Proven VCT plc : Interim Management Statement

ProVen VCT plc

Interim Management Statement

for the three months ended 30 November 2016

ProVen VCT plc (the "Company") presents an Interim Management Statement for the three month period ended 30 November 2016. The statement also includes relevant financial information between the end of the period and the date of this announcement.

Performance

	Unaudited 30 November 2016	Unaudited 31 August 2016	Unaudited 31 May 2016	Audited 29 February 2016
	Pence	Pence	Pence	Pence
Net Asset Value per share ("NAV")	99.5	100.8	103.1	100.7
Dividends paid/ declared per share since conversion/ consolidation*	26.5	24.0	20.0	20.0
Total Return (NAV plus dividends paid/ declared*)	126.0	124.8	123.1	120.7

*Dividends paid/ declared represent dividends paid/ declared since the consolidation of 5p Ordinary Shares into 10p Ordinary Shares on 30 October 2012. Prior to this date, the Company paid dividends totalling 113.95p on the 5p Ordinary Shares.

Dividends paid or declared

On 8 November 2016, the Company announced an interim dividend for the year ending 28 February 2017 of 2.5p per Ordinary Share. This dividend was paid on 16 December 2016 to shareholders on the register at 18 November 2016.

Investment portfolio summary at 30 November 2016

Portfolio summary

	Valuation
Venture capital investments	£'000
Watchfinder.co.uk Limited	7,434
Monmouth Holdings Limited	3,844
Pulpitum Limited	3,793
Cogora Group Limited	3,524
Monica Vinader Limited	3,468
Perfect Channel Limited	3,429
Litchfield Media Limited	3,423
Think Limited	3,210
SPC International Limited	2,843
Third Bridge Group Limited	2,458
Other investments	24,890
	62,316
Cash at bank	38,963
Total	101,279

Quoted investments are valued at the closing bid price at 30 November 2016, discounted where appropriate. Unquoted investments are valued at fair values established using the International Private Equity and Venture Capital Valuation Guidelines.

Investment activity during the three month period ended 30 November 2016

Investment additions

	£'000
Honeycomb.TV Limited	495
ContactEngine Limited	450
	945

On 15 November 2016, the Company committed to invest £758,000 in Firefly Learning Limited, subject to clearance from HMRC.

Also during the period Dianomi Limited split its operations into Dianomi Limited and Buckingham Gate Financial Services Limited, and TVPlayer Limited de-merged from its parent company Simplestream Limited. The Company received a pro rata interest in these additional companies.

Investment disposals

	Cost	Market  value at 1 September 2016	Disposal proceeds	Gain against cost	Realised (loss)/ gain in period
	£'000	£'000	£'000	£'000	£'000
MyOptique Group Limited	2,420	4,311	4,302	1,882	(9)
Donatantonio Group Limited	100	100	129	29	29
Celoxica Limited	68	68	68	-	-
	2,588	4,479	4,499	1,911	20

Investment activity from 1 December 2016 to the date of this announcement

Investment additions

	£'000
Infinity Reliance Limited (trading as My 1st Years)	2,155
Whistle Sports, Inc.	2,090
D3O Holdings Limited	80
TVPlayer Limited	77
	4,402

Investment disposals

	Cost	Market value at 1 September 2016	Disposal proceeds	Gain against cost	Realised  gain in period
	£'000	£'000	£'000	£'000	£'000
Celoxica Limited	46	46	46	-	-
	46	46	46	-	-

Changes to share capital	Ordinary Shares of 10p each
As at 1 September 2016	98,633,058
Ordinary Shares bought back during the 3 months to 30 November 2016	(215,394)
Ordinary Shares issued during the 3 months to 30 November 2016	-
As at 30 November 2016	98,417,664

In the period from 1 December 2016 to the date of this announcement, 45,438 Ordinary Shares were repurchased and subsequently cancelled and 349,817 Ordinary Shares were issued under the terms of the Company's Dividend Reinvestment Scheme in respect of the dividend of 2.5p per Ordinary Share paid on 16 December 2016.

Material events

Other than the matters described above, there were no material events during the period from 1 September 2016 to 30 November 2016 or in the period from 1 December 2016 to the date of this announcement.

Further information

Further information regarding the Company, can be found on Beringea's dedicated VCT website: www.provenvcts.co.uk or by contacting Beringea, the Investment Manager at [e-mail] or by telephone [phone].

Beringea LLP

Company Secretary

Telephone [phone]

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This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq 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