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

ProVen Growth & Income VCT plc
Interim Management Statement
for the three months ended 30 November 2011

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 30 November 2011. The statement also includes relevant financial information between the end of the period and the date of this statement.

Forthcoming Dividend
There were no dividends paid or declared in the period or in the period from 1 December 2011 to the date of this announcement.

Performance
Ordinary Shares

	30 Nov  2011	31 Aug  2011	31 May 2011	28 Feb  2011
	Pence	Pence	Pence	Pence
Net Asset Value (unaudited)	82.6	79.7	86.0	86.4
Dividends paid	4.5	4.5	-	-
Total Return	87.1	84.2	86.0	86.4

'D' Shares

	30 Nov  2011	31 Aug  2011	31 May 2011	28 Feb  2011
	Pence	Pence	Pence	Pence
Net Asset Value (unaudited)	90.9	89.9	89.6	90.0

Quoted investments are valued at the closing bid price at 30 November 2011. Unquoted investments are valued at fair values established using the International Private Equity and Venture Capital Valuation Guidelines.

Investment portfolio summary at 30 November 2011

Ordinary Share Portfolio investments by value

	Valuation
	£'000
Venture capital investments
Espresso Group Limited	2,392
Donatantonio Limited	1,943
Fjordnet Limited	1,837
Breeze Tech Limited	1,153
Chess Technologies Limited	1,018
Charterhouse Leisure Limited	927
Lazurite Limited	913
Prelude Media Limited	900
Eagle Rock Entertainment Group Limited	825
SPC International Limited	755
Other investments	2,332
	14,995
Cash at bank and other liquid funds	13,547
Total	28,542

'D' Share Portfolio investments by value

	Valuation
	£'000
Venture capital investments
Tossed Limited	751
MatsSoft Limited	650
Speed-Trap Holdings Limited	295
Monica Vinader Limited	260
Utility Exchange Online Limited	234
APM Healthcare Limited	188
Fjordnet Limited	122
Senselogix Limited	115
Cinergy International Limited	104
	2,719
Cash at bank and other liquid funds	4,810
Total	7,529

Investment activity during the three month period ended 30 November 2011

Additions

	Ordinary  Share Portfolio	'D'  Share Portfolio
	£'000	£'000
Utility Exchange Online Limited	268	234
Overtis Group Limited	49	-
Senselogix Limited	-	23
	317	257

There were no Ordinary Share Pool or 'D' Share portfolio investment disposals in the three month period ended 30 November 2011.

Investment activity from 1 December 2011 to the date of this report

Additions

	Ordinary  Share Portfolio	'D'  Share Portfolio
	£'000	£'000
Breeze Tech Limited	375	-
Overtis Group Limited	49	-
Senselogix Limited	-	23
	424	23

Disposals

Ordinary Share Portfolio	Cost	Market value  at 1 Dec 11	Disposal  proceeds	Loss against  cost	Realised  loss  in period
	£'000	£'000	£'000	£'000	£'000
Coolabi plc	450	112	112	(338)	-

There have been no 'D' Share portfolio investment disposals from 1 December 2011 to the date of this announcement.

Changes to share capital

	Ordinary Shares		'D' Shares
	Shares	£'000	Shares	£'000
As at 1 September 2011	34,205,940	554	8,244,314	82
Shares issued during 3 months to 30 November 2011	435,156	7	-	-
Shares bought back during 3 months to 30 November 2011	(103,194)	(2)	-	-
As at 31 May 2011	34,537,902	559	8,244,314	82

Offer for Subscription
The Company's Offer for Subscription, which launched on 10 December 2010, closed on 31 October 2011 having raised gross proceeds of approximately £10.0 million.

Material events
Other than as described above, there were no material events during the period from 1 September 2011 to 30 November 2011 or in the period from 1 December 2011 to the date of this announcement.

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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

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