Interim Management Statement

ProVen VCT plc

Interim Management Statement

for the three months ended 31 May 2007

In accordance with Rule 4.3 of the Disclosure and Transparency Rules of the UK Listing Authority, ProVen VCT plc presents an Interim Management Statement for the three month period ended 31 May 2007. The statement also includes relevant financial information between the end of the period and the date of this statement.

Dividends paid or declared in the period

On 5 April 2007, the Company paid a second interim dividend in respect of the year ended 28 February 2007 of 15p per Ordinary Share. This dividend was paid to Ordinary Shareholders on the register at 23 March 2007.

As a result of the dividends paid in the period, fees amounting to £699,000 were paid from the Company's Ordinary Share Pool (equivalent to 3p per Ordinary Share) to Beringea Limited and Downing Corporate Finance Limited under the terms of the performance incentive fee agreement.

Performance

Ordinary shares

	31 May 2007	28 February 2007	31 August 2006	28 February 2006
	Pence	Pence	Pence	Pence
Net Asset Value ("NAV")	92.7	108.3	133.9	111.3
Cumulative Dividends	68.2	53.2	22.2	18.7
Total Return *	160.9	161.5	156.1	130.0

* NAV plus cumulative dividends paid since launch

'C' Shares

	31 May 2007	28 February 2007	31 August 2006	28 February 2006
	Pence	Pence	Pence	Pence
Net Asset Value ("NAV")	94.8	N/A	N/A	N/A
Cumulative Dividends	-	N/A	N/A	N/A
Total Return *	94.8	N/A	N/A	N/A

* NAV plus cumulative dividends paid since launch

Quoted shares are valued at the closing bid price on 31 May 2007. Unquoted shares are valued at the 28 February 2007 valuation (unless there has been a material change) as adjusted for purchases, sales and material variations.

Investment portfolio summary at 31 May 2007

Ordinary Share Portfolio investments

	Cost	Valuation	Movement in period
	£'000	£'000	£'000
Top ten venture capital investments (by value)
Espresso Broadband Limited	2,048	5,332	-
ILG Digital Limited	1,345	3,351	-
Oasis Healthcare plc *	617	1,504	608
SPC International Limited	1,146	1,110	-
Campden Media Limited	975	1,053	-
Optima Data Intelligence Services Limited	900	900	-
Gyro International Limited	652	865
Ashford Colour Press Limited	1,000	834	-
Pilat Media Global plc *	173	588	(60)
Cardpoint plc *	384	569	1
	9,240	16,106	596

Other venture capital investments	5,426	1,343	(50)

Liquidity funds	2,250	2,250	-

Total	16,916	19,699	499

'C' Share Portfolio investments by value

	Cost	Valuation	Movement in period
	£'000	£'000	£'000
Venture capital investments
Dianomi Limited	126	126	-

* Quoted on AIM

Investment additions during the 3 months ended 31 May 2007

	Cost
	£'000

Ordinary Share Portfolio
Coolabi plc	200
Eagle Rock Entertainment Group Limited	420
Optima Data Intelligence Services Limited	900
	1,520

'C' Share Portfolio
Dianomi Limited	126

After the period end the Company invested £650,000 in Heritage Partners Limited and £480,000 in Harmony Media Group Limited.

Investment disposals during the 3 months ended 31 May 2007

	Cost	Market value at 1 March 2007	Disposal proceeds	Gain/(loss) against cost	Total realised gain/(loss)
	£'000	£'000	£'000	£'000	£'000
Cardpoint plc	54	113	111	57	(2)
Chiaros - retention release	-	-	33	33	33
Oasis Healthcare	53	86	141	88	88
	107	199	285	178	119

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

	Cost	Disposal proceeds	Gain/(loss) against cost
	£'000	£'000	£'000
Cardpoint plc	384	555	182
Oasis Healthcare	617	2,080	1,463
	1,001	2,635	1,645

Changes to share capital

	Ordinary Shares of 5p each		'C' Shares of 25p each
	Shares	£'000	Shares	£'000
As at 28 February 2007	23,310,016	1,165	-	-
Shares issued in period	-	-	14,620,454	3,655
Shares bought back and cancelled	-	-	-	-
As at 31 May 2007	23,310,016	1,165	14,620,454	3,655

The Company issued 14,620,454 'C' Shares of 25p each during the period, under the terms of a prospectus dated 14 November 2006, at £1.00 per share. Issue costs thereon amounted to £804,000.

Since the period end, the Company acquired 77,048 of its own Ordinary Shares for cancellation.

Material events

Other than described above, there were no material events during the period from 1 March 2007 to 31 May 2007 or in the period from 1 June 2007 to the date of this announcement.