ProVen Plnd Ex VCT Proven Planned Exit Vct Plc : Interim Management Statement
December 19 2013 - 12:40PM
UK Regulatory
TIDMPPE
ProVen Planned Exit VCT plc
Interim Management Statement for the 3 Months to 31
October 2013
In accordance with Rule 4.3 of the Disclosure Rules
and Transparency Rules ("DTR") of the UK Listing Authority,
ProVen Planned Exit VCT plc (the "Company") presents
an interim management statement for the three month
period ended 31 October 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.
Performance summary
As at As at
31 Oct 2013 31 Jul 2013
Total net assets GBP3.90 m GBP3.77 m
Net asset value per Ordinary Share 80.7p 78.1p
Cumulative dividends per Ordinary Share since 12.0p 12.0p
launch
Total return per Ordinary Share* 92.7p 90.1p
Mid-market price per Ordinary Share 76.5p 82.0p
Net asset value per 'A' Share 0.1p 0.1p
Cumulative dividends per 'A' Share since launch - p - p
Total return per 'A' Share * 0.1p 0.1p
Mid-market price per 'A' Share 0.1p 0.1p
* NAV plus cumulative dividends paid since launch
Dividend
On 27 September 2013, the Company announced the payment of an interim
dividend of 3p per Ordinary Share which was paid on 20 November 2013.
This brings the total dividends paid since launch to 15p per Ordinary
Share.
Investment update
At 31 October 2013, the portfolio consisted of 5 unquoted investments at
a cost of GBP1.98m and a valuation of GBP2.08m, as well as cash and
liquidity funds of GBP1.78m.
Investment portfolio summary as at 31 October 2013
Cost Valuation
GBP'000 GBP'000
Cross Solar PV Limited 600 671
Cogora Limited (formerly Campden Media Limited) 500 500
Long Eaton Healthcare Limited 400 435
Blis Media Limited 275 275
Eagle-i Music Limited 200 200
Total venture capital investments 1,975 2,081
Liquidity funds 554 554
Cash at bank and in hand 1,222 1,222
Total 3,751 3,857
All venture capital investments are unquoted.
Investment activity for the three month period ended 31 October 2013
On 22 August 2013, the Company provided funding of GBP275,000, made up
of equity and loan notes to support Blis Media Limited in its growth
strategy. Blis Media Limited is a company that specialises in mobile
marketing and advertising and has developed proprietary location based
technologies which can facilitate more accurate customer targeting.
Investment activity from 1 November 2013 to the date of publication of
this statement
On 13 November 2013, the Company invested GBP550,000 into Donatantonio
Limited, an importer and distributor of Mediterranean foods. The funds
provide Donatantonio Limited with working capital, to pursue further
growth opportunities.
Otherwise there have been no additions or disposals of investments
between 1 August 2013 and 31 October 2013 or from 1 November 2013 to the
date of publication of this statement.
Changes to share capital
There have been no changes to the share capital during the period from 1
August 2013 to 31 October 2013 or from 1 November 2013 to the date of
publication of this statement.
Material events
Other than the matters described above, there were no material events
during the period from 1 August 2013 to 31 October 2013 or from 1
November 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 or by contacting Beringea,
the Investment Manager on provenvcts@beringea.co.uk or by telephone 020
7845 7820.
This announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX 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 Planned Exit VCT plc via Globenewswire
HUG#1751269
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