Proven VCT PLC
15 November 2000
Announcement of Interim Results for the period to 31 August 2000
15 November 2000
CHAIRMAN'S STATEMENT
This is my first report to shareholders following the closing in April earlier
this year of the Offers for subscription.
In response to excess demand from investors, the directors extended the
maximum to be raised from £20 million to a total of approximately £22 million.
We are delighted with the level of funds raised and would like to thank
shareholders for the strength of their support.
NET ASSET VALUE
The unaudited net asset value per share at 31 August 2000 was 98.88p, compared
to an opening net asset value per share of 95.0p, net of issue expenses.
INVESTMENTS
During the early periods in the life of the Fund, the majority of the funds
will be held in the portfolio of Fixed Income Securities, managed by Investec
Asset Management. This portfolio will be progressively realised in order to
fund investments in qualifying unquoted companies and the Managers' Review
provides further details on the initial qualifying investments made.
DIVIDENDS
As stated in the Prospectus, the first dividend is expected to be paid in July
2001 as a final dividend in respect of the period ending 28 February 2001 and
accordingly no interim dividend is proposed.
PROSPECTS
The Fund has had a strong start, having raised a larger pool of capital than
anticipated and having already experienced modest investment gains. The
emphasis over the next few years will be in building up a balanced portfolio
of qualifying investments to generate tax free capital and income returns to
shareholders over a five to ten year period.
15 November 2000
Andrew Davison
ProVen VCT plc
UNAUDITED STATEMENT OF TOTAL RETURN
(incorporating the Revenue Account)
for the period from 18 January to 31 August 2000
Revenue Capital Total
£000 £000 £000
Gains on investments
- realised - 14 14
- unrealised - 665 665
Income 490 - 490
Investment management fee (38) (114) (152)
Other expenses (107) - (107)
_________________________________________
Return on ordinary activities
before taxation 345 565 910
Tax on ordinary activities (81) 23 (58)
_________________________________________
Return on ordinary activities
after taxation 264 588 852
_________________________________________
Return per share 1.36p 3.03p 4.39p
UNAUDITED BALANCE SHEET
as at 31 August 2000
£000
Fixed Assets
Investments - unquoted 912
Investments - AIM quoted 2,010
Fixed Interest 17,490
Money Market Fund 948
_______
21,360
Net Current Assets 364
_______
Net Assets 21,724
_______
Capital and Reserves
Share capital 1,099
Reserves 20,625
_______
Equity Shareholders' funds 21,724
_______
Net asset value per share 98.88p
UNAUDITED CASH FLOW STATEMENT
for the period from 18 January to
31 August 2000
Period to
31 August 2000
£000
Net cash inflow from operating activities 65
Investing activities
Purchases of investments (31,713)
Sales of investments 11,033
_______
Net cash outflow from investing activities (20,680)
_______
Total cash outflow before financing (20,615)
Financing activities
Gross proceeds from share issue 21,971
Issue expenses paid (1,099)
_______
20,872
_______
Increase in cash 257
_______
Cash at bank and cash equivalent 257
Notes
1. The company was incorporated on 18 January 2000 and commenced trading on 13
March 2000. The financial information given above does not constitute
statutory accounts within the meaning of Section 240 of the Companies Act
1985.
2. The Revenue column of the Statement of Total Return is the revenue account
of the company.
3. Returns per ordinary share are based on 19,405,076 ordinary shares, being
the weighted average number of shares in issue throughout the period. There
were 21,970,502 ordinary shares in issue at 31 August 2000.
4. Earnings for the period should not be taken as a guide to the results for
the full year.
5. Copies of the Interim Report will be mailed to shareholders and are
available from the Registered Office of the company at 42 Craven Street,
London WC2N 5NG.
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.