ProVen Plnd Ex VCT Proven Planned Exit Vct Plc : Interim Management Statement
December 19 2014 - 5:49AM
UK Regulatory
TIDMPPE
ProVen Planned Exit VCT plc
Interim Management Statement for the 3 Months to 31
October 2014
ProVen Planned Exit VCT plc (the "Company") presents
an interim management statement for the three month
period ended 31 October 2014. 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, and should not be relied on by any other
party or for any other purpose.
Performance summary
As at As at
31 Oct 2014 31 Jul 2014
Total net assets GBP3.64 m GBP3.70 m
Net asset value per Ordinary Share 75.4p 76.6p
Cumulative dividends per Ordinary Share since 18.0p 18.0p
launch
Total return per Ordinary Share* 93.4p 94.6p
Mid-market price per Ordinary Share 75.5p 75.5p
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 26 September 2014, the Company announced the payment of an interim
dividend for the year ended 31 January 2015 of 6p per Ordinary Share
which was paid on 19 November 2014. This brings the total dividends paid
since launch to 24p per Ordinary Share.
Investment update
At 31 October 2014, the portfolio consisted of 7 unquoted investments at
a cost of GBP2.81m and a valuation of GBP2.87m, as well as cash and
liquidity funds of GBP0.77m.
Investment portfolio summary as at 31 October 2014
Cost Valuation
GBP'000 GBP'000
Cross Solar PV Limited 600 623
Donatantonio Group Limited 550 550
SPC International Limited 530 530
Cogora Group Limited 500 500
Long Eaton Healthcare Limited 400 435
Eagle-i Music Limited 200 200
Blis Media Limited 28 28
Total venture capital investments 2,808 2,866
Cash at bank and in hand 770 770
Total 3,578 3,636
All venture capital investments are unquoted.
Investment activity for the three month period ended 31 October 2014
In September, Blis Media Limited refinanced the Company's loan notes
through a new banking facility. As a result the Company has been repaid
90% of its original investment, as well as receiving interest income,
but still shares in the potential further growth of Blis Media Limited
through its equity investment.
Investment activity from 1 November 2014 to the date of publication of
this statement
Other than the matters described above , there have been no additions or
disposals of investments between 1 August 2014 and 31 October 2014 or
from 1 November 2014 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 2014 to 31 October 2014 or from 1 November 2014 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 2014 to 31 October 2014 or from 1
November 2014 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 at 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#1881737
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