Interim Management Statement
15 Julio 2009 - 10:35AM
UK Regulatory
TIDMPGO
ProVen Growth & Income VCT plc
Interim Management Statement
for the three months ended 31 May 2009
In accordance with Rule 4.3 of the Disclosure and Transparency Rules
of the UK Listing Authority, ProVen Growth & Income VCT plc presents
an Interim Management Statement for the three month period ended 31
May 2009. The statement also includes relevant financial information
between the end of the period and the date of this statement.
Dividends declared in the period
On 9 June 2009, the Company declared second interim dividends of
14.0p per Ordinary Share and 1.35p per 'C' share in respect of the
year ended 28 February 2009. These dividends were paid on 3 July
2009.
Performance
Ordinary Shares
31 May 28 Feb 31 Aug 29 Feb
2009 2009 2008 2008
Pence Pence Pence Pence
Net Asset Value ("NAV") 61.00 57.10 94.60 121.60
Cumulative Dividends 132.90 132.90 101.90 81.90
Total Return * 193.90 190.00 196.50 203.50
* NAV plus cumulative dividends paid since launch of Company
'C' Shares
31 May 28 Feb 31 Aug 29 Feb
2009 2009 2008 2008
Pence Pence Pence Pence
Net Asset Value ("NAV") 75.80 76.70 85.00 94.90
Cumulative Dividends 8.25 8.25 6.25 3.00
Total Return * 83.05 84.95 91.25 97.90
* NAV plus cumulative dividends paid since launch of 'C' Share
fundraising
'D' Shares
31 May
2009
Pence
Net Asset Value ("NAV") 94.2
Quoted investments are valued at the closing bid price at 31 May
2009. Unquoted investments are valued at fair values established
using the International Private Equity and Venture Capital Valuation
Guidelines.
Investment portfolio summary at 31 May 2009
Ordinary Share Portfolio investments by value
Cost Valuation
GBP'000 GBP'000
Venture capital investments
Espresso Group Limited 628 1,625
Ashford Colour Press Limited 413 339
Overtis Group Limited 350 310
Campden Media Limited 488 207
UBC Media plc* 400 63
Pilat Media Global plc* 50 37
Immedia Group plc* 170 9
Baby Innovations S.A. t/a Steribottle 209 -
Sports Holdings Limited 48 -
ILG Digital Limited - -
2,756 2,590
Liquidity funds 1,470 1,470
Total 4,226 4,060
'C' Share Portfolio investments by value
Cost Valuation
GBP'000 GBP'000
Venture capital investments
Espresso Group Limited 1,101 1,100
Eagle Rock Entertainment Group Limited 680 1,035
Path Group Limited 1,000 1,034
Fjordnet Limited 1,000 1,000
Lazurite Limited 1,000 1,000
Prelude Media Limited 1,000 1,000
Chess Technologies Limited 900 900
Donatantonio Limited 1,366 813
Charterhouse Leisure Limited 1,000 800
Saffron Media Group Limited 670 684
SPC International Limited 625 604
Overtis Group Limited 500 442
Dianomi Limited 324 403
Heritage Partners Limited 900 247
Steak Media Limited 375 186
Coolabi plc* 450 130
Breeze Tech Limited 225 -
Isango! Limited 650 -
Optima Data Intelligence Services Limited 1,299 -
The Vending Corporation Limited 1,012 -
16,077 11,378
Liquidity funds 5,080 5,080
Total 21,157 16,458
* Quoted on AIM
Investment additions
There have been no investment additions or disposals during the three
months ended 31 May 2009 or from 1 June 2009 to the date of this
announcement.
Changes to share capital
Ordinary
Shares 'C' Shares 'D' Shares
of 1p of 5p of 1p
each each each
Shares GBP'000 Shares GBP'000 Shares GBP'000
As at 1 March 2009 6,816,160 68 24,855,707 1,243 - -
Shares issued during 4,788,569 48
3 months to 31 May
2009 - - - -
As at 31 May 2009 6,816,160 68 24,855,707 1,243 4,788,569 48
'C' Share Tender Offer
On 9 June 2009, the Company launched a Tender Offer to purchase up to
5,079,999 of its 'C' Shares at a price of 75.35p per 'C' Share. On 7
July 2009 the Tender Offer was approved at the Company's AGM and the
Company announced that applications of 6,486,320 had been received,
such that Shareholders who had tendered up to 20.438% of their
holding of "C" Shares (the "Basic Entitlement") would have their
application satisfied in full. "C" Shares tendered in excess of the
Basic Entitlement were scaled back such that tenders for
approximately 68.5% of "C" Shares" in excess of the Basic Entitlement
were accepted.
Tender Offer proceeds of GBP559,000 (which will be paid on 17 July
2009) were received for investment into the ProVen VCT plc/ProVen
Growth and Income VCT plc D Share Linked Offer. Shares will be
allotted equally between the two VCTs in due course.
Material events
Other than described above, there were no material events during the
period from 1 March 2009 to 31 May 2009 or in the period from 1 June
2009 to the date of this announcement.
=--END OF MESSAGE---
This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.
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