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Proven Health VCT (NHF)

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Friday 15 June, 2012

Proven Health VCT

Proven Health VCT Plc : Interim Management Stat...

Proven Health VCT Plc : Interim Management Statement

ProVen Health VCT plc
Interim Management Statement for the 3 Months to 30 April 2012

In accordance with Rule 4.3 of the Disclosure Rules and Transparency Rules ("DTR") of the UK Listing Authority, ProVen Health VCT plc (the "Company") presents an interim management statement for the three month period ended 30 April 2012. The statement also includes relevant financial information between the end of the period and the date of publication of this statement. 

This interim management statement has been prepared solely to provide additional information to the shareholders as a body to meet the relevant requirements of the DTR and should not be relied on by any other party or for any other purpose.

This interim management statement considers the future of the Company and, as such, any forward-looking comments have been made by the Directors in good faith based on the information available to them up to the time of their approval of this statement.  This statement should therefore be treated with due caution due to the inherent uncertainties of the effects of both economic and business risk factors in considering forward-looking information.

Performance summary

As at
30 Apr 2012
As at
31 Jan 2012
Total net assets £9.09 m £8.49 m
Net asset value per share 42.6p 44.2p
Cumulative dividends per ordinary share since launch 18.5p 17.5p
Total return per share* 61.1p61.7p
Mid-market share price 38.8p 37.5p

* NAV plus cumulative dividends paid since launch

On 9 March 2012, the Company paid an interim dividend of 1p per share for the year ended 31 January 2012 to shareholders on the register at 24 February 2012.

Investment update
At 30 April 2012 the portfolio consisted of 11 companies diversified across the health sector and at different stages of development. Of these companies, 2 were quoted and 9 were unquoted. At 30 April 2012, 8.3% of the Company's investments by value were held in quoted companies and 44.9% were held in unquoted companies.  46.8% of the Company's investments were held in cash and liquidity funds.

During the period, the Company received $134,000 (£83,000) from the disposal of its investment in Biovex Inc in March 2011. In March 2012, portfolio company Altacor Limited received a significant investment from a French listed healthcare company, NicOx SA. The investment gave NicOx the right to acquire the entire issued share capital of Altacor which it subsequently declined. The investment manager remains optimistic about the prospects for Altacor given its product portfolio and the additional cash provided by the NicOx investment.

Investment portfolio summary as at 30 April 2012 (by value)

 Cost Valuation
 at 30 April
2012
£'000£'000
Top venture capital investments (by value)
Altacor Limited 1,020 1,164
Population Genetics Technologies Limited 1,129 904
Polytherics Limited 885 885
Digital Healthcare Limited 1,010 518
Sinclair IS Pharma plc * 585 413
APM Healthcare Limited 375 375
Vectura Group plc ** 250 338
Omni Dental Sciences Limited 737 247
5,991 4,844
Other venture capital investments 1,646 -
Total venture capital investments 7,637 4,844
Liquidity funds 2,998 2,998
Cash at bank and in hand 1,263 1,263
Total11,8989,105

*          Quoted on AIM
**        Listed on the Main Market of the London Stock Exchange

All investments are unquoted unless otherwise stated.

Investment activity
The Company made the following additions and disposals between 1 February 2012 and 30 April 2012:

Additions

Cost
£'000
Polytherics Limited 135
Long Eaton Healthcare Limited* -
135
*Founder shares at nominal value

The increase in the investment in Polytherics resulted from the merger of ProVen Health VCT plc with Longbow Growth and Income VCT plc ("LGIV") on 16 March 2012. The Company also received £796,000 of cash from LGIV. The consideration for the merger was satisfied by the issue of 2,150,872 new shares in ProVen Health VCT plc to former LGIV shareholders.

In the period from 1 May 2012 to the date of publication of this statement, the Company made a further investment of £475,000 into APM Healthcare Limited.

Disposals

CostMarket value at 1  Feb 2012Disposal proceedsProfit against costTotal realised gain/(loss)
current period
£'000£'000£'000£'000£'000
Biovex Inc - - 83 83 83
Omni Dental Sciences Limited 13 13 13 - -
13 13 96 83 83

There have been no disposals between 1 May 2012 and the date of publication of this statement.

Changes to share capital

Ordinary shares of 1p each
Number£'000
As at 1 February 2012 19,183,664 191
Shares issued to former LGIV shareholders 2,150,872 22
Shares bought back and cancelled (2,830,316) (28)
Shares issued 2,840,144 28
As at 30 April 2012 21,344,364 213
    

Under the terms of an enhanced buyback outlined in a Circular to shareholders dated 10 February 2012, the Company purchased 2,830,316 shares for cancellation and issued 2,699,277 new shares in the Company between 5 April 2012 and 13 April 2012. Under the terms of the Company's dividend reinvestment scheme, 71,621 new shares in the Company were issued on 15 March 2012, following the dividend paid to shareholders on 9 March 2012. Under the terms of an offer for subscription, the Company issued 69,246 new shares between 5 April 2012 and 13 April 2012. The offer closed on 13 April 2012.

In the period from 1 May 2012 to the date of publication of this statement, the Company purchased a further 291,000 shares for cancellation.

Outlook
At a general meeting of the Company held on 12 March 2012, shareholders approved a change in the Company's investment policy to allow investments in a range of sectors rather than to restrict investments to the health sector. In line with this, the investment manager is currently reviewing a number of investment opportunities outside the health sector, as well as continuing to pursue later stage health sector opportunities, and anticipates completion of further investments in the coming months.

Material events
Other than the matters described above, there were no material events during the period from 1 February 2012 to 30 April 2012 or in the period from 1 May 2012 to the date of publication of this statement.

Further information

Further information regarding the Company, can be found on Beringea's dedicated VCT website: www.provenvcts.co.uk



This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.

Source: Proven Health VCT Plc via Thomson Reuters ONE

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