We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Proven Health | LSE:PHV | London | Ordinary Share | GB0030199391 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 28.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
Hot Features
Premium
TIDMNHF
ProVen Health VCT plc
Interim Management Statement for the 3 Months to 30 April 2012
In accordance with Rule 4.3 of the Disclosure Rules and Transparency Rules
("DTR") of the UK Listing Authority, ProVen Health VCT plc (the "Company")
presents an interim management statement for the three month period ended 30
April 2012. 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.
This interim management statement considers the future of the Company and, as
such, any forward-looking comments have been made by the Directors in good faith
based on the information available to them up to the time of their approval of
this statement. This statement should therefore be treated with due caution due
to the inherent uncertainties of the effects of both economic and business risk
factors in considering forward-looking information.
Performance summary
As at As at
30 Apr 2012 31 Jan 2012
Total net assets GBP9.09 m GBP8.49 m
Net asset value per share 42.6p 44.2p
Cumulative dividends per ordinary share since launch 18.5p 17.5p
Total return per share* 61.1p 61.7p
Mid-market share price 38.8p 37.5p
* NAV plus cumulative dividends paid since launch
On 9 March 2012, the Company paid an interim dividend of 1p per share for the
year ended 31 January 2012 to shareholders on the register at 24 February 2012.
Investment update
At 30 April 2012 the portfolio consisted of 11 companies diversified across the
health sector and at different stages of development. Of these companies, 2 were
quoted and 9 were unquoted. At 30 April 2012, 8.3% of the Company's investments
by value were held in quoted companies and 44.9% were held in unquoted
companies. 46.8% of the Company's investments were held in cash and liquidity
funds.
During the period, the Company received $134,000 ( GBP83,000) from the disposal of
its investment in Biovex Inc in March 2011. In March 2012, portfolio company
Altacor Limited received a significant investment from a French listed
healthcare company, NicOx SA. The investment gave NicOx the right to acquire the
entire issued share capital of Altacor which it subsequently declined. The
investment manager remains optimistic about the prospects for Altacor given its
product portfolio and the additional cash provided by the NicOx investment.
Investment portfolio summary as at 30 April 2012 (by value)
Valuation
at 30 April
Cost 2012
GBP'000 GBP'000
Top venture capital investments (by value)
Altacor Limited 1,020 1,164
Population Genetics Technologies Limited 1,129 904
Polytherics Limited 885 885
Digital Healthcare Limited 1,010 518
Sinclair IS Pharma plc * 585 413
APM Healthcare Limited 375 375
Vectura Group plc ** 250 338
Omni Dental Sciences Limited 737 247
------------------------
5,991 4,844
------------------------
Other venture capital investments 1,646 -
------------------------
Total venture capital investments 7,637 4,844
------------------------
Liquidity funds 2,998 2,998
Cash at bank and in hand 1,263 1,263
------------------------
Total 11,898 9,105
------------------------
* Quoted on AIM
** Listed on the Main Market of the London Stock Exchange
All investments are unquoted unless otherwise stated.
Investment activity
The Company made the following additions and disposals between 1 February 2012
and 30 April 2012:
Additions
Cost
GBP'000
Polytherics Limited 135
Long Eaton Healthcare Limited* -
--------
135
--------
*Founder shares at nominal value
The increase in the investment in Polytherics resulted from the merger of ProVen
Health VCT plc with Longbow Growth and Income VCT plc ("LGIV") on 16 March
2012. The Company also received GBP796,000 of cash from LGIV. The consideration
for the merger was satisfied by the issue of 2,150,872 new shares in ProVen
Health VCT plc to former LGIV shareholders.
In the period from 1 May 2012 to the date of publication of this statement, the
Company made a further investment of GBP475,000 into APM Healthcare Limited.
Disposals
Cost Market value Disposal Profit Total realised
at 1 Feb proceeds against cost gain/(loss)
2012 current period
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Biovex Inc - - 83 83 83
Omni Dental
Sciences
Limited 13 13 13 - -
----------------------------------------------------------------
13 13 96 83 83
----------------------------------------------------------------
There have been no disposals between 1 May 2012 and the date of publication of
this statement.
Changes to share capital
Ordinary shares of 1p each
Number GBP'000
As at 1 February 2012 19,183,664 191
Shares issued to former LGIV shareholders 2,150,872 22
Shares bought back and cancelled (2,830,316) (28)
Shares issued 2,840,144 28
----------------------
As at 30 April 2012 21,344,364 213
----------------------
Under the terms of an enhanced buyback outlined in a Circular to shareholders
dated 10 February 2012, the Company purchased 2,830,316 shares for cancellation
and issued 2,699,277 new shares in the Company between 5 April 2012 and 13 April
2012. Under the terms of the Company's dividend reinvestment scheme, 71,621 new
shares in the Company were issued on 15 March 2012, following the dividend paid
to shareholders on 9 March 2012. Under the terms of an offer for subscription,
the Company issued 69,246 new shares between 5 April 2012 and 13 April 2012. The
offer closed on 13 April 2012.
In the period from 1 May 2012 to the date of publication of this statement, the
Company purchased a further 291,000 shares for cancellation.
Outlook
At a general meeting of the Company held on 12 March 2012, shareholders approved
a change in the Company's investment policy to allow investments in a range of
sectors rather than to restrict investments to the health sector. In line with
this, the investment manager is currently reviewing a number of investment
opportunities outside the health sector, as well as continuing to pursue later
stage health sector opportunities, and anticipates completion of further
investments in the coming months.
Material events
Other than the matters described above, there were no material events during the
period from 1 February 2012 to 30 April 2012 or in the period from 1 May 2012 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
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 Health VCT Plc via Thomson Reuters ONE
[HUG#1620043]
1 Year Proven Health Chart |
1 Month Proven Health Chart |
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
