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Proven Health VCT Plc (NHF)

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Friday 04 December, 2009

Proven Health VCT Plc

Interim Management Statement





ProVen Health VCT plc

Interim Management Statement for the three months to 31 October 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  31
October  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.

Performance summary

                                     As at        As at
                               31 Oct 2009 31 July 2009
Total net assets                   £10.7 m      £10.8 m

Net asset value per share            55.2p        55.7p
Cumulative dividends per share       13.5p        13.5p
Total return per share*              68.7p        69.2p
* NAV plus cumulative dividends paid since launch

Mid-market share price               33.0p        28.0p



The mid market share price as at 3 December 2009 was 49.0p per share.

Dividend
On 28 September 2009, the Company declared an interim dividend of  1p
per share, to be paid on 4 December 2009.

Investment update
At  31  October  2009  the   portfolio  consisted  of  16   companies
diversified across  the  health sector  and  at different  stages  of
development. Of  these  companies,  four  were  quoted  and  12  were
unquoted. At 31 October 2009,  11.3% of the Company's investments  by
value were held in quoted companies  and 57.0% were held in  unquoted
companies.  31.7% of the Company's investments were held in cash  and
liquidity funds.

Investment portfolio summary at 31 October 2009

                                                            Valuation
                                         Valuation        gain/(loss)
                                at 31 October 2009 since 31 July 2009
                                             £'000              £'000
Top ten venture capital
investments (by value)
Altacor Limited                                941                  -
Plum Baby Limited                              941                  -
Amura Holdings Limited                         920                  -
Population            Genetics                 867
Technologies Limited                                                -
Onyx    Research     Chemicals                 800
Limited                                                             -
Omni Dental Sciences Limited                   735                  -
Vectura Group plc **                           648                 61
Digital Healthcare Limited                     636                  -
IS Pharma plc *                                468                 71
DeltaDOT Limited                               114               (99)
                                             7,070                 33

Other venture capital
investments                                    216               (73)

Liquidity fund                               1,789                  -

Cash at bank and in hand                     1,594                  -

Total investments                           10,669               (40)


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

All investments are unquoted unless otherwise stated.

Investment additions
The Company made the following additions between 1 August 2009 and 31
October 2009.


                Cost
               £'000
Biovex Limited    30


There have been no additions between 1 November 2009 and the date of
this report.

Investment disposals
The Company made the following disposals between 1 August 2009 and 31
October 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
Craneware plc    32        54        59        5        27
Paion AG        200        64        99       35     (101)
                232       118       158       40      (74)


There have been no disposals between 1 November 2009 and the date of
this report.

Changes to share capital

                                 Ordinary shares of 1p each
                                          Number      £'000
As at 1 August 2009                   19,307,784      1,931
Shares bought back and cancelled               -          -
As at 31 October 2009                 19,307,784      1,931


After the period end the Company purchased 56,455 ordinary shares  of
1p each for cancellation.

Outlook
We remain optimistic about  the long term  ability of the  healthcare
sector and the Company to deliver returns to investors. The potential
impact on demand for healthcare services by an ageing population  has
been well documented. Government borrowing, which has increased as  a
result of action to  stimulate demand and reduce  the impacts of  the
recession, will ultimately need to  be paid for and reduced  spending
and efficiency gains  across all government  departments will be  key
drivers of this.  Companies which  can deliver the  same or  improved
level of services at a reduced cost, which includes those targeted by
the Company's investment strategy, should therefore be well placed to
benefit from these demands.

On 16  November 2009,  the Company  launched a  linked top  up  offer
alongside two VCTs, ProVen VCT plc  and ProVen Growth and Income  VCT
plc, which are managed by Beringea LLP. This offer will raise further
funds for the Company by issuing new ordinary shares of up to 10%  of
the current issued share capital at a price linked to the latest  net
asset value of  each existing share.  The usual tax  reliefs will  be
available to investors. The  funds raised will be  used to invest  in
line with the current investment strategy. Potential investors should
contact their independent financial adviser.

Material events
Other than the matters described above, there were no material events
during the period from  1 August 2009  to 31 October  2009 or in  the
period from 1 November 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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