Proven Growth & Income VCT plc : Half-yearl...

ProVen Growth & Income VCT plc Half-Yearly Report For the Six Months Ended 31 August 2011 Financial Summary   31 Aug 28 Feb 31 Aug 2011 2011 2010   Pence Pence Pence ------------------------------------------------------------------------------- Ordinary Shares* Net asset value per share ("NAV") 79.7 86.4 71.3 ------------------------------------------------------------------------------- Dividends paid** 4.5 - - ------------------------------------------------------------------------------- Total return (NAV plus dividends paid since share class 84.2 86.4 71.3 merger) ------------------------------------------------------------------------------- 'D' Shares Net asset value per share ("NAV") 89.9 90.0 91.9 ------------------------------------------------------------------------------- *  The current Ordinary Shares were created in October 2009 from the merger of Ordinary Shares issued in 2000/01 and 2001/02 and 'C' Shares issued in 2005/06. Further issues of Ordinary Shares were made in 2009/10 and 2010/11. **  Dividends paid represents dividends paid since the Original Ordinary and C Share classes were merged. Dividends of 146.9p per Original Ordinary Share and 9.6p per C Share were paid prior to the share classes merging. Chairman's Statement Introduction The six months ended 31 August 2011 saw a period of high stock market volatility which has renewed fears that economic recovery may be some way away. The Board takes some reassurance from the performance of the Company's investment portfolios over this period, which has resulted in both share pools experiencing only small falls in net asset value per share. Net asset values Ordinary Shares As at 31 August 2011, the net asset value ("NAV") per Ordinary Share stood at 79.7p, a decrease of 2.2p per share or 2.6% since the year end (after adjusting for the 4.5p dividend paid in the period). 'D' Shares As at 31 August 2011, the NAV per 'D' Share stood at 89.9p, a decrease of 0.1p per share or 0.1% since the year end. Fundraising During the period, the Company continued to raise funds under its Ordinary Share offer for subscription which opened on 10 December 2010.  The offer has raised gross funds of £9.6 million to date and is due to close on 31 October 2011. Venture capital investments Ordinary Share portfolio During the period, the Ordinary Share pool made two follow-on investments at a total cost of £333,000 and also realised the investment in Steak Media Limited, producing a realised gain against original cost of £313,000. The net effect of investment valuation movements over the period was an unrealised loss of £764,000 alongside net realised gains of £209,000. 'D' Share portfolio The 'D' Share pool completed one new and two follow-on investments at a total cost of £330,000. The net effect of investment valuation movements over the period was an unrealised gain of £65,000. Further details of the developments within the investment portfolios are included in the Investment Manager's Report on pages 6 and 7. Results and dividends The Income Statement shows a loss on ordinary activities after taxation for the Company during the period of £732,000 (£28,000 revenue profit and £760,000 capital loss).  Details of how this is analysed between the share pools is shown in the detailed Income Statement. No interim dividends will be paid in respect of either class of shares. Board changes I announced at the Annual General Meeting on 24 August 2011 that Nicholas Lewis had decided to step down as a non-executive director of the Company to focus on his other business interests. Nick had been a director of the Company since its launch in 2001 and, in that time, made a considerable contribution to the Company. I, and my fellow directors, wish him well in his other ventures. On the same date, I also announced the appointment of Natasha Christie-Miller who has joined the Board as a new non-executive director.  Natasha has an extensive background in the media sector and brings an additional dynamic to the Board.  We welcome Natasha to the Board and look forward to working with her. Share buybacks The Company continues to have a policy of purchasing its own shares that become available in the market in order to help provide liquidity to those shareholders that need it.  The Company has a current policy of purchasing Ordinary Shares at a price equivalent to a 10% discount to the latest published NAV and at a 5% discount in respect of 'D' Shares. During the period, the Company purchased 523,808 Ordinary Shares at an average price of 74.7p per share and 25,597 'D' Shares at an average price of 85.8p per share. These shares were subsequently cancelled. Dividend policy I would like to thank Shareholders for the good level of response that the Company received to the dividend survey that was sent out with the last Annual Report. You may recall that the questionnaire sought views as to whether Shareholders had a preference for maximised, but potentially irregular, dividends or regular dividends of a consistent level and also how the management of the NAV per share should impact on dividend policy. The results indicated that Shareholders have mixed views in this area.  The Board has therefore given consideration to what policy might present a fair approach for most Shareholders. The Board's initial conclusion has been that the Company should seek to maximise dividends paid to Shareholders, but with the caveat that we seek to gradually increase underlying NAV per share where possible. Risks and uncertainties Under the Disclosure and Transparency Directive, the Board is required, in the Company's half-yearly results, to report on principal risks and uncertainties facing the Company over the remainder of the financial year. The Board has concluded that the key risks facing the Company over the remainder of the financial year are as follows: i. investment risk associated with investing in small and immature businesses; ii. investment risk arising from extremely volatile stock market conditions and their potential effect on investment valuation; and iii. failure to maintain approval as a VCT. In the case of (i), the Board is satisfied with the Company's approach. 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 business.  In respect of (ii), the Company seeks to hold a diversified portfolio. However, the Company's ability to manage this risk is quite limited, primarily due to the restrictions arising from the VCT regulations and the general nature of investing in small unquoted businesses. The Company's compliance with the VCT regulations is continually monitored by the Administrator, who reports regularly to the Board on the current position. The Company also retains PricewaterhouseCoopers to provide regular reviews and advice in this area.  The Board considers that this approach reduces the risk of a breach of the VCT regulations to a minimal level. Going concern The Company has considerable financial resources both at the period end and at the date of this report, and holds a diversified portfolio of investments. As a consequence, the Directors believe that the Company is well placed to manage its business risks successfully despite the current uncertain economic outlook. The Directors confirm that they are satisfied that the Company has adequate resources to continue in business for the foreseeable future. For this reason, they believe that the Company continues to be a going concern and that it is appropriate to apply the going concern basis in preparing the financial statements. Outlook The economic outlook for the UK remains uncertain, along with even greater concerns within the Eurozone.  Although these conditions do not support the pursuit of profitable realisations, there remains a market for quality businesses as the recent disposals of Saffron Media Group and Steak Media demonstrate and, at this point in time the Board is satisfied that the portfolio comprises a number of good quality businesses across a range of sectors which have the potential to thrive even in the current environment. As well as working closely with the existing portfolio, over the reminder of the financial year the Manager will continue to devote substantial resources to new investing activities as the task of building the 'D' Share portfolio progresses and investing the new Ordinary Share pool funds gets underway. Marc Vlessing Chairman 27 October 2011 Investment Manager's Report Introduction We have pleasure in presenting our half-yearly report to 31 August 2011 for ProVen Growth and Income VCT plc. Against a background of continuing stock market volatility and challenging trading conditions, we continue to work with existing portfolio companies to maximise shareholder value and to seek new investment opportunities in areas where we believe that the broader economic risks will be mitigated by strong market spend. A good example of the latter area in recent years has been the investments made by the Company in new digital technologies and related support services where there has been notable success. Portfolio activity and valuation Ordinary Share pool At 31 August 2011, the Company's Ordinary Share portfolio comprised holdings in 22 companies, of which 18 were unquoted and 4 were quoted, at a valuation of £13.7 million and original acquisition cost of £14.2 million. In addition, the Ordinary Share pool held £13.6 million in cash and liquidity funds. The majority of these liquid funds have followed from the recent successful fundraising and we look forward to making further new investments in due course. Further funding was provided to Overtis Group (£220,000) and Campden Media (£113,000) during the period. The Company's holding in Steak Media was sold in May 2011, which we reported in the 2011 Annual Report. In addition to the initial profit on sale there is also deferred consideration dependent on future performance which would result in further proceeds. Within the existing portfolio, Espresso is the largest investment in value terms accounting for 18% of the venture capital portfolio. The company continued to perform strongly over the period. Fjordnet and Donatantonio are the other investments which account for over 14% and 12% respectively each, by value, of the portfolio. Both companies continue to perform well although their valuations have been impacted by wider market comparable used in the valuation process. 'D' Share pool At 31 August 2011, the Company's 'D' Share portfolio comprised 8 unquoted holdings with a cost of £2.4 million and a valuation of £2.4 million. In addition, the 'D' Share pool held £5.1 million in cash and liquidity funds. The 'D' Share pool made a further new investment of £187,500, alongside ProVen VCT plc and ProVen Health VCT plc, into APM Healthcare Limited ("APM") in August. APM is seeking to establish a new chain of pharmacies and will particularly focus on GP centre-based pharmacies, a fast growing segment in the industry. The team is led by a very experienced founder and manager of pharmacy chains.  Further funding by ProVen Growth and Income VCT plc has been committed to implement the rollout plan and will be drawn down against agreed milestones. Much of the investment in the 'D' Share pool has occurred relatively recently and, in accordance with established valuation guidelines, is valued at cost. We have, however, uplifted the valuation of Tossed and made provisions against the valuations of two portfolio companies. Outlook The UK economy continues to face a number of challenges as it seeks to balance economic growth against the need to reduce the deficit. Conditions are undoubtedly challenging for many of the portfolio companies but we are encouraged by the overall performance of many of them. The majority of the returns to the Company's shareholders will come from portfolio company realisations and there will always be potential exit opportunities for quality companies, not just from UK acquirers but also internationally, as demonstrated by the recent disposals of Saffron Media to a Tawianese company and Steak Media to a Japanese company. The key challenges for us, as the investment manager, are identifying such businesses and then helping nurture and develop them to the point where profitable realisations can be achieved. We are confident in our ability to continue doing this and therefore for the overall prospects for both share portfolios. Beringea LLP 27 October 2011 Unaudited Balance Sheet as at 31 August 2011 Company Total   31 Aug 31 Aug 28 Feb 2011 2010 2011   £'000 £'000 £'000 ----------------------------------------------------------------------------- Fixed assets Investments 16,061 14,928 16,821 ----------------------------------------------------------------------------- Current assets Debtors 241 92 361 ----------------------------------------------------------------------------- Current investments 2,500 2,500 2,500 ----------------------------------------------------------------------------- Cash at bank and in hand 16,156 7,695 10,133 ----------------------------------------------------------------------------- Creditors: amounts falling due within one year (287) (266) (1,574) ----------------------------------------------------------------------------- Net current assets 18,610 10,021 11,420 ----------------------------------------------------------------------------- Net assets 34,671 24,949 28,241 ----------------------------------------------------------------------------- Capital and reserves Called up share capital 636 477 472 ----------------------------------------------------------------------------- Capital redemption reserve 961 947 953 ----------------------------------------------------------------------------- Share premium account 17,418 8,418 8,466 ----------------------------------------------------------------------------- Special reserve 15,504 18,099 15,940 ----------------------------------------------------------------------------- Capital reserve - realised 1,389 (105) 2,679 ----------------------------------------------------------------------------- Revaluation reserve (545) (2,231) 257 ----------------------------------------------------------------------------- Revenue reserve (692) (656) (526) ----------------------------------------------------------------------------- Equity shareholders' funds 34,671 24,949 28,241 ----------------------------------------------------------------------------- Net asset value per Ordinary Share: 79.7p 71.3p 86.4p ----------------------------------------------------------------------------- Net asset value per 'D' Share: 89.9p 91.9p 90.0p ----------------------------------------------------------------------------- Unaudited Balance Sheet as at 31 August 2011 Ordinary Shares   31 Aug 31 Aug 28 Feb 2011 2010 2011   £'000 £'000 £'000 ----------------------------------------------------------------------------- Fixed assets Investments 13,709 14,424 14,865 ----------------------------------------------------------------------------- Current assets Debtors 223 87 345 ----------------------------------------------------------------------------- Current investments 1,250 1,250 1,250 ----------------------------------------------------------------------------- Cash at bank and in hand 12,313 1,844 5,851 ----------------------------------------------------------------------------- Creditors: amounts falling due within one year (232) (209) (1,512) ----------------------------------------------------------------------------- Net current assets 13,554 2,972 5,934 ----------------------------------------------------------------------------- Net assets 27,263 17,396 20,799 ----------------------------------------------------------------------------- Capital and reserves Called up share capital 554 395 390 ----------------------------------------------------------------------------- Capital redemption reserve 960 946 952 ----------------------------------------------------------------------------- Share premium account 9,633 681 681 ----------------------------------------------------------------------------- Special reserve 15,504 18,099 15,940 ----------------------------------------------------------------------------- Capital reserve - realised 1,625 21 2,860 ----------------------------------------------------------------------------- Revaluation reserve (520) (2,231) 347 ----------------------------------------------------------------------------- Revenue reserve (493) (515) (371) ----------------------------------------------------------------------------- Equity shareholders' funds 27,263 17,396 20,799 ----------------------------------------------------------------------------- Net asset value per Ordinary Share 79.7p 71.3p 86.4p ----------------------------------------------------------------------------- Unaudited Balance Sheet as at 31 August 2011 'D' Shares   31 Aug 31 Aug 28 Feb 2011 2010 2011   £'000 £'000 £'000 --------------------------------------------------------------------------- Fixed assets Investments 2,352 504 1,956 --------------------------------------------------------------------------- Current assets Debtors 18 5 16 --------------------------------------------------------------------------- Current investments 1,250 1,250 1,250 --------------------------------------------------------------------------- Cash at bank and in hand 3,843 5,851 4,282 --------------------------------------------------------------------------- Creditors: amounts falling due within one year (55) (57) (62) --------------------------------------------------------------------------- Net current assets 5,056 7,049 5,486 --------------------------------------------------------------------------- Net assets 7,408 7,553 7,442 --------------------------------------------------------------------------- Capital and reserves Called up share capital 82 82 82 --------------------------------------------------------------------------- Capital redemption reserve 1 1 1 --------------------------------------------------------------------------- Share premium account 7,785 7,737 7,785 --------------------------------------------------------------------------- Special reserve - - - --------------------------------------------------------------------------- Capital reserve - realised (236) (126) (181) --------------------------------------------------------------------------- Revaluation reserve (25) - (90) --------------------------------------------------------------------------- Revenue reserve (199) (141) (155) --------------------------------------------------------------------------- Equity shareholders' funds 7,408 7,553 7,442 --------------------------------------------------------------------------- Net asset value per 'D' Share 89.9p 91.9p 90.0p --------------------------------------------------------------------------- Unaudited Income Statement for the six months ended 31 August 2011 Company Total Six months ended Six months ended Year  ended 31 Aug 2011 31 Aug 2010  28 Feb  2011 ------------------------------------------------------   Revenue Capital Total Revenue Capital Total Total   £'000 £'000 £'000 £'000 £'000 £'000 £'000 -------------------------------------------------------------------------------- Income 279 - 279 164 - 164 517 -------------------------------------------------------------------------------- (Losses)/gains on - (490) (490) - (606) (606) 2,919 investments --------------------------------------------------------------------------------   279 (490) (211) 164 (606) (442) 3,436 -------------------------------------------------------------------------------- Investment management fee (89) (270) (359) (63) (190) (253) (525) -------------------------------------------------------------------------------- Performance incentive fees - - - - - - - -------------------------------------------------------------------------------- Other expenses (162) - (162) (108) - (108) (261) -------------------------------------------------------------------------------- Return/(loss) on ordinary activities before taxation 28 (760) (732) (7) (796) (803) 2,650 -------------------------------------------------------------------------------- Tax on ordinary activities - - - - - - - -------------------------------------------------------------------------------- Return/(loss) attributable to equity shareholders 28 (760) (732) (7) (796) (803) 2,650 -------------------------------------------------------------------------------- Basic and diluted return/ (loss) per Ordinary Share 0.2p (2.4p) (2.2p) 0.1p (3.0p) (2.9p) 11.9p -------------------------------------------------------------------------------- Basic and diluted (loss)/ return per 'D' Share (0.3p) 0.1p (0.2p) (0.5p) (0.7p) (1.2p) (3.1p) -------------------------------------------------------------------------------- Unaudited Income Statement for the six months ended 31 August 2011 Analysed by share class: Ordinary Shares Six months ended Six months ended Year 31 Aug 2011  31 Aug 2010  ended 28 Feb  2011 ---------------------------------------------------   Revenue Capital Total Revenue Capital Total Total   £'000 £'000 £'000 £'000 £'000 £'000 £'000 -------------------------------------------------------------------------------- Income 240 - 240 151 - 151 466 -------------------------------------------------------------------------------- (Losses)/gains on investments - (555) (555) - (606) (606) 3,009 --------------------------------------------------------------------------------   240 (555) (315) 151 (606) (455) 3,475 -------------------------------------------------------------------------------- Investment management fee (71) (215) (286) (44) (134) (178) (375) -------------------------------------------------------------------------------- Performance incentive fees - - - - - - - -------------------------------------------------------------------------------- Other expenses (119) - (119) (78) - (78) (199) -------------------------------------------------------------------------------- Return/(loss) on ordinary activities before taxation 50 (770) (720) 29 (740) (711) 2,901 -------------------------------------------------------------------------------- Tax on ordinary activities - - - - - - - -------------------------------------------------------------------------------- Return/(loss) attributable to equity shareholders 50 (770) (720) 29 (740) (711) 2,901 -------------------------------------------------------------------------------- 'D' Shares -------------------------------------------------------------------------------- Income 39 - 39 13 - 13 51 -------------------------------------------------------------------------------- Gains/(losses) on investments - 65 65 - - - (90) --------------------------------------------------------------------------------   39 65 104 13 - 13 (39) -------------------------------------------------------------------------------- Investment management fee (18) (55) (73) (19) (56) (75) (150) -------------------------------------------------------------------------------- Performance incentive fees - - - - - - - -------------------------------------------------------------------------------- Other expenses (43) - (43) (30) - (30) (62) -------------------------------------------------------------------------------- (Loss)/return on ordinary activities before taxation (22) 10 (12) (36) (56) (92) (251) -------------------------------------------------------------------------------- Tax on ordinary activities - - - - - - - -------------------------------------------------------------------------------- (Loss)/return attributable to equity shareholders (22) 10 (12) (36) (56) (92) (251) -------------------------------------------------------------------------------- Reconciliation of Movements in Shareholders' Funds for the six months ended 31 August 2011   31 Aug 2011 31 Aug 28 Feb  2010  2011 ------------------------------------------   Ordinary   'D'  Shares Shares Total Total Total   £'000   £'000   £'000 £'000 £'000 -------------------------------------------------------------------------------- Opening shareholders' funds 20,799   7,442   28,241 22,660 22,660 -------------------------------------------------------------------------------- Proceeds from share issues 9,652   -   9,652 3,486 3,537 -------------------------------------------------------------------------------- Share issue costs (528)   -   (528) (192) (195) -------------------------------------------------------------------------------- Purchase of own shares (393)   (22)   (415) (202) (411) -------------------------------------------------------------------------------- Total recognised (loss)/gain for the year (720) (12) (732) (803) 2,650 -------------------------------------------------------------------------------- Distributions paid in the period (1,547)   -   (1,547) - - -------------------------------------------------------------------------------- Closing shareholders' funds 27,263   7,408   34,671 24,949 28,241 -------------------------------------------------------------------------------- Unaudited Cash Flow Statement for the six months ended 31 August 2011     Six months Six months Year ended ended  ended 31 Aug 31 Aug 28 Feb 2011 2010 2011   Note £'000 £'000 £'000 -------------------------------------------------------------------------------- Net cash (outflow)/inflow from operating A activities (302) (140) 827 -------------------------------------------------------------------------------- Capital expenditure Purchase of investments   (663) (993) (3,061) -------------------------------------------------------------------------------- Disposal of investments   976 729 4,429 -------------------------------------------------------------------------------- Net cash inflow/(outflow) from capital   313 (264) 1,368 expenditure -------------------------------------------------------------------------------- Equity distributions paid   (1,547) - - -------------------------------------------------------------------------------- Management of liquid resources Purchase of current investments held as liquidity - - - funds -------------------------------------------------------------------------------- Withdrawal from liquidity funds   - - - -------------------------------------------------------------------------------- Net cash inflow from liquid resources   - - - -------------------------------------------------------------------------------- Net cash (outfow)/inflow before financing   (1,536) (404) 2,195 -------------------------------------------------------------------------------- Financing Proceeds from share issue   8,373 3,486 3,537 -------------------------------------------------------------------------------- Share issue costs   (528) (192) (195) -------------------------------------------------------------------------------- Purchase of own shares   (286) (202) (411) -------------------------------------------------------------------------------- Net cash inflow from financing   7,559 3,092 2,931 -------------------------------------------------------------------------------- Increase in cash B 6,023 2,688 5,126 -------------------------------------------------------------------------------- Notes to the cash flow statement: A Net cash flow from operating activities (Loss)/return on ordinary activities before   (732) (803) 2,650 taxation -------------------------------------------------------------------------------- Gains /(losses) on investments   490 606 (2,919) -------------------------------------------------------------------------------- (Increase)/decrease in debtors   (51) 877 608 -------------------------------------------------------------------------------- (Decrease)/increase in creditors   (9) (820) 488 -------------------------------------------------------------------------------- Net cash (outflow)/inflow from operating   (302) (140) 827 activities -------------------------------------------------------------------------------- B Analysis of net funds Beginning of period   10,133 5,007 5,007 -------------------------------------------------------------------------------- Net cash inflow   6,023 2,688 5,126 -------------------------------------------------------------------------------- End of period   16,156 7,695 10,133 -------------------------------------------------------------------------------- Summary of Investment Portfolio as at 31 August 2011   Valuation    movement % of   in the portfolio Ordinary Share pool Cost Valuation  period by value   £'000 £'000 £'000 ------------------------------------------------------------------------------- Top ten venture capital investments (by value) Espresso Group Limited 1,582 2,407 61 8.8% ------------------------------------------------------------------------------- Fjordnet Limited 1,400 1,949 (474) 7.2% ------------------------------------------------------------------------------- Donatantonio Limited 1,366 1,689 (21) 6.2% ------------------------------------------------------------------------------- Charterhouse Leisure Limited 1,000 931 (39) 3.4% ------------------------------------------------------------------------------- Lazurite Limited 1,000 919 (11) 3.4% ------------------------------------------------------------------------------- Prelude Media Limited 1,000 910 (16) 3.3% ------------------------------------------------------------------------------- Chess Technologies Limited 900 842 160 3.1% ------------------------------------------------------------------------------- SPC International Limited 625 827 6 3.0% ------------------------------------------------------------------------------- Eagle Rock Entertainment Group Limited 680 818 (90) 3.0% ------------------------------------------------------------------------------- Campden Media Limited 757 698 - 2.6% -------------------------------------------------------------------------------   10,310 11,990 (424) 44.0% ------------------------------------------------------------------------------- Other venture capital investments 3,919 1,719 (340) 6.3% -------------------------------------------------------------------------------   14,229 13,709 (764) 50.3% ------------------------------------------------------------------------------- Liquidity fund investments   1,250   4.6% ------------------------------------------------------------------------------- Cash at bank and in hand   12,313   45.1% ------------------------------------------------------------------------------- Ordinary Share pool total   27,272   100.0% ------------------------------------------------------------------------------- 'D' Share pool   £'000 £'000 £'000 -------------------------------------------------------------------------------- Venture capital investments (by value) Tossed Limited 624 751 127 10.1% -------------------------------------------------------------------------------- MatsSoft Limited 650 650 - 8.7% -------------------------------------------------------------------------------- Celebrus Technologies Limited 295 295 - 4.0% -------------------------------------------------------------------------------- APM Healthcare Limited 187 187 - 2.5% -------------------------------------------------------------------------------- Monica Vinader Limited 138 138 - 1.9% -------------------------------------------------------------------------------- Fjordnet Limited 276 135 (51) 1.8% -------------------------------------------------------------------------------- SenseLogix Limited 92 92 - 1.2% -------------------------------------------------------------------------------- Cinergy International Limited 115 104 (11) 1.4% --------------------------------------------------------------------------------   2,377 2,352 65 31.6% -------------------------------------------------------------------------------- Liquidity fund investments   1,250   16.8% -------------------------------------------------------------------------------- Cash at bank and in hand   3,843   51.6% -------------------------------------------------------------------------------- 'D' Share pool total   7,445   100.0% -------------------------------------------------------------------------------- Other venture capital investments in the Ordinary Share pool at 31 August 2011 comprise: Ashford Colour Press Limited, BreezeTech Ltd, Coolabi plc, Dianomi Ltd, Immedia, Isango! Ltd, MatsSoft Ltd, Overtis Group Ltd, Pilat Media Global plc, Sports Holdings Limited, Steak Media Ltd, Baby Innovations t/a Steribottle and UBC Media plc. With the exclusion of Pilat Media Global plc, UBC Media Group plc and Coolabi plc which are quoted on AIM, all venture capital investments are unquoted. Summary of Investment Movements for the six months ended 31 August 2011 Additions Cost   £'000 -------------------------------- Ordinary Share pool Overtis Group Limited 220 -------------------------------- Campden Media Limited 113 --------------------------------   333 -------------------------------- 'D' Share pool APM Healthcare Limited 187 -------------------------------- Tossed Limited 120 -------------------------------- SenseLogix Limited 23 --------------------------------   330 -------------------------------- Disposals Market  value at Realised  1 March Disposal Gain  gain   Cost  2011*  Proceeds  against cost in period   £'000 £'000  £'000  £'000  £'000 --------------------------------------------------------------------- Ordinary Share pool Steak Media Limited 621 725 934 313 209 --------------------------------------------------------------------- No disposals were made by the 'D' Share pool in the period. * Adjusted for investments made since 1 March 2011 Notes to the Unaudited Financial Statements 1. The unaudited half-yearly results cover the six months to 31 August 2011 and have been prepared in accordance with UK Generally Accepted Accounting Practice ("UK GAAP"). Where presentational guidance set out in the Statement of Recommended Practice "Financial Statements of Investment Trust Companies" revised January 2009 ("SORP") is consistent with the requirements of UK GAAP, the directors have sought to prepare the financial statements on a consistent basis compliant with the recommendations of the SORP. 2. All revenue and capital items in the Income Statement derive from continuing operations. 3. There are no recognised gains or losses other than those disclosed in the Income Statement. 4. The Company has only one class of business and derives its income from investments made in shares, securities and bank deposits. 5. The comparative figures were in respect of the period ended 31 August 2010 and the year ended 28 February 2011. 6. Return per share for the period has been calculated on the following: Ordinary   Shares 'D' Shares ------------------------------ Revenue return per share based on: Net revenue profit/(loss) after taxation (£'000) 50   (22) -------------------------------------------------------------------------------- Weighted average number of shares in issue 32,471,861 8,252,394 -------------------------------------------------------------------------------- Capital return per share based on: Net capital (loss)/gain after taxation (£'000) (770)   10 -------------------------------------------------------------------------------- Weighted average number of shares in issue 32,471,861 8,252,394 -------------------------------------------------------------------------------- 7. NAV per share for the period has been calculated on the following: Ordinary   Shares   'D' Shares ------------------------------ Net Assets (£'000) 27,263   7,408 ----------------------------------------------------------------------- Number of shares in issue at period end 34,205,940   8,244,314 ----------------------------------------------------------------------- 8. Dividends   Six months to   Six months to   28 Feb 31 Aug 2011 31 Aug 2010  2011 -------------------------------- ----------------------- -------   Revenue Capital Total   Revenue Capital Total   Total   £'000 £'000 £'000   £'000 £'000 £'000   £'000 ----------------------------------------------------------------- Ordinary Share dividends paid in period 2011 172 1,375 1,547   - - -   - Interim ----------------------------------------------------------------- No dividends have been paid in respect of the 'D' Shares to date. 9. Reserves   Capital Share   Capital redemption premium Special reserve Revaluation Revenue reserve account  reserve - realised  reserve  reserve   £'000 £'000 £'000 £'000 £'000 £'000 -------------------------------------------------------------------------------- At 1 March 2011 953 8,466 15,940 2,679 257 (526) -------------------------------------------------------------------------------- Purchase of own shares 8 - (393) - - (22) -------------------------------------------------------------------------------- Issue of new shares - 8,952 - - - - -------------------------------------------------------------------------------- Expenses capitalised - - - (270) - - -------------------------------------------------------------------------------- Tax relief on capital expenses - - - - - - -------------------------------------------------------------------------------- Gains/(losses) on - - - 209 (699) - investments -------------------------------------------------------------------------------- Retained revenue - - - - - 28 -------------------------------------------------------------------------------- Transfer between reserves - - (43) 146 (103) - -------------------------------------------------------------------------------- Distributions paid - - - (1,375) - (172) -------------------------------------------------------------------------------- At 31 August 2011 961 17,418 15,504 1,389 (545) (692) -------------------------------------------------------------------------------- 10. Contingent liabilities, guarantees and financial commitments The Company has guaranteed bank borrowings of one of its investments, Donatantonio Limited, amounting to £225,000. A third party has provided a guarantee to the Company amounting to £112,500 in respect of the above guarantee such that the Company's net exposure is £112,500. Apart from the above, the Company has no contingent liabilities, guarantees and financial commitments. 11. The unaudited financial statements set out herein do not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006 and have not been delivered to the Registrar of Companies.  The figures for the year ended 28 February 2011 have been extracted from the financial statements for that year, which have been delivered to the Registrar of Companies; the auditors' report on those financial statements was unqualified. 12. The Directors confirm that, to the best of their knowledge, the half-yearly financial statements have been prepared in accordance with the "Statement: Half- Yearly Financial Reports" issued by the UK Accounting Standards Board and the half-yearly financial report includes a fair review of the information required by: a. DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements, and a description of the principal risks and uncertainties for the remaining six months of the year; and b. DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period, and any changes in the related party transactions described in the last annual report that could do so. 13. Copies of the unaudited half-yearly results will be sent to Shareholders. Further copies can be obtained from the Company's Registered Office and will be available for download from www.provenvcts.com and www.downing.co.uk. This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Proven Growth & Income VCT plc via Thomson Reuters ONE [HUG#1558952]

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