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Proven VCT plc (PVN)

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Thursday 19 July, 2012

Proven VCT plc

Proven VCT plc : Interim Management Statement

Proven VCT plc : Interim Management Statement

ProVen VCT plc

Interim Management Statement

for the three months ended 31 May 2012

 

19 July 2012

 

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 2012. The statement also includes relevant financial information between the end of the period and the date of this statement.

 

Performance

Ordinary Shares

  Unaudited

31 May 2012
Audited

29 Feb 2012
Unaudited

30 Nov

 2011
Unaudited

31 Aug

 2011
  PencePencePencePence
Net Asset Value ("NAV") 49.30 49.40 55.00 55.90
Cumulative Dividends 114.00 114.00 107.75 107.75
Total Return * 163.30 163.40 162.75 163.65

* NAV plus cumulative dividends paid since launch of Company

 

 'C' Shares

  Unaudited

31 May 2012
Audited

29 Feb 2012
Unaudited

30 Nov

 2011
Unaudited

31 Aug

 2011
  PencePencePencePence
Net Asset Value ("NAV") 87.40 87.40 87.40 82.00
Cumulative Dividends 4.75 4.75 4.75 4.75
Total Return * 92.15 92.15 92.15 86.75

* NAV plus cumulative dividends paid since launch of 'C' Share fundraising

 

'D' Shares

  Unaudited

31 May 2012
Audited

29 Feb 2012
Unaudited

30 Nov

 2011
Unaudited

31 Aug

 2011
  PencePencePencePence
Net Asset Value ("NAV") 86.00 86.40 89.70 88.80

 

Quoted investments are valued at the closing bid price at 31 May 2012.

 

Unquoted investments are valued at fair values established using the International Private Equity and Venture Capital Valuation Guidelines.

 

No dividends were paid in the three months to 31 May 2012 or in the period from 1 June 2012 to the date of this announcement.

 

Investment portfolio summary at 31 May 2012

 

Ordinary Share Portfolio summary

  Valuation
  £'000
Venture capital investments  
Espresso Group Limited 3,927
Think Limited 2,195
SPC International Limited 1,754
Eagle Rock Entertainment Group Limited 1,158
Campden Media Limited 1,101
Donatantonio Limited 996
Tossed Limited 622
Ashford Colour Press Limited 526
Fjordnet Limited 327
Pilat Media Global plc 225
Other investments 128
  12,959
Cash at bank and other liquid funds 11,559
Total 24,518

 

'C' Share Portfolio summary

  Valuation
  £'000
Venture capital investments  
Think Limited 2,195
Donatantonio Limited 1,515
Blis Media Limited 1,068
Cross Solar PV Limited 1,016
Fjordnet Limited 904
Chess Technologies Limited 790
Charterhouse Leisure Limited 739
Monica Vinader Limited 510
SPC International Limited 469
Tossed Limited 457
Other investments 1,490
  11,153
Cash at bank and other liquid funds 1,536
Total 12,689

 

'D' Share Portfolio summary

  Valuation
  £'000
Venture capital investments  
Matssoft Limited 650
APM Healthcare Limited 425
Monica Vinader Limited 315
Utility Exchange Online Limited 380
Tossed Limited 240
Fjordnet Limited 235
Speed-Trap Holdings Limited 183
Cinergy International Limited 113
Long Eaton Healthcare Limited* -
  2,541
Cash at bank and other liquid funds 4,586
Total 7,127

 

Investment activity during the three month period ended 31 May 2012

 

Additions

 Ordinary

 Share

 Portfolio
'C'

Share

Portfolio
'D'

 Share

 Portfolio
 £'000£'000£'000
Fjordnet Limited 100 - 140
Utility Exchange Online Limited - 40 146
APM Healthcare Limited - - 238
Long Eaton Healthcare Limited* - - -
  100 40 524

*The 'D' Share Portfolio received founder shares in Long Eaton Healthcare Limited at nominal value.

 

Disposals

Ordinary Share pool  

 

Cost
Market value

 at

1 Mar 2012
 

Disposal

 proceeds
 

Loss against

 cost
Realised

 gain in

 period
 £'000£'000£'000£'000£'000
Sports Holdings Limited 6 6 6 - -

There were no 'C' Share or 'D' Share Portfolio investment disposals in the three month period ended 31 May 2012.

 

Investment activity from 1 June 2012 to the date of this report

 

Additions

 Ordinary

Share Portfolio
'C'

Share Portfolio
'D'

 Share Portfolio
 £'000£'000£'000
Campden Media Limited 167 - -

 

Disposals

Ordinary Share pool  

 

Cost
Market value

 at

1 Mar 2012
 

Disposal

 proceeds
 

Gain against

 cost
Realised

 gain in

 period
 £'000£'000£'000£'000£'000
Sports Holdings Limited 9 9 9 - -
Ashford Colour Press Limited 500 382 526 26 144
509 391 535 26 144

There were no 'C' or 'D' Share Portfolio investment disposals in the period from 1 June 2012 to the date of this report.

 

Changes to share capital

Ordinary Shares 'C' Shares 'D' Shares
  Shares£'000Shares£'000Shares£'000
As at 1 March 2012 27,355,996 1,367 14,414,223 3,604 8,249,401 82
Shares issued during 3 months to 31 May 2012 21,598,138 1,080 - -  

-
 

-
Shares bought back during 3 months to 31 May 2012 (33,900) (2) (5,200) (1)  

(6,500)
 

-
As at 31 May 2012 48,920,234 2,445 14,409,023 3,603 8,242,901 -

 

In the period from 1 June 2012 to the date of this announcement 99,000 Ordinary Shares, 408,000 'C' Shares and 15,393 'D' Shares were repurchased and subsequently cancelled.

 

Proposed Tender Offer

On 26 June 2012 the Company published proposals for a tender offer for the Company to purchase up to 3,338,475 of its 'C' Shares at 87.4p per 'C' Share.

 

Material events

Other than as described above, there were no material events during the period from 1 March 2012 to 31 May 2012 or in the period from 1 June 2012 to the date of this announcement.




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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