ProVen Plnd Ex VCT Proven Planned Exit Vct Plc : Interim Management Statement

 
TIDMPPE 
 
 
   ProVen Planned Exit VCT plc 
 
 
 
 
 
  Interim Management Statement for the 3 Months to 30 
  April 2013 
  In accordance with Rule 4.3 of the Disclosure Rules 
  and Transparency Rules ("DTR") of the UK Listing Authority, 
  ProVen Planned Exit VCT plc (the "Company") presents 
  an interim management statement for the three month 
  period ended 30 April 2013. The statement also includes 
  relevant financial information between the end of 
  the period and the date of publication 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 
  DTR, and should not be relied on by any other party 
  or for any other purpose. 
 
 
 
 
   Performance summary 
 
 
 
 
                                                            As at         As at 
                                                      30 Apr 2013   31 Jan 2013 
Total net assets                                        GBP3.89 m     GBP3.90 m 
 
Net asset value per Ordinary Share                          80.5p         80.8p 
Cumulative dividends per Ordinary Share since                9.0p          9.0p 
launch 
Total return per Ordinary Share*                            89.5p         89.8p 
Mid-market price per Ordinary Share                         85.0p         85.0p 
 
Net asset value per 'A' Share                                0.1p          0.1p 
Cumulative dividends per 'A' Share since launch               - p           - p 
Total return per 'A' Share *                                 0.1p          0.1p 
Mid-market price per 'A' Share                               0.1p          0.1p 
 
  * NAV plus cumulative dividends paid since launch 
  Dividend 
 
 
   On 28 May 2013, the Company announced a final dividend of 3p per 
Ordinary Share which will be subject to approval by Shareholders at the 
Annual General Meeting of the Company on 17 July 2013. The dividend will, 
subject to this approval, be paid on 24 July 2013 to Ordinary 
Shareholders on the register as at 12 July 2013. 
 
 
 
   Investment update 
 
 
 
   At 30 April 2013, the portfolio consisted of 5 unquoted investments at a 
cost and valuation of GBP2.25m and cash and liquidity funds of GBP1.67m. 
 
 
 
 
   Investment portfolio summary as at 30 April 2013 
 
 
 
 
                                      Cost   Valuation 
                                    GBP'000   GBP'000 
 
Cross Solar PV Limited                  600        600 
Long Eaton Healthcare Limited           400        400 
Eagle-i Music Limited                   200        200 
Fjordnet Limited                        550        550 
Campden Media Limited                   500        500 
Total venture capital investments     2,250      2,250 
 
Liquidity funds                         554        554 
Cash at bank and in hand              1,117      1,117 
 
Total                                 3,921      3,921 
 
 
 
 
   All venture capital investments are unquoted. 
 
 
 
   Investment activity 
 
 
 
   On 21 February 2013, the Company completed a VCT qualifying investment 
of GBP550,000, in a combination of equity and loan notes, into Fjordnet 
Limited. Fjordnet Limited was subsequently acquired by Accenture 
Holdings B.V., a subsidiary of Accenture (NYSE: ACN) on 22 May 2013. 
This resulted in the full repayment of the loan notes and generated a 
small profit for the Company. 
 
   On 23 April 2013, the Company provided a working capital facility of 
GBP500,000, made up of equity and loan notes, to Campden Media Limited, 
a magazine publisher and event organiser. 
 
   Otherwise there have been no additions or disposals of investments 
between 1 February 2013 and 30 April 2013 or from 1 May 2013 to the date 
of publication of this statement. 
 
 
 
   Changes to share capital 
 
   There have been no changes to the share capital during the period from 1 
February 2013 to 30 April 2013 or from 1 May 2013 to the date of 
publication of this statement. 
 
 
 
   Material events 
 
   Other than the matters described above, there were no material events 
during the period from 1 February 2013 to 30 April 2013 or from 1 May 
2013 to the date of publication of this statement. 
 
 
 
   Further information 
 
   Further information regarding the Company, can be found on Beringea's 
dedicated VCT website: www.provenvcts.co.uk or by contacting Beringea, 
the Investment Manager on [e-mail] or by telephone 020 
7845 7820. 
 
   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#1710510