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
	Pence	Pence	Pence	Pence
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
	Pence	Pence	Pence	Pence
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
	Pence	Pence	Pence	Pence
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 pool	Cost	Market 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	£'000	Shares	£'000	Shares	£'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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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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