ProVen VCT plc
Interim Management Statement
for the three months ended 30 November 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 30 November 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
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 in the period, a provision of £199,000 has been made in the Company's Ordinary Share Pool (equivalent to 0.9p per Ordinary Share) for fees payable to Beringea Limited and Downing Corporate Finance Limited under the terms of the performance incentive fee agreements.
Performance
Ordinary shares
|
|
30 November 2007 |
31 August
2007 |
28 February 2007 |
31 August 2006 |
28 February 2006 |
|
|
Pence |
Pence |
Pence |
Pence |
Pence |
|
Net Asset Value ("NAV") |
113.5 |
96.6 |
108.3 |
133.9 |
111.3 |
|
Cumulative Dividends |
68.2 |
68.2 |
53.2 |
22.2 |
18.7 |
|
Total Return * |
181.7 |
164.8 |
161.5 |
156.1 |
130.0 |
* 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 106.6p, Cumulative Dividends at 74.2p and Total Return at 180.8p.
'C' Shares
|
|
30 November 2007 |
31 August 2007 |
28 February 2007 |
31 August 2006 |
28 February 2006 |
|
|
Pence |
Pence |
Pence |
Pence |
Pence |
|
Net Asset Value ("NAV") |
90.8 |
95.6 |
N/A |
N/A |
N/A |
|
Cumulative Dividends |
- |
- |
N/A |
N/A |
N/A |
|
Total Return * |
90.8 |
95.6 |
N/A |
N/A |
N/A |
* NAV plus cumulative dividends paid since launch
After payment of the dividend described above the NAV per 'C' Share (based on 30 November 2007 investment valuations) stood at 89.8p, Cumulative Dividends at 1.0p and Total Return at 90.8p.
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.
Investment portfolio summary at 30 November 2007
Ordinary Share Portfolio investments
|
|
Cost |
|
Valuation |
|
Valuation
movement
since
31 August
2007 |
|
|
£'000 |
|
£'000 |
|
£'000 |
|
Top ten venture capital investments (by value) |
|
|
|
|
|
|
Espresso Broadband Limited |
2,048 |
|
10,389 |
|
4,048 |
|
ILG Digital Limited |
1,345 |
|
3,153 |
|
(121) |
|
Campden Media Ltd |
975 |
|
1,031 |
|
(156) |
|
Ashford Colour Press Limited |
875 |
|
904 |
|
177 |
|
Optima Data Intelligence Services Limited |
900 |
|
900 |
|
- |
|
SPC International Limited |
1,146 |
|
846 |
|
(56) |
|
Gyro International Limited |
652 |
|
830 |
|
43 |
|
Saffron Media Group Limited (formerly - Harmony Media Group Limited) |
480 |
|
480 |
|
- |
|
Eagle Rock Entertainment Group Ltd |
420 |
|
420 |
|
- |
|
UBC Media plc * |
1,101 |
|
373 |
|
- |
|
|
9,942 |
|
19,326 |
|
3,935 |
|
|
|
|
|
|
|
|
Other venture capital investments |
4,116 |
|
746 |
|
(24) |
|
|
|
|
|
|
|
|
Liquidity funds |
3,350 |
|
3,350 |
|
- |
|
|
|
|
|
|
|
|
Total |
17,408 |
|
23,422 |
|
3,911 |
'C' Share Portfolio investments by value
|
|
Cost |
|
Valuation |
|
Valuation
movement
since
31 August
2007 |
|
|
£'000 |
|
£'000 |
|
£'000 |
|
Venture capital investments |
|
|
|
|
|
|
Heritage Partners Ltd |
650 |
|
650 |
|
- |
|
Charterhouse Leisure Ltd |
371 |
|
371 |
|
- |
|
Steak Media Ltd |
275 |
|
275 |
|
- |
|
The Vending Corporation |
1,000 |
|
218 |
|
(782) |
|
Dianomi Limited |
126 |
|
126 |
|
- |
|
|
|
|
|
|
|
|
|
2,422 |
|
1,640 |
|
(782) |
|
|
|
|
|
|
|
|
Liquidity funds |
10,350 |
|
10,350 |
|
- |
|
|
|
|
|
|
|
|
Total |
12,722 |
|
11,990 |
|
(782) |
* Quoted on AIM
Investment additions during the 3 months ended 30 November 2007
|
|
Cost |
|
|
£'000 |
|
|
|
|
Ordinary Share Portfolio |
|
|
Coolabi plc |
39 |
|
|
|
After the period end the Company made the following further additions:
|
|
Cost |
|
|
£'000 |
|
|
|
|
Ordinary Share Portfolio |
|
|
Donatantonio Limited |
575 |
|
|
|
|
'C' Share Portfolio |
|
|
Donatantonio Limited |
875 |
|
The Vending Corporation Limited |
16 |
|
Heritage Partners Ltd |
150 |
|
|
1,041 |
Investment disposals during the 3 months ended 30 November 2007
|
|
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 |
125 |
125 |
125 |
- |
- |
|
|
|
|
|
|
|
After the period end the Company made the following disposals:
|
|
Cost |
Disposal proceeds |
Gain/(loss) against
cost |
|
|
£'000 |
£'000 |
£'000 |
|
Sports Holdings Limited |
800 |
279 |
(521) |
|
|
|
|
|
Changes to share capital
|
|
Ordinary
Shares
of 5p
each |
|
|
'C'
Shares
of 25p
each |
|
|
|
Shares |
£'000 |
|
Shares |
£'000 |
|
As at 1 September 2007 and 30 November 2007 |
23,187,968 |
1,159 |
|
14,620,454 |
3,655 |
There have been no changes to share capital since the period end.
Material events
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.