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

ProVen Growth & Income VCT plc
Interim Management Statement
for the three months ended 31 May 2013

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 2013. The statement also includes relevant financial information between the end of the period and the date of publication of this statement.

Performance

Ordinary Shares

	Unaudited 31 May 2013	Audited 28 Feb 2013	Unaudited 30 Nov 2012	Unaudited 31 Aug 2012
	Pence	Pence	Pence	Pence
Net Asset Value	87.9	87.7	80.1	78.5
Dividends paid *	18.6	18.6	18.6	18.6
Total Return	106.5	106.3	98.7	97.1

* Dividends paid represents dividends paid in respect of the Original 'C' Shares between their launch in 2006 up until their conversion in 2009 and as Ordinary Shares since the 'C' Share conversion. 'C' Shares were converted into Ordinary Shares on a one for one basis in 2009.

Quoted investments are valued at the closing bid price at 31 May 2013. Unquoted investments are valued at fair values established using the International Private Equity and Venture Capital Valuation Guidelines.

Dividend
An interim dividend of 4p per share in respect of the year ended 28 February 2013 was declared on 27 June 2013. The dividend will be paid on 2 August 2013 to Shareholders on the register at 5 July 2013.

Investment portfolio summary at 31 May 2013

Portfolio summary

	Valuation
	£'000
Venture capital investments
Espresso Group Limited	2,312
Donatantonio Limited	2,293
Cognolink Limited	1,732
Chess Technologies Limited	1,618
Blis Media Limited	1,439
Matssoft Limited	1,354
Utility Exchange Online Limited	1,277
Charterhouse Leisure Limited	1,177
Inskin Media Limited	1,115
Skills Matter Limited	866
Other investments	4,827
	20,010
Cash at bank and other liquid funds	26,367
Total	46,377

Investment activity during the three month period ended 31 May 2013

Investment additions

	£'000
Monica Vinader Limited	414

Investment disposals

	Cost	Market value at 1 Mar 2013	Disposal proceeds	Gain against  cost	Realised gain in period
	£'000	£'000	£'000	£'000	£'000
Fjordnet Limited	2,226	6,227	6,227	4,001	-
Tossed Limited	624	785	785	161	-
Cross Solar PV Limited	574	574	574	-	-
Campden Media Limited	324	324	324	-	-
Steak Media Limited*	-	-	185	185	185
Isango! Limited*	-	-	2	2	2
	3,748	7,910	8,097	4,349	187

* Investment previously realised but further proceeds received

Investment activity from 1 June 2013 to the date of publication of this statement

Investment additions

	£'000
Utility Exchange Online Limited	353
APM Healthcare Limited	75
	428

Investment disposals

	Cost	Market Value at 1 Mar 2013	Disposal proceeds	Gain against cost	Realised gain in period
	£'000	£'000	£'000	£'000	£'000
Donatantonio Limited	66	66	86	20	20

Changes to share capital

	Ordinary Shares of 1.6187p each
As at 1 March 2013	42,829,593
Shares bought back during 3 months to 31 May 2013	(56,000)
Shares issued during 3 months to 31 May 2013	9,741,612
Shares bought back under the EBF* during the 3 months to 31 May 2013	(4,846,901)
Shares issued under the EBF* during the 3 months to 31 May 2013	4,699,951
As at 31 May 2013	52,368,255

* Enhanced Buyback Facility

In the period from 1 June 2013 to the date of publication of this statement, 276,311 Ordinary Shares were repurchased and subsequently cancelled.

Material events
On 27 June 2013 the Company announced plans to merge with ProVen Health VCT plc. Subject to approval of both companies' Shareholders, the merger will be effected by a S110 Insolvency Act Scheme of Arrangement under which ProVen Growth and Income VCT plc will acquire the assets of ProVen Health VCT plc, and ProVen Health VCT plc shareholders will be issued new shares in ProVen Growth and Income VCT plc. Full details of the proposals were included in a circular and prospectus issued by the Company on 27 June 2013.

Other than as described above, there were no material events during the period from 1 March 2013 to 31 May 2013 or in the period from 1 June 2013 to the date of publication of this statement.

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(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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