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Proven Health VCT Plc (PHV)

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Tuesday 20 December, 2011

Proven Health VCT Plc

Proven Health VCT Plc : Interim Management Statement






ProVen Health VCT plc
Interim Management Statement for the 3 Months to 31 October 2011

In accordance with Rule 4.3 of the Disclosure and Transparency Rules of the UK
Listing Authority, ProVen Health VCT plc ("the Company") presents an Interim
Management Statement for the three month period ended 31 October 2011. 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 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       As at
                                                     31 Oct 2011 31 Jul 2011

Total net assets                                         £8.77 m     £8.78 m



Net asset value per share                                  45.5p       45.3p

Cumulative dividends per ordinary share since launch       17.5p       17.5p

Total return per share*                                    63.0p       62.8p



Mid-market share price                                     40.8p       41.3p

* NAV plus cumulative dividends paid since launch

Investment update
At 31 October 2011 the portfolio consisted of 10 companies diversified across
the health sector and at different stages of development. Of these companies, 2
were quoted and 8 were unquoted. At 31 October 2011, 7.7% of the Company's
investments by value were held in quoted companies and 50.3% were held in
unquoted companies.  42.0% of the Company's investments were held in cash and
liquidity funds.

In the period since 31 July 2011, the Company has made two new investments in
Community Pharmacies and Polytherics and a further follow on investment, as part
of a significant new funding round, in Population Genetics Technologies.
Additionally, the Company realised its holding in Onyx Scientific and a part of
its holding in Vectura, both at a profit to the original cost.

Investment portfolio summary as at 31 October 2011 (by value)
                                                       Valuation
                                                           at 31
                                                         October
                                                Cost        2011

                                               £'000       £'000

 Top venture capital investments (by value)

 Altacor Limited                               1,020       1,241

 Population Genetics Technologies Limited      1,129       1,210

 Polytherics Limited                             750         750

 Digital Healthcare Limited                    1,010         518

 Sinclair IS Pharma plc *                        585         387

 Community Pharmacies (UK) Limited               375         375

 Omni Dental Sciences Limited                    750         339

 Vectura Group plc **                            250         297
                                            ---------------------
                                               5,869       5,117
                                            ---------------------


 Other venture capital investments             1,646           -
                                            ---------------------
 Total venture capital investments             7,515       5,117
                                            ---------------------


 Liquidity funds                               1,809       1,809

 Cash at bank and in hand                      1,897       1,897
                                            ---------------------


 Total                                        11,221       8,823
                                            ---------------------

*          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 August 2011 and
31 October 2011:

Additions
                                             Cost

                                            £'000



 Community Pharmacies (UK) Limited            375

 Polytherics Limited                          750

 Population Genetics Technologies Limited      50
                                          --------
                                            1,175
                                          --------



Disposals
                  Cost Market value       Disposal       Profit   Total realised
                          at 1  Aug       proceeds against cost      gain/(loss)
                               2011                               current period

                 £'000        £'000          £'000        £'000            £'000



Vectura Group                   280            278           46              (2)
plc                232

Onyx Scientific                 989            989          139                -
Limited            850
                ----------------------------------------------------------------
                 1,082        1,269          1,267          185              (2)
                ----------------------------------------------------------------

There have been no disposals between 1 November 2011 and the date of this
statement.

Changes to share capital
                             Ordinary shares of 1p each

                                         Number   £'000

 As at 1 August 2011                 19,380,664     194

 Shares bought back and cancelled      (87,000)     (1)
                                   ---------------------
 As at 31 October 2011               19,293,664     193
                                   ---------------------

Between 1 November 2011 and the date of this statement, the Company purchased a
further 110,000 shares for cancellation.

Results of shareholder survey
The Company circulated a short shareholder survey with the half year report in
October 2011. Responses were received from shareholders representing almost one
quarter of total shares held in the Company. The Board extends its appreciation
to all those shareholders who took the time to respond. The Board Chairman will
shortly be sending a letter to shareholders outlining the results of the survey.


Outlook
Against a backdrop of continuing economic uncertainty both in the UK and abroad,
the Company completed two new investments and one follow-on investment and sold
its interest in one unquoted company during the period.  Confidence remains
fragile amongst investors and entrepreneurs but the investment management team
and the Board are satisfied with the range and quality of investment
opportunities being identified. The high proportion of investments in cash and
liquidity funds provides the Company with scope to capitalise on investment
opportunities as they arise.

The Board is evaluating a number of initiatives to improve returns to
shareholders. In view of this, the Board has decided it would be prudent to
temporarily suspend the Company's share buyback policy and not to consider any
further dividend payments to shareholders until the outcome of these evaluations
are concluded.  The Board expects to be able to report further on this in early
2012.


Material events
The Company's Top-up Offer for subscription, launched on 24 January 2011, closed
on 15 December 2011 having raised gross funds of £238,500.

Other than the matters described above, there were no material events during the
period from 1 August 2011 to 31 October 2011 or in the period from 1 November
2011 to the date of this announcement.

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 
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(i) the releases contained herein are protected by copyright and 
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     originality of the information contained therein. 
    
Source: Proven Health VCT Plc via Thomson Reuters ONE

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