PPE Proven

 
TIDMPPE 
 
ProVen Planned Exit VCT plc 
Interim Management Statement 
11 April 2011 to date 
 
In accordance with Rule 4.3 of the Disclosure and Transparency Rules of the UK 
Listing Authority, ProVen Planned Exit VCT plc ("the Company") presents an 
Interim Management Statement for the period from 11 April 2011, the date of the 
first admission to trading of the Company's ordinary and A shares, to date. 
 
During the period, the Company changed its accounting reference date from 31 
August to 31 January. The first accounting period has been extended and will 
therefore cover the period from incorporation, 2 August 2010, to 31 January 
2012. 
 
Financial Summary 
At 31 July 2011, the Company had net assets of  GBP4.2 million. The net asset value 
per ordinary share was 93.9p and the net asset value per A share was 0.1p. 
 
Investment performance 
Net assets comprise mainly cash held on deposit. The majority of this cash, at 
least 70% as calculated under HMRC regulations, is awaiting investment in 
qualifying venture capital companies. No venture capital investments have been 
made in the short time since the allotment of the first shares but the 
investment manager is encouraged by the number of suitable investment 
opportunities and expects to make a number of investments in the coming months. 
Over time, the performance of the Company will become more closely linked to the 
value of the venture capital investments but in the shorter term is likely to be 
impacted by market rates of interest for relatively low risk cash and cash based 
investments. 
 
Fundraising 
The Company has to date received gross subscriptions from investors, prior to 
expenses, of  GBP4.7 million, pursuant to an Offer for Subscription ("the Offer") 
that opened on 2 November 2010, of which  GBP4.4 million has been allotted as 
4,495,485 ordinary shares and 4,495,485 A shares. A further 2,247,742 A shares 
in relation to allotted shares are due for allotment to management and further 
allotments of A shares to management will be due on subsequent allotments to 
investors, on or before the closing of the Offer. The Offer closes on 15 
September 2011. 
 
Material events and transactions 
The directors of the Company are not aware of any other significant events or 
transactions which have occurred up to the date of this statement which would 
have a material impact on the financial position of the Company. 
 
 
For further information, please contact the investment manager, Beringea LLP, on 
020 7845 7820. 
 
-End 
 
 
 
 
 
 
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 Planned Exit VCT plc via Thomson Reuters ONE 
 
[HUG#1513372] 
 

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