Proven VCT plc : Interim Management Statement

ProVen VCT plc

Interim Management Statement

for the three months ended 30 November 2015 

ProVen 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")	97.2	98.9	102.6	100.9
Dividends paid to date*	20.0	17.5	15.0	15.0
NAV plus dividends paid to date	117.2	116.4	117.6	115.9

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

Dividends paid or declared

During the three month period an interim dividend of 2.5p per share was paid on 20 November 2015 to Shareholders on the register at 23 October 2015.

Investment portfolio summary at 30 November 2015

Portfolio summary

	Valuation
Venture capital investments	£'000
Monica Vinader Limited	7,025
Watchfinder.co.uk Limited	4,241
Pulpitum Limited	4,008
Monmouth Holdings Limited	4,000
Cogora Group Limited	3,784
Litchfield Media Limited	3,580
Think Limited	3,002
MEL Topco Limited (t/a Maplin Electronics)	2,781
MyOptique Group Limited	2,420
Chargemaster plc	2,417
Other investments	24,782
	62,040
Cash at bank	3,885
Total	65,925

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
Monmouth Holdings Limited	4,000
Litchfield Media Limited	3,580
Pulpitum Limited	2,100
Cogora Group Limited	1,667
Think Limited	1,350
Big Data Partnership Limited	466
Sealskinz Holdings Limited	264
Simplestream Limited	120
Disposable Cubicle Curtains Limited	84
D30 Holdings Limited	80
	13,711

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	493	1,252	1,926	1,433	674
Cross Solar PV Limited	343	436	459	116	23
Speciality European Pharma Limited	85	85	85	-	-
Celoxica Limited	63	63	63	-	-
Peerius Limited	39	39	39	-	-
	1,023	1,875	2,572	1,549	697

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

Investment additions

	£'000
Perfect Channel Limited	890
Linkdex Limited	750
InContext Solutions Inc	249
Senselogix Limited	112
Utility Exchange Online Limited	88
	2,089

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 10p each
As at 1 September 2015	65,505,103
Shares bought back during the 3 months to 30 November 2015	(63,758)
Shares issued during the 3 months to 30 November 2015*	208,437
As at 30 November 2015	65,649,782

* Dividend Reinvestment Scheme

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

Offer for subscription

On 3 December 2015, the Company launched an offer for subscription of new ordinary shares to raise up to £30 million, with an over allotment facility of up to a further £10 million.

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 VCT plc via Globenewswire

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