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Proven Health VCT (NHF)

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Wednesday 19 June, 2013

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 2013

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 2013. 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 2013
As at
31 Jan 2013
Total net assets £7.58 m £7.65 m
Net asset value per share 36.8p 37.1p
Cumulative dividends per ordinary share since launch 18.5p 18.5p
Total return per share* 55.3p55.6p
Mid-market share price 31.5p 34.5p

* NAV plus cumulative dividends paid since launch

Investment update
At 30 April 2013, the portfolio consisted of 13 unquoted companies at a valuation of £4.4 million. The Company also held cash and liquidity fund investments of £3.0 million and contingent consideration in respect of a former investment, Biovex, at a fair value of £120,000.

During the period, the Company made further investments of £64,000 into Altacor Limited and £23,000 into Population Genetics Technologies Limited and sold its holdings in Sinclair IS Pharma plc and Vectura Group plc.

Investment portfolio summary as at 30 April 2013 (by value)

 Cost Valuation
£'000£'000
Top venture capital investments (by value)
Polytherics Limited 885 1,018
APM Healthcare Limited 850 893
Altacor Limited 1,084 879
Digital Healthcare Limited 1,010 384
Inskin Media Limited 320 320
Cognolink Limited 319 319
Population Genetics Technologies Limited 1,229 318
Skills Matter Limited 159 159
Utility Exchange Online Limited 113 113
5,969 4,403
Other venture capital investments 2,324 -
Total venture capital investments 8,293 4,403
Liquidity funds 2,128 2,128
Cash at bank and in hand 894 894
Contingent consideration at fair value - 120
Total11,3157,545

All investments are unquoted unless otherwise stated.

Investment activity

The Company made the following additions and disposals between 1 February 2013 and 30 April 2013:

Additions

Cost
£'000
Altacor Limited 64
Population Genetics Technologies Limited 23
87

  
Disposals

CostMarket value at 1  Feb 2013Disposal proceedsProfit/
(loss)
 against cost
Total realised gain/(loss)
current period
£'000£'000£'000£'000£'000
Sinclair IS Pharma plc 585 402 405 (180) 3
Vectura Group plc 250 446 442 192 (4)
835 848 847 12 (1)

There were no additions or disposals in the period from 1 May 2013 to the date of publication of this statement.

Changes to share capital

Ordinary shares of 1p each
Number£'000
As at 1 February 2013 20,607,864 206
Shares issued/(bought back and cancelled) - -
As at 30 April 2013 20,607,864 206
    

In the period from 1 May 2013 to the date of publication of this statement, there were no changes to the Company's issued share capital.

Outlook
The Board continues to look into the possibility of a potential merger with another VCT on the basis that this could provide opportunities for all shareholders. The Board expects to be able to announce the outcome of this process shortly but has decided that, in the meantime, it would be prudent to temporarily suspend the Company's share buyback policy and not to consider further dividend payments until the outcome is clear.

Material events
Other than the matters described above, there were no material events during the period from 1 February 2013 to 30 April 2013 or in the period from 1 May 2013 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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