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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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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 |
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0 | 0 | N/A | 0 |
TIDMPPE PROVEN PLANNED EXIT VCT PLC HALF YEARLY REPORT FOR THE SIX MONTHS ENDED 31 JULY 2014 Financial Summary Ordinary Shares 31 July 2014 31 July 31 January 2013 2014 Net asset value per share ("NAV") 76.6p 78.1p 77.2p Dividends paid since launch 18.0p 12.0p 15.0p Total return (NAV plus dividends paid since 94.6p 90.1p 92.2p launch) Mid market share price 75.5p 82.0p 75.5p 'A' Shares 31 July 2014 31 July 31 January 2013 2014 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 6.0p 3.0p 31 January 2012 31 January 2013 31 January 2014 31 July 2014 Cumulative dividends paid to date 18.0p Proposed dividend (payable 19 November 2014) 6.0p 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 2014. Portfolio activity and valuation At 31 July 2014, the Company's unquoted investment portfolio comprised seven investments at a cost of GBP3.06 million and a valuation of GBP3.18 million. In addition, the Company held cash of GBP0.50 million. The investment portfolio valuation has remained unchanged since the beginning of the financial year with the exception of Cross Solar, which has been increased in value by GBP50,000, equivalent to 1.0p per Ordinary Share. Following the period end, the Company's loan notes in Blis Media were repaid at a premium leaving a small equity holding. Results The profit on activities after taxation was GBP118,000, comprising a revenue gain of GBP85,000 and a capital gain of GBP33,000. The net asset value total return, comprising net asset value and dividends paid, was 94.6p per Ordinary Share (0.1p per 'A' Share), an increase of 3.1% over the period since 31 January 2014, after adjusting for the dividend of 3.0p per share paid on 18 June 2014. Dividends The Company paid a final dividend of 3.0p per Ordinary Share for the year ending 31 January 2014 on 18 June 2014. I am pleased to announce the payment of a further dividend of 6.0p per Ordinary Share, being an interim dividend for the year ending 31 January 2015. The increase, compared to last year, reflects the positive return generated by the Company and the repayment of the Blis Media loan notes. This dividend will be paid on 19 November 2014 to shareholders on the register as at 7 November 2014. No dividend will be payable on the 'A' Shares. This will take the total dividends paid since inception to 24.0p per Ordinary Share. Share buybacks No shares were purchased by the Company during the period. Shareholders who are considering selling their shareholding may wish to contact the Company's brokers, 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. Shareholders should consult their financial adviser if in any doubt about this. Outlook The period since the launch of your Company, in November 2010, has coincided with a period of extremely low interest rates, quantitative easing, generally rising stockmarkets and an economic recovery. Much energy continues to be expended by commentators on discussing whether, or how long, this will continue. The Investment Manager, with over 25 years of venture capital experience, is focussed on a disciplined investment process: working with the underlying portfolio companies with the aim of delivering stable returns to investors and a timely exit after the completion of the five year shareholding period. The Board welcomes feedback and comments from all shareholders and 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 Investment Manager's Report Introduction We have pleasure in presenting our half year investment report to 31 July 2014 for ProVen Planned Exit VCT plc (the "Company"). Portfolio performance and activity At 31 July 2014, the Company's unquoted investment portfolio comprised seven investments at a cost of GBP3.06 million and a valuation of GBP3.18 million. In addition, the Company held cash of GBP0.50 million. The Company met the qualifying targets required under the VCT regulations during the last financial year ended 31 January 2014 and has continued to meet them during the current financial year. No further investments have been made during the financial year which reflects both the intended fixed life of the Company and its relatively small size. Cross Solar PV was revalued to reflect continued good progress and additionally paid a dividend to the Company during the period; Long Eaton Healthcare is valued at a small uplift on cost. The other investments continue to be valued at their initial cost which we regard as a positive attribute and consistent with the lower risk investment strategy set out at the Company's launch. Eagle-i Music's parent company, Eagle Rock Entertainment Group ("EREG"), was sold to Universal Music Group during the period and as a result Eagle-i Music is now a standalone company. Certain EREG shareholders reinvested some of their sale proceeds from the sale to provide additional capital. Good progress was made by other companies, notably Blis Media which has secured further funding and hired new personnel to develop its location-based marketing technologies and Cogora Group which has expanded both its activities and customer base. In September, Blis Media refinanced the Company's loan notes through a new banking facility. As a result the Company has been repaid 90% of its original investment, as well as receiving interest income, but still shares in the potential further growth of Blis through its equity investment. Clearly there will be challenges ahead for some of the investments but we are pleased with both the overall performance of the portfolio and its potential to generate tax free returns to investors. Outlook The investment portfolio continues to be managed both with a view to complying with the necessary VCT regulations and ultimately securing the investment exits necessary to generate returns to investors. The lower risk nature of the Company means that shareholders should not expect large uplifts in the value of portfolio companies; similarly the structuring of investments with loan notes with security which ranks ahead of most, if not all, of other instruments should provide downside protection in the event of both company specific or wider economic events. Beringea LLP Summary of Investment Portfolio as at 31 July 2014 Unrealised gain in Cost Valuation the period % of portfolio GBP'000 GBP'000 GBP'000 by value Venture capital investments Cross Solar PV Limited* 600 693 50 18.9% Donatantonio Group Limited* 550 550 - 15.0% SPC International Limited** 530 530 - 14.4% Cogora Group Limited* 500 500 - 13.6% Long Eaton Healthcare Limited* 400 435 - 11.8% Blis Media Limited* 275 275 - 7.5% Eagle-i Music Limited* 200 200 - 5.4% 3,055 3,183 50 86.6% Cash at bank and in hand 496 13.4% Total investments 3,679 100.0% All venture capital investments are unquoted unless otherwise stated. * Cross Solar PV Limited, Donatantonio Group Limited, Cogora Group Limited, Long Eaton Healthcare Limited, Blis Media Limited and Eagle-i Music Limited are also held by ProVen VCT plc and ProVen Growth and Income VCT plc. ** SPC International Limited is also held by ProVen VCT plc. Unaudited Balance Sheet as at 31 July 2014 31 July 31 July 31 January 2014 2013 2014 GBP'000 GBP'000 GBP'000 Fixed assets Investments 3,183 1,732 3,133 Current assets Debtors 68 22 27 Current investments - 554 - Cash at bank and in hand 496 1,519 622 564 2,095 649 Creditors: amounts falling due within one year (49) (58) (57) Net current assets 515 2,037 592 Net assets 3,698 3,769 3,725 Capital and reserves Called up Ordinary Share capital 5 5 5 Called up 'A' Share capital 7 7 7 Special distributable reserve 3,822 3,966 3,822 Capital reserve - realised (144) (108) (127) Capital reserve - unrealised 127 32 77 Revenue reserve (119) (133) (59) Total equity shareholders' funds 3,698 3,769 3,725 Basic and diluted net asset value per share 76.6p 78.1p 77.2p Ordinary Share 'A' Share 0.1p 0.1p 0.1p Unaudited Income Statement for the six months ended 31 July 2014 Year ended 31 Six months ended Six months ended January 31 July 2014 31 July 2013 2014 Revenue Capital Total Revenue Capital Total Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Income 137 50 187 45 38 83 254 Investment management fee (6) (17) (23) (8) (24) (32) (56) Other expenses (46) - (46) (39) - (39) (86) Return / (losses) on ordinary activities before taxation 85 33 118 (2) 14 12 112 Tax on ordinary activities - - - - - - - Return / (losses) attributable to equity shareholders 85 33 118 (2) 14 12 112 Basic and diluted return per share 1.8p 0.7p 2.5p (0.1p) 0.3p 0.2p 2.3p Ordinary Share 'A' Share - - - - - - - Reconciliation of Movements in Shareholders' Funds for the six months ended 31 July 2014 31 July 31 July 31 January 2014 2013 2014 GBP'000 GBP'000 GBP'000 Opening shareholders' funds 3,725 3,902 3,902 Total recognised returns for the period / year 118 12 112 Dividends paid (145) (145) (289) Closing shareholders' funds 3,698 3,769 3,725 Unaudited Cash Flow Statement for the six months ended 31 July 2014 Six months Six months Year ended ended ended 31 July 31 July 31 January 2014 2013 2014 Note GBP'000 GBP'000 GBP'000 Net cash inflows from operating activities A 19 512 561 Capital expenditure Purchase of investments - (1,050) (2,405) Disposal of investments - 555 554 Net cash outflow from capital expenditure - (495) (1,851) Equity dividends paid (145) (145) (289) Management of liquid resources Purchase of current investments held as liquidity funds - - - Withdrawal from liquidity funds - 449 1,003 Net cash inflows from liquid resources - 449 1,003 Net cash (outflows) / inflows before financing (126) 321 (576) Net cash inflow from financing - - - (Decrease) / increase in cash B (126) 321 (576) Notes to the cash flow statement: A Net cash flow from operating activities Return on ordinary activities before taxation 118 12 112 Gain on investments (50) (37) (82) (Increase) / decrease in debtors (41) 541 536 Decrease in creditors (8) (4) (5) Net cash inflows from operating activities 19 512 561 B Analysis of net funds Beginning of period /year 622 1,198 1,198 Net cash outflows / (inflows) (126) 321 (576) End of period / year 496 1,519 622 Notes to the Unaudited Financial Statements 1. The unaudited half yearly results cover the six months to 31 July 2014 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 2014, which were prepared under UK Generally Accepted Accounting Practice. 2. All revenue and capital items in the Income Statement derive from continuing operations. 3. There are no recognised gains or losses other than those disclosed in the Income Statement. 4. The Company has only one class of business and derives its income from investments made in shares, securities and bank deposits. 5. The comparative figures were in respect of the year ended 31 January 2014 and the period ended 31 July 2013. 6. 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. 7. 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. 8. Dividends 31 July 31 July Pence 2014 2013 31 January 2014 per share GBP'000 GBP'000 GBP'000 Paid in the period / year: 2014 final dividend paid on 18 June 2014 3.0 145 - - 2014 interim dividend paid on 20 November 2013 3.0 - - 144 2013 final dividend paid on 24 July 2013 3.0 - 145 145 145 145 289 Dividend proposed: 2015 interim dividend payable on 19 November 2014 6.0 289 - - 9. Reserves Special Capital Capital Revenue reserve reserve - realised reserve - unrealised reserve Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 At 1 February 2014 3,822 (127) 77 (59) 3,713 Returns / (losses) for the period - (17) 50 85 118 Dividends paid in the period - - - (145) (145) At 31 July 2014 3,822 (144) 127 (119) 3,686 The special reserve, capital reserve - realised and revenue reserve are distributable reserves. 10. 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 2014 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. 11. 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: a. 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 b. 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. 12. 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: (i) 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 (iii) 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 had originally until 31 January 2014 to achieve and which is required to be maintained on an ongoing basis. 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. 13. 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. 14. 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 NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients. The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein. Source: ProVen Planned Exit VCT plc via Globenewswire HUG#1858403
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