Proven Growth & Income VCT plc : Interim Manage...
ProVen Growth & Income VCT plc
Interim Management Statement
for the three months ended 31 May 2014
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 2014. The statement also includes relevant financial information between the end of the period and the date of publication of this statement.
Performance
| Unaudited 31 May 2014 | Audited 28 Feb 2014 | Unaudited 30 Nov 2013 | Unaudited 31 Aug 2013 | |
| Pence | Pence | Pence | Pence | |
| Net Asset Value per share | 85.0 | 85.2 | 86.0 | 83.1 |
| Dividends paid to date* | 27.1 | 27.1 | 24.6 | 22.6 |
| Total Return | 112.1 | 112.3 | 110.6 | 105.7 |
* 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.
Venture capital investments are valued at fair values established using the International Private Equity and Venture Capital Valuation Guidelines.
Dividend
A final dividend for the year ended 28 February 2014 of 2.0p per share was announced on 19 June 2014, to be paid on 25 July 2014 to Shareholders on the register at 27 June 2014.
Investment portfolio summary at 31 May 2014
| Valuation | |
| £'000 | |
| Venture capital investments | |
| Cognolink Limited | 3,500 |
| Pulpitum Limited | 2,900 |
| MyOptique Group Limited | 2,400 |
| APM Healthcare Limited | 2,162 |
| Inskin Media Limited | 2,018 |
| Utility Exchange Online Limited | 2,002 |
| Charterhouse Leisure Limited | 1,818 |
| Disposable Cubicle Curtains Limited | 1,730 |
| Blis Media Limited | 1,682 |
| Monica Vinader Limited | 1,585 |
| Other investments | 10,432 |
| 32,229 | |
| Cash at bank | 20,473 |
| Total | 52,702 |
Investment activity during the three month period ended 31 May 2014
Investment additions during the three month period ended 31 May 2014
| £'000 | |
| MyOptique Group Limited | 2,400 |
| Response Tap Limited | 1,440 |
| Big Data Partnership Limited | 720 |
| Peerius Limited | 600 |
| Charterhouse Leisure Limited | 250 |
| Eagle-i Music Limited | 47 |
| 5,457 |
Investment disposals during the three month period ended 31 May 2014
| Cost | Market value at 1 Mar 2014 * | Disposal proceeds | Gain/ (loss) against cost | Realised gain in period | |
| £'000 | £'000 | £'000 | £'000 | £'000 | |
| Eagle Rock Entertainment Group Limited | 680 | 725 | 736 | 56 | 11 |
| Pilat Media Global plc | 50 | 231 | 237 | 187 | 6 |
| Peerius Limited | 33 | 33 | 33 | - | - |
| Sports Holdings Limited | 12 | 11 | 11 | (1) | - |
| Steak Media Limited** | - | - | 186 | 186 | 186 |
| Fjordnet** | - | - | 59 | 59 | 59 |
| 775 | 1,000 | 1,262 | 487 | 262 |
*Adjusted for additions during the period
** Investment previously realised but further proceeds received
Investment activity from 1 June 2014 to the date of publication of this statement
Investment additions since 1 June 2014
| £'000 | |
| Chargemaster plc | 925 |
| Perfect Channel Limited | 255 |
| 1,180 |
Investment disposals since 1 June 2014
| Cost | Market Value at 1 Mar 2014* | Disposal proceeds | Gain against cost | Realised gain in period | |
| £'000 | £'000 | £'000 | £'000 | £'000 | |
| Donatantonio Limited | 204 | 265 | 265 | 61 | - |
| Peerius Limited | 30 | 30 | 30 | - | - |
| 234 | 295 | 295 | 61 | - |
*Adjusted for additions during the period
The Company has provided a loan facility of £750,000 to Celoxica Limited, but no drawdowns have been made.
Changes to share capital
| Ordinary Shares of 1.6187p each | |
| As at 1 March 2014 | 62,631,290 |
| Shares bought back during the 3 months to 31 May 2014 | - |
| Shares issued during the 3 months to 31 May 2014 | - |
| As at 31 May 2014 | 62,631,290 |
In the period from 1 June 2014 to the date of publication of this statement, 400,000 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 2014 to 31 May 2014 or in the period from 1 June 2014 to the date of publication of this statement.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Proven Growth & Income VCT plc via Globenewswire
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