PPE Proven

 
TIDMPPE 
 
ProVen Planned Exit VCT plc 
 
Interim Management Statement for the 3 Months to 30 April 2012 
 
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 30 
April 2012. 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. 
 
This interim management statement considers the future of the Company and, as 
such, any forward-looking comments have been made by the Directors in good faith 
based on the information available to them up to the time of their approval of 
this statement.  This statement should therefore be treated with due caution due 
to the inherent uncertainties of the effects of both economic and business risk 
factors in considering forward-looking information. 
 
Performance summary 
                                                           As at       As at 
                                                     30 Apr 2012 31 Jan 2012 
 
Total net assets                                          GBP4.26 m      GBP4.28 m 
 
 
 
Net asset value per Ordinary Share                         88.2p       88.7p 
 
Cumulative dividends per Ordinary Share since launch        3.0p        3.0p 
 
Total return per Ordinary Share*                           91.2p       91.7p 
 
Mid-market price per Ordinary Share                        97.0p       97.0p 
 
 
 
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 
 
On 27 April 2012, the Company declared a final dividend of 3.0p per Ordinary 
Share which was subject to approval by shareholders at the Annual General 
Meeting ("AGM") of the Company on 30 May 2012. This dividend was approved at the 
AGM and the dividend was paid on 6 June 2012 to ordinary shareholders on the 
register as at 25 May 2012. 
 
Investment update 
At 30 April 2012, the portfolio consisted of 3 unquoted investments at a cost 
and valuation of  GBP1.2m and cash and liquidity funds of  GBP3.1m. 
 
Investment portfolio summary as at 30 April 2012 (by value) 
                                                Valuation 
                                              at 30 April 
                                      Cost           2012 
 
                                      GBP'000           GBP'000 
 
 
 
 Cross Solar PV Limited                600            600 
 
 Long Eaton Healthcare Limited         400            400 
 
 Eagle-i Music Limited                 200            200 
                                   ----------------------- 
 Total venture capital investments   1,200          1,200 
                                   ----------------------- 
 
 
 Liquidity funds                       502            502 
 
 Cash at bank and in hand            2,600          2,600 
                                   ----------------------- 
 
 
 Total                               4,302          4,302 
                                   ----------------------- 
 
All venture capital investments are unquoted. 
 
Investment activity 
The Company made the following additions and disposals between 1 February 2012 
and 30 April 2012: 
 
Additions 
                                  Cost 
 
                                  GBP'000 
 
 
 
 Cross Solar PV Limited            600 
 
 Long Eaton Healthcare Limited     400 
                               -------- 
                                 1,000 
                               -------- 
 
Disposals 
                Cost Market value       Disposal        Profit    Total realised 
                        at 1  Feb       proceeds  against cost       gain/(loss) 
                             2012                                 current period 
 
                GBP'000         GBP'000           GBP'000          GBP'000              GBP'000 
 
 
 
Campden Media    200          200            200             -                 - 
Limited 
              ------------------------------------------------------------------ 
 
There have been no additions or disposals between 1 May 2012 and the date of 
publication of this statement. 
 
Outlook 
Against a backdrop of continuing economic uncertainty both in the UK and abroad, 
the Company has completed two new investments in the period since 31 January 
2012. The investment management team and the Board are pleased about the range 
and quality of investment opportunities being identified and the high proportion 
of cash and liquidity funds in the portfolio provides the Company with scope to 
capitalise on suitable investment opportunities as they arise. 
 
Material events 
The Company held its AGM on 30 May 2012. All resolutions proposed at the meeting 
were passed. 
 
Other than the matters described above, there were no material events during the 
period from 1 February 2012 to 30 April 2012 or in the period from 1 May 2012 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. 
 
 
 
 
 
This announcement is distributed by Thomson Reuters on behalf of 
Thomson Reuters clients. The owner of this announcement warrants that: 
(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 
[HUG#1620337] 
 

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