. The statement also includes relevant financial information between the end of the period and the date of this announcement.

Performance

	Unaudited 30 November  2016	Unaudited 31 August 2016	Unaudited 31 May  2016	Audited 29 February 2016
	Pence	Pence	Pence	Pence
Net Asset Value per share ("NAV")	77.9	80.2	82.3	80.0
Dividends paid/ declared since class launch (originally as 'C' Shares)*	41.6	39.6	35.6	35.6
Total Return (NAV plus dividends paid/ declared since 'C' Share class launch)	119.5	119.8	117.9	115.6

* Dividends paid/ declared represents dividends paid/ declared 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.

Dividends paid or declared

On 8 November 2016, the Company announced an interim dividend for the year ending 28 February 2017 of 2.0p per Ordinary Share. This dividend was paid on 16 December 2016 to shareholders on the register at 18 November 2016.

Investment portfolio summary at 30 November 2016

Portfolio summary

	Valuation
	£'000
Venture capital investments
Third Bridge Group Limited	5,312
Pulpitum Limited	5,238
Dryden Holdings Limited	4,785
Sealskinz Holdings Limited	3,110
APM Healthcare Limited	2,977
Blis Media Limited	2,842
Disposable Cubicle Curtains Limited	2,768
D3O Holdings Limited	2,450
Chess Technologies Limited	2,318
MEL Topco Limited (t/a Maplin Electronics)	2,174
Other investments	23,012
	56,986
Cash at bank	25,515
Total	82,501

Quoted investments are valued at the closing bid price at 30 November 2016, discounted where appropriate. Unquoted investments are valued at fair values established using the International Private Equity and Venture Capital Valuation Guidelines.

Investment activity during the three month period ended 30 November 2016

Investment additions

	£'000
Honeycomb.TV Limited	605
ContactEngine Limited	550
	1,155

On 15 November 2016, the Company committed to invest £667,000 in Firefly Learning Limited, subject to clearance from HMRC.

Also during the period Dianomi Limited split its operations into Dianomi Limited and Buckingham Gate Financial Services Limited, and TVPlayer Limited de-merged from its parent company Simplestream Limited. The Company received a pro rata interest in these additional companies.

Investment disposals

	Cost	Market  value at 1 September 2016	Disposal  proceeds	Gain  against  cost	Realised (Loss)/ Gain  in period
	£'000	£'000	£'000	£'000	£'000
MyOptique Group Limited	3,630	6,467	6,453	2,823	(14)
Donatantonio Group Limited	93	93	121	28	28
Celoxica Limited	68	68	68	-	-
	3,791	6,628	6,642	2,851	14

Investment activity from 1 December 2016 to the date of this announcement

Investment additions

	£'000
Infinity Reliance Limited (trading as My 1st Years)	1,845
Whistle Sports, Inc.	1,696
D3O Holdings Limited	295
TVPlayer Limited	279
	4,115

Investment disposals

	Cost	Market Value at 1 September 2016	Disposal  proceeds	Gain against  cost	Realised  gain in  period
	£'000	£'000	£'000	£'000	£'000
Celoxica Limited	46	46	46	-	-
	46	46	46	-	-

Offer for Subscription

On 21 September 2016, the Company launched an offer for subscription of new ordinary shares to raise up to £30 million, with an over allotment facility of up to a further £10 million.

Changes to share capital

	Ordinary Shares of  1.6187p each
As at 1 September 2016	89,479,641
Ordinary Shares bought back during the 3 months to 30 November 2016	(476,661)
Ordinary Shares issued during the 3 months to 30 November 2016*	9,474,341
As at 30 November 2016	98,477,321

* Under the Offer for Subscription dated 21 September 2016.

In the period from 1 December 2016 to the date of this announcement, 128,000 Ordinary Shares were repurchased and subsequently cancelled and 304,721 Ordinary Shares were issued under the terms of the Company's Dividend Reinvestment Scheme in respect of the dividend of 2.0p per Ordinary Share paid on 16 December 2016.

Material events

On 18 January 2017, the Company announced that the Offer for Subscription which opened on 21 September 2016 (the "Offer") will close to further applications at 5 p.m. on Tuesday 31 January 2017. The final allotment for the 2016/17 tax year is expected to take place on 3 March 2017. There will be a further allotment for the tax year 2017/18 to follow as soon as practicable after 5 April 2017, following which the Offer will close.

Other than the matters described above, there were no material events during the period from 1 September 2016 to 30 November 2016 or in the period from 1 December 2016 to the date of this announcement.

Further information

Further information regarding the Company, can be found on Beringea's dedicated VCT website: www.provenvcts.co.uk or by contacting Beringea, the Investment Manager at [e-mail] or by telephone [phone].

Beringea LLP

Company Secretary

Telephone [phone]

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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