PROVEN VCT PLC

Quarterly Report • Jul 12, 2017

National Storage Mechanism | Additional information

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ProVen VCT plc

Interim Management Statement

for the three months ended 31 May 2017

ProVen VCT plc (the "Company") presents an Interim Management Statement for the three month period ended 31 May 2017. The statement also includes relevant financial information between the end of the period and the date of this announcement.

Performance

	Unaudited 31 May 2017	Audited 28 February 2017
	Pence	Pence
Net Asset Value per share ("NAV")	107.9	106.3
Dividends paid to date*	26.5	26.5
NAV plus dividends paid to date	134.4	132.8

*Dividends paid represent dividends paid since the consolidation of 5p Ordinary Shares into 10p Ordinary Shares in October 2012. Prior to this date, the Company paid dividends totalling 113.95p on the 5p Ordinary Shares.

Dividends paid or declared

On 7 June 2017, the Company announced a final dividend for the year ended 28 February 2017 of 2.5p per share. Having received approval at the Annual General Meeting of the Company on 4 July 2017, the dividend will be paid on 14 July 2017 to shareholders on the register at 16 June 2017.

Investment portfolio summary at 31 May 2017

Portfolio summary

	Valuation
Venture capital investments	£'000
Watchfinder.co.uk Limited	9,465
Third Bridge Group Limited	5,092
Perfect Channel Limited	4,660
Think Limited	3,899
Rapid Charge Grid Limited	3,837
Monmouth Holdings Limited	3,773
Monica Vinader Limited	3,679
Chargemaster plc	3,615
Blis Media Limited	3,605
Litchfield Media Limited	3,353
Other investments	31,415
	76,393
Cash at bank	31,094
Total	107,487

Quoted investments are valued at the closing bid price at 31 May 2017, discounted where appropriate. Unquoted investments are valued at fair values established using the International Private Equity and Venture Capital Valuation Guidelines.

Investment activity during the three month period ended 31 May 2017

	£'000
Poq Studio Limited	1,125
Honeycomb.TV Limited	405
ContactEngine Limited	112
	1,642

Investment disposals

	Cost	Market value at 1 March 2017	Disposal proceeds	Gain against cost	Realised gain in period
	£'000	£'000	£'000	£'000	£'000
Skills Matter Limited	79	79	79	-	-
Celoxica Limited	70	70	70	-	-
	149	149	149	-	-

Investment activity from 1 June 2017 to the date of this announcement

Investment additions

	£'000
Perfect Channel Limited	150
	150

Investment disposals

	Cost	Market value at 1 March 2017	Disposal proceeds	Gain against cost	Realised  gain in period
	£'000	£'000	£'000	£'000	£'000
APM Healthcare Limited	500	986	1,354	854	368
Conversity Limited	86	-	94	8	94
Celoxica Limited	48	48	48	-	-
	634	1,034	1,496	862	462

On 23 June 2017, the Company reached an agreement to sell its investment in Third Bridge Group Limited. Completion of the transaction is subject to legal and regulatory approvals and is expected before the end of July 2017.

Changes to share capital	Ordinary Shares of 10p each
As at 1 March 2017	98,562,973
Shares bought back during the 3 months to 31 May 2017	-
Shares issued during the 3 months to 31 May 2017	-
As at 31 May 2017	98,562,973

In the period from 1 June 2017 to the date of this announcement, 593,469 Ordinary Shares were repurchased and subsequently cancelled.

Material events

Other than the matters described above, there were no material events during the period from 1 March 2017 to 31 May 2017 or in the period from 1 June 2017 to the date of this announcement.

Further information

Further information regarding the Company, can be found on Beringea's dedicated VCT website: www.provenvcts.co.uk or by contacting Beringea, the Investment Manager at provenvcts@beringea.co.uk or by telephone 020 7845 7820.

Beringea LLP

Company Secretary

Telephone 020 7845 7820

-End

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*This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.

The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: Proven VCT plc via Globenewswire*