Proven Health VCT Proven Health Vct Plc : Interim Management Statement

 
TIDMNHF 
 
   ProVen Health 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 Health 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. 
 
   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 2013   31 Jan 2013 
Total net assets                                       GBP7.58 m     GBP7.65 m 
 
Net asset value per share                                  36.8p         37.1p 
Cumulative dividends per ordinary share since              18.5p         18.5p 
launch 
Total return per share*                                    55.3p         55.6p 
 
Mid-market share price                                     31.5p         34.5p 
 
 
   * NAV plus cumulative dividends paid since launch 
 
   Investment update 
 
   At 30 April 2013, the portfolio consisted of 13 unquoted companies at a 
valuation of GBP4.4 million. The Company also held cash and liquidity 
fund investments of GBP3.0 million and contingent consideration in 
respect of a former investment, Biovex, at a fair value of GBP120,000. 
 
   During the period, the Company made further investments of GBP64,000 
into Altacor Limited and GBP23,000 into Population Genetics Technologies 
Limited and sold its holdings in Sinclair IS Pharma plc and Vectura 
Group plc. 
 
   Investment portfolio summary as at 30 April 2013 (by value) 
 
 
 
 
                                               Cost   Valuation 
                                             GBP'000   GBP'000 
Top venture capital investments (by value) 
Polytherics Limited                              885      1,018 
APM Healthcare Limited                           850        893 
Altacor Limited                                1,084        879 
Digital Healthcare Limited                     1,010        384 
Inskin Media Limited                             320        320 
Cognolink Limited                                319        319 
Population Genetics Technologies Limited       1,229        318 
Skills Matter Limited                            159        159 
Utility Exchange Online Limited                  113        113 
                                               5,969      4,403 
 
Other venture capital investments              2,324          - 
Total venture capital investments              8,293      4,403 
 
Liquidity funds                                2,128      2,128 
Cash at bank and in hand                         894        894 
Contingent consideration at fair value             -        120 
 
Total                                         11,315      7,545 
 
 
   All investments are unquoted unless otherwise stated. 
 
   Investment activity 
 
   The Company made the following additions and disposals between 1 
February 2013 and 30 April 2013: 
 
   Additions 
 
 
 
 
                                            Cost 
                                           GBP'000 
 
Altacor Limited                                 64 
Population Genetics Technologies Limited        23 
                                                87 
 
 
 
 
   Disposals 
 
 
 
 
                    Market 
                     value 
                     at 1                 Profit/ 
                      Feb    Disposal      (loss)     Total realised gain/(loss) 
            Cost     2013    proceeds   against cost        current period 
           GBP'000  GBP'000  GBP'000      GBP'000              GBP'000 
 
Sinclair 
 IS 
 Pharma 
 plc           585      402       405          (180)                           3 
Vectura 
 Group 
 plc           250      446       442            192                         (4) 
               835      848       847             12                         (1) 
 
 
   There were no additions or disposals in the period from 1 May 2013 to 
the date of publication of this statement. 
 
   Changes to share capital 
 
 
 
 
                                      Ordinary shares of 1p each 
                                               Number    GBP'000 
As at 1 February 2013                        20,607,864      206 
Shares issued/(bought back and cancelled)             -        - 
As at 30 April 2013                          20,607,864      206 
 
 
 
   In the period from 1 May 2013 to the date of publication of this 
statement, there were no changes to the Company's issued share capital. 
 
   Outlook 
 
   The Board continues to look into the possibility of a potential merger 
with another VCT on the basis that this could provide opportunities for 
all shareholders. The Board expects to be able to announce the outcome 
of this process shortly but has decided that, in the meantime, it would 
be prudent to temporarily suspend the Company's share buyback policy and 
not to consider further dividend payments until the outcome is clear. 
 
   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 in the period 
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. 
 
   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#1710558