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 31 
 October 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 31 October 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 
                                                     31 Oct 2013   31 Jul 2013 
Total net assets                                       GBP3.90 m     GBP3.77 m 
 
Net asset value per Ordinary Share                         80.7p         78.1p 
Cumulative dividends per Ordinary Share since              12.0p         12.0p 
launch 
Total return per Ordinary Share*                           92.7p         90.1p 
Mid-market price per Ordinary Share                        76.5p         82.0p 
 
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 27 September 2013, the Company announced the payment of an interim 
dividend of 3p per Ordinary Share which was paid on 20 November 2013. 
This brings the total dividends paid since launch to 15p per Ordinary 
Share. 
 
   Investment update 
 
   At 31 October 2013, the portfolio consisted of 5 unquoted investments at 
a cost of GBP1.98m and a valuation of GBP2.08m, as well as cash and 
liquidity funds of GBP1.78m. 
 
 
 
 
   Investment portfolio summary as at 31 October 2013 
 
 
 
 
                                                    Cost   Valuation 
                                                  GBP'000   GBP'000 
 
Cross Solar PV Limited                                600        671 
Cogora Limited (formerly Campden Media Limited)       500        500 
Long Eaton Healthcare Limited                         400        435 
Blis Media Limited                                    275        275 
Eagle-i Music Limited                                 200        200 
Total venture capital investments                   1,975      2,081 
 
Liquidity funds                                       554        554 
Cash at bank and in hand                            1,222      1,222 
 
Total                                               3,751      3,857 
 
 
   All venture capital investments are unquoted. 
 
   Investment activity for the three month period ended 31 October 2013 
 
   On 22 August 2013, the Company provided funding of GBP275,000, made up 
of equity and loan notes to support Blis Media Limited in its growth 
strategy. Blis Media Limited is a company that specialises in mobile 
marketing and advertising and has developed proprietary location based 
technologies which can facilitate more accurate customer targeting. 
 
   Investment activity from 1 November 2013 to the date of publication of 
this statement 
 
   On 13 November 2013, the Company invested GBP550,000 into Donatantonio 
Limited, an importer and distributor of Mediterranean foods. The funds 
provide Donatantonio Limited with working capital, to pursue further 
growth opportunities. 
 
   Otherwise there have been no additions or disposals of investments 
between 1 August 2013 and 31 October 2013 or from 1 November 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 
August 2013 to 31 October 2013 or from 1 November 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 August 2013 to 31 October 2013 or from 1 
November 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 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#1751269