Interim Management Statement

 

 

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 30 November 2007.  The statement also includes relevant financial information between the end of the period and the date of this statement.

 

 

No dividends were paid or declared in the period.

 

On 6 December 2007, the Company paid an interim capital dividend of 6.0p per Ordinary Share and an interim revenue dividend of 1.0p per "C" Share in respect of the six months ended 31 August 2007. These dividends were paid to Ordinary and "C" Shareholders on the register at 16 November 2007.

 

As a result of the dividends paid, a provision of £60,000 has been made in the Company's Ordinary Share Pool (equivalent to 1.0p per Ordinary Share) for fees payable to Beringea Limited under the terms of the performance incentive fee agreement.

 

	30 Nov 2007	31 Aug 2007	28 Feb  2007	31 Aug 2006	28 Feb 2006
	Pence	Pence	Pence	Pence	Pence
Net Asset Value ("NAV")	151.2	126.0	129.7	171.0	134.3
Cumulative Dividends	75.9	75.9	68.9	18.9	15.4
Total Return *	227.1	201.9	198.6	189.9	149.7

* NAV plus cumulative dividends paid since launch

 

After payment of the dividend and provision for the performance incentive fees described above the NAV per Ordinary Share (based on 30 November 2007 investment valuations) stood at 144.2p, Cumulative Dividends at 81.9p and Total Return at 226.1p.

 

	30 Nov 2007	31 Aug 2007	28 Feb 2007	31 Aug 2006	28 Feb 2006
	Pence	Pence	Pence	Pence	Pence
Net Asset Value ("NAV")	93.1	95.7	97.2	95.1	94.9
Cumulative Dividends	2.0	2.0	-	-	-
Total Return *	95.1	97.7	97.2	95.1	94.9

* NAV plus cumulative dividends paid since launch

 

After payment of the dividend described above the NAV per Ordinary Share (based on 30 November 2007 investment valuations) stood at 92.1p, Cumulative Dividends at 3.0p and Total Return at 95.1p.

 

Quoted investments are valued at the closing bid price at 30 November 2007. Unquoted investments are valued at fair values established using the International Private Equity and Venture Capital Valuation Guidelines.

 

	Cost		Valuation		Valuation movement since 31 August  2007
	£'000		£'000		£'000
Venture capital investments
Espresso Broadband Limited	784		3,957		1,542
ILG Digital Limited	600		1,536		(58)
Gyro International Limited	500		967		71
Campden Media Limited	488		515		(78)
Ashford Colour Press Limited	481		497		97
UBC Media plc *	400		143		-
Pilat Media Global plc *	50		102		(18)
Sports Holdings Limited	260		43		43
Immedia Broadcasting plc *	171		19		-
Campus Communications Group Limited	200		-		-
Baby Innovations S.A. t/a Steribottle	209		-		(39)
	4,143		7,779		1,560
Liquidity funds	900		900		-
Total	5,043		8,679		1,560

	Cost		Valuation		Valuation movement since 31 August 2007
	£'000		£'000		£'000
Venture capital investments
Optima Data Intelligence Services Limited	1,000		1,000		-
Gyro International Limited	681		866		45
Eagle Rock Entertainment Group Limited	680		680		-
Saffron Media Group Ltd (formerly - Harmony Media Group Ltd)	670		670		-
Heritage Partners Ltd	650		650		-
Charterhouse Leisure Ltd	529		529		-
Coolabi plc *	359		387		28
Steak Media Ltd	375		375		-
Dianomi Limited	324		324		-
ILG Digital Limited	203		289		-
The Vending Corporation Ltd	1,000		218		(782)
	6,471		5,988		(709)
Liquidity funds	15,500		15,500		-
Total	21,971		21,488		(709)

* Quoted on AIM

 

 

	Cost
	£'000
'C' Share Portfolio
Coolabi plc	59

After the period end the Company made the following further additions:

	Cost
	£'000
'C' Share Portfolio
Donatantonio Limited	1,350
The Vending Corporation Limited	16
Heritage Partners Ltd	150
	1,516

	Cost	Market  value at   1 September  2007	Disposal  proceeds	Gain/(loss)   against cost	Total realised gain
	£'000	£'000	£'000	£'000	£'000
Ashford Colour Press Limited	69	69	69	-	-

 

After the period end the Company made the following further disposals:

	Cost	Disposal  proceeds	Gain/(loss)  against cost
	£'000	£'000	£'000
Sports Holdings Limited	260	91	(169)

 

 

	Ordinary Shares of 1p each			'C' Shares of 5p each
	Shares	£'000		Shares	£'000
As at 1 September 2007	6,267,239	63		24,979,862	1,249
Shares bought back and cancelled	-	-		(13,420)	(1)
As at 30 November 2007	6,267,239	63		24,966,442	1,248

 

Since the period end, the Company acquired 13,124 of its own Ordinary Shares for cancellation.

 

Other than described above, there were no material events during the period from 1 September 2007 to 30 November 2007 or in the period from 1 December 2007 to the date of this announcement.