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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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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 |
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0 | 0 | N/A | 0 |
TIDMPPE PROVEN PLANNED EXIT VCT PLC ANNUAL FINANCIAL REPORT PERIOD ENDED 31 JANUARY 2012 Financial summary Ordinary Shares 31 January 2012 Net asset value per share ("NAV") 88.7p Dividends paid since launch 3.0p Total return (NAV plus dividends paid since launch) 91.7p Mid market share price 97.0p A Shares 31 January 2012 Net asset value per share ("NAV") 0.1p Dividends paid since launch - Total return (NAV plus dividends paid since launch) 0.1p Mid market share price 0.1p Chairman's Statement Introduction I have pleasure in presenting the first annual report for ProVen Planned Exit VCT plc ("the Company") to shareholders. The report actually covers the period from the Company's launch on 2 August 2010 to 31 January 2012, although the Company first issued new shares to shareholders on 28 March 2011. The period under review has been one of considerable uncertainty in the financial markets and the economy as a whole and so the Company's funds have been kept predominantly in high quality cash deposits and money market funds, consistent with our objective of being a lower risk VCT. The Investment Manager has reviewed a significant number of potential transactions during the period but has been very selective in which ones it has invested. At the period end two investments had been made and a further GBP1 million was invested in two qualifying investments subsequent to the period end. Original share offer The Company launched an offer for subscription ("the Offer") on 2 November 2010. The Offer closed on 16 September 2011 having raised gross funds from investors of GBP4.7 million. The Company issued a total of 4,818,235 Ordinary Shares and 7,227,352 'A' Shares under the Offer which produced net proceeds, after issue costs, of GBP4.6 million. Shareholders who subscribed under the Offer were issued equal numbers of Ordinary and 'A' shares. In accordance with terms of the Offer, the Investment Manager was allotted 2.4 million 'A' Shares. The 'A' Shares are expected to have a net asset value of 0.1p per share for the initial years of the Company's life and this will only change if, and when, a certain level of return has been made to the Ordinary Shareholders. Results The loss on activities after taxation was GBP131,000, comprising a revenue loss of GBP85,000 and a capital loss of GBP46,000. The net asset value total return, comprising net asset value and dividends paid, was 91.7p per Ordinary Share and 0.1p per 'A' Share. Dividends In accordance with the terms of the Offer, the Directors intend that the Company pays two dividends per year of 3p each, subject to the availability of sufficient cash reserves and distributable reserves. The Company paid an interim dividend for the period ended 31 January 2012 of 3p per Ordinary Share on 21 December 2011 to Ordinary Shareholders on the register as at 9 December 2011. The Company is proposing a final dividend for the period ended 31 January 2012 of 3p per Ordinary Share which will be subject to approval by Shareholders at the Annual General Meeting of the Company on 30 May 2012. The dividend will, subject to this approval be paid on 6 June 2012 to Ordinary Shareholders on the register as at 25 May 2012. Portfolio activity and valuation At 31 January 2012, the Company's venture capital investment portfolio comprised two venture capital investments at a cost and valuation of GBP450,000. In addition, the Company held cash and liquidity funds of GBP3.9 million. Subsequent to the period end, the Company has completed two new VCT qualifying investments totalling GBP1 million. Further detail on our portfolio activity is provided in the Investment Manager's Review. Share buybacks The Directors intend that, in the five years following the first allotment of shares, the Company will operate a policy of buying back its own shares for cancellation at a zero discount to net asset value. It should be noted, however, that a disposal of VCT shares within five years from allotment may result in the loss of the initial income tax relief. Given the intended life of the Company, it is not intended that any shares will be bought back after the 5(th) anniversary of the first allotment of shares. No shares were purchased by the Company during the period. Cancellation of share premium account On 19 October 2011, the Company cancelled its share premium account created on the issue of shares and created a special distributable reserve. This special reserve can be used by the Company for the cancellation of its shares, and other corporate purposes including the payment of dividends. Annual general meeting The first AGM of the Company will be held at 39 Earlham Street, London WC2H 9LT at 9.30 am on 30 May 2012. I would also like to take this opportunity to draw your attention to the Investment Manager's annual shareholder presentation which, as last year, is expected to be held in central London in November. This event provides shareholders with an opportunity to meet the Investment Manager and, additionally, to hear directly from some of the portfolio companies and to meet other VCT shareholders. Further details of the event will be communicated to shareholders in the autumn. The Board welcomes the opportunity to meet shareholders at this event, outside of the more formal business of the AGM, and I would encourage you to attend if at all possible. The Board is always pleased to hear comments from shareholders outside of the AGM and shareholder event and can be contacted through the Company's registered office at 39 Earlham Street, London WC2H 9LT. Outlook The Company was established last year against a backdrop of economic uncertainty and turmoil with a view to seeking out lower risk opportunities that had, prior to the financial crisis, been funded by more traditional lenders. I am pleased to report that the flow of suitable investment opportunities to the Investment Manager has accelerated and your board is optimistic that further opportunities will continue to be forthcoming as a result of the banks and traditional lenders continuing to deleverage their balance sheets. Whilst it is still early in the cycle, the Board remains optimistic about the prospects for the Company. Peter L R Hewitt Chairman Investment Manager's Review Introduction We have pleasure in presenting our report for ProVen Planned Exit VCT plc ("the Company" or "PPE") for the period through to 31 January 2012. Beringea LLP is a specialist venture capital management company which traces its origins back over 25 years. It currently manages over GBP90 million of VCT funds through four VCTs and has managed VCTs since their inception in 1996. This experience, together with the current economic environment, creates interesting and potentially larger investment opportunities which may not be available to a smaller standalone VCT. Against a backdrop of challenging economic and investment conditions, the Company made two investments totalling GBP450,000 in non-qualifying venture capital companies during the period ended 31 January 2012. Subsequent to the period end, the Company has completed two new VCT qualifying investments totalling GBP1 million. Investment activity and portfolio valuation At 31 January 2012, the Company's venture capital investment portfolio comprised two non-VCT qualifying investments with a cost and valuation of GBP450,000. In addition, the Company held cash and liquidity funds of GBP3.9 million. In December 2011, the Company provided a working capital facility of GBP250,000 to Campden Media, a magazine publisher and event organiser. The Beringea managed VCTs first invested in Campden Media in 2006 through ProVen VCT and ProVen Growth and Income VCT and we therefore have over six years experience of working with the management of the company. The GBP250,000 loan was repaid in March 2012 but a further facility is currently under consideration. The loan facility provided an attractive yield relative to the interest rates available on cash alternatives. In January 2012, the Company provided funding of GBP200,000 in the form of GBP33,000 of equity shares and GBP167,000 of loan notes to Eagle-i Music Limited, a subsidiary of Eagle Rock Entertainment Group Limited, as part of a total funding round of GBP1 million by the Company and ProVen Growth and Income VCT plc. Eagle Rock is a leading independent producer, publisher and distributor of music programming. The Beringea managed VCTs first invested in Eagle Rock in April 2007 and have now invested a total of GBP3 million in the Group including the recent investment. The latest investment provides funding for a new publishing division, dedicated to owning and collecting royalties associated with publishing rights in the music entertainment industry. The investment has been structured to provide an attractive yield, security against the assets of the Company and a redemption premium on the loan that covers the equity investment. Whilst these investments are modest, they demonstrate the attractiveness of the Company of being part of a stable of other VCTs. The Company has gained exposure to businesses which are well known to us and about which we are very knowledgeable through our investment experience. Post period end portfolio activity In February 2012, the Company completed a VCT qualifying investment of GBP600,000 through a combination of equity and loan notes into Cross Solar Limited. This is a new solar installation company which takes advantage of the Government backed feed-in-tariffs available on small scale solar installations. These provide guaranteed income for 25 years, providing an element of income security for the company and its investors. In April 2012, the Company made a VCT qualifying investment of GBP400,000 through a combination of equity and loan notes into Long Eaton Healthcare Limited ("LEH") which will provide pharmacy services in an existing health centre in Long Eaton, near Nottingham. The pharmacy will be managed by APM Healthcare, trading as Community Pharmacies ("CP"), an existing investment of the Beringea managed VCTs. CP is set to revolutionise convenience pharmacy, operating at the heart of primary care in partnership with GP practices. It encourages operating freedom for local pharmacies to meet customer needs whilst providing strong head office support and expertise. CP has already established 5 pharmacies and has a number of developments in the pipeline. The LEH investment provides PPE with an attractive yield on the loan and is secured over LEH's assets. Outlook In the period to the date of this review, we have made good progress towards our goal of meeting the investment targets under the VCT legislation. The Company has until 31 January 2014 to invest, broadly, 70% of the funds raised from the initial fundraising after adjusting for net expenses and distributions. The reluctance of banks to provide lending to businesses is providing opportunities for alternative funders such as VCTs. In addition, the existing portfolios of the Beringea managed VCTs have provided attractive opportunities which would not be available to other VCTs. We will continue to be selective about the opportunities in which we invest with the aim of building up an attractive and robust portfolio to deliver the targeted returns to investors. Beringea LLP Investment Portfolio as at 31 January 2012 The following investments were held at 31 January 2012: Cost Valuation Valuation movement in % of portfolio GBP'000 GBP'000 year by value GBP'000 Venture capital investments =------------------------------------------------------------------------------ Campden Media Limited* 250 250 - 5.7% =------------------------------------------------------------------------------ Eagle-i Music Limited** 200 200 - 4.6% =------------------------------------------------------------------------------ 450 450 - 10.3% =------------------------------------------------------------------------------ Other venture capital - - - 0.0% investments =------------------------------------------------------------------------------ Total venture capital 450 450 - 10.3% investments =------------------------------------------------------------------------------ HSBC liquidity fund 380 8.8% =------------------------------------------------------------------------------ Cash at bank and in hand 3,523 80.9% =------------------------------------------------------------------------------ =------------------------------------------------------------------------------ Total investments 4,353 100.0% =------------------------------------------------------------------------------ All venture capital investments are unquoted unless otherwise stated. * Campden Media Limited is also held by ProVen VCT plc and ProVen Growth and Income VCT plc. ** Eagle-i Music Limited is also held by ProVen Growth and Income VCT plc. ProVen VCT plc and ProVen Growth and Income VCT plc also hold an investment in Eagle Rock Entertainment Group Limited which is a significant shareholder in Eagle-i Music Limited. The relationship between the VCTs managed by Beringea is covered by a co- investment agreement. All venture capital investments held at the period end are registered in England and Wales. Directors' Responsibilities Statement The Directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations. Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable laws). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs and profit or loss of the company for that period. In preparing these financial statements, the Directors are required to: * select suitable accounting policies and then apply them consistently; * make judgments and accounting estimates that are reasonable and prudent; * state whether UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; * prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as each of the Directors is aware: * there is no relevant audit information of which the company's auditor is unaware; and * the Directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Directors' statement pursuant to the Disclosure and Transparency Rules Each of the Directors confirms that, to the best of his or her knowledge: * the financial statements, which have been prepared in accordance with United Kingdom Generally Accepted Accounting Practice, give a true and fair view of the assets, liabilities, financial position and loss of the Company; and * the management report contained in the Chairman's Statement, Investment Manager's Review and Report of the Directors includes a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that it faces. By Order of the Board Beringea LLP Secretary of ProVen Planned Exit VCT plc Company number: 07333086 Registered Office: 39 Earlham Street London WC2H 9LT Income Statement for the period ended 31 January 2012 Period ended 31 January 2012 Revenue Capital Total GBP'000 GBP'000 GBP'000 Income 13 - 13 Investment management fees (12) (37) (49) Other expenses (86) (9) (95) ----------------------------- Return on ordinary activities before tax (85) (46) (131) Tax on ordinary activities - - - ----------------------------- Return attributable to equity (131) shareholders (85) (46) ----------------------------- Basic and diluted return per share: Ordinary Share (1.9p) (1.0p) (2.9p) ----------------------------- 'A' Share - - - ----------------------------- All revenue and capital items in the above statement derive from continuing operations. The total column within the Income Statement represents the profit and loss account of the Company. Reconciliation of Movements in Shareholders' Funds for the period ended 31 January 2012 Period ended 31 January 2012 GBP'000 Opening shareholders' funds - Proceeds from share issues 4,714 Share issue costs (157) Total recognised return for the period (131) Dividends (145) -------- Closing shareholders' funds 4,281 -------- Balance Sheet as at 31 January 2012 2012 GBP'000 Fixed assets Investments 450 -------- Current assets Debtors 10 Investments 380 Cash at bank and in hand 3,523 -------- 3,913 Creditors: amounts falling due within one year (82) -------- Net current assets 3,831 -------- -------- Net assets 4,281 -------- Capital and reserves Called up Ordinary Share capital 5 Called up 'A' Share capital 7 Share premium account - Special reserve 4,400 Capital reserve - realised (46) Revenue reserve (85) -------- Total equity shareholders' funds 4,281 -------- Basic and diluted net asset value per share Ordinary Share 88.7p -------- 'A' Share 0.1p -------- Cash Flow Statement for the period ended 31 January 2012 Period ended 31 January 2012 GBP'000 Net cash outflow from operating activities (59) -------- Capital expenditure Purchase of investments (450) -------- Net cash outflow from capital expenditure (450) -------- Equity dividends paid (145) -------- Management of liquid resources Purchase of current investments held as liquidity (500) funds Withdrawal from liquidity funds 120 -------- Net cash outflow from liquid resources (380) -------- Net cash ouflow before financing (1,034) -------- Financing Proceeds from Ordinary Share issue 4,707 Proceeds from 'A' Share issue 7 Proceeds from Preference Share issue 50 Redemption of Preference Shares (50) Share issue costs (157) -------- Net cash inflow from financing 4,557 -------- Increase in cash 3,523 -------- Notes to the Accounts for the period ended 31 January 2012 1. Accounting policies Basis of accounting The Company has prepared its financial statements under UK Generally Accepted Accounting Practice ("UK GAAP") and in accordance with the Statement of Recommended Practice "Financial Statements of Investment Trust Companies and Venture Capital Trusts" revised January 2009 ("SORP"). The financial statements are prepared under the historical cost convention except for certain financial instruments measured at fair value. The Company implements new Financial Reporting Standards ("FRS") issued by the Accounting Standards Board when required. Presentation of Income Statement In accordance with the SORP, supplementary information which analyses the Income Statement between items of a revenue and capital nature has been presented alongside the Income Statement. The net revenue is the measure the Directors believe appropriate in assessing the Company's compliance with certain requirements set out in S274 of the Income Tax Act 2007. Fixed assets investments Investments, including equity and loan stock, are designated as "fair value through profit or loss" assets due to investments being managed and performance evaluated on a fair value basis. A financial asset is designated within this category if it is both acquired and managed, with a view to selling after a period of time, in accordance with the Company's documented investment policy. The fair value of an investment upon acquisition is deemed to be cost. Thereafter investments are measured at fair value in accordance with International Private Equity and Venture Capital Valuation Guidelines ("IPEVCVG") issued in September 2009 together with FRS26. The valuation methodologies used by the Directors for assessing the fair value of unquoted investments are as follows: * investments are usually retained at cost for an appropriate period following investment, except where a company's performance against plan is significantly below the expectations on which the investment was made in which case a provision against cost is made as appropriate; * where a company is in the early stage of development it will normally continue to be held at cost, reviewed for impairment on the basis described above; * where a company is well established after an appropriate period, the investment may be valued by applying a suitable earnings or revenue multiple to that company's maintainable earnings or revenue. The multiple used is based on comparable listed companies or a sector but discounted to reflect factors such as the different sizes of the comparable businesses, different growth rates and the lack of marketability of unquoted shares; * where a value is indicated by a material arms-length transaction by a third party in the shares of the company, the valuation will normally be based on this, reviewed for impairment as appropriate; and * where alternative methods of valuation, such as net assets of the business or the discounted cash flows arising from the business are more appropriate, then such methods may be used. The methodology applied takes account of the nature, facts and circumstances of the individual investment and uses reasonable data, market inputs, assumptions and estimates in order to ascertain fair value. Methodologies are applied consistently from year to year except where a change results in a better estimate of fair value. Where an investee company has gone into receivership or liquidation, or there is little likelihood of a recovery from a company in administration, the loss on the investment, although not physically disposed of, is treated as being realised. Gains and losses arising from changes in fair value are included in the Income Statement for the year as a capital item. It is not the Company's policy to exercise either significant or controlling influence over investee companies. Therefore the results of these companies are not incorporated into the Income Statement except to the extent of any dividends or interest accrued. This is in accordance with the SORP that does not require portfolio investments to be accounted for using the equity method of accounting. Current assets investments Current asset investments, which comprise investments in liquidity funds with AAA rating, are held at fair value through profit and loss and are marked-to- market. Liquidity funds are mutual funds that invest in high quality short-term money market instruments enabling investors to access a highly diversified and liquid portfolio. These assets are purchased and redeemed under a contract and the assets are recognised and derecognised on the trade date. These assets are initially measured at cost and subsequently valued at fair value, being the closing price of the fund as issued by the provider. Income Dividend income from investments is recognised when the shareholder's right to receive payment has been established, normally the ex dividend date. Interest income is accrued on a time apportioned basis, by reference to the principal outstanding and at the effective interest rate applicable and only where there is reasonable certainty of collection. Expenses All expenses are accounted for on an accruals basis. In respect of the analysis between revenue and capital items presented within the Income Statement, all expenses have been presented as revenue items except as follows: * expenses which are incidental to the acquisition of an investment are deducted from the Capital Account; * expenses which are incidental to the disposal of an investment are deducted from the disposal proceeds of the investment; and * expenses are split and presented partly as capital items where a connection with the maintenance or enhancement of the value of the investments held can be demonstrated and accordingly the investment management fee has been allocated 25% to revenue and 75% to capital, in order to reflect the Directors' expected long-term view of the nature of the investment returns of the Company. Taxation The tax effects on different items in the Income Statement are allocated between capital and revenue on the same basis as the particular item to which they relate, using the Company's effective rate of tax for the accounting period. Due to the Company's status as a Venture Capital Trust and the continued intention to meet the conditions required to comply with S274 of the Income Tax Act 2007, no provision for taxation is required in respect of any realised or unrealised appreciation of the Company's investments which arises. Deferred taxation is provided in full on timing differences that result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax at a future date, as rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the accounts. Cash Cash, for the purposes of the cash flow statement, comprises cash in hand and deposits repayable on demand, less overdrafts payable on demand. Debtors The Company's debtors are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method. Liabilities The Company's financial liabilities are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method. Issue costs Issue costs in relation to share issues have been deducted from the share premium account. 2. Return per share Ordinary Shares 'A' Shares Return per share based on: Net return after taxation for the financial (85) - period --------------------------- Weighted average number of shares in 4,552,965 5,625,410 issue --------------------------- Capital return per share based on: Net capital return for the financial period (46) - ( GBP'000) --------------------------- Weighted average number of shares in 4,552,965 5,625,410 issue --------------------------- As the Company has not issued any convertible securities or share options, there is no dilutive effect on the return per Ordinary or 'A' Share. The return per share disclosed therefore represents both basic and diluted return per Ordinary and 'A' Share. 3. Net asset value per share 2012 Net asset value Shares in issue Pence per share GBP'000 Ordinary shares 4,818,237 88.7 4,274 'A' Shares 7,227,352 0.1 7 -------- Net assets 4,281 -------- The Directors allocate the assets and liabilities of the Company between the Ordinary Shares and 'A' Shares such that each share class has sufficient net assets to represent its dividend and return of capital rights. As the Company has not issued any convertible securities or share options, there is no dilutive effect on net asset per share. The net asset value per share disclosed therefore represents both basic and diluted net asset value per share. 4. Principal financial risks The Company's investment activities expose the Company to a number of risks associated with financial instruments and the sectors in which the Company invests. The principal financial risks arising from the Company's operations are: * market risks; * credit risk; and * liquidity risk. The Board regularly reviews these risks and the policies in place for managing them. There have been no significant changes to the nature of the risks that the Company is exposed to over the period and there have also been no significant changes to the policies for managing those risks during the period. The risk management policies used by the Company in respect of the principal financial risks and a review of the financial instruments held at the period end are provided below: Market risks As a VCT, the Company is exposed to market risks in the form of potential losses and gains that may arise on the investments it holds. The key market risk to which the Company is exposed is market price risk. The Company has undertaken sensitivity analysis on its financial instruments, split into the relevant component parts, taking into consideration the economic climate at the time of review in order to ascertain the appropriate risk allocation. Market price risk Market price risk arises from uncertainty about the future prices of financial instruments held in accordance with the Company's investment objectives. It represents the potential loss that the Company might suffer through changes in the fair value of unquoted investments. It is not the Company's policy to use derivative instruments to mitigate market risk, as the Board believes that the effectiveness of such instruments does not justify the cost involved. The sensitivity analysis below assumes that each of the sub categories of financial instruments (ordinary shares, preference shares, loan stocks and liquidity funds) held by the Company produces an overall movement of 20%. Shareholders should note that equal correlation between these sub categories is unlikely to be the case in reality, particularly in the case of loan stock instruments. This is because the loan stock instruments would not share in the impact of any increase in share prices to the same extent as the equity instruments, as the returns are set by reference to interest rates and premiums agreed at the time of the initial investment. Similarly, where share prices are falling, the equity instrument could fall in value before the loan stock instrument. It is not considered practical to assess the sensitivity of the loan stock instruments to market price risk in isolation. Sensitivity 2012-20% fall Risk exposure Impact on Impact on NAV net assets per Ordinary Share GBP'000 GBP'000 Pence Venture capital 450 (90) (1.9p) investments Liquidity fund 380 (76) (1.5p) ----------------------------------------------- 830 (166) (3.4p) ----------------------------------------------- Credit risk Credit risk is the risk that a counterparty to a financial instrument is unable to discharge a commitment made under that instrument. The Company is exposed to credit risk through its holdings of investments in liquidity funds, cash deposits and debtors. The Company's exposure to credit risk is summarised as follows: 2012 GBP'000 Investments in loan stock 417 Investments in liquidity funds 380 Cash and cash equivalents 3,523 Interest, dividends and other receivables 10 -------- 4,330 -------- Credit risk in respect of loan stock is managed with a similar approach as described under 'market risks' above. Credit risk in respect of the investment in liquidity funds is minimised by investing in AAA-rated funds. Cash is mainly held by HSBC Bank plc, Natwest Bank plc and Bank of Scotland Bank plc which are AA-, A and A rated financial institutions respectively. Consequently, the Directors consider that the risk profile associated with cash deposits is low. Liquidity risk Liquidity risk is the risk that the Company encounters difficulties in meeting obligations associated with its financial liabilities. As the Company only ever has a low level of creditors and no borrowings, the Board believes that the Company's exposure to liquidity risk is minimal, given the current large cash balance. 5. Post balance sheet events Two VCT qualifying investments totalling GBP1 million were made after the period end. An investment of GBP600,000 comprising GBP180,000 in ordinary shares and GBP420,000 in loan stock was made in Cross Solar Limited. An investment of GBP400,000 comprising GBP120,000 in ordinary shares and GBP280,000 in loan stock was made in Long Eaton Healthcare Limited. Announcement based on audited accounts The financial information set out in this announcement does not constitute the Company's statutory financial statements in accordance with section 434 Companies Act 2006 for the period ended 31 January 2012, but has been extracted from the statutory financial statements for the period ended 31 January 2012, which were approved by the Board of Directors on 27 April 2012 and will be delivered to the Registrar of Companies following the Company's Annual General Meeting. The Independent Auditor's Report on those financial statements was unqualified and did not contain any emphasis of matter nor statements under s 498(2) and (3) of the Companies Act 2006. The statutory accounts for the period ended 31 October 2011 have been delivered to the Registrar of Companies and received an Independent Auditors report which was unqualified and did not contain any emphasis of matter nor statements under S237(2) or (3) of the Companies Act 1985. A copy of the full annual report and financial statements for the period ended 31 January 2012 will be printed and posted to shareholders shortly. Copies will also be available to the public at the registered office of the Company at 39 Earlham Street, London, WC2H 9LT and will be available for download from www.provenvcts.co.uk. -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#1606995]
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