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 2014 
 ProVen Planned Exit VCT plc (the "Company") presents 
 an interim management statement for the three month 
 period ended 31 October 2014. 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, and should not be relied on by any other 
 party or for any other purpose. 
 
 
   Performance summary 
 
 
 
 
                                                            As at         As at 
                                                      31 Oct 2014   31 Jul 2014 
Total net assets                                        GBP3.64 m     GBP3.70 m 
 
Net asset value per Ordinary Share                          75.4p         76.6p 
Cumulative dividends per Ordinary Share since               18.0p         18.0p 
launch 
Total return per Ordinary Share*                            93.4p         94.6p 
Mid-market price per Ordinary Share                         75.5p         75.5p 
 
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 26 September 2014, the Company announced the payment of an interim 
dividend for the year ended 31 January 2015 of 6p per Ordinary Share 
which was paid on 19 November 2014. This brings the total dividends paid 
since launch to 24p per Ordinary Share. 
 
   Investment update 
 
   At 31 October 2014, the portfolio consisted of 7 unquoted investments at 
a cost of GBP2.81m and a valuation of GBP2.87m, as well as cash and 
liquidity funds of GBP0.77m. 
 
   Investment portfolio summary as at 31 October 2014 
 
 
 
 
                                        Cost   Valuation 
                                      GBP'000   GBP'000 
 
 
  Cross Solar PV Limited                 600       623 
  Donatantonio Group Limited             550       550 
  SPC International Limited              530       530 
Cogora Group Limited                      500        500 
Long Eaton Healthcare Limited             400        435 
Eagle-i Music Limited                     200        200 
Blis Media Limited                         28         28 
Total venture capital investments       2,808      2,866 
 
 
Cash at bank and in hand                  770        770 
 
Total                                   3,578      3,636 
 
 
   All venture capital investments are unquoted. 
 
   Investment activity for the three month period ended 31 October 2014 
 
   In September, Blis Media Limited 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 Media Limited 
through its equity investment. 
 
   Investment activity from 1 November 2014 to the date of publication of 
this statement 
 
   Other than the matters described above , there have been no additions or 
disposals of investments between 1 August 2014 and 31 October 2014 or 
from 1 November 2014 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 2014 to 31 October 2014 or from 1 November 2014 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 2014 to 31 October 2014 or from 1 
November 2014 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 at [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#1881737