Proven Health VCT Proven Health VCT Plc : Interim Management Statement
December 14 2012 - 5:00AM
UK Regulatory
TIDMNHF
ProVen Health VCT plc
Interim Management Statement for the 3 Months to 31 October 2012
In accordance with Rule 4.3 of the Disclosure Rules and Transparency Rules
("DTR") of the UK Listing Authority, ProVen Health VCT plc (the "Company")
presents an interim management statement for the three month period ended 31
October 2012. The statement also includes relevant financial information between
the end of the period and the date of publication of this statement.
This interim management statement has been prepared solely to provide additional
information to the shareholders as a body to meet the relevant requirements of
the DTR and should not be relied on by any other party or for any other purpose.
This interim management statement considers the future of the Company and, as
such, any forward-looking comments have been made by the Directors in good faith
based on the information available to them up to the time of their approval of
this statement. This statement should therefore be treated with due caution due
to the inherent uncertainties of the effects of both economic and business risk
factors in considering forward-looking information.
Performance summary
As at As at
31 Oct 2012 31 Jul 2012
Total net assets GBP8.20 m GBP8.37 m
Net asset value per share 39.5p 39.9p
Cumulative dividends per ordinary share since launch 18.5p 18.5p
Total return per share* 58.0p 58.4p
Mid-market share price 35.5p 38.3p
* NAV plus cumulative dividends paid since launch
Investment update
At 31 October 2012 the portfolio consisted of 12 companies primarily in the
health sector and at different stages of development. Of these companies, 2 were
quoted and 10 were unquoted. At 31 October 2012, 10.5% of the Company's
investments by value were held in quoted companies and 53.1% were held in
unquoted companies. 36.4% of the Company's investments were held in cash and
liquidity funds.
During the period, the Company completed its first non-health sector investment,
a GBP320,000 investment into Inskin Media Limited, as part of total funding of
GBP1.8 million from Beringea managed VCTs. Inskin Media is a UK based company that
has developed a range of technologies for the rapidly growing area of online
video advertising. The company has established itself as a significant player in
the UK market by its ability to provide innovative technology formats which have
been proven to drive higher yields for online media owners and strong returns
for advertising campaigns. A further investment of GBP77,000 was made into
Population Genetics Technologies Limited to support continued development.
Three further non-health sector investments were made after 31 October 2012.
GBP113,000 was invested into Utility Exchange Online Limited, which provides
utility price comparison services for small businesses. A GBP319,000 investment
was made into Cognolink Limited. Cognolink offers a broad range of "Expert
Network" services to private equity firms, hedge funds, asset managers and large
consulting businesses. These services assist these clients in their primary
research by facilitating consultations with industry experts via one-to-one
phone calls, in-person meetings and interactive conference calls. GBP159,000 was
invested into Skills Matter Limited. Launched in 2003, Skills Matter helps their
35,000 strong developer community learn and share skills to write better
software. The new funding will be used to provide even more opportunities for
its community to collaborate with the world's top technology experts including
through expert talks, meet-ups and training courses. In addition, the company
will now be able to offer work and collaboration space. All these investments
were made alongside other VCTs managed by Beringea.
Investment portfolio summary as at 31 October 2012 (by value)
Cost Valuation
GBP'000 GBP'000
Top venture capital investments (by value)
Population Genetics Technologies Limited 1,206 980
Polytherics Limited 885 885
APM Healthcare Limited 850 850
Altacor Limited 1,020 815
Sinclair IS Pharma plc * 585 433
Vectura Group plc ** 250 422
Digital Healthcare Limited 1,010 384
Inskin Media Limited 320 320
Omni Dental Sciences Limited 737 108
---------------------
6,863 5,197
---------------------
Other venture capital investments 1,646 -
---------------------
Total venture capital investments 8,509 5,197
---------------------
Liquidity funds 2,678 2,678
Cash at bank and in hand 300 300
---------------------
Total 11,487 8,175
---------------------
* Quoted on AIM
** Listed on the Main Market of the London Stock Exchange
All investments are unquoted unless otherwise stated.
Investment activity
Additions
The Company made the following additions between 1 August 2012 and 31 October
2012:
Cost
GBP'000
Population Genetics Technologies Limited 77
Inskin Media Limited 320
--------
397
--------
In the period from 1 November 2012 to the date of publication of this statement,
the Company made the following new investments:
Cost
GBP'000
Utility Exchange Online Limited 113
Cognolink Limited 319
Skills Matter Limited 159
--------
591
--------
Disposals
There were no disposals between 1 August 2012 and 31 October 2012 or between 1
November 2012 and the date of publication of this statement.
Changes to share capital
Ordinary shares of 1p each
Number GBP'000
As at 1 August 2012 20,975,364 210
Shares bought back and cancelled (243,000) (2)
---------------------
As at 31 October 2012 20,732,364 208
---------------------
In the period from 1 November 2012 to the date of publication of this statement,
the Company purchased a further 33,500 shares for cancellation.
On 14 November 2012, the Company cancelled its share premium account created on
the issue of shares and created an additional special distributable reserve of
GBP9.6 million. This special reserve can be used by the Company for the
cancellation of its shares and other corporate purposes, including the payment
of dividends.
Outlook
In the period from 1 August 2012 to the date of publication of this statement,
the Company has diversified its portfolio by adding four non-health sector
investments, totaling GBP911,000 or over 10% of the Company's net asset value.
The Board is optimistic about the opportunities for further investments in the
coming months.
Material events
Other than the matters described above, there were no material events during the
period from 1 August 2012 to 31 October 2012 or in the period from 1 November
2012 to the date of publication of this statement.
Further information
Further information regarding the Company, can be found on Beringea's dedicated
VCT website: www.provenvcts.co.uk
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 Health VCT Plc via Thomson Reuters ONE
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