ProVen VCT plc
Interim Management Statement
for the three months ended 31 May 2013
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 2013. The statement also includes relevant financial information between the end of the period and the date of publication of this statement.
Performance
New Ordinary Shares
(Per New Ordinary Share) | Unaudited 31 May 2013 | Audited 28 Feb 2013 | Unaudited 30 Nov 2012 | Unaudited 31 Aug 2012* |
Pence | Pence | Pence | Pence | |
Net Asset Value ("NAV") | 103.5 | 103.3 | 102.7 | 101.6 |
* Equivalent NAV based on the two-for-one consolidation of the Original Ordinary Shares that took place in October 2012
Quoted investments are valued at the closing bid price at 31 May 2013. Unquoted investments are valued at fair values established using the International Private Equity and Venture Capital Valuation Guidelines.
Dividends
An interim dividend of 5p per share in respect of the year ended 28 February 2013 was declared on 27 June 2013. The dividend will be paid on 2 August 2013 to Shareholders on the register at 5 July 2013.
Investment portfolio summary at 31 May 2013
Portfolio summary
Valuation | |
£'000 | |
Venture capital investments | |
Espresso Group Limited | 3,239 |
Think Limited | 2,834 |
Donatantonio Limited | 2,463 |
SPC International Limited | 2,409 |
Monica Vinader Limited | 2,082 |
Campden Media Limited (incl. Campden Wealth Limited) | 1,256 |
Matssoft Limited | 1,199 |
Blis Media Limited | 1,119 |
Chess Technologies Limited | 1,079 |
Eagle Rock Entertainment Group Limited | 1,049 |
Other investments | 5,687 |
24,416 | |
Cash at bank and other liquid funds | 25,265 |
Total | 49,681 |
Investment activity during the three month period ended 31 May 2013
Investment additions
£'000 | |
Monica Vinader Limited | 1,086 |
Investment disposals
Cost | Market value at 1 Mar 2013 | Disposal proceeds | Gain against cost | Realised gain in period | |
£'000 | £'000 | £'000 | £'000 | £'000 | |
Fjordnet Limited | 1,675 | 4,939 | 4,939 | 3,264 | - |
Tossed Limited | 1,226 | 1,545 | 1,545 | 319 | - |
Campden Media Limited | 647 | 647 | 647 | - | - |
Cross Solar PV Limited | 598 | 598 | 598 | - | - |
Steak Media* | - | - | 136 | 136 | 136 |
Isango! Limited* | - | - | 2 | 2 | 2 |
4,146 | 7,729 | 7,867 | 3,721 | 138 |
* Received as earn out on investment previously realised.
Investment activity from 1 June 2013 to the publication of this statement.
Investment additions
£'000 | |
Utility Exchange Online Limited | 210 |
APM Healthcare Limited | 75 |
285 |
Investment disposals
Cost | Market Value at 1 Mar 2013 | Disposal proceeds | Gain against cost | Realised gain in period | |
£'000 | £'000 | £'000 | £'000 | £'000 | |
Donatantonio Limited | 71 | 71 | 92 | 21 | 21 |
Changes to share capital
New Ordinary Shares of 10p each | |
As at 1 March 2013 | 45,718,436 |
Shares bought back during 3 months to 31 May 2013 | (119,000) |
Shares issued during the 3 months to 31 May 2013 | 2,303,786 |
Shares bought back under the EBF* during the 3 months to 31 May 2013 | (4,836,571) |
Shares issued under the EBF* during the 3 months to 31 May 2013 | 4,690,138 |
As at 31 May 2013 | 47,756,789 |
* Enhanced Buyback Facility
In the period from 1 June 2013 to the date of publication of this statement, 277,845 New Ordinary Shares were repurchased and subsequently cancelled.
Material events
Other than as described above, there were no material events during the period from 1 March 2013 to 31 May 2013 or in the period from 1 June 2013 to the date of publication of this statement.