PROVEN VCT PLC

Net Asset Value • Jan 25, 2018

National Storage Mechanism | Additional information

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ProVen VCT plc

Interim Management Statement

for the three months ended 30 November 2017

ProVen VCT plc (the "Company") presents an Interim Management Statement for the three month period ended 30 November 2017. The statement also includes relevant financial information between the end of the period and the date of this announcement.

Performance

	Unaudited 30 November 2017	Unaudited 31 August 2017	Unaudited 31 May 2017	Audited 28 February 2017
	Pence	Pence	Pence	Pence
Net Asset Value per share ("NAV")	92.8	101.8	107.9	106.3
Dividends paid/ declared per share since conversion/ consolidation*	36.0	29.0	26.5	26.5
Total Return (NAV plus dividends paid/ declared*)	128.8	130.8	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.

Net Asset Value

During the three month period to 30 November 2017, the NAV per share decreased from 101.8p to 92.8p. Of the total decline of 9.0p, 7.0p reflected the dividend paid during the period.

Dividends paid or declared

On 11 October 2017, the Company announced a special interim dividend for the year ending 28 February 2018 of 7.0p per share. This dividend was paid on 17 November 2017 to shareholders on the register at 20 October 2017.

Investment portfolio summary at 30 November 2017

Portfolio summary

	Valuation
Venture capital investments	£'000
Watchfinder.co.uk Limited	9,073
Chargemaster plc	5,264
Think Limited	4,253
Chess Technologies Limited	3,892
Rapid Charge Grid Limited	3,705
Monica Vinader Limited	3,679
Perfect Channel Limited	3,480
Litchfield Media Limited	3,393
Thread, Inc.	3,024
Poq Studio Limited	2,250
Other investments	22,671
	64,684
Cash at bank	30,932
Total	95,616

Quoted investments are valued at the closing bid price at 30 November 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 30 November 2017

Investment additions

	£'000
Thread, Inc.	1,169
Been There Done That Global Limited	553
InContext Solutions, Inc.	387
Disposable Cubicle Curtains Limited	170
	2,279

Investment disposals

	Cost	Market value at 1 September 2017	Disposal proceeds	Gain against cost	Realised gain in period
	£'000	£'000	£'000	£'000	£'000
Monmouth Holdings Limited1	2,500	2,500	2,500	-	-
	2,500	2,500	2,500	-	-
1 Loan note repayment

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

Investment additions

Smart Information Systems GmbH (t/a Smart Assistant)	324

Investment disposals

There were no disposals from 1 December to the date of this announcement.

Changes to share capital	Ordinary Shares of 10p each
As at 1 September 2017	97,845,882
Shares bought back during the 3 months to 30 November 2017	(190,000)
Shares issued during the 3 months to 30 November 2017 (under the Offer for Subscription dated 20 October 2017)	3,209,077
Shares issued during the 3 months to 30 November 2017 (under the terms of the Company's dividend reinvestment scheme)	1,003,702
As at 30 November 2017	101,868,661

In the period from 1 December 2017 to the date of this announcement, 263,966 Ordinary Shares were repurchased and subsequently cancelled and 617,804 shares were issued under the Offer for Subscription dated 20 October 2017, which closed on 20 December 2017.

Material events

On 22 November 2017, following the Autumn Budget Statement, Her Majesty's Government announced a number of changes to the rules governing Venture Capital Trusts. Further details of these changes were set out in the first draft of the Finance (No. 2) Bill 2018 (the "Finance Bill") published on 1 December 2017.

As of the date of this announcement, the Board does not believe that these rule changes will materially affect the Company's investment policy and strategy.

Other than the matters described above, there were no material events during the period from 1 September 2017 to 30 November 2017 or in the period from 1 December 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

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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*