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Proven Health VCT Plc (NHF)

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Friday 19 June, 2009

Proven Health VCT Plc

Interim Management Statement





ProVen Health VCT plc

Interim Management Statement for the 3 Months to 30 April 2009

In accordance with Rule 4.3 of the Disclosure and Transparency  Rules
of the  UK  Listing Authority,  ProVen  Health VCT  plc  presents  an
Interim Management  Statement for  the three  month period  ended  30
April  2009.   The  statement   also  includes   relevant   financial
information between  the end  of  the period  and  the date  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 UK Listing  Authority's Disclosure  and
Transparency Rules, 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 report.  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.

Investment Manager
On  1  February  2009,  Beringea  LLP  took  over  as  the  Company's
investment manager, replacing Noble  Fund Managers Limited and  Noble
Corporate Management Limited.

Change of name
On 26 February 2009, the Company changed its name from Noble Health
Fund VCT plc to ProVen Health VCT plc.

Performance summary

                                     As at       As at
                               30 Apr 2009 31 Jan 2009
Total net assets                   £9.95 m     £9.95 m

Net asset value per share            51.5p       51.5p
Cumulative dividends per share       13.5p       13.5p
Total return per share*              65.0p       65.0p
* NAV plus cumulative dividends paid since launch

Mid-market share price               28.0p       40.0p
Discount to NAV                     -45.6%      -22.3%


Dividend
No dividends have been declared or paid in the period under review.

Investment update
At 30 April 2009 the portfolio consisted of 19 companies  diversified
across the health sector and  at different stages of development.  Of
these companies, 7 are quoted and 12 are unquoted. At 30 April  2009,
18.4% of the Company's  investments by value  (not including cash  or
liquidity fund investments) were in  quoted companies and 81.6%  were
in unquoted companies.

Top ten investment holdings as at 30 April 2009 (by value)

                                                  Valuation Valuation
                                                      at 30  movement
                                                      April    in the
                                             Cost      2009    period
                                            £'000     £'000     £'000
Top ten venture capital investments (by
value)
Amura Holdings Limited                        987       925         -
Onyx Research Chemicals Limited               850       865         -
Digital Healthcare Limited                  1,010       834         -
Plum Baby Limited                             749       749         -
Vectura Group plc **                          482       549        72
Optasia Medical Limited                       650       518         -
Population Genetics Technologies Limited      347       347         -
Omni Dental Sciences Limited                  750       330         -
IS Pharma plc *                               366       312      (10)
Inforsense Limited                          1,020       274         -
                                            7,211     5,703        62

Other venture capital investments           3,572       551      (10)

Liquidity funds                             1,783     1,783         -

Total                                      12,566     8,037        52


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

All investments are unquoted unless otherwise stated.

Investment additions
There were no additions during the 3 months ended 30 April 2009.

Between 1 May  2009 and the  date of this  announcement, the  Company
made the following additions:

                                          Cost
                                         £'000
Altacor Limited                             10
Amura Holdings Limited                      60
Population Genetics Technologies Limited   520
                                           590



Investment disposals during the 3 months ended 30 April 2009

                                                   Realised
                                  Market              gain/     Gain/
                                value at             (loss)    (loss)
                                   1 Feb  Disposal   in the   against
                          Cost      2009  proceeds   period      cost
                         £'000     £'000     £'000    £'000     £'000
Abcam plc                   58        61        70        9        12
Craneware plc               60       103       105        2        45
Immunodiagnostic Systems
Holdings plc                42       118       148       30       106
Medigene AG                639       226       223      (3)     (416)
Purecircle plc             145       159       174       15        29
                           944       667       720       53     (224)


Between the 1 May 2009 and the date of this announcement, the Company
disposed of  a further  holding  in Craneware  plc, for  proceeds  of
£87,000 and a net profit of £40,000.


Changes to share capital

                                 Ordinary shares of 1p each
                                          Number      £'000
As at 1 February 2009                 19,307,784      1,931
Shares bought back and cancelled               -          -
As at 30 April 2009                   19,307,784      1,931


There have been no changes to share capital since the period end.

The Company has temporarily suspended  its policy of buying back  its
own shares that become available in the market.  This policy will  be
kept under review.

Outlook
The economic environment continues to be challenging for companies in
general and  the  VCT's  portfolio  companies  in  particular.    The
Company  has  strengthened  its   cash  position  by  the   selective
realisation of some of the quoted portfolio investments. The  further
follow-on investments should assist existing portfolio companies with
their development over the coming months.

The Board  has  been  encouraged  by  the  contribution  of  the  new
Investment Manager  since  1  February 2009,  both  to  the  existing
portfolio and  in  looking  at new  initiatives  aimed  at  enhancing
shareholder value over the longer term.

Material events
Other than the matters described above, there were no material events
during the period from  1 February 2009  to 30 April  2009 or in  the
period from 1 May 2009 to the date of this announcement.

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

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