Proven VCT plc Proven Vct Plc : Interim Management Statement

 
TIDMPVN 
 
 
   ProVen VCT plc 
 
   Interim Management Statement 
 
   for the three months ended 31 May 2017 
 
 
 
   ProVen VCT plc (the "Company") presents an Interim Management Statement 
for the three month period ended 31 May 2017. The statement also 
includes relevant financial information between the end of the period 
and the date of this announcement. 
 
 
 
   Performance 
 
 
 
 
 
 
                                    Unaudited    Audited 
                                      31 May    28 February 
                                       2017        2017 
                                      Pence       Pence 
Net Asset Value per share ("NAV")       107.9         106.3 
Dividends paid to date*                  26.5          26.5 
NAV plus dividends paid to date         134.4         132.8 
 
 
 
 
   *Dividends paid represent dividends paid since the consolidation of 5p 
Ordinary Shares into 10p Ordinary Shares in October 2012. Prior to this 
date, the Company paid dividends totalling 113.95p on the 5p Ordinary 
Shares. 
 
 
 
   Dividends paid or declared 
 
   On 7 June 2017, the Company announced a final dividend for the year 
ended 28 February 2017 of 2.5p per share. Having received approval at 
the Annual General Meeting of the Company on 4 July 2017, the dividend 
will be paid on 14 July 2017 to shareholders on the register at 16 June 
2017. 
 
 
 
   Investment portfolio summary at 31 May 2017 
 
 
 
   Portfolio summary 
 
 
 
 
                              Valuation 
Venture capital investments    GBP'000 
 
Watchfinder.co.uk Limited         9,465 
Third Bridge Group Limited        5,092 
Perfect Channel Limited           4,660 
Think Limited                     3,899 
Rapid Charge Grid Limited         3,837 
Monmouth Holdings Limited         3,773 
Monica Vinader Limited            3,679 
Chargemaster plc                  3,615 
Blis Media Limited                3,605 
Litchfield Media Limited          3,353 
Other investments                31,415 
                                 76,393 
Cash at bank                     31,094 
Total                           107,487 
 
 
 
 
   Quoted investments are valued at the closing bid price at 31 May 2017, 
discounted where appropriate. Unquoted investments are valued at fair 
values established using the International Private Equity and Venture 
Capital Valuation Guidelines. 
 
 
 
 
 
   Investment activity during the three month period ended 31 May 2017 
 
 
 
 
                        GBP'000 
Poq Studio Limited        1,125 
Honeycomb.TV Limited        405 
ContactEngine Limited       112 
                          1,642 
 
 
 
 
 
 
   Investment disposals 
 
 
 
 
                                                            Gain     Realised 
                              Market            Disposal   against     gain 
               Cost    value at 1 March 2017    proceeds    cost     in period 
             GBP'000         GBP'000           GBP'000    GBP'000    GBP'000 
Skills 
 Matter 
 Limited          79                      79          79         -           - 
Celoxica 
 Limited          70                      70          70         -           - 
                 149                     149         149         -           - 
 
 
 
 
   Investment activity from 1 June 2017 to the date of this announcement 
 
 
 
   Investment additions 
 
 
 
 
                          GBP'000 
Perfect Channel Limited       150 
                              150 
 
 
 
 
 
 
   Investment disposals 
 
 
 
 
                                                              Gain    Realised 
                                Market            Disposal   against   gain in 
                 Cost    value at 1 March 2017    proceeds    cost     period 
               GBP'000         GBP'000           GBP'000    GBP'000   GBP'000 
APM 
 Healthcare 
 Limited           500                     986       1,354       854       368 
Conversity 
 Limited            86                       -          94         8        94 
Celoxica 
 Limited            48                      48          48         -         - 
                   634                   1,034       1,496       862       462 
 
 
 
 
   On 23 June 2017, the Company reached an agreement to sell its investment 
in Third Bridge Group Limited. Completion of the transaction is subject 
to legal and regulatory approvals and is expected before the end of July 
2017. 
 
 
 
 
 
 
                                                          Ordinary 
                                                           Shares 
Changes to share capital                                 of 10p each 
As at 1 March 2017                                        98,562,973 
Shares bought back during the 3 months to 31 May 2017              - 
Shares issued during the 3 months to 31 May 2017                   - 
As at 31 May 2017                                         98,562,973 
 
 
 
 
   In the period from 1 June 2017 to the date of this announcement, 593,469 
Ordinary Shares were repurchased and subsequently cancelled. 
 
 
 
   Material events 
 
   Other than the matters described above, there were no material events 
during the period from 1 March 2017 to 31 May 2017 or in the period from 
1 June 2017 to the date of this announcement. 
 
 
 
   Further information 
 
   Further information regarding the Company, can be found on Beringea's 
dedicated VCT website: www.provenvcts.co.uk or by contacting Beringea, 
the Investment Manager at [e-mail] or by telephone 020 
7845 7820. 
 
 
 
   Beringea LLP 
 
   Company Secretary 
 
   Telephone [phone] 
 
 
 
   -End 
 
   This announcement is distributed by Nasdaq Corporate Solutions on behalf 
of Nasdaq Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: Proven VCT plc via Globenewswire 
 
 
 
 

(END) Dow Jones Newswires

July 12, 2017 06:39 ET (10:39 GMT)

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