ProVen Planned Exit VCT plc : Interim Management Statement
December 19 2011 - 8:29AM
UK Regulatory
TIDMPPE
ProVen Planned Exit VCT plc
Interim Management Statement
1 November 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 1 November 2011 to date.
Financial Summary
The Company prepared audited initial accounts to 31 October 2011. At this date
the Company had net assets of GBP4.4 million. The net asset value per ordinary
share was 91.9p and the net asset value per A share was 0.1p.
Investment performance
Net assets comprise mainly cash held on deposit and held in money market funds.
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 to date 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.
Dividend
On 1 December 2011, the Company announced a dividend of 3p per ordinary share to
be paid on 21 December 2011 to ordinary shareholders on the register at 9
December 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
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(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
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