ProVen Planned Exit VCT plc : Interim Management Statement
18 Junho 2012 - 12:26PM
UK Regulatory
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
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