Proven VCT plc Proven Vct Plc : Interim Management Statement
January 23 2017 - 12:58PM
UK Regulatory
TIDMPVN
ProVen VCT plc
Interim Management Statement
for the three months ended 30 November 2016
ProVen VCT plc (the "Company") presents an Interim Management Statement
for the three month period ended 30 November 2016. The statement also
includes relevant financial information between the end of the period
and the date of this announcement.
Performance
Unaudited Unaudited Unaudited Audited
30 November 31 August 31 May 29 February
2016 2016 2016 2016
Pence Pence Pence Pence
Net Asset Value per share ("NAV") 99.5 100.8 103.1 100.7
Dividends paid/ declared per share since conversion/
consolidation* 26.5 24.0 20.0 20.0
Total Return (NAV plus dividends paid/ declared*) 126.0 124.8 123.1 120.7
*Dividends paid/ declared represent dividends paid/ declared since the
consolidation of 5p Ordinary Shares into 10p Ordinary Shares on 30
October 2012. Prior to this date, the Company paid dividends totalling
113.95p on the 5p Ordinary Shares.
Dividends paid or declared
On 8 November 2016, the Company announced an interim dividend for the
year ending 28 February 2017 of 2.5p per Ordinary Share. This dividend
was paid on 16 December 2016 to shareholders on the register at 18
November 2016.
Investment portfolio summary at 30 November 2016
Portfolio summary
Valuation
Venture capital investments GBP'000
Watchfinder.co.uk Limited 7,434
Monmouth Holdings Limited 3,844
Pulpitum Limited 3,793
Cogora Group Limited 3,524
Monica Vinader Limited 3,468
Perfect Channel Limited 3,429
Litchfield Media Limited 3,423
Think Limited 3,210
SPC International Limited 2,843
Third Bridge Group Limited 2,458
Other investments 24,890
62,316
Cash at bank 38,963
Total 101,279
Quoted investments are valued at the closing bid price at 30 November
2016, discounted where appropriate. Unquoted investments are valued at
fair values established using the International Private Equity and
Venture Capital Valuation Guidelines.
Investment activity during the three month period ended 30 November 2016
Investment additions
GBP'000
Honeycomb.TV Limited 495
ContactEngine Limited 450
945
On 15 November 2016, the Company committed to invest GBP758,000 in
Firefly Learning Limited, subject to clearance from HMRC.
Also during the period Dianomi Limited split its operations into Dianomi
Limited and Buckingham Gate Financial Services Limited, and TVPlayer
Limited de-merged from its parent company Simplestream Limited. The
Company received a pro rata interest in these additional companies.
Investment disposals
Market Gain Realised
value at Disposal against (loss)/ gain
Cost 1 September 2016 proceeds cost in period
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
MyOptique
Group
Limited 2,420 4,311 4,302 1,882 (9)
Donatantonio
Group
Limited 100 100 129 29 29
Celoxica
Limited 68 68 68 - -
2,588 4,479 4,499 1,911 20
Investment activity from 1 December 2016 to the date of this
announcement
Investment additions
GBP'000
Infinity Reliance Limited (trading as My 1st Years) 2,155
Whistle Sports, Inc. 2,090
D3O Holdings Limited 80
TVPlayer Limited 77
4,402
Investment disposals
Market Gain Realised
value at Disposal against gain in
Cost 1 September 2016 proceeds cost period
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Celoxica Limited 46 46 46 - -
46 46 46 - -
Ordinary
Shares
Changes to share capital of 10p each
As at 1 September 2016 98,633,058
Ordinary Shares bought back during the 3 months to
30 November 2016 (215,394)
Ordinary Shares issued during the 3 months to 30 November
2016 -
As at 30 November 2016 98,417,664
In the period from 1 December 2016 to the date of this announcement,
45,438 Ordinary Shares were repurchased and subsequently cancelled and
349,817 Ordinary Shares were issued under the terms of the Company's
Dividend Reinvestment Scheme in respect of the dividend of 2.5p per
Ordinary Share paid on 16 December 2016.
Material events
Other than the matters described above, there were no material events
during the period from 1 September 2016 to 30 November 2016 or in the
period from 1 December 2016 to the date of this announcement.
Further information
Further information regarding the Company, can be found on Beringea's
dedicated VCT website: www.provenvcts.co.uk or by contacting Beringea,
the Investment Manager at provenvcts@beringea.co.uk or by telephone 020
7845 7820.
Beringea LLP
Company Secretary
Telephone 020 7845 7820
-End
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Proven VCT plc via Globenewswire
(END) Dow Jones Newswires
January 23, 2017 12:58 ET (17:58 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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