Share Name Share Symbol Market Type Share ISIN Share Description
Proven Vct Plc LSE:PVN London Ordinary Share GB00B8GH9P84 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 74.00p 73.00p 75.00p 74.00p 74.00p 74.00p 0 01:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 0.4 -0.7 -0.6 - 111

Proven VCT plc Proven Vct Plc: Annual Financial Report

31/05/2019 9:53am

UK Regulatory (RNS & others)


 
TIDMPVN 
 
 
   ProVen VCT plc 
 
   Annual Financial Report 
 
   Year ended 28 February 2019 
 
   Financial summary 
 
 
 
 
                                                    28 February 2019  28 February 2018 
Ordinary Shares as at:                                    Pence             Pence 
Net asset value per share                                       82.2              99.7 
Dividends paid since launch                                    63.75              36.0 
Total return (net asset value plus dividends paid 
 since launch)                                                145.95             135.7 
Year on year change in: 
Net asset value per share (adjusted for dividends 
 paid in the year)                                             10.3%              2.7% 
 
   Chairman's Statement 
 
   As your new Chairman, I am pleased to present my first Annual Report for 
ProVen VCT plc (the "Company") for the year ended 28 February 2019. The 
Company has continued to identify a number of attractive investment 
opportunities, investing a total of GBP23.5 million in the year. It has 
also been an excellent year for realisations, with Chargemaster, Chess, 
Think and Watchfinder all being fully realised in the year. 
 
   Results for the year 
 
   Over the year, there was an increase in Shareholder total return (Net 
Asset Value ("NAV") per share plus dividends) of 10.3%. However, 
predominately as a result of the dividends paid in the year, the 
Company's NAV per share fell from 99.7p at 28 February 2018 to 82.2p at 
28 February 2019. The 17.5p reduction comprised dividend payments of 
27.75p and performance incentive accrual of 5.2p, offset by 15.45p of 
uplift arising largely from positive valuation movements. 
 
   The total return on ordinary activities for the year was GBP10.3 million, 
or 10.1p per share (2018: GBP2.9 million, 3.0p per share), comprising a 
revenue loss of GBP660,000, or 0.6p per share, (2018: revenue loss of 
GBP585,000, 0.6p per share) and a capital return of GBP11.0 million, or 
10.7p per share (2018: GBP3.5 million, 3.6p per share). 
 
   Dividends 
 
   During the year ended 28 February 2019, the Company paid a final 
dividend of 2.5p per share in respect of the year ended 28 February 2018 
on 20 July 2018. A special interim dividend of 25.25p per share was paid 
in respect of the year ended 28 February 2019 on 30 November 2018. 
 
   Your Board is proposing a final dividend for the year ended 28 February 
2019 of 2.5p per share to be paid on 19 July 2019 to Shareholders on the 
register at 21 June 2019. With total tax-free dividends of 27.75p per 
share for the year ended 28 February 2019, this represents a cash return 
of over 27% on the opening NAV per share at 1 March 2018, which is an 
exceptional dividend return and largely reflects the substantial profits 
crystallised on the realisations of Chargemaster and Watchfinder during 
the first half of the year. 
 
 
 
   Portfolio activity and valuation 
 
   The Company invested GBP14.0 million in five new portfolio companies and 
GBP9.5 million in ten existing portfolio companies during the year. 
 
   It was an exceptional year for disposals with the full disposals of 
Chargemaster, Chess, Think and Watchfinder all completed during the 
year. Aggregate proceeds of GBP43.5 million were generated from these 
four sales, contributing to the largest net gain against cost ever 
recognised by the Company in a single year of GBP31.1 million. 
 
   In addition to these disposals, the Company realised its holdings in 
Charterhouse Leisure and Conversity at an uplift on the carrying value 
at the previous year end but a loss against cost. The Company's holding 
in Perfect Channel was sold at a significant loss against cost after an 
extended period of underperformance. 
 
   Overall, the investment portfolio held at the year end increased in 
value by GBP213,000 (2018: GBP2.8 million), or 0.2p per share (2018: 
2.8p per share). Continued strong performance of Zoovu (formerly Smart 
Assistant), Deepcrawl and Contact Engine contributed significantly to 
the net uplift but there were also valuation uplifts for Blis and 
Sealskinz. These gains were offset by reductions in valuation for 
WhistleSports, Cogora and Monica Vinader. 
 
   Further details of investment activity and investments held are provided 
in the Investment Manager's Review. 
 
   Fundraising activities 
 
   The Company launched a combined offer for subscription with ProVen 
Growth and Income VCT plc on 11 January 2019 to raise up to a total of 
GBP30 million per company, with an over-allotment facility of GBP10 
million per company. At the date of this report the full GBP40 million 
of gross applications had been received and allotted by the Company 
under the combined offer. 
 
   Share buybacks 
 
   The Company has a policy of buying back shares that become available in 
the market at a discount of approximately 5% to the latest published net 
asset value, subject to the Company having sufficient liquidity. The 
Company retains Panmure Gordon to act as its corporate broker. 
Shareholders who are considering selling their shares may wish to 
contact Panmure Gordon, who will be able to provide details of the price 
at which the Company is buying shares. 
 
   During the year, the Company purchased 1,729,240 Ordinary Shares at an 
average price of 95.5p per share and for an aggregate consideration of 
GBP1,658,904. This represented 1.7% of the Company's issued share 
capital at the start of the year. All shares were subsequently 
cancelled. 
 
   A special resolution to allow the Board to continue to purchase shares 
for cancellation will be proposed at the forthcoming Annual General 
Meeting ("AGM"). 
 
   Performance Fee 
 
   The Company's performance incentive arrangements are an important aid 
for the Investment Manager in recruiting and retaining talented 
investment professionals against competition from other investment 
management companies. The performance fee structure is designed to align 
the interests of the Investment Manager with those of Shareholders and 
encourages capital growth as well as significant payments to 
Shareholders by means of tax-free dividends, as determined by the 
Directors. 
 
   Based on the NAV per share at 28 February 2019 before any performance 
fee accrual and cumulative dividends paid up to this date, a maximum 
performance fee of GBP5.5 million is payable in relation to certain 
vintage fundraisings for which the performance hurdles have been 
achieved. However, the performance fee structure contains certain 
restrictions to ensure that the hurdles continue to be met after the 
payment of a performance fee and to encourage the payment of tax-free 
dividends. After applying these restrictions, a performance fee of 
GBP5.4 million is payable to Beringea LLP at 28 February 2019. An 
accrual for this amount has been included within the accounts and is 
therefore reflected in the NAV per share. 
 
   The significant performance fee for the year ended 28 February 2019 
arises as a result of the continued strong performance of the Company, 
driven in part by the significant realised gains achieved over recent 
years. This has enabled the Company to return a total of GBP43.8 million 
to Shareholders by way of dividends over the past three financial years. 
These significant dividends, together with the net uplift in portfolio 
valuations, have resulted in an average Shareholder total return of over 
8% over the past three years. 
 
   The payment of a performance fee in future years and the amount thereof, 
if any, will be dependent on both the performance of the Company and the 
level of dividends paid to Shareholders, as determined by the Directors. 
 
   Board 
 
   Your previous Chairman, Andew Davison, retired from the Board after last 
year's AGM on 11 July 2018. Andrew had served as a director of the 
Company since its inception in 2000, and his stewardship has played a 
significant part in the Company's success. Apart from Andrew's 
retirement and my appointment as Chairman in his place, there have been 
no other changes to the Board during the year. 
 
   Annual General Meeting 
 
   The next AGM of the Company will be held in the Forest Room at The 
Hospital Club, 24 Endell Street, London, WC2H 9HQ at 1.30 p.m. on 
Wednesday 3 July 2019. 
 
   Three items of special business will be proposed at the AGM. There are 
two resolutions giving the Directors authority to allot shares, to 
enable the Company to raise additional funds, if required, and one 
resolution to allow the Company to continue to make share buy-backs as 
outlined above. 
 
   Shareholder event 
 
   The Company's annual shareholder event continues to be well received, 
providing Shareholders with an opportunity to meet with the Directors 
and members of the Investment Manager's team, as well as other 
Shareholders and portfolio companies. For your Board and Investment 
Manager it is an important opportunity to understand and discuss the 
views of the Company's Shareholders directly. 
 
   This year's event will take place on Wednesday 13 November 2019 at 10.00 
a.m. at The Institution of Engineering and Technology, 2 Savoy Place, 
London, WC2R 0BL. 
 
   A formal invitation will be sent in due course and I would very much 
encourage Shareholders to attend. 
 
   Outlook 
 
   The Company has been able to achieve a number of exceptional 
realisations as merger and acquisition activity has remained strong 
throughout the year. The Company also has a diversified portfolio of 
investments, many of which have the potential to grow significantly 
given the support of the Company. 
 
   After a number of changes to the VCT rules in recent years, it is 
encouraging that there have been few additional changes in the last 12 
months. However, the previous change to the minimum level of qualifying 
investments from 70% to 80%, which becomes effective for the Company on 
29 February 2020, is a challenge throughout the industry and the 
Investment Manager continues to work hard on identifying potential 
investment opportunities to ensure that this threshold will be achieved 
for the Company. 
 
   The ongoing delays to the UK's withdrawal from the EU and the continued 
uncertainty over the nature of Brexit means there remains a largely 
unquantifiable risk over whether the final outcome agreed with the EU 
will adversely impact the Company's portfolio companies. 
 
   Despite the uncertainty over Brexit and the economic climate generally, 
the Company is well placed with a well-diversified portfolio of over 40 
companies, together with significant funds raised after the year end to 
expand this portfolio. Your Board remains confident about the prospects 
of the Company going forward. 
 
   Neal Ransome 
 
   Chairman 
 
   Investment Manager's Review 
 
   Introduction 
 
   We have pleasure in presenting our annual review for the year ended 28 
February 2019. During the year, a total of GBP14.0 million was invested 
in five new portfolio companies and GBP9.5 million in ten existing 
portfolio companies. 
 
   The year also saw an exceptional level of realisations, with aggregate 
realisation proceeds of GBP44.4 million (2018: GBP12.6 million) and a 
record level of realised gains against initial cost of GBP31.1 million 
(2018: GBP7.1 million). 
 
   At 28 February 2019, the Company's venture capital portfolio comprised 
42 investments at a cost of GBP69.1 million and a valuation of GBP71.1 
million, an overall uplift of 2.9% on cost. 
 
   The net cash outflow for the year was GBP8.8 million. However, after the 
year end, the Company allotted an additional GBP40 million of gross 
applications under the combined offer for subscription with ProVen 
Growth and Income VCT plc which launched on 11 January 2019 meaning that 
the Company remains well capitalised to take advantage of new investment 
opportunities. 
 
   Investment activity 
 
   New investments 
 
   We continued to experience a strong level of deal flow, with GBP14.0 
million being invested during the year in five new portfolio companies. 
 
   The largest new investment for the Company was the investment in Mycs 
(GBP3.6 million), a Berlin based online retailer for customisable 
furniture, which was completed in May 2018 and was discussed in the 
Company's previous annual report. 
 
   In December 2018, GBP3.5 million was invested into Access Systems Inc. 
(t/a AccessPay) as part of one of the largest ever investments in a 
fintech company in the North of England. AccessPay provides software to 
automate payments and cash management solutions for corporate clients. 
The investment is being used to expand the company's sales and marketing 
reach in the UK and internationally as well as to further improve 
functionality of the company's software. 
 
   The Company invested GBP3.2 million in Festicket in October 2018. 
Festicket is an online platform that packages together festival tickets 
with travel, accommodation and add-ons to provide complete festival 
experiences that can be booked in one place. The Company's investment 
was part of a larger $10.5 million investment round that will be used to 
expand into North America and Asia as the company focuses on becoming 
the number one global live events platform. 
 
   Other new investments were made in Exonar, a leading data discovery and 
management software firm (GBP2.5 million), and Aistemos, a software 
company that uses artificial intelligence for intellectual property 
analytics (GBP1.2 million). 
 
   Follow-on investments 
 
   The Company has also been active in supporting the development of 
existing portfolio companies, making follow-on investments in ten 
companies during the year. 
 
   The largest of the follow-on investments was in My 1st Years (GBP2.6 
million) with the investment being used to enable the company to 
continue its expansion into the US. This brings the Company's total 
investment in My 1st Years to GBP4.7 million. 
 
   In November 2018, the Company invested GBP2.2 million in Zoovu (formerly 
Smart Assistant). Zoovu has shown impressive growth since the Company's 
initial investment and the further investment is being used to expand 
the company's sales and marketing team. 
 
   Other follow-on investments were made in Deepcrawl (GBP1.4 million), Poq 
Studio (GBP902,000), Disposable Cubicle Curtains (t/a Hygenica) 
(GBP670,000), Firefly (GBP443,000), InContext (GBP442,000), MPB 
(GBP369,000), Perfect Channel (GBP367,000) and Thread (GBP105,000). 
 
   Investment disposals 
 
   The Company achieved a number of successful realisations during the year 
with the full disposals of Chargemaster, Chess, Think and Watchfinder 
generating a combined realised gain of GBP34.6 million on the original 
investment cost. 
 
   Watchfinder, initially funded by the Company in 2014, has grown 
significantly during the Company's holding period and on 1 June 2018, 
Richemont Holdings UK Limited, a subsidiary of the Swiss luxury group 
Compagnie Financière Richemont SA, agreed to acquire 100% of the 
share capital of Watchfinder. The realised gain of GBP21.0 million is 
the largest gain achieved on a single disposal in the history of the 
Company and represents an annual rate of return on the Company's 
investment of over 75%. 
 
   Chargemaster has also grown significantly over recent years, driven by 
the increase in electric vehicle usage. In July 2018, the Company 
realised its investment in Chargemaster in full as part of an 
acquisition of Chargemaster by BP plc. Total proceeds of GBP7.6 million 
were generated from the disposal, representing a gain against cost of 
GBP5.2 million. 
 
   In November 2018, the Company sold its holding in Think to EPAM Systems, 
Inc., generating a realised gain against cost of GBP5.8 million. Ranked 
as one of the Top 100 Digital Agencies in the UK, Think has worked with 
a number of influential public and private clients including ASOS, BUPA 
and the UK Government's "GREAT Britain" campaign. The disposal delivered 
a total return of 3.1x the initial investment cost. 
 
   Chess has been a portfolio company for over 10 years and the Company has 
supported the company's expansion in both the UK and internationally 
over a number of funding rounds. In December 2018, AIM listed Cohort plc 
acquired Chess to expand its range of services and products. The 
disposal generated total proceeds of GBP3.6 million for the Company, 
equivalent to a gain of 3.5x the initial investment cost. 
 
   While the year has seen a number of significant realised gains for the 
Company, the disposal of Perfect Channel at a significant loss against 
cost is a reminder that investing in smaller, unquoted companies carries 
a certain level of risk. Perfect Channel's delay in converting a 
pipeline of prospects into orders put pressure on the company's cash and 
the Company decided to accept an offer and sold its holding in full for 
a loss against cost of GBP3.1 million. 
 
   Other disposals included the disposals of Charterhouse Leisure and 
Conversity, which were fully realised at a loss against cost but a 
slight uplift against the carrying value at the previous year end. An 
interim distribution in respect of the administration of Maplin of 
GBP335,000 was also received during the year. 
 
   Key developments at existing portfolio companies 
 
   Zoovu has grown significantly since the Company first invested in 2017, 
supported by a number of follow on funding rounds. The money raised has 
supported the company's successful expansion into the US, with the 
company now servicing a number of larger clients in the Americas. Over 
the course of the year the valuation of the Company's investment has 
increased by GBP1.7 million. 
 
   Blis has continued to perform well despite competition from other online 
advertisers and trading for the current year has been ahead of budget. 
This has resulted in an increase in valuation of GBP1.4 million and the 
Company's investment is now valued at 3.4x cost. 
 
   There have been some downward movements in the valuations in the 
portfolio, with valuation decreases for Cogora, due to a delay in 
closing orders for a number of larger projects, and Monica Vinader, due 
to slower than expected trading during the festive period. 
 
   Whistle Sports has expanded rapidly over recent years with a number of 
fundraising rounds, however, trading has not kept pace with the 
fundraising activity and increased competition from Facebook and Google 
in the online advertising space has put increasing pressure on revenues, 
resulting in a full write down of the Company's investment at the year 
end. 
 
   Overall, the investment portfolio held at the year end showed an 
increase in value of GBP0.2 million (2018: GBP2.8 million), or 0.2p per 
share (2018: 2.8p per share). 
 
   Post year-end developments 
 
   Between 28 February 2019 and the date of this report, the Company issued 
46,313,896 Ordinary Shares for an aggregate consideration of GBP40.0 
million under the combined offer for subscription with ProVen Growth and 
Income VCT plc which launched on 11 January 2019. Share issue costs 
thereon amounted to GBP1.4 million. 
 
   In April 2019, the Company invested GBP1.0 million in Fnatic, an eSports 
team owner and lifestyle brand, with professional teams in the most 
popular online games such as League of Legends, Dota 2 and Battlefield 
4. The money is being used to fund research and development into 
products and equipment as well as expand the company's team 
internationally. 
 
   Outlook 
 
   The year has seen a strong flow of both new investment prospects as well 
as opportunities to continue to support the development of existing 
portfolio companies. Competition for investments remains high, but we 
remain disciplined and will not invest in opportunities that we consider 
to be overpriced. 
 
   The disposals achieved in the year have driven the strong performance of 
the Company and follows on from the past few years where the exit 
environment has been supported by a high level of merger and acquisition 
activity. This trend is unlikely to continue forever, however, and we 
will continue to nurture the existing portfolio as well as find exciting 
new companies to fund using the money raised after the year end. The 
opening of a Beringea office in Manchester during the year has extended 
the reach of Beringea's investment team, opening up additional 
investment opportunities across the whole of the UK. 
 
   The ongoing uncertainty over Brexit continues to be a risk for the 
portfolio and the high valuations currently being observed in the market 
has the potential to adversely affect future performance. Nevertheless, 
we believe that the current portfolio is well diversified and we 
therefore remain optimistic about the prospects of the Company for the 
coming year. 
 
   Beringea LLP 
 
   Investment activity 
 
   Investment activity during the year is summarised as follows: 
 
 
 
 
Additions                                            Cost GBP'000 
 
Mycs GmbH                                                   3,551 
Access Systems, Inc.                                        3,500 
Festicket Ltd                                               3,248 
Infinity Reliance Limited (t/a My First Years)              2,576 
Exonar Limited                                              2,495 
Zoovu Limited (formerly Smart Assistant)                    2,177 
Written Byte Ltd (t/a Deepcrawl)                            1,400 
Aistemos Limited                                            1,223 
POQ Studio Ltd                                                902 
Disposable Cubicle Curtains Limited (t/a Hygenica)            670 
Firefly Learning Limited                                      443 
InContext Solutions, Inc.                                     442 
MPB Group Limited                                             369 
Perfect Channel Limited                                       367 
Thread, Inc.                                                  105 
Total                                                      23,468 
                                                     ------------ 
 
 
 
 
 
 
                                                      Realised 
                                                        gain/       Realised 
                           Market                      (loss)     gain/ (loss) 
                          value at      Disposal       against     during the 
Disposals       Cost**   01/03/18**     proceeds        cost          year 
               GBP'000     GBP000       GBP'000       GBP'000       GBP'000 
Watchfinder. 
 co.uk 
 Limited         2,629        10,228        23,652        21,023        13,424 
Think Limited    2,757         5,367         8,587         5,830         3,220 
Chargemaster 
 plc             2,421         5,604         7,613         5,192         2,009 
Chess 
 Technologies 
 Limited         1,045         4,236         3,605         2,560         (631) 
Perfect 
 Channel 
 Limited         3,527           930           424       (3,103)         (506) 
MEL Topco 
 Limited (t/a 
 Maplin)             -             -           335           335           335 
Charterhouse 
 Leisure 
 Limited           875             8            91         (784)            83 
MatsSoft 
 Limited             -             -            57            57            57 
Skills Matter 
 Limited*           15            15            15             -             - 
Conversity 
 Limited            28             -             4          (24)             4 
Total           13,297        26,388        44,383        31,086        17,995 
               -------  ------------  ------------  ------------  ------------ 
 
   *    Loan note repayment 
 
   **  Adjusted for additions in the year 
 
   Of the disposals above, MatsSoft Limited was realised in the prior year 
but proceeds were recognised in the current period in excess of the 
amounts previously accrued. 
 
   The proceeds received in respect of MEL Topco Limited (t/a Maplin) 
reflected an interim distribution in respect of the company's 
administration. 
 
   In addition to the above disposals, Steribottle Global Limited, which 
had a cost of GBP603,000 and a market value of GBPnil at 1 March 2018 
was dissolved in August 2018. No proceeds were received as part of the 
dissolution, however, the loss of GBP603,000 had already been recognised 
as realised in the prior period. 
 
   Investment Portfolio 
 
   as at 28 February 2019 
 
   The following investments were held at 28 February 2019: 
 
 
 
 
 
 
                                             Valuation      % of portfolio by 
                      Cost    Valuation  movement in year         value 
                     GBP'000   GBP'000        GBP'000 
Venture capital 
investments (by 
value) 
Infinity Reliance 
 Limited (t/a My 
 1st Years)            4,731      6,221              (328)                6.8% 
Poq Studio Ltd         3,152      5,402                  -                5.9% 
Zoovu Limited 
 (formerly Smart 
 Assistant)            3,487      5,158              1,672                5.7% 
Litchfield Media 
 Limited*              3,580      4,199                720                4.6% 
Rapid Charge Grid 
 Limited*              4,200      4,062                299                4.5% 
Mycs GmbH              3,551      3,551                  -                3.9% 
Access Systems, 
 Inc.                  3,500      3,500                  -                3.8% 
Monica Vinader 
 Limited**               534      3,317            (1,372)                3.6% 
Festicket Ltd          3,248      3,248                  -                3.6% 
InContext 
 Solutions, Inc.       2,804      2,905                293                3.2% 
Blis Media 
 Limited**               841      2,857              1,386                3.1% 
Thread, Inc.           2,751      2,783              (125)                3.1% 
Exonar Limited         2,496      2,496                  -                2.7% 
Written Byte Ltd 
 (t/a DeepCrawl)       1,888      2,274                387                2.5% 
MPB Group Limited      2,211      2,211                  -                2.4% 
Disposable Cubicle 
 Curtains Limited 
 (t/a Hygenica)**      2,871      2,194               (51)                2.4% 
Response Tap 
 Limited               1,060      1,821                244                2.0% 
Donatantonio Group 
 Limited               1,078      1,755                349                1.9% 
ContactEngine 
 Limited                 562      1,662                487                1.8% 
Monmouth Holdings 
 Limited***            1,500      1,308                (1)                1.4% 
Firefly Learning 
 Limited               1,202      1,254                 52                1.4% 
Aistemos Limited       1,223      1,223                  -                1.4% 
Sealskinz Holdings 
 Limited**               834      1,186                459                1.3% 
Cogora Group 
 Limited**             2,643      1,033            (1,261)                1.1% 
D30 Holdings Ltd**       956        904                100                1.1% 
Honeycomb.TV 
 Limited                 900        872               (28)                1.0% 
Been There Done 
 That Global 
 Limited                 553        553                  -                0.6% 
SPC International 
 Limited                  58        480               (51)                0.6% 
Simplestream 
 Limited**               191        197              (162)                0.2% 
Inskin Media 
 Limited                 365        186                  3                0.2% 
Senselogix Limited       986        174               (12)                0.2% 
Netcall plc              287        126               (87)                0.1% 
 
                      60,243     71,112              2,973               78.1% 
      Other venture 
            capital 
        investments    8,847         21            (2,760)                0.0% 
                     -------  ---------  -----------------  ------------------ 
      Total venture 
            capital 
        investments   69,090     71,133                213               78.1% 
Cash at bank and in 
 hand                            19,897                                  21.9% 
Total investments                91,030                                 100.0% 
                              --------- 
 
 
   Valuation movement in the year excludes the cost of investments made in 
the year. 
 
   Other venture capital investments at 28 February 2019 comprise: 
 
   7Digital Group plc**, Buckingham Gate Financial Services Limited, Lantum 
Limited, Macklin Holdings Limited*,***, MEL Topco Limited (t/a Maplin 
Electronics)*, Skills Matter Limited**, Utility Exchange Online Limited 
(t/a SwitchmyBusiness.com), Whistle Sports, Inc., TVPlayer Limited and 
Vigilant Applications Limited*. 
 
   *   Non qualifying investment 
 
   ** Partially non qualifying investment 
 
   *** Investee company 100% owned by the Company but not consolidated as 
held exclusively for resale as part of an investment portfolio. 
 
   With the exception of 7digital Group plc and Netcall plc which are 
quoted on AIM, all venture capital investments are unquoted. 
 
   All of the above investments, with the exception of Macklin Holdings 
Limited, Monmouth Holdings Limited and SPC International Limited were 
also held by ProVen Growth & Income VCT plc, of which Beringea LLP is 
the Investment Manager. 
 
   All venture capital investments are registered in England and Wales 
except for InContext Solutions, Inc., Whistle Sports, Inc. and Thread, 
Inc., which are Delaware registered corporations in the United States of 
America and Mycs GmbH, which is registered in Germany. 
 
   Strategic Report 
 
   The Directors present the Strategic Report for the year ended 28 
February 2019. The Board prepared this report in accordance with the 
Companies Act 2006 (Strategic Report and Directors' Reports) Regulations 
2013. 
 
   Principal objectives and strategy 
 
   The Company's investment objective is to achieve long-term returns 
greater than those available from investing 
 
   in a portfolio of quoted companies, by investing in: 
 
 
   -- a portfolio of carefully selected qualifying investments in small and 
      medium sized unquoted companies 
 
 
   with excellent growth prospects; and 
 
 
   -- a portfolio of non-qualifying investments permitted for liquidity 
      management purposes 
 
   within the conditions imposed on all VCTs and to minimise the risk of 
each investment and the portfolio as a 
 
   whole. 
 
   The Company has been approved by HM Revenue and Customs ("HMRC") as a 
Venture Capital Trust in accordance with Part 6 of the Income Tax Act 
2007, and in the opinion of the Directors the Company has conducted its 
affairs so as to enable it to continue to maintain approval. Approval 
for the year ended 28 February 2019 is subject to review should there be 
any subsequent enquiry under corporation tax self-assessment. 
 
   The Directors consider that the Company was not, at any time, up to the 
date of this report, a close company within the meaning of Section 414 
of the Income and Corporation Taxes Act 1988. 
 
   Business model 
 
   The business acts as an investment company, investing in a portfolio of 
carefully selected smaller companies. The Company operates as a Venture 
Capital Trust to ensure that its shareholders can benefit from tax 
reliefs available and has outsourced the portfolio management and 
administration duties. 
 
   Business review and developments 
 
   The Company began the year with GBP73.8 million of venture capital 
investments and ended with GBP71.1 million spread over a portfolio of 42 
companies. 37 of these investments with a value of GBP62.9 million were 
VCT qualifying (or part qualifying). 
 
   The profit on ordinary activities after taxation for the year was 
GBP10.3 million, comprising a revenue loss of GBP660,000 and a capital 
profit of GBP11.0 million. The Ongoing Charges ratio (excluding 
performance fees and recoverable VAT) as calculated in line with the AIC 
methodology is an Alternative Performance Measure used by the Board to 
monitor expenses. The Ongoing Charges ratio in respect of the year ended 
28 February 2019 was 3.1% (2018: 2.6%). 
 
   The Company's business review and developments during the year are 
reviewed further within the Chairman's Statement and Investment 
Manager's Review. 
 
   Investment policy 
 
   The Company's investment policy covers several areas as follows: 
 
   Qualifying investments 
 
   The Company seeks to make investments in VCT Qualifying companies with 
the following characteristics: 
 
 
   -- a strong, balanced and well-motivated management team with a proven track 
      record of achievement; 
 
   -- a defensible market position; 
 
   -- good growth potential; 
 
   -- an attractive entry price for the Company; and 
 
   -- a clearly identified route for a profitable realisation within a three to 
      four year period. 
 
 
   The Company invests in companies at various stages of development, 
including those requiring capital for expansion, but not in start-ups or 
management buy-outs or businesses seeking to use funding to acquire 
other businesses. Investments are spread across a range of different 
sectors. 
 
   Other investments 
 
   Funds not invested in qualifying investments may be invested in 
non-qualifying investments permitted for liquidity management purposes, 
which include cash, alternative investment funds ("AIFs") and UCITS 
which may be redeemed on no more than 7 days' notice, or ordinary shares 
or securities in a company that are acquired on a regulated market. 
 
   Borrowings 
 
   It is not the Company's intention to have any borrowings. The Company, 
does, however, have the ability to borrow a maximum amount equal to the 
nominal capital of the Company and its distributable and undistributable 
reserves. 
 
   Maximum exposures 
 
   No investment will constitute more than 15% of the Company's portfolio 
by value at the time of investment. 
 
   Listing Rules 
 
   In accordance with the Listing Rules: 
 
 
   1. the Company may not invest more than 10%, in aggregate, of the value of 
      the total assets of the Company at the time an investment is made in 
      other listed closed-ended investment funds except listed closed-ended 
      investment funds which have published investment policies which permit 
      them to invest no more than 15% of their total assets in other listed 
      closed-ended investment funds; 
 
   2. the Company must not conduct any trading activity which is significant in 
      the context of the Company; and 
 
   3. the Company must, at all times, invest and manage its assets in a way 
      which is consistent with its objective of spreading investment risk and 
      in accordance with its published investment policy set out in this 
      announcement. This investment policy is in line with Chapter 15 of the 
      Listing Rules and Part 6 Income Tax Act 2007. 
 
 
   Venture capital trust regulations 
 
   The Company has engaged Philip Hare & Associates LLP to advise it on 
compliance with VCT requirements, including evaluation of investment 
opportunities as appropriate and regular review of the portfolio. 
Although Philip Hare & Associates LLP works closely with the Investment 
Manager, they report directly to the Board. 
 
   Compliance with the main VCT regulations as at 28 February 2019 and for 
the year then ended is summarised as follows: 
 
 
 
 
     The Company holds at least 70 per cent. of its investments      Complied 
      in qualifying companies (as defined by Part 6 of the 
      Income Tax Act 2007) 
     At least 70 per cent. (in the case of funds raised              Complied 
      after 5 April 2011) of the Company's qualifying investments 
      (by value) are held in "eligible shares" -- ("eligible 
      shares" generally being ordinary share capital) 
     At least 10 per cent. of each investment in a qualifying        Complied 
      company is held in "eligible shares" (by cost at time 
      of investment) 
     No investment in a company constitutes more than 15             Complied 
      per cent. of the Company's portfolio (by value at 
      time of investment) 
     The Company's income for each financial year is derived         Complied 
      wholly or mainly from shares and securities 
     The Company distributes sufficient revenue dividends            Complied 
      to ensure that not more than 15 per cent. of the income 
      from shares and securities in any one year is retained 
      The Company has not made a prohibited payment to Shareholders  Complied 
       derived from an issue of shares since 6 April 2014 
                                                                     Complied 
       No investment made by the Company causes an investee 
       company to receive more than the permitted investment 
       from State Aid sources (including from VCTs) 
     Since 18 November 2015, the Company has not made an             Complied 
      investment in a company which exceeds the maximum 
      permitted age requirement 
     The funds invested by the Company in another company            Complied 
      since 18 November 2015 have not been used to make 
      a prohibited acquisition 
     Since 6 April 2016, the Company has not made a prohibited       Complied(1) 
      non-qualifying investment.(1) 
 
   (1)  As part of the Company's disposal of Think Limited, the Company 
received shares in Atom Bank plc. HMRC has agreed to allow the Company a 
period of time to dispose of these shares. 
 
   Borrowings 
 
   The Company has the ability to borrow a maximum amount equal to the 
nominal capital of the Company and its distributable and undistributable 
reserves, which, at 28 February 2019, was equal to GBP86.3 million 
(2018: GBP101.5 million).  There are no plans to utilise this facility 
at the current time. 
 
   Investment management and administration fees 
 
   Beringea LLP ("Beringea" or the "Investment Manager") provides 
investment management services to the Company for an annual fee of 2.0% 
of the net assets per annum. Beringea is also entitled to receive 
performance incentive fees as described below. The investment management 
agreement is terminable by either party at any time by one year's prior 
written notice.  The total fees relating to this service amounted to 
GBP7,659,000 (2018: GBP3,137,000), comprising a management fee of 
GBP2,045,000 (2018: GBP2,013,000) and performance incentive fees as 
described below of GBP5,614,000 (2018: GBP1,124,000). At the year- end, 
an amount of GBP5,592,000 (2018: GBP1,279,000) was outstanding. 
 
   The Board is satisfied with Beringea's approach and procedures in 
providing investment management services to the Company.  The Directors 
have therefore concluded that the continuing appointment of Beringea as 
Investment Manager remains in the best interests of Shareholders. 
 
   Throughout the year ended 28 February 2019 Beringea also provided 
administration services to the Company. In the year, total 
administration fees amount to GBP61,000 (2018: GBP59,000). An amount of 
GBP15,000 (2018: GBP15,000) remained outstanding at the year end. 
 
   The annual running costs (excluding any performance fees payable) of the 
Company are subject to a cap of 3.25% of the Company's net assets at the 
end of the year. Any running costs in excess of this are borne by 
Beringea. 
 
   Beringea also received arrangement fees in respect of investments made 
by the Company and other VCTs managed by Beringea totalling GBP361,000 
(2018: GBP256,000) and monitoring fees of GBP506,000 (2018: GBP675,000) 
during the year ended 28 February 2019. These fees are payable by the 
investee companies into which the Company invests and are not a direct 
liability or expense of the Company. 
 
   Performance incentive fees 
 
   Under the performance fee arrangements, the Investment Manager is 
entitled to receive a performance incentive fee in relation to each 
major fundraising (a "Respective Offer") if, at the end of a financial 
year, the relevant Respective Offer Performance Value exceeds the 
relevant Respective Offer Hurdle.  In this event the performance 
incentive fee per Respective Offer Share will be equal to 20 per cent of 
the amount by which each such Respective Offer Performance Value exceeds 
the relevant Respective Offer Initial Net Asset Value per Share, less 
the aggregate amount of any performance incentive fee per Respective 
Offer Share already paid in respect of that Respective Offer in relation 
to previous financial years starting after 29 February 2012 (which shall 
not include Residual PIF). 
 
   The Respective Offer Performance Value in respect of the relevant 
financial year end is the sum of (i) the audited net asset value per 
Ordinary Share or Equivalent Ordinary Share for a Respective Offer at 
that date, (ii) Respective Offer Cumulative Dividends, (iii) all 
performance fees per Ordinary Share or Equivalent Ordinary Share paid by 
the shareholders of the Respective Offer in relation to financial years 
starting after 29 February 2012, and (iv) any Residual PIF Adjustment 
where relating to that Respective Offer (whether relating to that or any 
previous financial year). 
 
   If at the end of a financial year, the relevant Respective Offer 
Performance Value is less than or equal to the Respective Offer Hurdle, 
no performance fee will be payable on such Respective Offers in respect 
of that financial year. 
 
   The performance fee per Respective Offer Share payable for a financial 
year will be reduced, if necessary, to ensure that i) the cumulative 
performance fee per Respective Offer Share payable to the Investment 
Manager in respect of a Respective Offer does not exceed 20 per cent. of 
the relevant Respective Offer Cumulative Dividends; and ii) the audited 
net asset value per Ordinary Share or Equivalent Ordinary Share at the 
relevant financial year end plus the relevant Respective Offer 
Cumulative Dividends plus any Residual PIF Adjustment relating to that 
Respective Offer is at least equal to the relevant Respective Offer 
Hurdle. 
 
   Performance fees for the year ended 28 February 2019 amounted to 
GBP5,447,000 (2018: GBP1,124,000), of which GBP5,447,000 (2018: 
GBP1,124,000) was outstanding at the year-end. 
 
   Residual PIF 
 
   In consideration of the Manager's performance in managing the Original 
Ordinary Share Portfolio, a performance incentive fee linked to the 
profit achieved on the future disposal of two investments from this 
portfolio, Espresso Group Limited and Think Limited, will be payable, 
known as the "Residual PIF". This performance incentive fee will be 
equal to 20% of the aggregate profit realised on the sale of Espresso 
Group Limited and Think Limited, subject to a maximum fee of GBP673,000 
(being 20% of the aggregate unrealised profit on these investments as at 
31 August 2011). An amount equal to GBP167,000 was paid to Beringea LLP 
in relation to the realised gain achieved on the disposal of Think 
Limited that completed during the year. No amount remained outstanding 
at the year end. 
 
   At the year end, a total of GBP642,000 had been paid in respect of the 
Residual PIF, there is therefore a maximum amount of GBP31,000 payable 
dependent on the earn-out in relation to the disposal of Think Limited. 
 
   Directors and senior management 
 
   The Company had four non-executive Directors at the year end, three of 
whom are male and one of whom is female. The Company has no employees 
and the same was true of the previous year. 
 
   Key performance indicators 
 
   At each Board meeting, the Directors consider a number of performance 
measures to assess the Company's success in meeting its objectives (as 
shown above). The Board believes the Company's key performance 
indicators are Net Asset Value total return (NAV plus cumulative 
dividends paid to date) and dividends per share. 
 
   Principal risks and uncertainties 
 
   The principal financial risks faced by the Company, which include market 
price risk, interest rate risk, credit risk and liquidity risk (being 
minimal), are summarised within note 4 of this announcement. 
 
   In addition to these risks, the Company, as a fully listed Company on 
the London Stock Exchange and as a Venture Capital Trust, operates in a 
complex regulatory environment and, therefore, also faces a number of 
non-financial principal risks.  A breach of the VCT Regulations could 
result in the loss of VCT status, the loss of tax reliefs currently 
available to Shareholders and the Company being subject to capital gains 
tax.  Serious breaches of other regulations, such as the Listing Rules 
of the Financial Conduct Authority and the Companies Act 2006, could 
lead to suspension from the Stock Exchange and damage to the Company's 
reputation. 
 
   The Company invests in small and immature businesses and there is a risk 
that the performance of these individual businesses negatively impacts 
the performance of the Company. The Investment Manager follows a 
rigorous process in vetting and careful structuring of new investments 
and, after an investment is made, close monitoring of the businesses. 
 
   The Board reviews and agrees policies for managing each of these risks. 
The Directors receive reports annually from the Investment Manager on 
the compliance of systems to manage these risks, and place reliance on 
the Investment Manager to give updates in the intervening periods. These 
policies have remained unchanged since the beginning of the financial 
year. 
 
   Viability statement 
 
   The Board has assessed the Company's prospects over the three year 
period to 28 February 2022. A three year period has been considered 
appropriate as it broadly aligns with the time frame during which the 
Investment Manager will be required to invest 80% of the funds from the 
most recent offer for subscription in qualifying investments. 
 
   In order to support this statement, the Board has carried out a robust 
assessment of the principal risks faced by the Company, as detailed 
above, and considered the availability of mitigating factors. 
 
   The Board consider that the primary risk faced by the Company is 
compliance with the VCT rules and although there are a number of 
mitigating factors such as a robust deal identification and diligence 
process, an experienced investment team and consultation with the 
Company's VCT status adviser to ensure that investments made comply with 
the VCT rules, these factors cannot mitigate the risk that insufficient 
qualifying investments are identified to ensure ongoing compliance with 
the VCT rules. 
 
   Accordingly, the amount required to invest in qualifying holdings to 
maintain compliance with the VCT rules was a major consideration in the 
Board's analysis. Together with the expected liabilities of the Company 
for the three years to 28 February 2022, the Board considered the 
forecast cash requirements against the expected cash position, taking 
into account a level of assumed investment realisations and investment 
income during the period. 
 
   Based on the above considerations, the Board has determined that the 
Company will be able to continue in operation, maintain compliance with 
the VCT rules and meet its liabilities as they fall due for the three 
years to 28 February 2022. 
 
   Directors' remuneration 
 
   It is a requirement under Companies Act 2006 for shareholders to approve 
the Directors' remuneration policy every three years, or sooner if the 
Company wishes to make changes to the policy. 
 
   Greenhouse emissions 
 
   Whilst as a UK quoted company the VCT is required to report on its 
Greenhouse Gas (GHG) Emissions, as it outsources all of its activities 
and does not have any physical assets, property, employees or operations, 
it is not responsible for any direct emissions. 
 
   Environmental, social and human rights policy 
 
   The Board seeks to conduct the Company's affairs responsibly. Where 
appropriate, the Board and Investment Manager take environmental, social 
and human rights factors into consideration when selecting new 
investments. 
 
   Future prospects 
 
   The Company's future prospects are set out in the Chairman's Statement 
and Investment Manager's Review. 
 
   The Directors do not foresee any major changes in the activity 
undertaken by the Company in the coming year. The Company continues with 
its objective to invest in unquoted companies throughout the United 
Kingdom or with a presence in the United Kingdom, with a view to 
providing both capital growth and dividend income to Shareholders over 
the long term whilst maintaining VCT qualifying status. 
 
   Beringea LLP 
 
   Company Secretary of ProVen VCT plc 
 
   Directors' responsibilities statement 
 
   The Board considers that the Annual Report and Accounts, taken as a 
whole, are fair, balanced and understandable and that they provide the 
information necessary for Shareholders to assess the Company's 
performance, business model and strategy. 
 
   The Directors are responsible for preparing the Directors' Report, the 
Directors' Remuneration Report, Strategic Report and the financial 
statements in accordance with applicable law and regulations. They are 
also responsible for ensuring that the Annual Report and Accounts 
includes information required by the Listing Rules of the Financial 
Conduct Authority. 
 
   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 law).  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 of the Company and of 
the 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 applicable UK accounting standards have been followed, 
      subject to any material departures disclosed and explained in the 
      financial statements; and 
 
   -- 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, to 
disclose with reasonable accuracy at any time the financial position of 
the Company and to enable them to ensure that the financial statements 
comply with the requirements of 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. 
 
   Directors' responsibilities pursuant to the Disclosure and Transparency 
Rule 4 
 
   Each of the Directors confirms that to the best of each person's 
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 profit or 
      loss of the Company; and 
 
   -- the Directors' Report, Chairman's Statement, Strategic Report, Investment 
      Manager's Review and Review of Investments include 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. 
 
 
   Statement as to disclosure of information to the Auditor 
 
   The Directors in office at the date of the report have confirmed, as far 
as they are aware, that there is no relevant audit information of which 
the Auditor is unaware. Each of the Directors have confirmed that they 
have taken all the steps that they ought to have taken as Directors in 
order to make themselves aware of any relevant audit information and to 
establish that it has been communicated to the Auditor. This 
confirmation is given and should be interpreted in accordance with the 
provisions of section 418 of the Companies Act 2006. 
 
   Income Statement 
 
   for the year ended 28 February 2019 
 
 
 
 
                  Year ended 28 February 2019   Year ended 28 February 2018 
                  Revenue   Capital    Total    Revenue   Capital    Total 
                  GBP'000   GBP'000   GBP'000   GBP'000   GBP'000   GBP'000 
Income                 405         -       405       528         -       528 
Realised gains 
 on investments          -    17,995    17,995         -     3,359     3,359 
Unrealised gains 
 on investments          -       213       213         -     2,828     2,828 
                  --------  --------  --------  --------  --------  -------- 
                       405    18,208    18,613       528     6,187     6,715 
 
Investment 
 management 
 fees                (511)   (1,534)   (2,045)     (503)   (1,510)   (2,013) 
Performance 
 incentive fees          -   (5,614)   (5,614)         -   (1,124)   (1,124) 
Other expenses       (554)      (54)     (608)     (610)      (28)     (638) 
                  --------  --------  --------  --------  --------  -------- 
 
Return/(loss) on 
 ordinary 
 activities 
 before tax          (660)    11,006    10,346     (585)     3,525     2,940 
 
Tax on ordinary 
activities               -         -         -         -         -         - 
                  --------  --------  --------  --------  --------  -------- 
 Return/(loss) 
 attributable 
 to equity 
 shareholders        (660)    11,006    10,346     (585)     3,525     2,940 
                                                --------  --------  -------- 
 
 
Basic and 
 diluted 
 return/(loss) 
 per share          (0.6p)     10.7p     10.1p    (0.6p)      3.6p      3.0p 
 
 
   All revenue and capital movements in the year relate to continuing 
operations. No operations were acquired or discontinued during the year. 
The total column within the Income Statement represents the Income 
Statement of the Company, prepared in accordance with the accounting 
policies detailed in note 1 of this announcement. The supplementary 
revenue and capital columns are presented for information purposes in 
accordance with the Statement of Recommended Practice issued by the 
Association of Investment Companies. 
 
   A Statement of Comprehensive Income has not been prepared as all gains 
and losses are recognised in the Income Statement in the current and 
prior year as shown. 
 
   Statement of Changes in Equity 
 
   for the year ended 28 February 2019 
 
   Year ended 28 February 2019 
 
 
 
 
                 Called 
                   up      Capital              Share                 Capital 
                  share   redemption  Special  Premium   Revaluation  reserve-  Revenue 
                 capital   reserve    reserve  reserve     reserve    realised  reserve    Total 
                 GBP'000   GBP'000    GBP'000  GBP'000     GBP'000    GBP'000   GBP'000   GBP'000 
                --------  ----------  -------  --------  -----------  --------  -------  -------- 
    At 1 March 
          2018    10,187       3,837    5,469    52,786       19,677    10,583  (1,008)   101,531 
                --------  ----------  -------  --------  -----------  --------  -------  -------- 
  Issue of new 
        shares       490           -        -     3,683            -         -        -     4,173 
Share buybacks     (173)         173  (1,659)         -            -         -        -   (1,659) 
         Total 
 comprehensive 
        income         -           -        -         -          213    10,793    (660)    10,346 
   Transfer of 
    previously 
    unrealised 
     gains now 
      realised         -           -        -         -     (13,091)    13,091        -         - 
  Cancellation 
      of share 
       premium 
       account         -           -   53,102  (53,102)            -         -        -         - 
  Cancellation 
    of capital 
    redemption 
       reserve         -     (3,908)    3,908         -            -         -        -         - 
Dividends paid         -           -        -         -            -  (28,055)        -  (28,055) 
At 28 February 
          2019    10,504         102   60,820     3,367        6,799     6,412  (1,668)    86,336 
                --------  ----------  -------  --------  -----------  --------  -------  -------- 
 
 
   Year ended 28 February 2018 
 
 
 
 
                 Called 
                   up      Capital              Share                Capital 
                  share   redemption  Special  Premium  Revaluation  reserve-  Revenue 
                 capital   reserve    reserve  reserve    reserve    realised  reserve    Total 
                 GBP'000   GBP'000    GBP'000  GBP'000    GBP'000    GBP'000   GBP'000   GBP'000 
                --------  ----------  -------  -------  -----------  --------  -------  -------- 
    At 1 March 
          2017     9,856       3,653   16,666   48,252       16,329    10,406    (423)   104,739 
                --------  ----------  -------  -------  -----------  --------  -------  -------- 
  Issue of new 
        shares       515           -        -    4,534            -         -        -     5,049 
Share buybacks     (184)         184  (1,767)                     -         -        -   (1,767) 
   Share issue 
         costs         -           -    (129)        -            -         -        -     (129) 
         Total 
 comprehensive 
        income         -           -        -        -        2,828       697    (585)     2,940 
   Transfer of 
    previously 
    unrealised 
     gains now 
      realised         -           -        -        -      (3,790)     3,790        -         - 
      Realised 
     losses on 
   investments 
    still held         -           -        -        -        4,310   (4,310)        -         - 
Dividends paid         -           -  (9,301)        -            -         -        -   (9,301) 
At 28 February 
          2018    10,187       3,837    5,469   52,786       19,677    10,583  (1,008)   101,531 
                --------  ----------  -------  -------  -----------  --------  -------  -------- 
 
 
   The special reserve, capital reserve -- realised and revenue reserve are 
all distributable reserves. Reserves available for distribution 
therefore amount to GBP65,564,000 (2018: GBP15,044,000). 
 
   During the year the Company repurchased 1,729,240 shares (2018: 
1,842,278) with a nominal value of GBP173,000 (2018: GBP184,000). All 
shares were subsequently cancelled. 
 
   The composition of each of these reserves is explained below: 
 
   Called up share capital - The nominal value of shares issued, increased 
for subsequent share issues either via an offer for subscription or the 
Company's dividend reinvestment scheme, or reduced due to shares bought 
back by the Company for cancellation. 
 
   Capital redemption reserve - The nominal value of shares bought back and 
cancelled. 
 
   Special reserve -- A distributable reserve which is used to fund shares 
bought back by the Company for cancellation and share issue costs on 
shares issued under an Offer for Subscription. Dividends that are 
classified as capital may be paid from this reserve. 
 
   Share premium reserve - This reserve contains the excess of gross 
proceeds over the nominal value of shares allotted under offers for 
subscription and the Company's dividend reinvestment scheme, to the 
extent that it has not been cancelled. 
 
   Revaluation reserve - Increases and decreases in the valuation of 
investments held at the year-end are accounted for in this reserve, 
except to the extent that the diminution is deemed permanent. 
 
   In accordance with stating all investments at fair value through profit 
and loss, all such movements through both revaluation and capital 
reserve -- realised are shown within the Income Statement for the year. 
 
   Capital reserve -- realised - The following are accounted for in this 
reserve: 
 
 
   -- Gains and losses on realisation of investments; 
 
   -- Permanent diminution in value of investments; 
 
   -- Transaction costs incurred in the acquisition of investments; 
 
   -- 75% of the investment manager's fee expense and 100% of any performance 
      incentive fee payable; and 
 
   -- Other capital expenses and charges. 
 
 
 
   Dividends that are classified as capital may be paid from this reserve. 
 
   Revenue reserve - Income and expenses that are revenue in nature are 
accounted for in this reserve together with the related tax effect, as 
well as dividends paid that are classified as revenue in nature. 
 
   Statement of Financial Position 
 
   as at 28 February 2019 
 
 
 
 
 
 
                                          28 February 2019  28 February 2018 
                                               Total             Total 
                                              GBP'000           GBP'000 
Fixed assets 
Investments                                         71,133            73,840 
                                          ----------------  ---------------- 
 
Current assets 
Debtors                                              1,478               574 
Cash at bank and in hand                            19,897            28,671 
                                          ----------------  ---------------- 
                                                    21,375            29,245 
Creditors: amounts falling due within 
 one year                                          (6,172)           (1,554) 
                                          ----------------  ---------------- 
Net current assets                                  15,203            27,691 
                                          ----------------  ---------------- 
Total assets less current liabilities               86,336           101,531 
                                          ----------------  ---------------- 
 
Capital and reserves 
Called up share capital                             10,504            10,187 
Capital redemption reserve                             102             3,837 
Special reserve                                     60,820             5,469 
Share premium reserve                                3,367            52,786 
Revaluation reserve                                  6,799            19,677 
Capital reserve -- realised                          6,412            10,583 
Revenue reserve                                    (1,668)           (1,008) 
                                          ----------------  ---------------- 
Total equity shareholders' funds                    86,336           101,531 
                                          ----------------  ---------------- 
Basic and diluted net asset value per                82.2p             99.7p 
 share 
 
 
   Statement of Cash Flows 
 
   for the year ended 28 February 2019 
 
 
 
 
 
 
                           Year ended 28 February    Year ended 28 February 
                                    2019                      2018 
                                    Total                    Total 
                                   GBP'000                  GBP'000 
Net cash used in 
 operating activities                      (3,584)                   (2,944) 
 
Cash flows from 
investing activities 
Purchase of investments                   (23,468)                   (7,710) 
Sale of investments                         43,578                    12,239 
                           -----------------------  ------------------------ 
Net cash from investing 
 activities                                 20,110                     4,529 
                           -----------------------  ------------------------ 
 
Cash flows from 
financing activities 
Proceeds from share 
 issues                                          -                     3,757 
Share issue costs                                -                     (129) 
Purchase of own shares                     (1,417)                   (1,742) 
Share capital to be 
issued                                           -                         - 
Equity dividends paid                     (23,883)                   (8,010) 
Net cash used in 
 financing                                (25,300)                   (6,124) 
                           -----------------------  ------------------------ 
 
Decrease in cash and cash 
 equivalents                               (8,774)                   (4,539) 
                           -----------------------  ------------------------ 
 
 
   'Net cash used in operating activities' includes interest received of 
GBP305,000 (2018: GBP472,000) and dividends received of GBPnil (2018: 
GBP88,000). No interest was paid during the period. 
 
   Notes to the Announcement 
 
   for the year ended 28 February 2019 
 
   1.         Accounting policies 
 
   Basis of preparation 
 
   The Company has prepared its financial statements under Financial 
Reporting Standard 102 ("FRS102") and in accordance with the Statement 
of Recommended Practice 'Financial Statements of Investment Trust 
Companies and Venture Capital Trusts' (the "SORP") issued by the 
Association of Investment Companies ("AIC"), which was revised in 
February 2018. 
 
   The financial statements are prepared under the historical cost 
convention except for the revaluation of certain financial instruments 
measured at fair value. 
 
   The following accounting policies have been applied consistently 
throughout the period. 
 
   Going concern 
 
   The Directors have, at the time of approving the financial statements, a 
reasonable expectation that the Company has adequate resources to 
continue in operational existence for the foreseeable future. Thus they 
continue to adopt the going concern basis of accounting in preparing the 
financial statements. 
 
   Presentation of Income Statement 
 
   In order to better reflect the activities of an investment company and, 
in accordance with guidance issued by the AIC, supplementary information 
which analyses the Income Statement between items of a revenue and 
capital nature has been presented alongside the Income Statement. The 
revenue return attributable to equity shareholders is the measure the 
Directors believe appropriate in assessing the Company's compliance with 
certain requirements set out in Part 6 of the Income Tax Act 2007. 
 
   Investments 
 
   Investments, including equity and loan stock, are recognised at their 
trade date and measured at "fair value through profit or loss" 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 
("IPEV Guidelines") issued in December 2015, together with sections 11 
and 12 of FRS102. 
 
   Publicly traded investments are measured using bid prices in accordance 
with the IPEV Guidelines. 
 
   Key judgements and estimates 
 
   The valuation methodologies used by the Directors for estimating the 
fair value of unquoted investments are as follows: 
 
   --          investments are usually retained at cost for twelve months 
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 as the best estimate of fair value, 
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; 
 
   --          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; and 
 
   --          where repayment of the equity is not probable, redemption 
premiums will be recognised. 
 
   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 
the loss in value below cost is considered to be permanent, 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. 
 
   All investee companies are held as part of an investment portfolio and 
measured at fair value. Therefore, it is not the policy for investee 
companies to be consolidated and any gains or losses arising from 
changes in fair value are included in the Income Statement for the 
period as a capital item. 
 
   Gains and losses arising from changes in fair value are included in the 
Income Statement for the year as a capital item and transaction costs on 
acquisition or disposal of the investment are expensed. 
 
   Investments are derecognised when the contractual rights to the cash 
flows from the asset expire or the Company transfers the asset and 
substantially all the risks and rewards of ownership of the asset to 
another entity. 
 
   Fair value 
 
   Fair value is defined as the amount for which an asset could be 
exchanged between knowledgeable, willing parties in an arm's length 
transaction. The Company has categorised its financial instruments that 
are measured subsequent to initial recognition at fair value, using the 
fair value hierarchy as follows: 
 
   Level 1: The unadjusted quoted price in an active market for identical 
assets or liabilities that the entity can access at the measurement 
date. 
 
   Level 2: Inputs other than quoted prices included within Level 1 that 
are observable (i.e., developed using market data) for the asset or 
liability, either directly or indirectly. 
 
   Level 3: Inputs are unobservable (i.e., for which market data is 
unavailable) for the asset or liability. 
 
   Income 
 
   Dividend income from investments is recognised when the shareholders' 
rights to receive payment has been established, normally the ex-dividend 
date. 
 
   Interest income is accrued on a time basis, by reference to the 
principal outstanding and at the effective interest rate applicable and 
only where there is reasonable certainty of collection in the 
foreseeable future. Income which is not capable of being received within 
a reasonable period of time is reflected in the capital value of the 
investments. A provision is made for any fixed income not expected to be 
received. 
 
   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; 
 
   -- 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.  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; and 
 
   -- performance incentive fees are treated as a capital item. 
 
   Taxation 
 
   The tax effects of 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 Part 6 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. 
 
   Deferred taxation, which is not discounted, 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, at 
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 financial statements. Deferred tax assets 
are recognised to the extent that it is regarded as more likely than not 
that they will be recovered. 
 
   Share issue costs 
 
   Expenses in relation to share issues are deducted from the Special 
Reserve. 
 
   2.         Basic and diluted return per share 
 
 
 
 
                            Year ended 28 February    Year ended 28 February 
                                     2019                      2018 
Revenue (loss)/ return 
per share based on: 
Net revenue loss after 
 taxation (GBP'000)                           (660)                      (585) 
 
Weighted average number 
 of shares in issue                     102,494,641                 99,268,215 
 
Pence per share                               (0.6)                      (0.6) 
 
Capital return per share 
based on: 
Net capital gain for the 
 financial year 
 (GBP'000)                                   11,006                      3,525 
 
Weighted average number 
 of shares in issue                     102,494,641                 99,268,215 
 
Pence per share                                10.7                        3.6 
 
Total return per share 
based on: 
Total return for the 
 financial year 
 (GBP'000)                                   10,346                      2,940 
 
Weighted average number 
 of shares in issue                     102,494,641                 99,268,215 
 
Pence per share                                10.1                        3.0 
 
 
 
   As the Company has not issued any convertible securities or share 
options, there is no dilutive effect on return per share. The return per 
share disclosed therefore represents both basic and diluted return per 
share. 
 
   3.         Basic and diluted net asset value per share 
 
 
 
 
                                          2019         2018 
                                                       Net 
                                                      asset 
               Shares in Issue       Net asset value  value 
                                     pence            pence 
                                      per              per 
               2019        2018      share   GBP'000  share    GBP'000 
Ordinary 
 Shares    105,041,530  101,874,597  82.2p    86,336   99.7p   101,531 
 
 
   As the Company has not issued any convertible securities or share 
options, there is no dilutive effect on net asset value per share.  The 
net asset value per share disclosed therefore represents both basic and 
diluted net asset value per share. 
 
   4.         Principal risks and management objectives 
 
   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 year and there have 
also been no significant changes to the policies for managing those 
risks during the year. 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 year-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 management of these market risks is a fundamental part of investment 
activities undertaken by the Investment Manager and overseen by the 
Board. The Investment Manager monitors investments through regular 
contact with the management of investee companies, regular review of 
management accounts and other financial information and attendance at 
investee company board meetings.  This enables the Investment Manager to 
manage the investment risk in respect of individual investments. Market 
risk is also mitigated by holding a portfolio diversified across several 
business sectors and asset classes. 
 
   The key market risks to which the Company is exposed are: 
 
 
   -- Market price risk; and 
 
   -- Interest rate risk. 
 
 
   Market price risk 
 
   Market price risk arises from uncertainty about the future prices and 
valuations of financial instruments held in accordance with the 
Company's investment objectives.  It represents the potential loss that 
the Company might suffer through market price movements in respect of 
quoted investments and also changes in the fair value of unquoted 
investments that it holds. 
 
   At 28 February 2019, the AIM-quoted portfolio was valued at GBP130,000 
(2018: GBP234,000). 
 
   The Company's sensitivity to fluctuations in the share prices of its 
AIM-quoted investments is summarised below.  A 10% movement in the share 
price of all of the AIM-quoted investments held by the Company would 
have an effect as follows: 
 
 
 
 
  10% movement in AIM-quoted 
  investments                       2019                         2018 
                                 Impact on 
                Impact on net     NAV per     Impact on net  Impact on NAV 
                    assets         share         assets        per share 
                   GBP'000         pence         GBP'000         Pence 
  AIM-quoted 
   investments              13          0.0p             23           0.0p 
 
 
   At 28 February 2019, the unquoted portfolio was valued at GBP71,003,000 
(2018: GBP73,606,000). 
 
   As many of the Company's unquoted investments are valued using revenue 
or earnings multiples of comparable companies or sectors, a fall in 
share prices generally would impact on the valuation of the unquoted 
portfolio. A 10% movement in the valuations of all of the unquoted 
investments held by the Company would have an effect as follows: 
 
 
 
 
  10% movement in unquoted 
  investment valuations             2019                         2018 
                                 Impact on 
                Impact on net     NAV per     Impact on net  Impact on NAV 
                    assets         share         assets        per share 
                   GBP'000         Pence         GBP'000         Pence 
  Unquoted 
   investments           7,100          6.8p          7,361           7.2p 
 
 
   The sensitivity analysis for unquoted valuations above assumes that each 
of the sub-categories of financial instruments (ordinary shares, 
preference shares and loan stocks) held by the Company produces an 
overall movement of 10%. 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. 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. 
 
   Interest rate risk 
 
   The Company is exposed to interest rate risk on floating-rate financial 
assets through the effect of changes in prevailing interest rates.  The 
Company receives interest on its cash deposits at a rate agreed with its 
bankers. Investments in loan stock attract interest predominately at 
fixed rates.  A summary of the interest rate profile of the Company's 
financial instruments is shown below. 
 
   There are three categories in respect of interest which are attributable 
to the financial instruments held by the Company as follows: 
 
 
   -- "Fixed rate" assets represent investments with predetermined yield 
      targets and comprise certain loan note investments. 
 
   --  "Floating rate" assets predominantly bear interest at rates linked to 
      Bank of England base rate or LIBOR and comprise cash at bank and certain 
      loan note investments. 
 
   -- "No interest rate" assets do not attract interest and comprise equity 
      investments, certain loan note investments, loans and receivables 
      (excluding cash at bank) and other financial liabilities. 
 
 
 
 
                        Average     Average period   2019     2018 
                     interest rate  until maturity  GBP'000  GBP'000 
  Fixed rate                  6.8%        569 days   12,672   13,791 
  Floating rate               0.4%          0 days   20,133   29,620 
  No interest rate                                   53,531   58,120 
                                                    -------  ------- 
                                                     86,336  101,531 
                                                    -------  ------- 
 
 
 
 
   The Company monitors the level of income received from fixed, floating 
and non-interest bearing assets and, if appropriate, may make 
adjustments to the allocation between the categories, in particular, 
should this be required to ensure compliance with the VCT regulations. 
 
   Based on the assumption that the yield of all floating rate financial 
instruments would change by an amount equal to the movement in 
prevailing interest rates, it is estimated that an increase of 1% in 
interest rates would have increased total return before taxation for the 
year by GBP201,000 (2018: GBP296,000). Given the low level of interest 
rates through the year, a further decrease is not considered likely. 
 
   Credit risk 
 
   Credit risk is the risk that a counterparty to a financial instrument is 
unable to discharge a commitment to the Company made under that 
instrument. The Company is exposed to credit risk through its 
investments in cash deposits and debtors.  Credit risk relating to loan 
stock investee companies is considered to be part of market risk. 
 
   The Company's exposure to credit risk is summarised as follows: 
 
 
 
 
                                               2019     2018 
                                              GBP'000  GBP'000 
  Cash and cash equivalents                    19,897   28,671 
  Interest, dividends and other receivables       580      480 
                                              -------  ------- 
                                               20,477   29,151 
                                              -------  ------- 
 
 
   The management of credit risk associated with interest, dividends and 
other receivables is covered within the investment management 
procedures. 
 
   Cash is mainly held by the Royal Bank of Scotland plc, rated BBB- and A 
by Standard and Poor's and Fitch, respectively, and is also ultimately 
part-owned by the UK Government.  Consequently, the Directors consider 
that the risk profile associated with cash deposits is low. 
 
   There have been no changes in fair value during the year that are 
directly attributable to changes in credit risk. 
 
   Liquidity risk 
 
   Liquidity risk is the risk that the Company encounters difficulties in 
meeting obligations associated with its financial liabilities. Liquidity 
risk may also arise from either the inability to sell financial 
instruments when required at their fair values or from the inability to 
generate cash inflows as required. The Company generally maintains a 
relatively low level of creditors relative to cash balances (GBP6.2 
million relative to cash balances of GBP19.9 million at 28 February 
2019) and has no borrowings. 
 
   The Company always holds sufficient levels of funds as cash in order to 
meet expenses and other cash outflows as required.  For these reasons, 
the Board believes that the Company's exposure to liquidity risk is 
minimal. 
 
   The Company's liquidity risk is managed by the Investment Manager in 
line with guidance agreed with the Board and is reviewed by the Board at 
regular intervals. 
 
   Although the Company's investments are not held to meet the Company's 
liquidity requirements, the table below shows an analysis of the loan 
stock, highlighting the length of time that it could take the Company to 
realise its loan stock assets if it were required to do so. 
 
   The carrying value of loan stock investments (as opposed to the 
contractual cash flows) held at 28 February 2019, which is analysed by 
expected maturity date, is as follows: 
 
 
 
 
                             Not 
As at 28 February 2019      later   Between  Between  Between   More 
                           than 1   1 and 2  2 and 3  3 and 5  than 5 
                            Year     Years    Years    years    years    Total 
                           GBP'000  GBP'000  GBP'000  GBP'000  GBP'000  GBP'000 
  Fully performing loan 
   stock                     1,872    9,334        -      678        -   11,884 
  Past due loan stock            -        -        -    1,024        -    1,024 
                           -------  -------  -------  -------  -------  ------- 
                             1,872    9,334        -    1,702        -   12,908 
                           -------  -------  -------  -------  -------  ------- 
 
  As at 28 February 2018 
  Fully performing loan 
   stock                     3,789      813    9,115        -        -   13,717 
  Past due loan stock            -        -        -    1,024        -    1,024 
                           -------  -------  -------  -------  -------  ------- 
                             3,789      813    9,115    1,024        -   14,741 
                           -------  -------  -------  -------  -------  ------- 
 
 
   Of the loan stock classified as "past due" above, the full amount 
relates to the principal of loan notes where the principal has passed 
its maturity date. 
 
   Fair Value of Financial Instruments 
 
   Fair value measurements recognised in the balance sheet 
 
   Investments are valued at fair value as determined using the measurement 
policies described in note 1. The carrying value of financial assets and 
financial liabilities recorded at amortised cost, which includes short 
term debtors and creditors, is considered by the Directors to be 
equivalent to their fair value. 
 
   The Company has categorised its financial instruments that are measured 
subsequent to initial recognition at  fair value, using the fair value 
hierarchy as follows: 
 
   Level 1                     Reflects financial instruments quoted in an 
active market. 
 
   Level 2                     Reflects financial instruments that have 
been valued using inputs, other than quoted prices, that are observable. 
 
   Level 3                     Reflects financial instruments that have 
been valued using valuation techniques with unobservable inputs. 
 
 
 
 
                                 2019                            2018 
                                                                    Level 
              Level 1  Level 2  Level 3   Total   Level 1  Level 2    3      Total 
              GBP'000  GBP'000  GBP'000  GBP'000  GBP'000  GBP'000          GBP'000 
AIM quoted        130        -        -      130      234        -       -      234 
Loan notes          -        -   12,908   12,908        -        -  14,741   14,741 
Unquoted 
 equity             -        -   34,493   34,493        -        -  49,918   49,918 
Preference 
 shares             -        -   23,602   23,602        -        -   8,947    8,947 
              -------  -------  -------  -------  -------  -------  ------  ------- 
                  130        -   71,003   71,133      234        -  73,606   73,840 
              -------  -------  -------  -------  -------  -------  ------  ------- 
 
 
   Reconciliation of fair value for Level 3 financial instruments held at 
the year-end: 
 
 
 
 
                                     Loan Notes  Unquoted Equity   Total 
                                      GBP'000        GBP'000      GBP'000 
Balance at 1 March 2018                  14,741           58,865    73,606 
                                     ----------  ---------------  -------- 
Movements in the Income Statement: 
Gains in the Income Statement               113           18,199    18,312 
                                     ----------  ---------------  -------- 
 
Purchases at cost                           516           22,952    23,468 
Sales proceeds                          (2,462)         (41,921)  (44,383) 
Balance at 28 February 2019              12,908           58,095    71,003 
                                     ----------  ---------------  -------- 
 
 
   There is an element of judgment in the choice of assumptions for 
unquoted investments and it is possible that, if different assumptions 
were used, different valuations could have been attributed to certain of 
the VCT's investments. 
 
   5.         Post balance sheet events 
 
   Between 28 February 2019 and the date of this report, the Company issued 
46,313,896 Ordinary Shares for an aggregate consideration of GBP40.0 
million under the combined offer for subscription with ProVen Growth and 
Income VCT plc which launched on 11 January 2019. Share issue costs 
thereon amounted to 1.4 million. 
 
   In April 2019, the Company invested GBP1.0 million in Fnatic, an eSports 
team owner and lifestyle brand, with professional teams in the most 
popular online games such as League of Legends, Dota 2 and Battlefield 
4. The money is being used to fund research and development into 
products and equipment as well as expand the company's team 
internationally. 
 
   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 year ended 28 February 2019, 
but has been extracted from the statutory financial statements for the 
year ended 28 February 2019, which were approved by the Board of 
Directors on 30 May 2019 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 year ended 28 February 2018 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 S498(2) and (3) of the Companies Act 
2006. 
 
   A copy of the full annual report and financial statements for the year 
ended 28 February 2019 will be made available 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 
 
 
 
 
 
 
 

(END) Dow Jones Newswires

May 31, 2019 04:53 ET (08:53 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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