Interim Results

Proven VCT PLC
15 November 2000


Announcement of Interim Results for the period to 31 August 2000
15 November 2000
 

CHAIRMAN'S STATEMENT

This is my first report to shareholders following the closing in April earlier
this year of the Offers for subscription.

In response to excess demand from investors, the directors extended the
maximum to be raised from £20 million to a total of approximately £22 million.
We are delighted with the level of funds raised and would like to thank
shareholders for the strength of their support.

NET ASSET VALUE
The unaudited net asset value per share at 31 August 2000 was 98.88p, compared
to an opening net asset value per share of 95.0p, net of issue expenses.

INVESTMENTS
During the early periods in the life of the Fund, the majority of the funds
will be held in the portfolio of Fixed Income Securities, managed by Investec
Asset Management. This portfolio will be progressively realised in order to
fund investments in qualifying unquoted companies and the Managers' Review
provides further details on the initial qualifying investments made.

DIVIDENDS
As stated in the Prospectus, the first dividend is expected to be paid in July
2001 as a final dividend in respect of the period ending 28 February 2001 and
accordingly no interim dividend is proposed.

PROSPECTS
The Fund has had a strong start, having raised a larger pool of capital than
anticipated and having already experienced modest investment gains. The
emphasis over the next few years will be in building up a balanced portfolio
of qualifying investments to generate tax free capital and income returns to
shareholders over a five to ten year period.

15 November 2000
Andrew Davison 
ProVen VCT plc


UNAUDITED STATEMENT OF TOTAL RETURN 
(incorporating the Revenue Account)
for the period from 18 January to 31 August 2000

                                  Revenue           Capital           Total
                                     £000              £000            £000
Gains on investments
- realised                              -                14              14
- unrealised                            -               665             665
Income                                490                 -             490
Investment management fee             (38)             (114)           (152)
Other expenses                       (107)                -            (107)
                                   _________________________________________
Return on ordinary activities
before taxation                       345               565             910
Tax on ordinary activities            (81)               23             (58)
                                   _________________________________________
Return on ordinary activities 
after taxation                        264               588             852
                                   _________________________________________
Return per share                     1.36p             3.03p           4.39p



UNAUDITED BALANCE SHEET
as at 31 August 2000

                                                        £000 

Fixed Assets       
Investments - unquoted                                   912
Investments - AIM quoted                               2,010
Fixed Interest                                        17,490
Money Market Fund                                        948
                                                     _______
                                                      21,360
Net Current Assets                                       364
                                                     _______
Net Assets                                            21,724
                                                     _______
Capital and Reserves
Share capital                                          1,099
Reserves                                              20,625
                                                     _______
Equity Shareholders' funds                            21,724
                                                     _______
Net asset value per share                             98.88p 


UNAUDITED CASH FLOW STATEMENT
for the period from 18 January to
31 August 2000

                                                   Period to
                                              31 August 2000 
                                                        £000

Net cash inflow from operating activities                 65

Investing activities
Purchases of investments                             (31,713)
Sales of investments                                  11,033                  
                                                     _______
Net cash outflow from investing activities           (20,680)                 
                                                     _______
Total cash outflow before financing                  (20,615)

Financing activities
Gross proceeds from share issue                       21,971
Issue expenses paid                                   (1,099)
                                                     _______
                                                      20,872
                                                     _______
Increase in cash                                         257
                                                     _______
Cash at bank and cash equivalent                         257                  
                                  

Notes 

1. The company was incorporated on 18 January 2000 and commenced trading on 13
March 2000.  The financial information given above does not constitute
statutory accounts within the meaning of Section 240 of the Companies Act
1985.

2. The Revenue column of the Statement of Total Return is the revenue account
of the company.

3. Returns per ordinary share are based on 19,405,076 ordinary shares, being
the weighted average number of shares in issue throughout the period.  There
were 21,970,502 ordinary shares in issue at 31 August 2000.

4. Earnings for the period should not be taken as a guide to the results for
the full year.

5. Copies of the Interim Report will be mailed to shareholders and are
available from the Registered Office of the company at 42 Craven Street,
London WC2N 5NG.