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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Proven | LSE:PPE | London | Ordinary Share | GB00B517XC78 | ORD SHS OF 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 10.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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TIDMPPE
PROVEN PLANNED EXIT VCT PLC
HALF-YEARLY REPORT
FOR THE SIX MONTHS ENDED 31 JULY 2013
Financial Summary
Ordinary Shares 31 July 2013 31 July 31 January
2012 2013
Net asset value per share ("NAV") 78.1p 84.7p 80.8p
Dividends paid since launch 12.0p 6.0p 9.0p
Total return (NAV plus dividends paid since 90.1p 90.7p 89.8p
launch)
Mid market share price 82.0p 87.0p 85.0p
'A' Shares 31 July 2013 31 July 31 January
2012 2013
Net asset value per share ("NAV") 0.1p 0.1p 0.1p
Dividends paid since launch - - -
Total return (NAV plus dividends paid since 0.1p 0.1p 0.1p
launch)
Mid market share price 0.1p 0.1p 0.1p
Dividend history for Ordinary Shares (since launch)
Ordinary Share dividends paid in the year / period Pence per share
3.0p
6.0p
3.0p
31 January 2012
31 January 2013
31 July 2013
Cumulative dividends paid to date 12.0p
Propose dividend (payable 20 November 2013) 3.0p
Chairman's Statement
Introduction
I have pleasure in presenting the half-year report for ProVen Planned
Exit VCT plc (the "Company") for the period to 31 July 2013.
Portfolio activity and valuation
At 31 July 2013, the Company's unquoted investment portfolio comprised
four investments at a cost of GBP1.70 million and a valuation of GBP1.73
million. In addition, the Company held cash and liquidity funds of
GBP2.07 million, a significant portion of which will be required in the
coming few months to meet investment requirements. The unquoted
investments are progressing satisfactorily and are valued in accordance
with International Private Equity and Venture Capital Valuation
Guidelines. All investments are valued at, or slightly above, cost.
Further detail is provided in the accompanying Investment Manager's
Report.
Results
The profit on activities after taxation was GBP12,000, comprising a
revenue loss of GBP2,000 and a capital gain of GBP14,000. The net asset
value total return, comprising net asset value and dividends paid, was
90.1p per Ordinary Share and 0.1p per 'A' Share. The low rate of return
on cash and liquid funds has been mitigated by the income streams from
the unquoted investments and the uplift in valuations.
Dividends
In accordance with the terms of the Offer, the Directors intend that the
Company pays two dividends per year of 3p each, subject to the
availability of sufficient cash reserves and distributable reserves.
Since its launch, the Company has paid a total of 12p per Ordinary Share
by way of four dividends, each of 3p per Ordinary Share.
I am pleased to announce the payment of a further dividend of 3p per
Ordinary Share, being an interim dividend for the year ending 31 January
2014. This will be paid on 20 November 2013 to shareholders on the
register as at 8 November 2013. No dividend will be payable on the 'A'
Shares.
Share buybacks
The Directors intend that, in the five years following the first
allotment of shares, the Company will operate a policy of buying back
its own shares for cancellation at a zero discount to net asset value.
Given the intended life of the Company, it is not intended that any
shares will be bought back after the 5th anniversary of the first
allotment of shares. No shares were purchased by the Company during the
period.
I am pleased to advise that the Company has appointed Panmure Gordon to
act as its corporate broker. The Board believes that this should bring a
benefit in reducing the spread on the Company's shares and producing a
more consistent pricing for any shareholders who wish to sell.
Shareholders who are considering selling their shareholding may
therefore wish to contact Panmure Gordon prior to any sale. Shareholders
are, however, reminded that a disposal of VCT shares within five years
from allotment may result in the loss of the initial income tax relief
given on subscription and should therefore seek advice from their
financial adviser before initiating any sale.
Outlook
The Investment Manager expects to complete further investments shortly
and the Company is well positioned to meet its investment objectives
over its anticipated life. Recent, positive economic news in the UK
provides cautious optimism for both portfolio company earnings growth
and potential exit opportunities in the medium term.
The Board would like to thank shareholders for their continued support
and to remind them that it welcomes feedback and comments. The Board can
be contacted initially through the Investment Manager at 39 Earlham
Street London WC2H 9LT or by telephone on 020 7845 7820.
Peter LR Hewitt
Chairman
Investment Manager's Report
Introduction
We have pleasure in presenting our half year investment report to 31
July 2013 for ProVen Planned Exit VCT plc.
Portfolio performance and activity
At 31 July 2013, the Company's unquoted investment portfolio comprised
four holdings at a cost of GBP1.70 million and a valuation of GBP1.73
million. In addition, the Company held GBP2.07 million in cash and
liquidity funds.
During the six months to 31 July 2013, the Company completed two new
investments totalling GBP1.05 million, in Fjordnet Limited and Campden
Media Limited. Fjordnet was subsequently acquired by a subsidiary of US
quoted Accenture resulting in the repayment of the investment and a
small profit. These transactions were completed prior to the signing of
the last annual report and mentioned in further detail therein.
During the period we have been targeting a number of new investments and
we were pleased to complete an investment of GBP275,000 in Blis Media
Limited ("Blis") on 22 August 2013. Blis specialises in mobile marketing
and advertising and has developed proprietary location based
technologies which can facilitate more accurate customer targeting. We
have invested in Blis on behalf of two other VCTs and therefore have a
high level of confidence, backed up by experience, in the company's
management and their ability to develop the business. We are at an
advanced stage with regards to two further investments.
The investment approach is, as set out in the original prospectus,
focussed on making lower risk investments than traditional generalist
VCTs with a greater portion of the portfolio return likely to be
generated from income rather than capital gains. The individual
investments are valued at, or slightly above, the investment cost.
Outlook
We remain on target to meet the necessary investment levels under the
VCT regulations. Whilst the initial size of the fundraising means that
the investment portfolio will be more concentrated than a larger VCT, we
remain confident in the underlying investments and their ability to
generate the target investment returns for shareholders.
Beringea LLP
Summary of Investment Movements
for the six months ended 31 July 2013
Additions (at cost)
GBP'000
Fjordnet Limited 550
Campden Media Limited 500
1,050
Disposals
Market
value at
Realised
1 February Disposal Gain gain in the
Cost 2013 proceeds against cost period
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Fjordnet
Limited* 550 - 555 5 5
*Fjordnet Limited was acquired and realised during the period
Summary of Investment Portfolio
as at 31 July 2013
Unrealised
gain in
the % of
Cost Valuation period portfolio
GBP'000 GBP'000 GBP'000 by value
Venture
capital
investments
Cross Solar
PV
Limited* 600 600 - 15.8%
Campden
Media
Limited* 500 500 - 13.1%
Long Eaton
Healthcare
Limited* 400 428 28 11.2%
Eagle-i
Music
Limited** 200 204 4 5.4%
1,700 1,732 32 45.5%
Current
asset
investments
- liquidity
funds 554 14.6%
Cash at bank
and in
hand 1,519 39.9%
Total
investments 3,805 100.0%
All venture capital investments are unquoted unless otherwise stated.
* Cross Solar PV Limited, Campden Media Limited and Long Eaton
Healthcare Limited are also held by ProVen VCT plc and ProVen Growth and
Income VCT plc.
** Eagle-i Music Limited is also held by ProVen Growth and Income
VCT plc. ProVen VCT plc and ProVen Growth and Income VCT plc also hold
an investment in Eagle Rock Entertainment Group Limited which is a
significant shareholder in Eagle-i Music Limited.
Unaudited Balance Sheet
as at 31 July 2013
31 July 31 July 31 January
2013 2012 2013
GBP'000 GBP'000 GBP'000
Fixed assets
Investments 1,732 1,200 1,200
Current assets
Debtors 22 20 563
Current investments 554 1,002 1,003
Cash at bank and in hand 1,519 1,905 1,198
2,095 2,927 2,764
Creditors: amounts falling due within one year (58) (40) (62)
Net current assets 2,037 2,887 2,702
Net assets 3,769 4,087 3,902
Capital and reserves
Called up Ordinary Share capital 5 5 5
Called up 'A' Share capital 7 7 7
Special reserve 3,966 4,255 4,111
Capital reserve - realised (108) (67) (90)
Revaluation reserve 32 - -
Revenue reserve (133) (113) (131)
Total equity shareholders' funds 3,769 4,087 3,902
Basic and diluted net asset value per share 78.1p 84.7p 80.8p
Ordinary Share
'A' Share 0.1p 0.1p 0.1p
Unaudited Income Statement
for the six months ended 31 July 2013
Year
ended
31
Six months ended Six months ended January
31 July 2013 31 July 2012 2013
Revenue Capital Total Revenue Capital Total Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Income 45 38 83 33 - 33 66
Investment management fee (8) (24) (32) (7) (21) (28) (59)
Other expenses (39) - (39) (54) - (54) (97)
Return / (losses) on ordinary activities
before taxation (2) 14 12 (28) (21) (49) (90)
Tax on ordinary activities - - - - - - -
Return / (losses) attributable to equity
shareholders (2) 14 12 (28) (21) (49) (90)
Basic and diluted return per share
Ordinary Share (0.1p) 0.3p 0.2p (0.6p) (0.4p) (1.0p) (1.9p)
'A' Share - - - - - - -
Reconciliation of Movements in Shareholders' Funds
for the six months ended 31 July 2013
31 July 31 July 31 January
2013 2012 2013
GBP'000 GBP'000 GBP'000
Opening shareholders' funds 3,902 4,281 4,281
Total recognised returns /(losses) for the period
/ year 12 (49) (90)
Dividends paid (145) (145) (289)
Closing shareholders' funds 3,769 4,087 3,902
Unaudited Cash Flow Statement
for the six months ended 31 July 2013
Six months Six months Year ended
ended ended 31 January
31 July 2013 31 July 2012 2013
Note GBP'000 GBP'000 GBP'000
Net cash inflow / ( outflow) from operating
activities A 512 (101) (663)
Capital expenditure
Purchase of investments (1,050) (1,000) (1,000)
Disposal of investments 555 250 250
Net cash outflow from capital expenditure (495) (750) (750)
Equity dividends paid (145) (145) (289)
Management of liquid resources
Purchase of current investments held as liquidity
funds - (622) (623)
Withdrawal from liquidity funds 449 - -
Net cash inflow / (outflow) from liquid resources 449 (622) (623)
Net cash inflow / (outflow) before financing 321 (1,618) (2,325)
Net cash inflow from financing - - -
Increase / (decrease) in cash B 321 (1,618) (2,325)
Notes to the cash flow statement:
A Net cash flow from operating activities
Return on ordinary activities before taxation 12 (49) (90)
Gain on investments (37) - -
Decrease / (increase) in debtors 541 (10) (553)
Decrease in creditors (4) (42) (20)
Net cash inflow / (outflow) from operating activities 512 (101) (663)
B Analysis of net funds
Beginning of period /year 1,198 3,523 3,523
Net cash inflow / (outflow) 321 (1,618) (2,325)
End of period / year 1,519 1,905 1,198
Notes to the Unaudited Financial Statements
1. The unaudited half-yearly results cover the six months to 31 July 2013
and have been prepared in accordance with Statement of Recommended
Practice "Financial Statements of Investment Trust Companies and Venture
Capital Trusts" revised January 2009 and in accordance with the
accounting policies set out in the statutory accounts for the year ended
31 January 2013, which were prepared under UK Generally Accepted
Accounting Practice.
1. All revenue and capital items in the Income Statement derive from
continuing operations.
1. There are no recognised gains or losses other than those disclosed in the
Income Statement.
1. The Company has only one class of business and derives its income from
investments made in shares, securities and bank deposits.
1. The comparative figures were in respect of the year ended 31 January 2013
and the period ended 31 July 2012.
1. Basic and diluted return per Ordinary Share for the period has been
calculated on 4,818,237 shares, being the weighted average number of
shares in issue during the period.
1. Basic and diluted NAV per share for the period has been calculated on
4,818,237 Ordinary Shares and 7,227,352 'A' Shares, being the number of
shares in issue at the period end.
1. Dividends
31
31 July 31 July January
Pence 2013 2012 2013
per
share GBP'000 GBP'000 GBP'000
Paid in the period / year:
2013 final dividend paid on 24 July 2013 3.0 145 - -
2013 interim dividend paid on 21 November
2012 3.0 - - 144
2012 final dividend paid on 6 June 2012 3.0 - 145 145
145 145 289
Dividends proposed:
2014 interim dividend payable on 20 November
2013 3.0 145 - -
1. Reserves
Special Capital Revaluation Revenue
reserve reserve - realised reserve reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1
February
2013 4,111 (90) - (131) 3,890
Return for
the
period - (18) 32 (2) 12
Dividends
paid in
the
period (145) - - - (145)
At 31 July
2013 3,966 (108) 32 (133) 3,757
The special reserve, capital reserve - realised and revenue reserve are
distributable reserves.
1. The unaudited financial statements set out herein do not constitute
statutory accounts within the meaning of Section 434 of the Companies Act
2006 and have not been delivered to the Registrar of Companies. The
figures for the year ended 31 January 2013 have been extracted from the
financial statements for that period, which have been delivered to the
Registrar of Companies; the Auditor's report on those financial
statements was unqualified.
1. The Directors confirm that, to the best of their knowledge, the
half-yearly financial statements have been prepared in accordance with
the "Statement: Half-Yearly Financial Reports" issued by the UK
Accounting Standards Board and the half-yearly financial report includes
a fair review of the information required by:
1. DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication
of important events that have occurred during the first six months of the
financial year and their impact on the condensed set of financial
statements, and a description of the principal risks and uncertainties
for the remaining six months of the year; and
1. DTR 4.2.8R of the Disclosure and Transparency Rules, being related party
transactions that have taken place in the first six months of the current
financial year and that have materially affected the financial position
or performance of the entity during that period, and any changes in the
related party transactions described in the last annual report that could
do so.
1. Risks and uncertainties
Under the Disclosure and Transparency Directive, the Board is required
in the Company's half-yearly results, to report on the principal risks
and uncertainties facing the Company over the remainder of the financial
year.
The Board has concluded that the key risks facing the Company over the
remainder of the financial year are as follows:
1. investment risk associated with investing in small and immature
businesses;
ii. investment risk arising from volatile stock market conditions
and their potential effect on the value of the Company's venture capital
investments and the exit opportunity for those investments; and
1. failure to secure approval as a VCT.
In respect of (i) and (ii), the Board is satisfied with the Company's
approach. The Investment Manager follows a rigorous process in vetting
and careful structuring of new investments and monitors them, and the
opportunity for exit, closely after the initial investment.
In respect of (iii), the Company has been granted provisional approval
as a venture capital trust. Full approval can, as with all VCTs, only be
granted when all VCT rules have been met. This includes having at least
70% of the Company's investments in VCT qualifying investments, a target
which the Company has until 31 January 2014 to achieve. The Company's
compliance with the VCT regulations is continually monitored by the
Investment Manager, who reports regularly to the Board on the current
position. The Company also retains PricewaterhouseCoopers to provide
regular reviews and advice in this area. The Board considers that this
approach reduces the risk of a breach of the VCT regulations to a
minimal level.
1. Going concern
The Directors have reviewed the Company's financial resources at the
period end and conclude that the Company is well placed to manage its
business risks.
The Board confirms that it is satisfied that the Company has adequate
resources to continue in business for the foreseeable future. For this
reason, the Board believes that the Company continues to be a going
concern and that it is appropriate to apply the going concern basis in
preparing the financial statements.
1. Copies of the unaudited half yearly results will be sent to shareholders.
Further copies can be obtained from the Company's registered office and
will be available for download from 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 Planned Exit VCT plc via Thomson Reuters ONE
HUG#1731996
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