Proven Growth & Income VCT plc : Interim Manage...

ProVen Growth & Income VCT plc

Interim Management Statement

for the three months ended 31 May 2012

19 July 2012

In accordance with Rule 4.3 of the Disclosure and Transparency Rules of the UK Listing Authority, ProVen Growth & Income VCT plc presents an Interim Management Statement for the three month period ended 31 May 2012. The statement also includes relevant financial information between the end of the period and the date of this statement.

Forthcoming Dividend

The Board declared a final dividend on 25 June 2012 of 4.5p per Ordinary Share which, subject to approval at the Company's Annual General Meeting, will be paid on 31 August 2012 to Shareholders on the register on 3 August 2012.

Performance

Ordinary Shares

	Unaudited 31 May  2012	Audited 29 Feb 2012	Unaudited 30 Nov  2011	Unaudited 31 Aug  2011
	Pence	Pence	Pence	Pence
Net Asset Value	82.7	82.2	82.6	79.7
Dividends paid	4.5	4.5	4.5	4.5
Total Return	87.2	86.7	87.1	84.2

'D' Shares

	Unaudited 31 May  2012	Audited 29 Feb 2012	Unaudited 30 Nov  2011	Unaudited 31 Aug  2011
	Pence	Pence	Pence	Pence
Net Asset Value	86.4	86.8	90.9	89.9

Quoted investments are valued at the closing bid price at 31 May 2012. Unquoted investments are valued at fair values established using the International Private Equity and Venture Capital Valuation Guidelines.

Investment portfolio summary at 31 May 2012

Ordinary Share Portfolio by value

	Valuation
	£'000
Venture capital investments
Espresso Group Limited	2,570
Donatantonio Limited	2,338
Fjordnet Limited	1,843
Blis Media Limited	1,373
Chess Technologies Limited	1,185
Charterhouse Leisure Limited	1,056
Cross Solar PV Limited	978
Eagle Rock Entertainment Group Limited	806
Eagle-i Music Limited	804
Campden Media Limited	776
Other investments	2,079
	15,808
Cash at bank and other liquid funds	12,727
Total	28,535

'D' Share Portfolio by value

	Valuation
	£'000
Venture capital investments
Tossed Limited	672
Matssoft Limited	650
APM Healthcare Limited	425
Utility Exchange Online Limited	380
Monica Vinader Limited	315
Speed-Trap Holdings Limited	180
Fjordnet Limited	145
Cinergy International Limited	113
Long Eaton Healthcare Limited*	-
	2,880
Cash at bank and other liquid funds	4,286
Total	7,166

Investment activity during the three month period ended 31 May 2012

Ordinary Share Portfolio and 'D' Share Portfolio investment additions

	Ordinary  Share Portfolio	'D'  Share Portfolio
	£'000	£'000
Utility Exchange Online Limited	167	146
Fjordnet Limited	260	50
APM Healthcare Limited	-	238
Long Eaton Healthcare Limited*	-	-
	427	434

*The 'D' Share portfolio received founder shares in Long Eaton Healthcare Limited at nominal value.

Ordinary Share Portfolio investment disposal

	Cost	Market value at 1 Mar 2012	Disposal  proceeds	Gain against cost	Realised gain  in period
	£'000	£'000	£'000	£'000	£'000
Sports Holdings Limited	2	2	2	-	-

There were no 'D' Share portfolio investment disposals in the three month period ended 31 May 2012.

Investment activity from 1 June 2012 to the date of this report

Ordinary Share Portfolio investment addition

	Ordinary  Share Portfolio
	£'000
Campden Media Limited	83

Ordinary Share Portfolio investment disposal

	Cost	Market value at 1 Mar 2012	Disposal  proceeds	Gain against cost	Realised  gain in period
	£'000	£'000	£'000	£'000	£'000
Ashford	275	210	289	14	79

There have been no 'D' Share portfolio investment additions or disposals in the period from 1 June 2012 to the date of this announcement.

Changes to share capital

	Ordinary Shares		'D' Shares
	Shares	£'000	Shares	£'000
As at 1 March 2012	34,341,341	556	8,236,814	82
Shares issued during 3 months to 31 May 2012	-	-	-	-
Shares bought back during 3 months to 31 May 2012	(3,450)	-	(3,900)	-
As at 31 May 2012	34,337,891	556	8,232,914	82

From 1 June 2012 to the date of this announcement 561,000 Ordinary Shares and 15,400 'D' Shares have been bought back.

Material events

Other than as described above, there were no material events during the period from 1 March 2012 to 31 May 2012 or in the period from 1 June 2012 to the date of this announcement.

---

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#1627949