Proven VCT plc Proven Vct Plc : Interim Management Statement

 
TIDMPVN 
 
 
   ProVen VCT plc 
 
   Interim Management Statement 
 
   for the three months ended 31 May 2016 
 
   ProVen VCT plc (the "Company") presents an Interim Management Statement 
for the three month period ended 31 May 2016. The statement also 
includes relevant financial information between the end of the period 
and the date of this announcement. 
 
   Performance 
 
 
 
 
 
 
                                    Unaudited    Audited 
                                      31 May    29 February 
                                       2016        2016 
                                      Pence       Pence 
Net Asset Value per share ("NAV")       103.1         100.7 
Dividends paid to date*                  20.0          20.0 
NAV plus dividends paid to date         123.1         120.7 
 
 
 
 
   *Dividends paid represent dividends paid since the consolidation of 5p 
Ordinary Shares into 10p Ordinary Shares in October 2012. Prior to this 
date, the Company paid dividends totalling 113.95p on the 5p Ordinary 
Shares. 
 
   Dividends paid or declared 
 
   On 1 June 2016, the Company announced a final dividend for the year 
ended 29 February 2016 of 4.0p per share. Having received approval at 
the Annual General Meeting of the Company on 5 July 2016, the dividend 
will be paid on 15 July 2016 to shareholders on the register at 17 June 
2016. 
 
   Investment portfolio summary at 31 May 2016 
 
   Portfolio summary 
 
 
 
 
                                             Valuation 
Venture capital investments                   GBP'000 
 
Watchfinder.co.uk Limited                        5,880 
Monmouth Holdings Limited                        3,917 
Pulpitum Limited                                 3,888 
MyOptique Group Limited                          3,723 
Litchfield Media Limited                         3,497 
Monica Vinader Limited                           3,468 
Cogora Group Limited                             3,253 
Perfect Channel Limited                          3,009 
Think Limited                                    2,738 
MEL Topco Limited (t/a Maplin Electronics)       2,621 
Other investments                               27,713 
                                                63,707 
Cash at bank                                    40,594 
Total                                          104,301 
 
 
 
 
   Quoted investments are valued at the closing bid price at 31 May 2016, 
discounted where appropriate. Unquoted investments are valued at fair 
values established using the International Private Equity and Venture 
Capital Valuation Guidelines. 
 
   Investment activity during the three month period ended 31 May 2016 
 
 
 
 
                               GBP'000 
Thread Inc.                        880 
InContext Solutions, Inc.          400 
Big Data Partnership Limited       186 
Other investments                    2 
                                 1,468 
 
 
 
 
   Investment disposals 
 
 
 
 
                                                            Gain     Realised 
                              Market            Disposal   against     gain 
               Cost    value at 1 March 2016    proceeds    cost     in period 
             GBP'000         GBP'000           GBP'000    GBP'000    GBP'000 
Speciality 
 European 
 Pharma 
 Limited       2,052                   2,052       2,052         -           - 
Celoxica 
 Limited          65                      65          65         -           - 
Linkdex 
 Limited          45                      45          45         -           - 
Peerius 
 Limited          33                      33          33         -           - 
               2,195                   2,195       2,195         -           - 
 
 
 
 
   Investment activity from 1 June 2016 to the date of this announcement 
 
   Investment additions 
 
 
 
 
                     GBP'000 
Poq Studio Limited     1,125 
                       1,125 
 
 
 
 
   Investment disposals 
 
 
 
 
                                                              Gain    Realised 
                                Market            Disposal   against   gain in 
                 Cost    Value at 1 March 2016    proceeds    cost     period 
               GBP'000         GBP'000           GBP'000    GBP'000   GBP'000 
Celoxica 
 Limited            44                      44          44         -         - 
Linkdex 
 Limited            48                      48          48         -         - 
Conversity 
 Limited            85                       -          85         -        85 
                   177                      92         177         -        85 
 
 
 
 
 
 
 
 
 
                                                          Ordinary 
                                                           Shares 
Changes to share capital                                 of 10p each 
As at 1 March 2016                                        65,473,795 
Shares bought back during the 3 months to 31 May 2016              - 
Shares issued during the 3 months to 31 May 2016          32,867,383 
As at 31 May 2016                                         98,341,178 
 
 
 
 
   In the period from 1 June 2016 to the date of this announcement, 98,793 
Ordinary Shares were repurchased and subsequently cancelled. 
 
   Material events 
 
   Other than the matters described above, there were no material events 
during the period from 1 March 2016 to 31 May 2016 or in the period from 
1 June 2016 to the date of this announcement. 
 
   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. 
 
   Beringea LLP 
 
   Company Secretary 
 
   Telephone [phone] 
 
   -End 
 
   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 VCT plc via Globenewswire 
 
   HUG#2028291 
 
 
 
 

(END) Dow Jones Newswires

July 13, 2016 11:43 ET (15:43 GMT)

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