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Proven Health VCT (NHF)

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Friday 14 December, 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 31 October 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 31 October 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
31 Oct 2012
As at
31 Jul 2012
Total net assets £8.20 m £8.37 m
Net asset value per share 39.5p 39.9p
Cumulative dividends per ordinary share since launch 18.5p 18.5p
Total return per share* 58.0p58.4p
Mid-market share price 35.5p 38.3p

* NAV plus cumulative dividends paid since launch

Investment update
At 31 October 2012 the portfolio consisted of 12 companies primarily in the health sector and at different stages of development. Of these companies, 2 were quoted and 10 were unquoted. At 31 October 2012, 10.5% of the Company's investments by value were held in quoted companies and 53.1% were held in unquoted companies.  36.4% of the Company's investments were held in cash and liquidity funds.

During the period, the Company completed its first non-health sector investment, a £320,000 investment into Inskin Media Limited, as part of total funding of £1.8 million from Beringea managed VCTs. Inskin Media is a UK based company that has developed a range of technologies for the rapidly growing area of online video advertising. The company has established itself as a significant player in the UK market by its ability to provide innovative technology formats which have been proven to drive higher yields for online media owners and strong returns for advertising campaigns. A further investment of £77,000 was made into Population Genetics Technologies Limited to support continued development.

Three further non-health sector investments were made after 31 October 2012. £113,000 was invested into Utility Exchange Online Limited, which provides utility price comparison services for small businesses.  A £319,000 investment was made into Cognolink Limited. Cognolink offers a broad range of "Expert Network" services to private equity firms, hedge funds, asset managers and large consulting businesses.  These services assist these clients in their primary research by facilitating consultations with industry experts via one-to-one phone calls, in-person meetings and interactive conference calls. £159,000 was invested into Skills Matter Limited. Launched in 2003, Skills Matter helps their 35,000 strong developer community learn and share skills to write better software. The new funding will be used to provide even more opportunities for its community to collaborate with the world's top technology experts including through expert talks, meet-ups and training courses. In addition, the company will now be able to offer work and collaboration space. All these investments were made alongside other VCTs managed by Beringea.

Investment portfolio summary as at 31 October 2012 (by value)

 Cost Valuation
£'000£'000
Top venture capital investments (by value)
Population Genetics Technologies Limited 1,206 980
Polytherics Limited 885 885
APM Healthcare Limited 850 850
Altacor Limited 1,020 815
Sinclair IS Pharma plc * 585 433
Vectura Group plc ** 250 422
Digital Healthcare Limited 1,010 384
Inskin Media Limited 320 320
Omni Dental Sciences Limited 737 108
6,863 5,197
Other venture capital investments 1,646 -
Total venture capital investments 8,509 5,197
Liquidity funds 2,678 2,678
Cash at bank and in hand 300 300
Total11,4878,175

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

All investments are unquoted unless otherwise stated.

Investment activity

Additions
The Company made the following additions between 1 August 2012 and 31 October 2012:

Cost
£'000
Population Genetics Technologies Limited 77
Inskin Media Limited 320
397

In the period from 1 November 2012 to the date of publication of this statement, the Company made the following new investments:

Cost
£'000
Utility Exchange Online Limited 113
Cognolink Limited 319
Skills Matter Limited 159
591

Disposals
There were no disposals between 1 August 2012 and 31 October 2012 or between 1 November 2012 and the date of publication of this statement.

Changes to share capital

Ordinary shares of 1p each
Number£'000
As at 1 August 2012 20,975,364 210
Shares bought back and cancelled (243,000) (2)
As at 31 October 2012 20,732,364 208
    

In the period from 1 November 2012 to the date of publication of this statement, the Company purchased a further 33,500 shares for cancellation.

On 14 November 2012, the Company cancelled its share premium account created on the issue of shares and created an additional special distributable reserve of £9.6 million. This special reserve can be used by the Company for the cancellation of its shares and other corporate purposes, including the payment of dividends.

Outlook
In the period from 1 August 2012 to the date of publication of this statement, the Company has diversified its portfolio by adding four non-health sector investments, totaling £911,000 or over 10% of the Company's net asset value.  The Board is optimistic about the opportunities for further investments in the coming months.

Material events
Other than the matters described above, there were no material events during the period from 1 August 2012 to 31 October 2012 or in the period from 1 November 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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