ProVen Growth & Income 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 Growth & Income 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
Ordinary Shares
Unaudited 31 May 2013 | Audited 28 Feb 2013 | Unaudited 30 Nov 2012 | Unaudited 31 Aug 2012 | |
Pence | Pence | Pence | Pence | |
Net Asset Value | 87.9 | 87.7 | 80.1 | 78.5 |
Dividends paid * | 18.6 | 18.6 | 18.6 | 18.6 |
Total Return | 106.5 | 106.3 | 98.7 | 97.1 |
* Dividends paid represents dividends paid in respect of the Original 'C' Shares between their launch in 2006 up until their conversion in 2009 and as Ordinary Shares since the 'C' Share conversion. 'C' Shares were converted into Ordinary Shares on a one for one basis in 2009.
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.
Dividend
An interim dividend of 4p 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 | 2,312 |
Donatantonio Limited | 2,293 |
Cognolink Limited | 1,732 |
Chess Technologies Limited | 1,618 |
Blis Media Limited | 1,439 |
Matssoft Limited | 1,354 |
Utility Exchange Online Limited | 1,277 |
Charterhouse Leisure Limited | 1,177 |
Inskin Media Limited | 1,115 |
Skills Matter Limited | 866 |
Other investments | 4,827 |
20,010 | |
Cash at bank and other liquid funds | 26,367 |
Total | 46,377 |
Investment activity during the three month period ended 31 May 2013
Investment additions
£'000 | |
Monica Vinader Limited | 414 |
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 | 2,226 | 6,227 | 6,227 | 4,001 | - |
Tossed Limited | 624 | 785 | 785 | 161 | - |
Cross Solar PV Limited | 574 | 574 | 574 | - | - |
Campden Media Limited | 324 | 324 | 324 | - | - |
Steak Media Limited* | - | - | 185 | 185 | 185 |
Isango! Limited* | - | - | 2 | 2 | 2 |
3,748 | 7,910 | 8,097 | 4,349 | 187 |
* Investment previously realised but further proceeds received
Investment activity from 1 June 2013 to the date of publication of this statement
Investment additions
£'000 | |
Utility Exchange Online Limited | 353 |
APM Healthcare Limited | 75 |
428 |
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 | 66 | 66 | 86 | 20 | 20 |
Changes to share capital
Ordinary Shares of 1.6187p each | |
As at 1 March 2013 | 42,829,593 |
Shares bought back during 3 months to 31 May 2013 | (56,000) |
Shares issued during 3 months to 31 May 2013 | 9,741,612 |
Shares bought back under the EBF* during the 3 months to 31 May 2013 | (4,846,901) |
Shares issued under the EBF* during the 3 months to 31 May 2013 | 4,699,951 |
As at 31 May 2013 | 52,368,255 |
* Enhanced Buyback Facility
In the period from 1 June 2013 to the date of publication of this statement, 276,311 Ordinary Shares were repurchased and subsequently cancelled.
Material events
On 27 June 2013 the Company announced plans to merge with ProVen Health VCT plc. Subject to approval of both companies' Shareholders, the merger will be effected by a S110 Insolvency Act Scheme of Arrangement under which ProVen Growth and Income VCT plc will acquire the assets of ProVen Health VCT plc, and ProVen Health VCT plc shareholders will be issued new shares in ProVen Growth and Income VCT plc. Full details of the proposals were included in a circular and prospectus issued by the Company on 27 June 2013.
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.