Half-yearly report (Amendment)
The announcement released by the Company at 11:57 on 9 Oct 2008 as
HUG1258386 entitled "Half-yearly report" contained incorrect text.
The corrected announcement is as follows:
ProVen Growth and Income VCT plc
Half-Yearly Financial Report for the Six Months Ended 31 August 2008
RECENT PERFORMANCE SUMMARY
31 Aug 2008 29 Feb 2008 31 Aug 2007
pence Pence pence
Ordinary shares
Net asset value per Ordinary share 94.60 121.60 126.00
Cumulative distributions per 101.90 81.90 75.90
Ordinary share
Total return per Ordinary share 196.50 203.50 201.90
'C' shares
Net asset value per 'C' share 85.00 94.90 95.70
Cumulative distributions per 'C' 6.25 3.00 2.00
share
Total return value per 'C' share 91.25 97.90 97.70
CHAIRMAN'S STATEMENT
The worsening economic conditions and unprecedented stockmarket
volatility are creating a challenging environment for your Company.
With the Company's investment valuations being heavily influenced by
market comparables, it is unsurprising that both share classes have
experienced some falls in net asset value over the six month period
ended 31 August 2008.
Net Asset Values
Ordinary Shares
At 31 August 2008, the Company's net asset value per Ordinary Share
stood at 94.6p, a decrease of 7.0p (5.8%) per share since the
previous year end (after adjusting for the dividends of 20p paid in
the period).
'C' Shares
The net asset value per 'C' Share at 31 August 2008 stood at 85.0p, a
decrease of 6.65p (7.0%) per share since the previous year end (after
adjusting for the dividends of 3.25p paid in the period).
Venture Capital Investments
Ordinary Share pool
The Ordinary Share pool made one significant realisation during the
period. The investment in ILG Digital Limited was sold as part of a
private equity transaction, generating proceeds of �2.2 million
against an original cost of �600,000 million. The investment was
first made in November 2005. The Board congratulates the Investment
Manager on achieving another highly profitable investment disposal,
which is even more impressive considering the short length of time
between investment and exit.
The Ordinary Share pool also made one new investment of �350,000 in
Optic Vision Limited, a security services provider, during the six
months.
The Board has reviewed the valuations of the investments held at the
period end and made several valuation adjustments. The largest
adjustment has been to the investment in Espresso Group, a reduction
of �572,000 to �1.7 million. The decline in valuation results from
slowing growth in the company's UK primary school business. The
Company is however expanding its secondary school and international
businesses and remains a good prospect.
The net unrealised movement on the venture capital portfolio was a
loss of �1.1 million over the period. Further details are included
in the Investment Manager's Report.
'C' Share Pool
The 'C' Share pool also had a holding in ILG Digital and was able to
realise a gain of �213,000 against an original cost of �203,000.
The C Share pool is still in the process of building its initial
investment portfolio and continued to be very active throughout the
period. The pool made four new investments and two significant
follow-on investments at a total cost of �3.0 million.
In reviewing the investment valuations at the period end, the Board
made several significant provisions against investments in businesses
which have not been performing to plan. In total, four investments
were revalued downwards. One AIM-quoted investment also saw a
substantial fall in its share price over the period, however three
investments justified increases to their valuations. The net
unrealised movement on the portfolio was a decrease of �2.1 million
for the period.
Further details of the investments and investment management
activities are included in the Investment Manager's Report below.
Liquidity Fund Investments
The Company holds a proportion of its surplus funds in AAA rated
liquidity funds. At the period end the Company held �14.4 million in
six such funds, the majority of which related to the 'C' Share pool.
The Board expects to continue to hold these investments until funds
are needed for venture capital investments.
Results
The Income Statement shows a loss on ordinary activities after
taxation for the Company for the period of �2,114,000 (comprising
�358,000 revenue return and �2,472,000 capital loss).
Dividend
Ordinary Shares
In view of the profitable realisation of ILG Digital, the Board
intends to distribute these gains to Ordinary shareholders. An
interim dividend of 31.0p per Ordinary share, comprising of 0.5p
revenue and 30.5p capital, will be paid on 31 October 2008 to
Ordinary Shareholders on the register at 17 October 2008.
Following the payment of this dividend, original Ordinary
Shareholders will have received 132.9p per share in dividends on an
investment with a net of income tax relief cost of 80p per share.
Assuming other targets are also met at the Company's year end, the
payment of the above dividend will trigger a performance incentive
fee to the Manager of 6.0p per Ordinary Share.
C Shares
The Company will also pay an interim dividend of 2.0p per C Share,
comprising of 1.15p revenue and 0.85p capital. The dividend will be
paid on 31 October to C Shareholders on the register at 17 October
2008. This will bring total dividends paid to C Shareholders to 5p
per share.
Fundraising
As reported previously, the small top-up fundraising to the Company's
Ordinary Share offer closed on 7 April 2008 having raised �620,000
net of costs. 624,418 Ordinary shares were issued at a price of
approximately 105.08p per share.
Share buybacks
The Company continues to have a policy of purchasing its own shares
that become available in the market in order to help provide
liquidity to those Shareholders that need it. The Company currently
buys in shares at approximately a 10% discount to the last published
net asset value.
During the period the Company purchased 52,889 Ordinary Shares at an
average price of 87.5p per share and 36,200 "C" shares at an average
price 82.6p per share. These shares were subsequently cancelled.
Risk and uncertainties
Under the Disclosure and Transparency Directive, the Board is now
required in the Company's half year results, to report on principal
risks and uncertainties facing the Company over the remainder of the
financial year.
The Board has concluded that the key risks facing the Company over
the remainder of the financial period are as follows:
(i) investment risk associated with a large proportion of the
Company's assets being invested in a small number of investments;
(ii) investment risk associated with investing in small and
immature businesses;
(iii) investment risk arising from extremely volatile stockmarket
conditions and their potential effect on investment valuation; and
(iv) failure to maintain approval as a VCT.
Although having a large proportion of the Company's assets invested
in a small number of investments involves additional risks, this
situation is not unusual within the venture capital industry and has
arisen as a result of strong growth in the value of two investments.
The Board regularly reviews the position to ensure that the potential
benefits of continuing to hold these investments outweighs the
additional risk.
In the case of (ii), the Board is also satisfied with the Company's
approach. The Investment Manager follows a rigorous process in
vetting and careful structuring of new investments and, after an
investment is made, close monitoring of the business. In respect of
(iii), the Company seeks to hold a diversified portfolio however the
Company's is ability to manage this risk is quite limited, primarily
due to the restrictions arising from the VCT regulations.
The Company's compliance with the VCT regulations is continually
monitored by the Administrator, who regularly report to the Board on
the current position. The Company also retains
PricewaterhouseCoopers to provide regular reviews and advice in this
area. The Board considers that this approach reduces the risk of a
breach of the VCT regulations to a minimal level.
Outlook
The Company's 'C' Share pool needs to have 70% of its funds invested
in VCT qualifying businesses by 28 February 2008. n the next six
months. The Board is confident that this target will be achieved.
The current economic climate does create additional challenges for
your Company, particularly for existing portfolio companies.
However, with both pools having a reasonable level of cash and
liquid assets available for investment, the Company might be able to
take advantage of the conditions by securing new investments at more
favourable pricing levels and benefit from the fact that funding from
other sources is now less available.
Andrew Davison
Chairman
INVESTMENT MANAGER'S REVIEW
Introduction
The six month period to 31 August 2008 and from 1 September 2008 to
the date of this report has seen some of the most volatile and
notable stockmarket movements in recent memory. Continued concerns
over global liquidity and the financial stability of banks and other
financial institutions has seen the radical transformation of the US
investment banking industry and government and global central bank
intervention in the capital markets on a massive scale. The general
economic outlook is increasingly uncertain and in the UK, economic
growth slowed to a standstill in the second quarter of 2008.
The performance of the Company over the period has not escaped these
events. The total returns attributable to the Ordinary Shares and C
Shares fell by 3.4% and 6.8% respectively in the six month period to
31 August 2008. This compares to a fall in the total return on the
FTSE All Share Index of 2.3% over the same period.
The Company has, however, continued its excellent distribution record
with dividends of 20p per Ordinary Share and 3.25p per C Share paid
during the period and further dividends of 31p per Ordinary Share
(largely from the profit on the sale of ILG Digital) and 2p per C
Share to be paid to shareholders on 31 October 2008.
Portfolio Activity
Ordinary Share Pool
The Company invested �350,000 into one new investment, Optic Vision,
which provides electronic and physical security systems. The
investment in ILG Digital was realised in May generating a capital
profit of �1.6 million. The total sale proceeds were 2.7 times the
initial cost of the investment.
C Share pool
Further progress was made on investing the proceeds of the C share
funds raised in 2006. A total of �3.0 million was invested in four
new investments and two existing investments:
Acquisitions Cost
�'000
New
Optic Vision 500 Security systems
Isango 650 Travel experiences aggregator
SPC International 625 IT repair/refurbishment
Chess Technologies 900 Design/manufacture of
defence industry components
Follow on
Heritage Partners 100 Image rights ownership,
management and distribution
Charterhouse Leisure 235 Restaurants
3,010
The new investment in SPC was made alongside ProVen VCT which has had
an interest in the company since 2003. This investment enabled SPC to
refinance its existing bank facilities with the ProVen VCTs taking a
charge over the company's freehold properties. The company has
established an operation in Slovakia which is expected to increase
overall group profitability.
Portfolio Valuation
Ordinary Share pool
At 31 August 2008, the Company's unquoted and quoted Ordinary Share
portfolio comprised nine investments with a cost of �3.0 million and
a valuation of �2.7 million. In addition, the ordinary share pool
held cash and liquidity funds of �3.6 million.
Espresso Group continues to account for a significant proportion of
the Net Asset Value (NAV) of the Ordinary Share fund, approximately
27% at 31 August 2008. None of the remaining investments individually
account for more than 6% of the Ordinary Share NAV.
Espresso has consolidated its position as the leading provider of
educational content to the primary school sector with a UK market
share of over 60%. The company launched a product for secondary
schools in September 2007. This has been well received and in its
first year has been purchased by over 10% of UK secondary schools The
company has also started to expand into international markets. The
decline in valuation since 29 February 2008 reflects slowing growth
in the UK primary school business. The UK secondary school market and
international sales have taken over as the engines of the company's
growth.
Elsewhere in the Ordinary Share portfolio there has been a decline in
the valuation of Campden Media due to reduced profitability and a
fall in market comparables.
C Share pool
At 31 August 2008, the unquoted and quoted C Share investment
portfolio comprised sixteen investments valued at �8.8 million
against an original investment cost of �11.4 million. In addition,
the C share pool held cash and liquidity funds of �12.2 million.
The majority of the investments are valued at or above cost either
having been made recently and meeting investment expectations or, as
in the case of Steak Media, performing better than our initial
expectations.
The overall decline in valuation relative to investment cost is due
largely to the decrease in valuations for The Vending Corporation
("TVC"), Donatantonio, Heritage Partners and Optima Data Intelligence
Services. Full provision was made against TVC in the last financial
year.
Donatantonio is a long established business but, shortly after the
Company's investment, was hit by rising commodity prices and adverse
exchange rate movements which impacted trading. Following significant
input from our investment managers and the company's management team,
the position has now stabilised.
Heritage Partners has struggled to achieve its forecast revenues and
is seeking to reduce its cost base before developing new revenue
streams.
Optima's performance has been impacted by a delay to its acquisition
strategy. This together with a fall in market comparables has
adversely affected the value of our original investment. However, we
remain optimistic about its future prospects.
Outlook
General economic uncertainty means that trading conditions are likely
to remain challenging for many businesses for some time. During this
period our investment managers will be working closely with existing
portfolio companies to provide additional support where necessary.
Periods of economic stress can, however, create opportunities for
alert investors and we expect to see some attractive propositions
over the next 12 months. We are already seeing more realism in the
pricing of new potential deals.
We continue to adopt the same rigorous investment decision making
process and investment management procedures which have made the
performance of the Ordinary Shares one of the best of all VCT funds.
Beringea Limited
INCOME STATEMENT
for the six months ended 31 August 2008
Six months ended
31 Aug 2008
Revenue Capital Total
�'000 �'000 �'000
Company Total
Income 729 - 729
(Losses)/gains on investments - (2,113) (2,113)
729 (2,113) (1,384)
Investment management fees (75) (225) (300)
Performance incentive fees (21) (252) (273)
Other expenses (141) (16) (157)
Return on ordinary activities before 492 (2,606) (2,114)
taxation
Taxation (134) 134 -
Return attributable to equity 358 (2,472) (2,114)
shareholders
Return per Ordinary share 0.7p (7.5p) (6.8p)
Return per 'C' share 1.3p (7.9p) (6.6p)
Ordinary Shares
Income 140 - 140
(Losses)/gains on investments - (221) (221)
140 (221) (81)
Investment management fees (15) (46) (61)
Performance incentive fees (21) (252) (273)
Other expenses (43) - (43)
Return on ordinary activities before 61 (519) (458)
taxation
Taxation (15) 15 -
Return attributable to equity 46 (504) (458)
shareholders
'C' Shares
Income 589 - 589
Losses on investments - (1,892) (1,892)
589 (1,892) (1,303)
Investment management fees (60) (179) (239)
Other expenses (98) (16) (114)
Return on ordinary activities before 431 (2,087) (1,656)
taxation
Taxation (119) 119 -
Return attributable to equity 312 (1,968) (1,656)
shareholders
Six months ended Year ended
31 Aug 2007 29 Feb 2008
Revenue Capital Total Total
�'000 �'000 �'000 �'000
Company Total
Income 700 - 700 1,374
(Losses)/gains on investments - 236 236 306
700 236 936 1,680
Investment management fees (95) (284) (379) (761)
Performance incentive fees (13) (75) (88) (150)
Other expenses (139) - (139) (290)
Return on ordinary activities 453 (123) 330 479
before taxation
Taxation (140) 140 - -
Return attributable to equity 313 17 330 479
shareholders
Return per Ordinary share 0.3p 3.0p 3.3p 4.9p
Return per 'C' share 1.2p (0.7p) 0.5p 0.7p
Ordinary Shares
Income 110 - 110 201
(Losses)/gains on investments - 323 323 551
110 323 433 752
Investment management fees (24) (73) (97) (207)
Performance incentive fees (13) (75) (88) (150)
Other expenses (43) - (43) (88)
Return on ordinary activities 30 175 205 307
before taxation
Taxation (11) 11 - -
Return attributable to equity 19 186 205 307
shareholders
'C' Shares
Income 590 - 590 1,173
Losses on investments - (87) (87) (245)
590 (87) 503 928
Investment management fees (71) (211) (282) (554)
Other expenses (96) - (96) (202)
Return on ordinary activities 423 (298) 125 172
before taxation
Taxation (129) 129 - -
Return attributable to equity 294 (169) 125 172
shareholders
UNAUDITED SUMMARISED BALANCE SHEET
as at 31 August 2008
As at As at
31 Aug 29 Feb
As at 31 Aug 2008 2007 2008
Ordinary 'C'
Shares Shares Total Total Total
�'000 �'000 �'000 �'000 �'000
Investments 2,718 8,788 11,506 12,935 12,849
Net current assets 3,729 12,406 16,135 18,862 18,436
Net assets 6,447 21,194 27,641 31,797 31,285
Capital and reserves
Called up share capital 68 1,246 1,314 1,311 1,310
Capital redemption reserve 9 3 12 9 10
Share premium account 641 22,357 22,998 22,384 22,384
Special reserve 3,706 - 3,706 4,905 3,639
Capital reserve - realised 2,221 (74) 2,147 456 2,449
Capital reserve - (262) (2,658) (2,920) 2,311 1,022
unrealised
Revenue reserve 64 320 384 421 471
Equity shareholder's funds 6,447 21,194 27,641 31,797 31,285
Net asset value per:
Ordinary Share 94.6p - 94.6p 126.0p 121.6p
'C' Share - 85.0p 85.0p 95.7p 94.9p
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
31 Aug 29 Feb
31 Aug 2008 2007 2008
Ordinary 'C'
Shares Shares Total Total Total
�'000 �'000 �'000 �'000 �'000
Opening Shareholders' 7,594 23,691 31,285 32,422 32,422
funds
Issue of shares 643 - 643 - -
Share issue costs (23) - (23) - -
Repurchase of own shares (47) (30) (77) (16) (52)
Total recognised (458) (1,656) (2,114) 330 479
(losses)/gains for the
period
Distributions paid in (1,262) (811) (2,073) (939) (1,564)
period
Closing Shareholders' 6,447 21,194 27,641 31,797 31,285
funds
UNAUDITED CASH FLOW STATEMENT
for the six months ended 31 August 2008
Six months Six months
ended ended Year
31 Aug 2008 31 Aug ended
2007 29 Feb
2008
Note �'000 �'000 �'000
Cash outflow from operating
activities and returns on 1
investments (329) (605) (446)
Capital expenditure
Purchase of investments (3,402) (5,528) (8,442)
Sale of investments 2,617 562 3,797
Net cash outflow from capital (785) (4,966) 6) (4,645)
expenditure
Equity distributions paid (2,073) (939) (1,564)
Management of liquid
resources
Purchase of current investments - - - (3,720)
held as liquidity funds
Withdrawal from liquidity 2,200 3,900 9,170
funds
2,200 3,900 5,450
Net cash outflow before (987) (2,610) (1,205)
financing
Financing
Proceeds from share issue 640 - 16
Share issue costs (36) - -
Purchase of own shares (76) (16) (25)
Net cash inflow/(outflow) 528 (16) (9)
from financing
Decrease in cash 2 (459) (2,626) (1,214)
Notes to the cash flow
statement:
1 Cash flow from
operating activities and
returns on investments
Net revenue before taxation 492 453 897
Expenses charged to capital (493) (360) (724)
Increase in other debtors (125) (48) (95)
Decrease in accruals and other (203) (650) 0) (524)
creditors
Net cash outflow from operating (329) (605) 5) (446)
activities
2 Analysis of net funds
Beginning of period 1,909 3,123 3,123
Net cash outflow (459) (2,626) (1,214)
End of period 1,450 497 1,909
SUMMARY OF INVESTMENT PORTFOLIO
as at 31 August 2008
Movement in
Cost Valuation % of portfolio the period
�'000 �'000 by value �'000
Ordinary Share pool
Venture capital
investments
Espresso Group Limited 784 1,720 27.4% (572)
Optic Vision Limited 350 350 5.6% -
Ashford Colour Press 481 333 5.3% (123)
Limited
Campden Media Limited 488 136 2.2% (350)
UBC Media plc* 400 119 1.9% -
Pilat Media Global plc* 50 47 0.7% (45)
Immedia Group plc* 171 13 0.2% (2)
Sports Holdings Limited 48 - - -
Baby Innovations S.A. 209 - - -
t/a Steribottle
Total venture capital (1,092)
investments 2,981 2,718 43.3%
Liquidity funds 2,170 34.6%
Cash at bank and in
hand 1,383 22.1%
Ordinary Share Pool - 6,271 100.0%
Total
C' Share pool
Top ten venture capital
investments
Eagle Rock 680 1,048 5.0% 133
Entertainment Group
Limited
Path Group Limited 1,000 1,000 4.7% -
Chess Technologies 900 900 4.3% -
Limited
SPC International 625 793 3.8% 168
Limited
Charterhouse Leisure 765 765 3.6% -
Limited
Saffron Media Group 670 670 3.2% -
Limited
Isango Limited 650 650 3.1% -
Steak Media Limited 375 503 2.4% (24)
Optic Vision Limited 500 500 2.4% -
Optima Data (536)
Intelligence Services
Limited 1,000 464 2.2%
7,165 7,293 34.7% (259)
Other venture capital 4,281 1,495 7.1% (1,797)
investments
Total investments 11,446 8,788 41.8% (2,056)
Liquidity funds 12,180 57.9%
Cash at bank and in 66 0.3%
hand
'C' Share Pool - Total 21,034 100.0%
Company Total 27,305
All venture capital investments are unquoted unless otherwise stated.
* Quoted on AIM
SUMMARY OF INVESTMENT MOVEMENTS
for the six months ended 31 August 2008
Additions
�'000
Ordinary Share Portfolio
Optic Vision Limited 350
'C' Share Portfolio
Chess Technologies Limited 900
Isango Limited 650
SPC International Limited 625
Optic Vision Limited 500
Charterhouse Leisure Limited 235
Heritage Partners Limited 100
Coolabi plc 26
Donatantonio Limited 16
3,052
Disposals
Market
value at Realised
1 March Disposal Gain gain/(loss)
Cost 2008 Proceeds against cost in period
�'000 �'000 �'000 �'000 �'000
Ordinary Share
Portfolio
ILG Digital Limited 600 1,345 2,216 1,616 871
'C' Share Portfolio
ILG Digital Limited 203 253 416 213 163
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
1. The unaudited half yearly results cover the six months to 31
August 2008 and have been prepared in accordance with the accounting
policies set out in the statutory accounts for the year ended 29
February 2008 which were prepared under UK Generally Accepted
Accounting Practice ("UK GAAP") and in accordance with the Statement
of Recommended Practice "Financial Statements of Investment Trust
Companies" revised December 2005 ("SORP").
2. All revenue and capital items in the Income Statement derive from
continuing operations.
3. There are no recognised gains or losses other than those disclosed
in the Income Statement.
4. The Company has only one class of business and derives its income
from investments made in shares, securities and bank deposits.
5. The comparative figures are in respect of the period ended 31
August 2007 and the year ended 29 February 2008 respectively.
6. Net Asset Value per share calculations are based on the
following:
Ordinary Shares 'C' Shares
Net Assets (�'000) 6,447 21,194
Number of shares in issue at period end 6,816,160 24,920,042
7. Return per share calculations are based on the following:
Ordinary Shares 'C' Shares
Revenue return per share based on:
Net revenue profit after taxation (�'000) 46 312
Weighted average number of shares in issue 6,742,333 24,946,251
Capital return per share based on:
Net capital (loss) after taxation (�'000) (504) (1,968)
Weighted average number of shares in issue 6,742,333 24,946,251
8. Dividends
29 Feb
31 Aug 2008 31 Aug 2007 2008
Paid in year Revenue Capital Total Revenue Capital Total Total
�'000 �'000 �'000 �'000 �'000 �'000 �'000
Ordinary Share
dividends
2008 final 103 - 103 - - - -
2008 second - 1,159 1,159 - - - -
interim
2008 first - - - - - - 376
interim
2007 second - - - 63 376 439 439
interim
103 1,159 1,262 63 376 439 815
'C' Share
dividends
2008 final 312 - 312 - - - -
2008 second - 499 499 - - - -
interim
2008 first - - - - - - 249
interim
2007 first - - - 500 - 500 500
interim
312 499 811 500 - 500 749
9. Reserves
Capital Capital Capital
Special redemption Share reserve reserve Revenue
reserve reserve premium - - Reserve
unrealised realised
�'000 �'000 �'000 �'000 �'000 �'000
At 1 March 3,639 10 22,384 1,022 2,449 471
2008
Issue of new - - 637 - - -
shares
Share issue - - (23) - - -
costs
Shares (47) 2 - - - (30)
repurchased
Expenses - - - - (493) -
capitalised
Tax relief on - - - - 134 -
capital
expenses
(Losses)/gains - - - (3,147) 1,034 -
on investments
Realisation of
revaluations - - - (795) 795 -
from previous
years
Distributions - - - - (1,658) (415)
paid
Transfer 114 - - - (114) -
between
reserves
Retained net
revenue for - - - - - 358
the period
At 31 August 3,706 12 22,998 (2,920) 2,147 384
2008
Capital Capital Capital
Special redemption Share reserve reserve Revenue
Analysed as: reserve reserve premium - - Reserve
unrealised realised
Ordinary �'000 �'000 �'000 �'000 �'000 �'000
Shares
At 1 March 3,639 9 27 1,575 2,161 121
2008
Issue of new - - 637 - - -
shares
Share issue - - (23) - - -
costs
Shares (47) - - - - -
repurchased
Expenses - - - - (298) -
capitalised
Tax relief on - - - - 15 -
capital
expenses
(Losses)/gains - - - (1,092) 871 -
on investments
Realisation of
revaluations - - - (745) 745 -
from previous
years
Distributions - - - - (1,159) (103)
paid
Transfer 114 - - - (114) -
between
reserves
Retained net
revenue for - - - - - 46
the period
At 31 August 3,706 9 641 (262) 2,221 64
2008
'C' Shares �'000 �'000 �'000 �'000 �'000 �'000
At 1 March - 1 22,357 (553) 288 350
2008
Shares - 2 - - - (30)
repurchased
Expenses - - - - (195) -
capitalised
Tax relief on - - - - 119 -
capital
expenses
(Losses)/gains - - - (2,055) 163 -
on investments
Realisation of
revaluations - - - (50) 50 -
from previous
years
Distributions - - - - (499) (312)
paid
Retained net
revenue for - - - - - 312
the period
At 31 August - 3 22,357 (2,658) (74) 320
2008
The Special Reserve, Ordinary Capital reserve - realised and Revenue
Reserves are all distributable reserves.
10. Contingent liability
The Company has guaranteed bank borrowings of one of its investments,
Donatantonio Limited, amounting to �225,000. A third party has
provided a guarantee to the Company amounting to �112,500 in respect
of the above guarantee such that the Company's net exposure is
�125,000.
11. The unaudited financial statements set out
herein do not constitute statutory accounts within the meaning of
Section 240 of the Companies Act 1985 and have not been delivered to
the Registrar of Companies. The figures for the year ended 29
February 2008 have been extracted from the financial statements for
that year, which have been delivered to the Registrar of Companies;
the auditors' report on those financial statements was unqualified.
12. The Directors confirm that, to the best of their
knowledge, the half-yearly financial statements have been prepared in
accordance with the "Statement: Half-Yearly Financial Reports" issued
by the UK Accounting Standards Board and the half-yearly financial
report includes a fair review of the information required by:
a. DTR 4.2.7R of the Disclosure and Transparency Rules, being an
indication of important events that have occurred during the first
six months of the financial year and their impact on the condensed
set of financial statements, and a description of the principal risks
and uncertainties for the remaining six months of the year; and
b. DTR 4.2.8R of the Disclosure and Transparency Rules, being related
party transactions that have taken place in the first six months of
the current financial year and that have materially affected the
financial position or performance of the entity during that period,
and any changes in the related party transactions described in the
last annual report that could do so.
13. Copies of the unaudited half yearly results will
be sent to shareholders shortly. Further copies can be obtained from
the Company's Registered Office and will be available for download
from www.provenvcts.com and www.downing.co.uk.
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Proven Growth & Income Vct (LSE:PGO)
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