Proven Growth & Income VCT plc : Interim Manage...

ProVen Growth & Income VCT plc

Interim Management Statement

for the three months ended 30 November 2015

ProVen Growth & Income VCT plc (the "Company") presents an Interim Management Statement for the three month period ended 30 November 2015. The statement also includes relevant financial information between the end of the period and the date of this announcement. 

Performance

	Unaudited 30 November  2015	Unaudited 31 August 2015	Unaudited 31 May  2015	Audited 28 February 2015
	Pence	Pence	Pence	Pence
Net Asset Value per share ("NAV")	79.4	81.8	85.8	85.7
Dividends paid to date*	35.6	33.6	31.1	31.1
Total Return	115.0	115.4	116.9	116.8

* 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.

Dividends paid or declared

During the three month period, the Board declared an interim dividend of 2.0p per share which was paid on 20 November 2015 to Shareholders on the register at 23 October 2015.

Investment portfolio summary at 30 November 2015

	Valuation
	£'000
Venture capital investments
Pulpitum Limited	5,534
Dryden Holdings Limited	5,000
Cognolink Limited	4,223
MyOptique Group Limited	3,630
D30 Holdings Limited	3,255
Sealskinz Holdings Limited	3,116
MEL TopCo Limited (t/a Maplin)	2,781
Monica Vinader Limited	2,682
APM Healthcare Limited	2,552
Donatantonio Group Limited	2,150
Other investments	26,973
	61,896
Cash at bank	9,445
Total	71,341

Quoted investments are valued at the closing bid price at 30 November 2015, 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 2015

Investment additions

	£'000
Dryden Holdings Limited	5,000
Pulpitum Limited	2,900
Litchfield Media Limited	1,420
Sealskinz Holdings Limited	986
Cogora Group Limited	833
Big Data Partnership Limited	634
Simplestream Limited	434
D30 Holdings Limited	295
Disposable Cubicle Curtains Limited	116
	12,618

Investment disposals

	Cost	Market  value at 1 September 2015	Disposal  proceeds	Gain  against  cost	Realised  Gain  in period
	£'000	£'000	£'000	£'000	£'000
IS Solutions plc	189	479	737	548	258
Cross Solar PV Limited	329	419	439	110	20
Speciality European Pharma Limited	85	85	85	-	-
Celoxica Limited	63	63	63	-	-
Peerius Limited	39	39	39	-	-
	705	1,085	1,363	658	278

Investment activity from 1 December 2015 to the date of this announcement

Investment additions

	£'000
Linkdex Limited	750
InContext Solutions Inc	249
Utility Exchange Online Limited	163
Perfect Channel Limited	130
Senselogix Limited	43
	1,335

Investment disposals

	Cost	Market Value at 1 September 2015*	Disposal  proceeds	Gain against  cost	Realised  gain in  period
	£'000	£'000	£'000	£'000	£'000
Speciality European Pharma Limited	57	57	57	-	-
Celoxica Limited	43	43	43	-	-
Peerius Limited	10	10	10	-	-
Linkdex Limited	6	6	6	-	-
	116	116	116	-	-

*Adjusted for additions in the period

Changes to share capital

	Ordinary Shares of  1.6187p each
As at 1 September 2015	90,010,829
Shares bought back during the 3 months to 30 November 2015	(143,373)
Shares issued during the 3 months to 30 November 2015*	237,851
As at 30 November 2015	90,105,307

*Dividend Reinvestment Scheme

There have been no changes to share capital in the period from 1 December 2015 to the date of this announcement.

Material events

Other than the matters described above, there were no material events during the period from 1 September 2015 to 30 November 2015 or in the period from 1 December 2015 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 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 Growth & Income VCT plc via Globenewswire

HUG#1978962