Proven Health VCT Proven Health VCT Plc : Interim Management Statement

 
TIDMNHF 
 
ProVen Health VCT plc 
Interim Management Statement for the 3 Months to 31 October 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 31 
October 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 
                                                      31 Oct 2012 31 Jul 2012 
 
 Total net assets                                          GBP8.20 m      GBP8.37 m 
 
 
 
 Net asset value per share                                  39.5p       39.9p 
 
 Cumulative dividends per ordinary share since launch       18.5p       18.5p 
 
 Total return per share*                                    58.0p       58.4p 
 
 
 
 Mid-market share price                                     35.5p       38.3p 
 
 
* NAV plus cumulative dividends paid since launch 
 
Investment update 
At 31 October 2012 the portfolio consisted of 12 companies primarily in the 
health sector and at different stages of development. Of these companies, 2 were 
quoted and 10 were unquoted. At 31 October 2012, 10.5% of the Company's 
investments by value were held in quoted companies and 53.1% were held in 
unquoted companies.  36.4% of the Company's investments were held in cash and 
liquidity funds. 
 
During the period, the Company completed its first non-health sector investment, 
a  GBP320,000 investment into Inskin Media Limited, as part of total funding of 
 GBP1.8 million from Beringea managed VCTs. Inskin Media is a UK based company that 
has developed a range of technologies for the rapidly growing area of online 
video advertising. The company has established itself as a significant player in 
the UK market by its ability to provide innovative technology formats which have 
been proven to drive higher yields for online media owners and strong returns 
for advertising campaigns. A further investment of  GBP77,000 was made into 
Population Genetics Technologies Limited to support continued development. 
 
Three further non-health sector investments were made after 31 October 2012. 
 GBP113,000 was invested into Utility Exchange Online Limited, which provides 
utility price comparison services for small businesses.  A  GBP319,000 investment 
was made into Cognolink Limited. Cognolink offers a broad range of "Expert 
Network" services to private equity firms, hedge funds, asset managers and large 
consulting businesses.  These services assist these clients in their primary 
research by facilitating consultations with industry experts via one-to-one 
phone calls, in-person meetings and interactive conference calls.  GBP159,000 was 
invested into Skills Matter Limited. Launched in 2003, Skills Matter helps their 
35,000 strong developer community learn and share skills to write better 
software. The new funding will be used to provide even more opportunities for 
its community to collaborate with the world's top technology experts including 
through expert talks, meet-ups and training courses. In addition, the company 
will now be able to offer work and collaboration space. All these investments 
were made alongside other VCTs managed by Beringea. 
 
Investment portfolio summary as at 31 October 2012 (by value) 
 
                                                 Cost   Valuation 
 
                                                 GBP'000        GBP'000 
 
  Top venture capital investments (by value) 
 
  Population Genetics Technologies Limited      1,206         980 
 
  Polytherics Limited                             885         885 
 
  APM Healthcare Limited                          850         850 
 
  Altacor Limited                               1,020         815 
 
  Sinclair IS Pharma plc *                        585         433 
 
  Vectura Group plc **                            250         422 
 
  Digital Healthcare Limited                    1,010         384 
 
  Inskin Media Limited                            320         320 
 
  Omni Dental Sciences Limited                    737         108 
                                             --------------------- 
                                                6,863       5,197 
                                             --------------------- 
 
 
  Other venture capital investments             1,646           - 
                                             --------------------- 
  Total venture capital investments             8,509       5,197 
                                             --------------------- 
 
 
  Liquidity funds                               2,678       2,678 
 
  Cash at bank and in hand                        300         300 
                                             --------------------- 
 
 
  Total                                        11,487       8,175 
                                             --------------------- 
 
*          Quoted on AIM 
**        Listed on the Main Market of the London Stock Exchange 
 
All investments are unquoted unless otherwise stated. 
 
Investment activity 
 
Additions 
The Company made the following additions between 1 August 2012 and 31 October 
2012: 
 
 
                                              Cost 
 
                                              GBP'000 
 
 
 
  Population Genetics Technologies Limited      77 
 
  Inskin Media Limited                         320 
                                           -------- 
                                               397 
                                           -------- 
 
 
 
In the period from 1 November 2012 to the date of publication of this statement, 
the Company made the following new investments: 
 
                                     Cost 
 
                                     GBP'000 
 
 
 
  Utility Exchange Online Limited     113 
 
  Cognolink Limited                   319 
 
  Skills Matter Limited               159 
                                  -------- 
                                      591 
                                  -------- 
 
 
 
 
Disposals 
There were no disposals between 1 August 2012 and 31 October 2012 or between 1 
November 2012 and the date of publication of this statement. 
 
Changes to share capital 
                             Ordinary shares of 1p each 
 
                                         Number    GBP'000 
 
  As at 1 August 2012                20,975,364     210 
 
  Shares bought back and cancelled    (243,000)     (2) 
                                   --------------------- 
  As at 31 October 2012              20,732,364     208 
                                   --------------------- 
 
 
In the period from 1 November 2012 to the date of publication of this statement, 
the Company purchased a further 33,500 shares for cancellation. 
 
On 14 November 2012, the Company cancelled its share premium account created on 
the issue of shares and created an additional special distributable reserve of 
 GBP9.6 million. This special reserve can be used by the Company for the 
cancellation of its shares and other corporate purposes, including the payment 
of dividends. 
 
 
Outlook 
In the period from 1 August 2012 to the date of publication of this statement, 
the Company has diversified its portfolio by adding four non-health sector 
investments, totaling  GBP911,000 or over 10% of the Company's net asset value. 
The Board is optimistic about the opportunities for further investments in the 
coming months. 
 
Material events 
Other than the matters described above, there were no material events during the 
period from 1 August 2012 to 31 October 2012 or in the period from 1 November 
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#1664997]