Proven VCT plc : Interim Management Statement

ProVen VCT plc
Interim Management Statement
for the three months ended 30 November 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 30 November 2013. The statement also includes relevant financial information between the end of the period and the date of publication of this statement.

Performance

	Unaudited 30 Nov 2013	Unaudited 31 Aug 2013	Unaudited 31 May 2013	Audited 28 Feb 2013
	Pence	Pence	Pence	Pence
Net Asset Value per share ("NAV")	102.1	98.4	103.5	103.3
Dividends paid to date*	7.5	5.0	-	-
NAV plus dividends paid to date	109.6	103.4	103.5	103.3

*Dividends paid represent dividends paid since the consolidation of the original Ordinary Shares of 5p each into Ordinary Shares of 10p each in October 2012.

Quoted investments are valued at the closing bid price at 30 November 2013. Unquoted investments are valued at fair values established using the International Private Equity and Venture Capital Valuation Guidelines.

Dividends
An interim dividend of 2.5p per share was paid on 15 November 2013 to Shareholders on the register at 25 October 2013.  

A second interim dividend of 2.5p has been announced today, to be paid on 28 March 2014 to Shareholders on the register at 7 March 2014.

Investment portfolio summary at 30 November 2013

Portfolio summary

	Valuation
Venture capital investments	£'000
Monica Vinader Limited	4,134
Think Limited	3,076
SPC International Limited	2,816
Cognolink Limited	1,662
Donatantonio Limited	1,352
Blis Media Limited	1,308
Cogora Group Limited (previously Campden Media Limited)	1,162
Utility Exchange Online Limited	1,109
Charterhouse Leisure Limited	964
Chess Technologies Limited	944
Other investments	5,598
	24,125
Cash at bank	23,763
Total	47,888

Investment activity during the three month period ended 30 November 2013

Investment additions

	£'000
Cogora Group Limited	334
Senselogix Limited	159
Utility Exchange Online Limited	140
Speed-Trap Holdings Limited	142
	775

Investment disposals

	Cost	Market value  at 1 Sept  2013*	Disposal proceeds	Gain against cost	Realised gain in period
	£'000	£'000	£'000	£'000	£'000
Espresso Group Limited	1,317	3,414	3,645	2,328	231
Speed-Trap Holdings Limited	4	4	4	-	-
Sports Holdings Limited	4	-	4	-	4
Steak Media**	-	-	3	3	3
	1,325	3,418	3,656	2,331	238

*Adjusted for additions during the period
** Investment previously realised but further proceeds received.

Investment activity from 1 December 2013 to the date of publication of this statement.

Investment additions

	£'000
Pulpitum Limited	2,100

Investment disposals

	Cost	Market Value at 1 Sept 2013*	Disposal proceeds	Gain against cost	Realised  gain in period
	£'000	£'000	£'000	£'000	£'000
Speed-Trap Holdings Limited	138	138	138	-	-

*Adjusted for additions during the period

Changes to share capital

	New Ordinary Shares of 10p each
As at 1 September 2013	47,635,371
Shares bought back during the 3 months to 30 November 2013	(359,410)
Shares issued  under the Company's DRIS* during the 3 months to 30 November 2013	81,881
As at 30 November 2013	47,357,842

* Dividend Reinvestment Scheme

In the period from 1 December 2013 to the date of publication of this statement, 297,371 New Ordinary Shares were repurchased and subsequently cancelled.

On 12 December 2013, 263 Ordinary Shares were issued at 81.1p per share under the Dividend Reinvestment Scheme relating to the dividend declared on 15 November 2013

On 20 December 2013, 1,839,054 Ordinary Shares were issued at 95.9p per share pursuant to the offer for subscription that opened on 22 October 2013.

Material events
Other than as described above, there were no material events during the period from 1 September 2013 to 30 November 2013 or in the period from 1 December 2013 to the date of publication of this statement.

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Proven VCT plc via Globenewswire

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