Proven VCT plc : Interim Management Statement

ProVen 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 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

New Ordinary Shares

(Per New Ordinary Share)	Unaudited 31 May 2013	Audited 28 Feb 2013	Unaudited 30 Nov 2012	Unaudited 31 Aug 2012*
	Pence	Pence	Pence	Pence
Net Asset Value ("NAV")	103.5	103.3	102.7	101.6

* Equivalent NAV based on the two-for-one consolidation of the Original Ordinary Shares that took place in October 2012

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.

Dividends
An interim dividend of 5p 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	3,239
Think Limited	2,834
Donatantonio Limited	2,463
SPC International Limited	2,409
Monica Vinader Limited	2,082
Campden Media Limited (incl. Campden Wealth Limited)	1,256
Matssoft Limited	1,199
Blis Media Limited	1,119
Chess Technologies Limited	1,079
Eagle Rock Entertainment Group Limited	1,049
Other investments	5,687
	24,416
Cash at bank and other liquid funds	25,265
Total	49,681

Investment activity during the three month period ended 31 May 2013

Investment additions

	£'000
Monica Vinader Limited	1,086

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	1,675	4,939	4,939	3,264	-
Tossed Limited	1,226	1,545	1,545	319	-
Campden Media Limited	647	647	647	-	-
Cross Solar PV Limited	598	598	598	-	-
Steak Media*	-	-	136	136	136
Isango! Limited*	-	-	2	2	2
	4,146	7,729	7,867	3,721	138

* Received as earn out on investment previously realised.

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

Investment additions

	£'000
Utility Exchange Online Limited	210
APM Healthcare Limited	75
	285

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	71	71	92	21	21

Changes to share capital

	New Ordinary Shares of 10p each
As at 1 March 2013	45,718,436
Shares bought back during 3 months to 31 May 2013	(119,000)
Shares issued during the 3 months to 31 May 2013	2,303,786
Shares bought back under the EBF* during the 3 months to 31 May 2013	(4,836,571)
Shares issued under the EBF* during the 3 months to 31 May 2013	4,690,138
As at 31 May 2013	47,756,789

* Enhanced Buyback Facility

In the period from 1 June 2013 to the date of publication of this statement, 277,845 New Ordinary Shares were repurchased and subsequently cancelled.

Material events
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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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 VCT plc via Thomson Reuters ONE

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