ProVen Health VCT plc
Interim Management Statement for the 3 Months to 30 April 2009
In accordance with Rule 4.3 of the Disclosure and Transparency Rules
of the UK Listing Authority, ProVen Health VCT plc presents an
Interim Management Statement for the three month period ended 30
April 2009. The statement also includes relevant financial
information between the end of the period and the date of this
statement.
This interim management statement has been prepared solely to provide
additional information to the shareholders as a body to meet the
relevant requirements of the UK Listing Authority's Disclosure and
Transparency Rules, and should not be relied on by any other party or
for any other purpose.
This interim management statement considers the future of the Company
and, as such, any forward-looking comments have been made by the
Directors in good faith based on the information available to them up
to the time of their approval of this report. This statement should
therefore be treated with due caution due to the inherent
uncertainties of the effects of both economic and business risk
factors in considering forward-looking information.
Investment Manager
On 1 February 2009, Beringea LLP took over as the Company's
investment manager, replacing Noble Fund Managers Limited and Noble
Corporate Management Limited.
Change of name
On 26 February 2009, the Company changed its name from Noble Health
Fund VCT plc to ProVen Health VCT plc.
Performance summary
As at As at
30 Apr 2009 31 Jan 2009
Total net assets £9.95 m £9.95 m
Net asset value per share 51.5p 51.5p
Cumulative dividends per share 13.5p 13.5p
Total return per share* 65.0p 65.0p
* NAV plus cumulative dividends paid since launch
Mid-market share price 28.0p 40.0p
Discount to NAV -45.6% -22.3%
Dividend
No dividends have been declared or paid in the period under review.
Investment update
At 30 April 2009 the portfolio consisted of 19 companies diversified
across the health sector and at different stages of development. Of
these companies, 7 are quoted and 12 are unquoted. At 30 April 2009,
18.4% of the Company's investments by value (not including cash or
liquidity fund investments) were in quoted companies and 81.6% were
in unquoted companies.
Top ten investment holdings as at 30 April 2009 (by value)
Valuation Valuation
at 30 movement
April in the
Cost 2009 period
£'000 £'000 £'000
Top ten venture capital investments (by
value)
Amura Holdings Limited 987 925 -
Onyx Research Chemicals Limited 850 865 -
Digital Healthcare Limited 1,010 834 -
Plum Baby Limited 749 749 -
Vectura Group plc ** 482 549 72
Optasia Medical Limited 650 518 -
Population Genetics Technologies Limited 347 347 -
Omni Dental Sciences Limited 750 330 -
IS Pharma plc * 366 312 (10)
Inforsense Limited 1,020 274 -
7,211 5,703 62
Other venture capital investments 3,572 551 (10)
Liquidity funds 1,783 1,783 -
Total 12,566 8,037 52
* Quoted on AIM
** Listed on Main Market of the London Stock Exchange
All investments are unquoted unless otherwise stated.
Investment additions
There were no additions during the 3 months ended 30 April 2009.
Between 1 May 2009 and the date of this announcement, the Company
made the following additions:
Cost
£'000
Altacor Limited 10
Amura Holdings Limited 60
Population Genetics Technologies Limited 520
590
Investment disposals during the 3 months ended 30 April 2009
Realised
Market gain/ Gain/
value at (loss) (loss)
1 Feb Disposal in the against
Cost 2009 proceeds period cost
£'000 £'000 £'000 £'000 £'000
Abcam plc 58 61 70 9 12
Craneware plc 60 103 105 2 45
Immunodiagnostic Systems
Holdings plc 42 118 148 30 106
Medigene AG 639 226 223 (3) (416)
Purecircle plc 145 159 174 15 29
944 667 720 53 (224)
Between the 1 May 2009 and the date of this announcement, the Company
disposed of a further holding in Craneware plc, for proceeds of
£87,000 and a net profit of £40,000.
Changes to share capital
Ordinary shares of 1p each
Number £'000
As at 1 February 2009 19,307,784 1,931
Shares bought back and cancelled - -
As at 30 April 2009 19,307,784 1,931
There have been no changes to share capital since the period end.
The Company has temporarily suspended its policy of buying back its
own shares that become available in the market. This policy will be
kept under review.
Outlook
The economic environment continues to be challenging for companies in
general and the VCT's portfolio companies in particular. The
Company has strengthened its cash position by the selective
realisation of some of the quoted portfolio investments. The further
follow-on investments should assist existing portfolio companies with
their development over the coming months.
The Board has been encouraged by the contribution of the new
Investment Manager since 1 February 2009, both to the existing
portfolio and in looking at new initiatives aimed at enhancing
shareholder value over the longer term.
Material events
Other than the matters described above, there were no material events
during the period from 1 February 2009 to 30 April 2009 or in the
period from 1 May 2009 to the date of this announcement.
Further information
Further information regarding the Company, can be found on Beringea's
dedicated VCT website: www.provenvcts.com
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