ProVen Growth & Income VCT plc
Interim Management Statement
for the three months ended 30 November 2008
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 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 31 October 2008, the Company paid interim capital dividends of
30.5p per Ordinary Share and 0.85p per 'C' Share and interim revenue
dividends of 0.5p per Ordinary Share and 1.15p per 'C' Share in
respect of the year ended 29 February 2009.
As a result of the dividends paid in the period, a provision of
£409,000 has been made in the Company's Ordinary Share Pool
(equivalent to 6.0p per Ordinary Share) for fees payable to Beringea
Limited under the terms of the performance incentive fee agreements.
Performance
Ordinary shares
30 Nov 31 Aug 29 Feb
2008 2008 2008
Pence Pence Pence
Net Asset Value ("NAV") 60.10 94.60 121.60
Cumulative Dividends 132.90 101.90 81.90
Total Return * 193.00 196.50 203.50
* NAV plus cumulative dividends paid since launch of Company
'C' Shares
30 Nov 31 Aug 29 Feb
2008 2008 2008
Pence Pence Pence
Net Asset Value ("NAV") 79.50 85.00 94.90
Cumulative Dividends 8.25 6.25 3.00
Total Return * 87.75 91.25 97.90
* NAV plus cumulative dividends paid since launch of 'C' Share
fundraising
Quoted investments are valued at the closing bid price at 30 November
2008. Unquoted investments are valued at fair values established
using the International Private Equity and Venture Capital Valuation
Guidelines.
Investment portfolio summary at 30 November 2008
Ordinary Share Portfolio investments by value
Cost Valuation
£'000 £'000
Venture capital investments
Espresso Broadband Limited 765 1,707
Overtis Group Limited (formerly - Optic Vision
Limited) 350 350
Ashford Colour Press Limited 413 338
Campden Media Limited 487 207
UBC Media plc * 400 67
Pilat Media Global plc * 50 28
Immedia Broadcasting plc * 171 9
Sports Holdings Limited 48 -
Baby Innovations S.A. t/a Steribottle 209 -
2,893 2,706
Liquidity funds 1,370 1,370
Total 4,263 4,076
'C' Share Portfolio investments by value
Cost Valuation
£'000 £'000
Venture capital investments
Path Group Limited 1,000 1,000
Chess Technologies Limited 900 900
Eagle Rock Entertainment Group Limited 680 872
Charterhouse Leisure Limited 765 767
Saffron Media Group Limited 670 670
Optima Data Intelligence Services Limited 1,299 641
SPC International Limited 625 616
Overtis Group Limited (formerly - Optic Vision
Limited) 500 500
Isango! Limited 650 433
Donatantonio Limited 1,366 422
Dianomi Limited 324 403
Heritage Partners Limited 900 330
Breeze Tech Limited 225 225
Steak Media Limited 375 186
Coolabi plc * 450 115
The Vending Corporation Limited 1,012 -
11,741 8,080
Liquidity funds 11,480 11,480
Total 23,221 19,560
* Quoted on AIM
Investment additions during the 3 months ended 30 November 2008
Cost
£'000
'C' Share Portfolio
Optima Data Intelligence Services Limited 299
From the 1 December 2008 to the date of this announcement the Company
made the following further addition:
Cost
£'000
'C' Share Portfolio
Fjordnet Limited 500
Investment disposals during the 3 months ended 30 November 2008
Market
value at Gain/(loss) Total
1 Sep Disposal against realised
Cost 2008 proceeds cost gain
£'000 £'000 £'000 £'000 £'000
Ordinary Share
Portfolio
Loan stock redemptions
Ashford Colour Press
Limited 69 69 69 - -
Espresso Group Limited 19 19 63 44 44
88 88 132 44 44
'C' Share Portfolio
The Vending
Corporation Limited 5 - 5 - 5
Share capital
Ordinary
Shares 'C' Shares
of 1p of 5p
each each
Shares £'000 Shares £'000
As at 1 September 2008 and 30 6,816,160 68 24,920,042 1,246
November 2008
On 13 January 2009, the Company purchased 22,810 "C" shares of 5p
each for cancellation.
Material events
On 20 November 2008, the Company and ProVen VCT plc announced that
they had published a joint prospectus to raise up to, in aggregate,
£20 million through a linked offer for subscription. The offer for
subscription will be in a new class of shares and will be for up to,
in aggregate, 20,000,000 D ordinary shares of 1pence each, to be
issued at a price of £1 each and divided equally between the Company
and ProVen VCT plc.
Other than this and the matters described above, there were no
material events during the period from 1 September 2008 to 30
November 2008 or in the period from 1 December 2008 to the date of
this announcement.
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This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.
