Proven VCT plc : Interim Management Statement

ProVen VCT plc
Interim Management Statement
for the three months ended 31 May 2014

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 2014. The statement also includes relevant financial information between the end of the period and the date of publication of this statement.

Performance

	Unaudited 31 May 2014	Audited 28 Feb 2014	Unaudited 30 Nov 2013	Unaudited 31 Aug 2013
	Pence	Pence	Pence	Pence
Net Asset Value per share	100.6	103.6	102.1	98.4
Dividends paid to date*	10.0	7.5	7.5	5.0
NAV plus dividends paid to date	110.6	111.1	109.6	103.4

*Dividends paid represent dividends paid since the consolidation of 5p Ordinary Shares into 10p Ordinary Shares on 30 October 2012.

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

Dividends
A second interim dividend for the year ended 28 February 2014 of 2.5p per share was paid on 28 March 2014 to Shareholders on the register at 7 March 2014.  A final dividend for the year ended 28 February 2014 of 2.5p per share was announced on 19 June 2014, to be paid on 25 July 2014 to Shareholders on the register at 27 June 2014.

Investment portfolio summary at 31 May 2014

	Valuation
	£'000
Venture capital investments
Monica Vinader Limited	4,151
Think Limited	2,971
Pulpitum Limited	2,100
SPC International Limited	1,853
Cognolink Limited	1,620
MyOptique Group Limited	1,600
Donatantonio Limited	1,502
Cogora Group Limited	1,407
Blis Media Limited	1,308
Charterhouse Leisure Limited	1,273
Other investments	8,570
	28,355
Cash at bank	32,779
Total	61,134

Investment activity during the three month period ended 31 May 2014

Investment additions during the three month period ended 31 May 2014

	£'000
MyOptique Group Limited	1,600
Response Tap Limited	1,060
Peerius Limited	600
Big Data Partnership Limited	530
Charterhouse Leisure Limited	175
Eagle-i Music Limited	13
	3,978

Investment disposals during the three month period ended 31 May 2014

	Cost	Market value at  1 Mar 2014*	Disposal proceeds	Gain against cost	Realised gain/(loss) in period
	£'000	£'000	£'000	£'000	£'000
Eagle Rock Entertainment Group Limited	1,225	1,169	1,327	102	158
Pilat Media Global plc	173	802	821	648	19
SPC International Limited	82	82	82	-	-
Sports Holdings Limited	36	32	32	(4)	-
Peerius Limited	33	33	33	-	-
Steak Media Limited**	-	-	137	137	137
Fjordnet Limited**	-	-	58	58	58
	1,549	2,118	2,490	941	372

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

Investment activity from 1 June 2014 to the date of publication of this statement:

Investment additions since 1 June 2014

	£'000
Chargemaster plc	2,075
Perfect Channel Limited	1,745
	3,820

Investment disposals since 1 June 2014

	Cost	Market Value at 1 Mar 2014*	Disposal proceeds	Gain against cost	Realised  gain in period
	£'000	£'000	£'000	£'000	£'000
Donatantonio Limited	219	285	285	66	-
SPC International Limited	82	82	82	-	-
Peerius Limited	30	30	30	-	-
	331	397	397	66	-

*Adjusted for additions during the period

The Company has provided a loan facility of £750,000 to Celoxica Limited, but no drawdowns have been made.

Changes to share capital

	New Ordinary Shares of 10p each
As at 1 March 2014	48,757,653
Shares issued  during the 3 months to 31 May 2014	12,560,880
Shares issued  under the Company's DRIS* during the 3 months to 31 May 2014	111,633
As at 31 May 2014	61,430,166

* Dividend Reinvestment Scheme

In the period from 1 June 2014 to the date of publication of this statement, 347,136 Ordinary Shares were issued and 230,000 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 2014 to 31 May 2014 or in the period from 1 June 2014 to the date of publication of this statement.

---

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

HUG#1827270