Final Results Replacement

ProVen VCT plc
19 June 2008

The announcement entitled "Final Results" released as HUG1229433 at
16:16 on 19 June 2008 was incomplete.  The full text of the
announcement is as follows:


PROVEN VCT PLC
FINAL RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2008

FINANCIAL HIGHLIGHTS

Ordinary Shares                                          2008    2007
                                                        pence   pence

Net asset value (per Ordinary Share)                     88.5   108.3

Cumulative gross distributions paid                      74.2    53.2
(from launch to 29 Feb 2008)

Total return                                            162.7   161.5
(net asset value plus cumulative distributions paid and
declared)

Dividends paid/payable in respect of the year ended 29
February 2008:
Interim dividend (per Ordinary Share)                    6.00    31.0
(paid on 6 December 2007)
Second interim dividend (per Ordinary Share)             2.50    15.0
(paid on 14 March 2008)
Final proposed dividend (per Ordinary Share)             1.25       -
(payable on 22 July 2008)
                                                         9.75    46.0



'C' Shares                                               2008    2007
                                                        pence   pence

Net asset value (per 'C' Share)                          89.6     n/a

Cumulative gross distributions paid                       1.0     n/a
(from launch to 29 Feb 2008)

Total return                                             90.6     n/a
(net asset value plus cumulative distributions paid and
declared)

Interim dividend (per 'C' Share)                         1.00     n/a
(paid on 6 December 2007)
Final proposed dividend (per 'C' Share)                  1.75     n/a
(payable on 22 July 2008)
                                                         2.75



CHAIRMAN'S STATEMENT

The year to 29 February 2008 has seen a sharp change in investor
confidence led by the "credit crunch" and general fears for the
economic outlook.  While, in most cases, the underlying businesses of
the Company's investments have not been greatly affected by the
above, there has been some impact on investment valuations,
particularly of AIM-quoted investments.

Net Asset Value
Ordinary Shares
At the year end, the Company's net asset value per Ordinary Share
("Ordinary NAV") stood at 88.5p, an increase of 1.2p per share or
1.1% over the year after adjusting for the dividends of 21p per
Ordinary Share which were paid during the year.

Total return (Ordinary NAV plus cumulative dividends paid) to
Ordinary Shareholders who invested at the outset of the Company now
stands at 162.7p per share, compared to an original investment, net
of income tax relief, of 80p per share.

At 30 November 2007, the Company announced an Ordinary NAV of 113.5p
per share and a total return of 181.7p.  The uplift at 30 November
2007 was primarily due to an increase in the valuation of Espresso
Group.  This was based on projections prepared by Espresso using a
forecasting model which subsequently was found to be flawed.
Although the prospects for Espresso remain bright, the valuation of
the investment has been reduced back to a similar level as it was at
the half-year date.  The reduction in the Espresso valuation has been
the primary reason for the reduction in the Company's Ordinary NAV
since 30 November 2007.

'C' Shares
At the year end, the Company's net asset value per 'C' Share ("'C'
Share NAV") stood at 89.6p, a decrease of 3.9p per share or 4.1% on
the initial 'C' Share NAV at launch after adjusting for the dividends
of 1.0p per 'C' Share which were paid during the year.  Total return
('C' Share NAV plus cumulative dividends paid) to 'C' Shareholders
who invested at the 'C' Share fundraising now stands at 90.6p per
share.  The 'C' Share pool has suffered from a full provision that
has been needed against one investment, The Vending Corporation
Limited.  The Vending Corporation's business has experienced an
extremely sharp downturn and now faces an uncertain future.

Board change
There was one Board change during the year when David Eberly stepped
down as representative of Beringea, the Investment Manager, on 31
December 2007 and was replaced by Malcolm Moss.  I wish to thank
David for his contribution since joining the Board in January 2007
and look forward to continuing to work with him in his role with
Beringea.

Malcolm Moss is a Senior Managing Director and Founder of Beringea
LLC and also sits on the board of Beringea Limited, the Company's
investment manager.  Malcolm brings to the Board extensive investment
experience in the media, intellectual property rights and content
sectors.

Ordinary Share top-up issue
In February 2008, the Company launched a small Ordinary Share
fundraising.  The Offer closed on 7 April 2008 having raised £1.1
million (net of costs).  All shares were allotted after 29 February
2008.

Venture capital investments
It has been a busy year for the Company in terms of investment
activity.  The Ordinary Share pool made six new investments and the
'C' Share pool eight new investments.

The Ordinary Share pool also made four major disposals, three of
which produced significant gains over their previous carrying
valuation.  Total realised gains for the year were £1.8 million of
which £1.2 million arose from the disposal of Oasis Healthcare.

Overall. the Ordinary Share portfolio produced an unrealised loss of
£626,000 for the year.  The loss is explained by a fall in share
prices of two AIM-quoted investments, full provisions made against
two unquoted investments where there is doubt as to whether value can
be recovered and adjustments (both up and down) of carrying values of
other unquoted investments generally based on trading performance.

The 'C' Share pool produced an unrealised loss of £905,000, mainly
explained by a full provision required against the investment in The
Vending Corporation Limited.

Results and dividend
The loss on activities after taxation for the year was £313,000
(2007: gain £7,394,000), comprising a revenue return of £682,000 and
a capital loss of £995,000.

On 6 December 2007, an interim dividend of 6.0p per Ordinary Share
(2007: 31.0p per share) and 1.0p per 'C' Share (2007: nil) was paid
to Shareholders. A second interim dividend of 2.5p per Ordinary Share
was paid on 14 March 2008.

The Board is proposing final dividends as follows:


Ordinary Shares 1.25p per share
'C' Shares      1.75p per share


Subject to Shareholder approval, these dividends will be paid on 22
July 2008 to Shareholders on the register at 4 July 2008.

Repurchase of shares
In order to ensure liquidity in the market in the Company's shares,
the Company operates a policy of buying in its own shares as they
become available in the market.

During the year, the Company repurchased 171,768 Ordinary Shares, at
an average price of 85.4p per share, and 2,677 'C' Shares, at an
average price of 81.5p per share, for cancellation. Generally, share
buybacks are undertaken at a 10% discount to the latest NAV published
by the Company.  The Board intends to continue with this policy and
will put a resolution to Shareholders at the AGM.

Articles of Association
At the forthcoming AGM, the Board will seek Shareholder approval to
update the Company's Articles of Association. Resolution 10, which is
a special resolution, proposes the adoption of new Articles of
Association which incorporate a number of changes which are required
as a result of the implementation of the Companies Act 2006. An
explanation of the proposed changes is provided within the Report of
the Directors.

The Board recommends Shareholders vote for Resolution 10 as, in the
Board's opinion, the proposed changes are in the best interests of
Shareholders.

Annual General Meeting
The Annual General Meeting ("AGM") of the Company will be held at 39
Earlham Street, London WC2H 9LT at 11:00 am on 17 July 2008.

Four items of special business will be proposed at the AGM in respect
of share buybacks as mentioned above, two resolutions in connection
with authority for the Directors to allot shares and to change the
Articles of Association also as mentioned above.

Outlook
I am pleased to report that, since the year end, Company has realised
another of the investments held by the Ordinary Share pool.  The
investment in ILG Digital was sold at a significant profit against
cost and an uplift against the valuation at 29 February 2008
equivalent to 6.9p per Ordinary Share.

Following the significant number of realisations in the last year and
the recent fundraising, the Ordinary Share pool now has funds
available for investment, as well as the significant level of funds
which the 'C' Share pool still has to invest.  The rate of new
investments over the last year has been good, however, with more
uncertain economic conditions, it becomes increasingly important to
ensure that new investments remain of the highest quality.

REVIEW OF INVESTMENTS
ORDINARY SHARE POOL

Ordinary Share portfolio of investments
The following investments were held at 29 February 2008:


                                                  Valuation
                                                   movement      % of
                                   Cost Valuation   in year portfolio
                                  £'000     £'000     £'000  by value
Top ten venture capital
investments (by value)
Espresso Group Limited            2,048     6,015       683     29.5%
ILG Digital Limited               1,345     2,760     (591)     13.5%
SPC International Limited         1,145     1,011      (98)      4.9%
Campden Media Limited               975       972      (81)      4.8%
Optima Data Intelligence            900       900         -      4.4%
Services Limited
Ashford Colour Press Limited        875       828       115      4.1%
Donatantonio Limited                575       575         -      2.8%
Eagle Rock Entertainment Limited    420       565       145      2.8%
Saffron Media Group Limited         480       480         -      2.4%
(formerly Harmony Media Group
Limited)
Pilat Media Global plc*             173       320     (328)      1.6%
                                  8,936    14,426     (155)     70.8%

Other venture capital
investments
UBC Media plc*                    1,101       311     (228)      1.5%
Coolabi plc*                        283       301        18      1.5%
ID Data plc*                        263         3         -      0.0%
GB Industries Limited             1,134         -         -      0.0%
Baby Innovations S.A. t/a           604         -     (114)      0.0%
Steribottle
Sports Holdings Limited             147         -     (146)      0.0%
                                  3,532       615     (470)      3.0%

Total venture capital            12,468    15,041     (625)     73.8%
investments

Liquidity funds                             4,400               21.6%


Cash at bank and in hand                      945                4.6%

Total Ordinary Share investments           20,386              100.0%

All venture capital investments are unquoted unless otherwise stated.
* Quoted on AIM

All venture capital investments are registered in England and Wales
with the exception of Baby Innovations S.A., which is registered in
Madeira.

REVIEW OF INVESTMENTS
C SHARE POOL

'C' Share portfolio of investments
The following investments were held at 29 February 2008:


                                                  Valuation
                                                   movement      % of
                                   Cost Valuation   in year portfolio
                                  £'000     £'000     £'000  by value
Venture capital investments
Path Group Limited                1,000     1,000         -      7.6%
Donatantonio Limited                875       875         -      6.7%
Heritage Partners Limited           800       800         -      6.1%
Steak Media Limited                 275       385       110      2.9%
Charterhouse Leisure Limited        371       371         -      2.9%
Breeze Tech Limited                 175       175         -      1.3%
Dianomi Limited                     126       126         -      1.0%
The Vending Corporation Limited   1,016         -   (1,016)      0.0%
Total venture capital investments 4,638     3,732     (906)     28.5%

Liquidity funds                             7,950               60.6%

Cash at bank and in hand                    1,426               10.9%

Total 'C' Share investments                13,108              100.0%


All venture capital investments are unquoted and are registered in
England and Wales.

INCOME STATEMENT
for the year ended 29 February 2008

Company Position

                          Year ended                Year ended
                       29 February 2008          28 February 2007

                    Revenue  Capital  Total   Revenue Capital   Total
                      £'000    £'000  £'000     £'000   £'000   £'000

Income                1,406        -  1,406       576       -     576

Gains on                  -      285    285         -   9,059   9,059
investments

                      1,406      285  1,691       576   9,059   9,635

Investment            (218)    (653)  (871)     (160)   (479)   (639)
management fees
Performance            (47)    (882)  (929)         - (1,416) (1,416)
incentive fees
Other expenses        (185)     (19)  (204)     (181)     (5)   (186)

Return on ordinary      956  (1,269)  (313)       235   7,159   7,394
activities before
tax

Tax on ordinary       (274)      274      -      (36)      36       -
activities

Return attributable     682    (995)  (313)       199   7,195   7,394
to equity
shareholders

Return per Ordinary    1.1p   (0.1p)   1.0p      0.8p   29.7p   30.5p
Share

Return per 'C'         3.2p   (7.1p) (3.9p)       n/a     n/a     n/a
Share


Split as:
Ordinary Shares

                          Year ended                Year ended
                       29 February 2008          28 February 2007

                      Revenue Capital Total   Revenue Capital   Total
                        £'000   £'000 £'000     £'000   £'000   £'000

Income                    695       -   695       576       -     576

Gains on investments        -   1,190 1,190         -   9,059   9,059

                          695   1,190 1,885       576   9,059   9,635

Investment management   (143)   (430) (573)     (160)   (479)   (639)
fees
Performance incentive    (47)   (882) (929)         - (1,416) (1,416)
fees
Other expenses          (114)    (13) (127)     (181)     (5)   (186)

Return on ordinary        391   (135)   256       235   7,159   7,394
activities
before tax

Tax on ordinary         (118)     118     -      (36)      36       -
activities

Return attributable       273    (17)   256       199   7,195   7,394
to equity
shareholders



'C' Shares

                            Year ended               Year ended
                         29 February 2008         28 February 2007

                      Revenue  Capital  Total   Revenue Capital Total
                        £'000    £'000  £'000     £'000   £'000 £'000

Income                    711        -    711         -       -     -

Gains on investments        -    (905)  (905)         -       -     -

                          711    (905)  (194)         -       -     -

Investment management    (75)    (223)  (298)         -       -     -
fees
Performance incentive       -        -      -         -       -     -
fees
Other expenses           (71)      (6)   (77)         -       -     -

Return on ordinary        565  (1,134)  (569)         -       -     -
activities
before tax

Tax on ordinary         (156)      156      -         -       -     -
activities

Return attributable       409    (978)  (569)         -       -     -
to equity
shareholders


All Revenue and Capital movements in the year for the Ordinary Shares
and 'C' Shares relate to continuing operations.

A Statement of Total Recognised Gains and Losses relating to each
class of share has not been prepared as all gains and losses are
recognised in the relevant Income Statements as shown above.


RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
for the year ended 29 February 2008


                            Year ended              Year ended
                         29 February 2008        28 February 2007
                      Ordinary    'C'         Ordinary    'C'
                        shares shares   Total   shares shares   Total
                         £'000  £'000   £'000    £'000  £'000   £'000

Opening shareholders'   25,249      -  25,249   26,733      -  26,733
funds
Issue of shares              - 14,621  14,621        -      -       -
Share issue costs            -  (804)   (804)        -      -       -
Purchase of own          (148)    (2)   (150)    (711)      -   (711)
shares
Total recognised           256  (569)   (313)    7,394      -   7,394
gains for the year
Distributions          (4,888)  (146) (5,034)  (8,167)        (8,167)

Closing shareholders'   20,469 13,100  33,569   25,249      -  25,249
funds



BALANCE SHEET
as at 29 February 2008

                        29 February 2008        28 February 2007

                     Ordinary    'C'        Ordinary     'C'
                       Shares Shares  Total   Shares  Shares    Total
                        £'000  £'000  £'000    £'000   £'000    £'000

Fixed assets
Investments            15,041  3,732 18,773   15,629       -   15,629

Current assets
Debtors                   769     87    856      968       -      968
Current investments     4,400  7,950 12,350    4,750       -    4,750
Cash at bank and in       945  1,426  2,371    4,218   4,491    8,709
hand
                        6,114  9,463 15,577    9,936   4,491   14,427

Creditors: amounts      (686)   (95)  (781)    (316) (4,491)  (4,807)
falling due
within one year

Net current assets      5,428  9,368 14,796    9,620       -    9,620

Net assets             20,469 13,100 33,569   25,249       -   25,249

Capital and reserves
Called up share         1,157  3,654  4,811    1,165       -    1,165
capital
Capital redemption        140      1    141      132       -      132
reserve
Special reserve         8.836      -  8,836   13,145       -   13,145
Share premium           3,759 10,159 13,918    3,759       -    3,759
account
Capital reserve -       3,640   (73)  3,567    4,348       -    4,348
realised
Capital reserve -       2,573  (905)  1,668    2,376       -    2,376
unrealised
Revenue reserve           364    264    628      324       -      324

Total equity           20,469 13,100 33,569   25,249       -   25,249
shareholders' funds

Net asset value per     88.5p  89.6p          108.3p     n/a
share


CASH FLOW STATEMENT
for the year ended 29 February 2008

                            Year ended               Year ended
                         29 February 2008         28 February 2007
                    Ordinary      'C'          Ordinary    'C'
                      Shares   Shares    Total   Shares Shares   Total
                       £'000    £'000    £'000    £'000  £'000   £'000

Net cash
(outflow)/inflow     (1,003)      343    (660)  (1,557)      - (1,557)
from
operating
activities

Capital expenditure
Purchase of          (2,805)  (4,638)  (7,443)  (1,679)      - (1,679)
investments
Sale of                4,985        -    4,985   11,884      -  11,884
investments
Net cash
inflow/(outflow)       2,180  (4,638)  (2,458)   10,205      -  10,205
from
capital expenditure

Equity dividends     (4,888)    (146)  (5,034)  (8,167)      - (8,167)
paid

Management of
liquid resources
Purchase of current
investments held     (2,700) (11,850) (14,550)        -      -       -
as liquidity funds
Withdrawal from        3,050    3,900    6,950      950      -     950
liquidity funds
Net cash
inflow/(outflow)         350  (7,950)  (7,600)      950      -     950
from
 liquid resources

Net cash
(outflow)/inflow     (3,361) (12,391) (15,752)    1,431      -   1,431
before
financing

Financing
Proceeds from share      206   10,130   10,336        -  4,491   4,491
issue
Share issue costs          -    (804)    (804)        -      -       -
Purchase of own        (118)        -    (118)    (697)      -   (697)
shares
Net cash (outflow)/
inflow from               88    9,326    9,414    (697)  4,491   3,794
financing

(Decrease)/increase  (3,273)  (3,065)  (6,338)      734  4,491   5,225
in cash




NOTES TO THE ACCOUNTS
for the year ended 29 February 2008

1. Return per share

                                           Ordinary Shares        'C'
                                                               Shares
Revenue return per share based on:
Net revenue after taxation (£'000)                     273        409

Weighted average number of ordinary shares      23,306,117 13,663,478
in issue

Capital return/(loss) per share based on:
Net capital gain for the financial year               (17)      (978)
(£'000)

Weighted average number of ordinary shares      23,306,117 13,663,478
in issue



2. Net asset value per share

                                           2008            2007
                   Shares in Issue    Net asset value Net asset value
                      2008       2007     per             per
                                        share   £'000   share   £'000

Ordinary Shares 23,138,248 23,310,016   88.5p  20,469  108.3p  25,249
'C' Shares      14,617,777          -   89.6p  13,100       -       -
                                               33,569          25,249




Announcement based on audited accounts
The financial  information  set out  in  this announcement  does  not
constitute the Company's statutory financial statements in accordance
with section 434 Companies  Act 2006 for the  year ended 29  February
2008, but has been extracted from the statutory financial  statements
for the year ended 29 February 2008, which were approved by the Board
of Directors on 19 June 2008  and will be delivered to the  Registrar
of Companies  following the  Company's Annual  General Meeting.   The
Independent  Auditor's  Report  on  those  financial  statements  was
unqualified and did not contain any emphasis of matter nor statements
under s498 (2) and (3) of the Companies Act 2006.

The statutory accounts for the year ended 29 February 2008 have  been
delivered to the Registrar of  Companies and received an  Independent
Auditors report  which  was  unqualified  and  did  not  contain  any
emphasis of  matter  nor  statements  under S237(2)  or  (3)  of  the
Companies Act 1985.

A copy of  the full annual  report and financial  statements for  the
year  ended  29  February  2008   will  be  printed  and  posted   to
shareholders shortly. Copies will also be available to the public  at
the registered office of the Company at 39 Earlham Street, London WC2
9LT and will  be available for  download from www.provenvcts.com  and
www.downing.co.uk.

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