Proven Health VCT Proven Health Vct Plc : Interim Management Statement
June 19 2013 - 10:02AM
UK Regulatory
TIDMNHF
ProVen Health VCT plc
Interim Management Statement for the 3 Months to 30 April 2013
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 30 April 2013. 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
30 Apr 2013 31 Jan 2013
Total net assets GBP7.58 m GBP7.65 m
Net asset value per share 36.8p 37.1p
Cumulative dividends per ordinary share since 18.5p 18.5p
launch
Total return per share* 55.3p 55.6p
Mid-market share price 31.5p 34.5p
* NAV plus cumulative dividends paid since launch
Investment update
At 30 April 2013, the portfolio consisted of 13 unquoted companies at a
valuation of GBP4.4 million. The Company also held cash and liquidity
fund investments of GBP3.0 million and contingent consideration in
respect of a former investment, Biovex, at a fair value of GBP120,000.
During the period, the Company made further investments of GBP64,000
into Altacor Limited and GBP23,000 into Population Genetics Technologies
Limited and sold its holdings in Sinclair IS Pharma plc and Vectura
Group plc.
Investment portfolio summary as at 30 April 2013 (by value)
Cost Valuation
GBP'000 GBP'000
Top venture capital investments (by value)
Polytherics Limited 885 1,018
APM Healthcare Limited 850 893
Altacor Limited 1,084 879
Digital Healthcare Limited 1,010 384
Inskin Media Limited 320 320
Cognolink Limited 319 319
Population Genetics Technologies Limited 1,229 318
Skills Matter Limited 159 159
Utility Exchange Online Limited 113 113
5,969 4,403
Other venture capital investments 2,324 -
Total venture capital investments 8,293 4,403
Liquidity funds 2,128 2,128
Cash at bank and in hand 894 894
Contingent consideration at fair value - 120
Total 11,315 7,545
All investments are unquoted unless otherwise stated.
Investment activity
The Company made the following additions and disposals between 1
February 2013 and 30 April 2013:
Additions
Cost
GBP'000
Altacor Limited 64
Population Genetics Technologies Limited 23
87
Disposals
Market
value
at 1 Profit/
Feb Disposal (loss) Total realised gain/(loss)
Cost 2013 proceeds against cost current period
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Sinclair
IS
Pharma
plc 585 402 405 (180) 3
Vectura
Group
plc 250 446 442 192 (4)
835 848 847 12 (1)
There were no additions or disposals in the period from 1 May 2013 to
the date of publication of this statement.
Changes to share capital
Ordinary shares of 1p each
Number GBP'000
As at 1 February 2013 20,607,864 206
Shares issued/(bought back and cancelled) - -
As at 30 April 2013 20,607,864 206
In the period from 1 May 2013 to the date of publication of this
statement, there were no changes to the Company's issued share capital.
Outlook
The Board continues to look into the possibility of a potential merger
with another VCT on the basis that this could provide opportunities for
all shareholders. The Board expects to be able to announce the outcome
of this process shortly but has decided that, in the meantime, it would
be prudent to temporarily suspend the Company's share buyback policy and
not to consider further dividend payments until the outcome is clear.
Material events
Other than the matters described above, there were no material events
during the period from 1 February 2013 to 30 April 2013 or in the period
from 1 May 2013 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
HUG#1710558
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