Proven VCT plc : Interim Management Statement

Proven VCT plc : Interim Management Statement

ProVen VCT plc
Interim Management Statement
for the three months ended 30 November 2011

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 30 November 2011. The statement also includes relevant financial information between the end of the period and the date of this statement.

Forthcoming Dividend
No dividends were paid in the three months to 30 November 2011 or in the period from 1 December 2011 to the date of this announcement.

A 6.25p dividend per Ordinary Share is payable on 2 February 2012 to Shareholders on the register at 6 January 2012. No dividend has been declared for the 'C' or 'D' Share pools.

Performance
Ordinary Shares

30 Nov
 2011
31 Aug
 2011
31 May
 2011
28 Feb
 2011
PencePencePencePence
Net Asset Value ("NAV") 55.00 55.90 60.30 61.00
Cumulative Dividends 107.75 107.75 101.45 101.45
Total Return * 162.75 163.65 161.75 162.45

* NAV plus cumulative dividends paid since launch of Company

 'C' Shares

30 Nov
2011
31 Aug
 2011
31 May
 2011
28 Feb
 2011
PencePencePencePence
Net Asset Value ("NAV") 87.40 82.00 76.60 76.80
Cumulative Dividends 4.75 4.75 4.75 4.75
Total Return * 92.15 86.75 81.35 81.55

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

'D' Shares

30 Nov
 2011
31 Aug
 2011
31 May
 2011
28 Feb
 2011
PencePencePencePence
Net Asset Value ("NAV") 89.7 88.8 89.60 90.00

Quoted investments are valued at the closing bid price at 30 November 2011.

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

Investment portfolio summary at 30 November 2011

Ordinary Share Portfolio summary

Valuation
£'000
Venture capital investments
Espresso Group Limited 3,451
SPC International Limited 1,607
Think Limited 1,432
Eagle Rock Entertainment Group Limited 1,188
Campden Media Limited 1,170
Donatantonio Limited 827
Tossed Limited 696
Ashford Colour Press Limited 391
Fjordnet Limited 262
Pilat Media Global plc 225
Other investments 326
11,575
Cash at bank and other liquid funds 3,513
Total 15,088

'C' Share Portfolio investments summary

Valuation
£'000
Venture capital investments
Think Limited 1,432
Donatantonio Limited 1,259
Fjordnet Limited 1,050
Lazurite Limited 951
Breeze Tech Limited 896
Chess Technologies Limited 679
Charterhouse Leisure Limited 649
SPC International Limited 551
Tossed Limited 511
Speed-Trap Holdings Limited 470
Other investments 1885
10,333
Cash at bank and other liquid funds 2,331
Total 12,664

'D' Share Portfolio investments summary

Valuation
£'000
Venture capital investments
MatsSoft Limited 650
Speed-Trap Holdings Limited 300
Tossed Limited 268
Monica Vinader Limited 260
Utility Exchange Online Limited 234
APM Healthcare Limited 188
Fjordnet Limited 122
Senselogix Limited 115
Cinergy International Limited 104
2,241
Cash at bank and other liquid funds 5,206
Total 7,447

Investment activity during the three month period ended 30 November 2011

Additions

Ord
 Share
 Portfolio
'C'
Share
Portfolio
'D'
 Share
 Portfolio
£'000£'000£'000
Utility Exchange Online Limited - 64 234
Overtis Group Limited 20 31 -
Senselogix Limited - 37 23
20 132 257

There were no Ordinary Share 'C' Share or 'D' Share Portfolio investment disposals in the three month period ended 30 November 2011.

Investment activity from 1 December 2011 to the date of this report

Additions

Ordinary
Share Portfolio
'C'
Share Portfolio
'D'
 Share Portfolio
£'000£'000£'000
Think Limited 400 400 -
Breeze Tech Limited - 291 -
Overtis Group Limited 20 31 -
Senselogix Limited - 37 23
420 759 23

Disposals

Ordinary Share poolCostMarket value
 at
1 Dec 2011
Disposal
 proceeds
Loss against
 cost
Realised
 gain in
 period
£'000£'000£'000£'000£'000
Coolabi plc 300 74 74 (226) -

Changes to share capital

Ordinary Shares 'C' Shares 'D' Shares
Shares£'000Shares£'000Shares£'000
As at 1 September 2011 27,431,590 1,372 14,447,790 3,612 8,256,901 83
Shares issued during 3 months
to 30 November 2011
- - - - - -
Shares bought back during 3 months to 30 November 2011 (38,750) (2) (33,567) (8) - -
As at 30 November 2011 27,392,840 1,370 14,414,223 3,604 8,256,901 83

In the period from 1 December 2011 to the date of this announcement 23,225 Ordinary Shares and 7,500 'D' Shares were repurchased.

Offer for Subscription and Tender Offer

On 8 December 2011, the Company launched an offer for subscription to raise up to £15 million by way of an issue of further Ordinary Shares.

The Company also published a circular seeking Shareholder approval for various proposals including:

  1. a tender offer for the Company to purchase up to 5,478,568 of its Ordinary Shares at net asset value,
  2. the adoption of a dividend reinvestment scheme,
  3. the variation to the performance incentive arrangements of the Company's investment manager.

The General Meeting will take place on 26 January 2012.

Material events
Other than as described above, there were no material events during the period from 1 September 2011 to 30 November 2011 or in the period from 1 December 2011 to the date of this announcement.




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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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