Proven VCT plc : Interim Management Statement

ProVen VCT plc
Interim Management Statement
for the three months ended 30 November 2014

ProVen VCT plc (the "Company") presents an Interim Management Statement for the three month period ended 30 November 2014. 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 2014	Unaudited 31 Aug 2014	Unaudited 31 May 2014	Audited 28 Feb 2014
	Pence	Pence	Pence	Pence
Net Asset Value per share ("NAV")	94.8	97.9	100.6	103.6
Dividends paid to date*	15.0	12.5	10.0	7.5
NAV plus dividends paid to date	109.8	110.4	110.6	111.1

*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 2014. 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 21 November 2014 to Shareholders on the register at 31 October 2014. 

Investment portfolio summary at 30 November 2014

Portfolio summary

	Valuation
Venture capital investments	£'000
Monica Vinader Limited	4,231
Watchfinder.co.uk Limited	2,629
MEL TopCo Limited (t/a Maplin)	2,500
Chargemaster plc	2,421
Pulpitum Limited	2,019
SPC International Limited	1,885
Perfect Channel Limited	1,745
Cogora Group Limited	1,691
Think Limited	1,663
Cognolink Limited	1,643
Other investments	15,575
	38,002
Cash at bank	21,628
Total	59,630

Investment activity during the three month period ended 30 November 2014

Investment additions

	£'000
Watchfinder.co.uk Limited	2,629
Chargemaster plc	346
Simplestream Limited	115
Monica Vinader Limited	78
	3,168

Investment disposals

	Cost	Market value at 1 Sept 2014*	Disposal proceeds	Gain against cost	Realised gain in period
	£'000	£'000	£'000	£'000	£'000
SPC International Limited	82	82	82	-	-
Blis Media Limited	79	79	79	-	-
Peerius Limited	46	46	46	-	-
Celoxica Limited	45	45	45	-	-
	252	252	252	-	-

*Adjusted for additions during the period

Investment activity from 1 December 2014 to the date of publication of this statement.

Investment additions

	£'000
Speciality European Pharma Limited	2,375
InContext Solutions Inc	653
Speed-Trap Holdings Limited	289
Senselogix Limited	56
	3,373

Investment disposals

	Cost	Market Value at 1 Sept 2014*	Disposal proceeds	Gain against cost	Realised  gain in period
	£'000	£'000	£'000	£'000	£'000
SPC International Limited	82	82	82	-	-
Celoxica Limited	40	40	40	-	-
Peerius Limited	31	31	31	-	-
Speciality European Pharma Limited	16	16	16	-	-
	169	169	169	-	-

*Adjusted for additions during the period

Changes to share capital

	Ordinary Shares of 10p each
As at 1 September 2014	61,529,169
Shares bought back during the 3 months to 30 November 2014	(352,697)
Shares issued during the 3 months to 30 November 2014	1,395,211
Shares issued  under the Company's DRIS* during the 3 months to 30 November 2014	184,003
As at 30 November 2014	62,755,686

* Dividend Reinvestment Scheme

In the period from 1 December 2014 to the date of publication of this statement, 140,000 Ordinary Shares were repurchased and subsequently cancelled.

Change in administration and company secretarial arrangements
The Company's investment manager, Beringea LLP, took over responsibility for the administration of the Company from Downing LLP with effect from 1 January 2015. Grant Whitehouse resigned as company secretary to the Company, and Beringea LLP was appointed company secretary to the Company, on 13 January 2015. 

Material events
Other than as described above, there were no material events during the period from 1 September 2014 to 30 November 2014 or in the period from 1 December 2014 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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