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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Proven | LSE:PPE | London | Ordinary Share | GB00B517XC78 | ORD SHS OF 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 10.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMPPE ProVen Planned Exit VCT plc Interim Management Statement 11 April 2011 to date In accordance with Rule 4.3 of the Disclosure and Transparency Rules of the UK Listing Authority, ProVen Planned Exit VCT plc ("the Company") presents an Interim Management Statement for the period from 11 April 2011, the date of the first admission to trading of the Company's ordinary and A shares, to date. During the period, the Company changed its accounting reference date from 31 August to 31 January. The first accounting period has been extended and will therefore cover the period from incorporation, 2 August 2010, to 31 January 2012. Financial Summary At 31 July 2011, the Company had net assets of GBP4.2 million. The net asset value per ordinary share was 93.9p and the net asset value per A share was 0.1p. Investment performance Net assets comprise mainly cash held on deposit. The majority of this cash, at least 70% as calculated under HMRC regulations, is awaiting investment in qualifying venture capital companies. No venture capital investments have been made in the short time since the allotment of the first shares but the investment manager is encouraged by the number of suitable investment opportunities and expects to make a number of investments in the coming months. Over time, the performance of the Company will become more closely linked to the value of the venture capital investments but in the shorter term is likely to be impacted by market rates of interest for relatively low risk cash and cash based investments. Fundraising The Company has to date received gross subscriptions from investors, prior to expenses, of GBP4.7 million, pursuant to an Offer for Subscription ("the Offer") that opened on 2 November 2010, of which GBP4.4 million has been allotted as 4,495,485 ordinary shares and 4,495,485 A shares. A further 2,247,742 A shares in relation to allotted shares are due for allotment to management and further allotments of A shares to management will be due on subsequent allotments to investors, on or before the closing of the Offer. The Offer closes on 15 September 2011. Material events and transactions The directors of the Company are not aware of any other significant events or transactions which have occurred up to the date of this statement which would have a material impact on the financial position of the Company. For further information, please contact the investment manager, Beringea LLP, on 020 7845 7820. -End 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 Planned Exit VCT plc via Thomson Reuters ONE [HUG#1513372]
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