ProVen VCT plc
Interim Management Statement
for the three months ended 31 May 2008
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 2008. 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 14 March 2008, the Company paid an interim capital dividend of 2.5p per Ordinary Share in respect of the year ended 29 February 2008.
As a result of the dividends paid in the period, a provision of £116,000 has been made in the Company's Ordinary Share Pool (equivalent to 0.5p per Ordinary Share) for fees payable to Beringea Limited and Downing Corporate Finance Limited under the terms of the performance incentive fee agreements.
On 19 June 2008, the Company declared a final revenue dividend of 1.25p per Ordinary Share and 1.75p per C share in respect of the year ended 29 February 2008. These dividends will be paid on 22 July 2008 to Shareholders on the register at 4 July 2008.
Performance
Ordinary shares
|
|
31 May 2008 |
29 Feb
2008 |
31 Aug
2007 |
28 Feb
2007 |
|
|
Pence |
Pence |
Pence |
Pence |
|
Net Asset Value ("NAV") |
79.6 |
88.5 |
96.6 |
108.3 |
|
Cumulative Dividends |
76.7 |
74.2 |
68.2 |
53.2 |
|
Total Return * |
156.3 |
162.7 |
164.8 |
161.5 |
* NAV plus cumulative dividends paid since launch of the Company
'C' Shares
|
|
31 May 2008 |
29 Feb
2008 |
31 Aug 2007 |
28 Feb
2007 |
|
|
Pence |
Pence |
Pence |
Pence |
|
Net Asset Value ("NAV") |
84.0 |
89.6 |
95.6 |
N/A |
|
Cumulative Dividends |
1.0 |
1.0 |
- |
N/A |
|
Total Return * |
85.0 |
90.6 |
95.6 |
N/A |
* NAV plus cumulative dividends paid since 'C' Share fundraising
Quoted investments are valued at the closing bid price at 31 May 2008. Unquoted investments are valued at fair values established using the International Private Equity and Venture Capital Valuation Guidelines.
Investment portfolio summary at 31 May 2008
Ordinary Share Portfolio investments
|
|
Cost |
|
Valuation |
|
|
£'000 |
|
£'000 |
|
Top ten venture capital investments (by value) |
|
|
|
|
Espresso Group Limited |
2,048 |
|
4,543 |
|
SPC International Limited |
1,619 |
|
1,497 |
|
Ashford Colour Press Limited |
875 |
|
728 |
|
Eagle Rock Entertainment Group Limited |
420 |
|
653 |
|
Optic Vision Limited |
500 |
|
500 |
|
Saffron Media Group Limited |
480 |
|
480 |
|
Campden Media Ltd |
975 |
|
425 |
|
Isango Limited |
400 |
|
400 |
|
UBC Media plc* |
1,101 |
|
342 |
|
Optima Data Intelligence Services Limited |
900 |
|
281 |
|
|
9,318 |
|
9,849 |
|
|
|
|
|
|
Other venture capital investments |
3,195 |
|
664 |
|
|
|
|
|
|
Liquidity funds |
2,940 |
|
2,940 |
|
|
|
|
|
|
Total |
15,453 |
|
13,453 |
'C' Share Portfolio investments by value
|
|
Cost |
|
Valuation |
|
|
£'000 |
|
£'000 |
|
Venture capital investments |
|
|
|
|
Path Group Limited |
1,000 |
|
1,000 |
|
Heritage Partners Ltd |
900 |
|
538 |
|
SPC International Limited |
402 |
|
408 |
|
Optic Vision Limited |
400 |
|
400 |
|
Steak Media Limited |
275 |
|
381 |
|
Charterhouse Leisure Ltd |
371 |
|
371 |
|
Donatantonio Limited |
875 |
|
323 |
|
Isango Ltd |
200 |
|
200 |
|
Breeze Tech Limited |
175 |
|
175 |
|
Dianomi Limited |
126 |
|
126 |
|
The Vending Corporation Limited |
1,016 |
|
- |
|
|
|
|
|
|
|
5,740 |
|
3,922 |
|
|
|
|
|
|
Liquidity funds |
8,310 |
|
8,310 |
|
|
|
|
|
|
Total |
14,050 |
|
12,232 |
* Quoted on AIM
Investment additions during the 3 months ended 31 May 2008
|
|
Cost |
|
|
£'000 |
|
Ordinary Share Portfolio |
|
|
Optic Vision Limited |
500 |
|
SPC International Limited |
472 |
|
Isango Limited |
400 |
|
Coolabi plc |
17 |
|
|
1,389 |
|
|
|
|
'C' Share Portfolio |
|
|
SPC International Limited |
402 |
|
Optic Vision Limited |
400 |
|
Isango Limited |
200 |
|
Heritage Partners Limited |
100 |
|
|
1,102 |
From 1 June 2008 to the date of this announcement, the Company made the following further additions:
|
|
Cost |
|
|
£'000 |
|
|
|
|
'C' Share Portfolio |
|
|
Chess Technology Limited |
600 |
|
Charterhouse Leisure Limited |
165 |
|
|
765 |
Investment disposals during the 3 months ended 31 May 2008
|
|
Cost |
Market
value at
1 March 2008 |
Disposal
proceeds |
Gain/(loss)
against
cost |
Total
realised
gain |
|
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
|
ILG Digital Limited |
1,345 |
2,760 |
4,400 |
3,055 |
1,640 |
|
|
|
|
|
|
|
Changes to share capital
|
|
Ordinary
Shares
of 5p
each |
|
|
'C'
Shares
of 25p
each |
|
|
|
Shares |
£'000 |
|
Shares |
£'000 |
|
As at 1 March 2008 |
23,138,248 |
1,157 |
|
14,617,777 |
3,654 |
|
Shares issued during 3 months to 31 May 2008 |
1,338,126 |
67 |
|
- |
- |
|
As at 31 May 2008 |
24,476,374 |
1,224 |
|
14,617,777 |
3,654 |
Since the period end, the Company acquired 290,421 of its own Ordinary Shares for cancellation.
Material events
Other than described above, there were no material events during the period from 1 March 2008 to 31 May 2008 or in the period from 1 June 2008 to the date of this announcement.