Proven VCT plc : Interim Management Statement

ProVen VCT plc

Interim Management Statement

for the three months ended 31 May 2012

19 July 2012

In accordance with Rule 4.3 of the Disclosure and Transparency Rules of the UK Listing Authority, ProVen VCT plc presents an Interim Management Statement for the three month period ended 31 May 2012. The statement also includes relevant financial information between the end of the period and the date of this statement.

Performance

Ordinary Shares

	Unaudited 31 May 2012	Audited 29 Feb 2012	Unaudited 30 Nov  2011	Unaudited 31 Aug  2011
	Pence	Pence	Pence	Pence
Net Asset Value ("NAV")	49.30	49.40	55.00	55.90
Cumulative Dividends	114.00	114.00	107.75	107.75
Total Return *	163.30	163.40	162.75	163.65

* NAV plus cumulative dividends paid since launch of Company

 'C' Shares

	Unaudited 31 May 2012	Audited 29 Feb 2012	Unaudited 30 Nov  2011	Unaudited 31 Aug  2011
	Pence	Pence	Pence	Pence
Net Asset Value ("NAV")	87.40	87.40	87.40	82.00
Cumulative Dividends	4.75	4.75	4.75	4.75
Total Return *	92.15	92.15	92.15	86.75

* NAV plus cumulative dividends paid since launch of 'C' Share fundraising

'D' Shares

	Unaudited 31 May 2012	Audited 29 Feb 2012	Unaudited 30 Nov  2011	Unaudited 31 Aug  2011
	Pence	Pence	Pence	Pence
Net Asset Value ("NAV")	86.00	86.40	89.70	88.80

Quoted investments are valued at the closing bid price at 31 May 2012.

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

No dividends were paid in the three months to 31 May 2012 or in the period from 1 June 2012 to the date of this announcement.

Investment portfolio summary at 31 May 2012

Ordinary Share Portfolio summary

	Valuation
	£'000
Venture capital investments
Espresso Group Limited	3,927
Think Limited	2,195
SPC International Limited	1,754
Eagle Rock Entertainment Group Limited	1,158
Campden Media Limited	1,101
Donatantonio Limited	996
Tossed Limited	622
Ashford Colour Press Limited	526
Fjordnet Limited	327
Pilat Media Global plc	225
Other investments	128
	12,959
Cash at bank and other liquid funds	11,559
Total	24,518

'C' Share Portfolio summary

	Valuation
	£'000
Venture capital investments
Think Limited	2,195
Donatantonio Limited	1,515
Blis Media Limited	1,068
Cross Solar PV Limited	1,016
Fjordnet Limited	904
Chess Technologies Limited	790
Charterhouse Leisure Limited	739
Monica Vinader Limited	510
SPC International Limited	469
Tossed Limited	457
Other investments	1,490
	11,153
Cash at bank and other liquid funds	1,536
Total	12,689

'D' Share Portfolio summary

	Valuation
	£'000
Venture capital investments
Matssoft Limited	650
APM Healthcare Limited	425
Monica Vinader Limited	315
Utility Exchange Online Limited	380
Tossed Limited	240
Fjordnet Limited	235
Speed-Trap Holdings Limited	183
Cinergy International Limited	113
Long Eaton Healthcare Limited*	-
	2,541
Cash at bank and other liquid funds	4,586
Total	7,127

Investment activity during the three month period ended 31 May 2012

Additions

	Ordinary  Share  Portfolio	'C' Share Portfolio	'D'  Share  Portfolio
	£'000	£'000	£'000
Fjordnet Limited	100	-	140
Utility Exchange Online Limited	-	40	146
APM Healthcare Limited	-	-	238
Long Eaton Healthcare Limited*	-	-	-
	100	40	524

*The 'D' Share Portfolio received founder shares in Long Eaton Healthcare Limited at nominal value.

Disposals

Ordinary Share pool	Cost	Market value  at 1 Mar 2012	Disposal  proceeds	Loss against  cost	Realised  gain in  period
	£'000	£'000	£'000	£'000	£'000
Sports Holdings Limited	6	6	6	-	-

There were no 'C' Share or 'D' Share Portfolio investment disposals in the three month period ended 31 May 2012.

Investment activity from 1 June 2012 to the date of this report

Additions

	Ordinary Share Portfolio	'C' Share Portfolio	'D'  Share Portfolio
	£'000	£'000	£'000
Campden Media Limited	167	-	-

Disposals

Ordinary Share pool	Cost	Market value  at 1 Mar 2012	Disposal  proceeds	Gain against  cost	Realised  gain in  period
	£'000	£'000	£'000	£'000	£'000
Sports Holdings Limited	9	9	9	-	-
Ashford Colour Press Limited	500	382	526	26	144
	509	391	535	26	144

There were no 'C' or 'D' Share Portfolio investment disposals in the period from 1 June 2012 to the date of this report.

Changes to share capital

	Ordinary Shares		'C' Shares		'D' Shares
	Shares	£'000	Shares	£'000	Shares	£'000
As at 1 March 2012	27,355,996	1,367	14,414,223	3,604	8,249,401	82
Shares issued during 3 months to 31 May 2012	21,598,138	1,080	-	-	-	-
Shares bought back during 3 months to 31 May 2012	(33,900)	(2)	(5,200)	(1)	(6,500)	-
As at 31 May 2012	48,920,234	2,445	14,409,023	3,603	8,242,901	-

In the period from 1 June 2012 to the date of this announcement 99,000 Ordinary Shares, 408,000 'C' Shares and 15,393 'D' Shares were repurchased and subsequently cancelled.

Proposed Tender Offer

On 26 June 2012 the Company published proposals for a tender offer for the Company to purchase up to 3,338,475 of its 'C' Shares at 87.4p per 'C' Share.

Material events

Other than as described above, there were no material events during the period from 1 March 2012 to 31 May 2012 or in the period from 1 June 2012 to the date of this announcement.

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This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.

Source: Proven VCT plc via Thomson Reuters ONE

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