ProVen Health VCT plc
Interim Management Statement for the three months to 31 October 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 31
October 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.
Performance summary
As at As at
31 Oct 2009 31 July 2009
Total net assets £10.7 m £10.8 m
Net asset value per share 55.2p 55.7p
Cumulative dividends per share 13.5p 13.5p
Total return per share* 68.7p 69.2p
* NAV plus cumulative dividends paid since launch
Mid-market share price 33.0p 28.0p
The mid market share price as at 3 December 2009 was 49.0p per share.
Dividend
On 28 September 2009, the Company declared an interim dividend of 1p
per share, to be paid on 4 December 2009.
Investment update
At 31 October 2009 the portfolio consisted of 16 companies
diversified across the health sector and at different stages of
development. Of these companies, four were quoted and 12 were
unquoted. At 31 October 2009, 11.3% of the Company's investments by
value were held in quoted companies and 57.0% were held in unquoted
companies. 31.7% of the Company's investments were held in cash and
liquidity funds.
Investment portfolio summary at 31 October 2009
Valuation
Valuation gain/(loss)
at 31 October 2009 since 31 July 2009
£'000 £'000
Top ten venture capital
investments (by value)
Altacor Limited 941 -
Plum Baby Limited 941 -
Amura Holdings Limited 920 -
Population Genetics 867
Technologies Limited -
Onyx Research Chemicals 800
Limited -
Omni Dental Sciences Limited 735 -
Vectura Group plc ** 648 61
Digital Healthcare Limited 636 -
IS Pharma plc * 468 71
DeltaDOT Limited 114 (99)
7,070 33
Other venture capital
investments 216 (73)
Liquidity fund 1,789 -
Cash at bank and in hand 1,594 -
Total investments 10,669 (40)
* Quoted on AIM
** Listed on Main Market of the London Stock Exchange
All investments are unquoted unless otherwise stated.
Investment additions
The Company made the following additions between 1 August 2009 and 31
October 2009.
Cost
£'000
Biovex Limited 30
There have been no additions between 1 November 2009 and the date of
this report.
Investment disposals
The Company made the following disposals between 1 August 2009 and 31
October 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
Craneware plc 32 54 59 5 27
Paion AG 200 64 99 35 (101)
232 118 158 40 (74)
There have been no disposals between 1 November 2009 and the date of
this report.
Changes to share capital
Ordinary shares of 1p each
Number £'000
As at 1 August 2009 19,307,784 1,931
Shares bought back and cancelled - -
As at 31 October 2009 19,307,784 1,931
After the period end the Company purchased 56,455 ordinary shares of
1p each for cancellation.
Outlook
We remain optimistic about the long term ability of the healthcare
sector and the Company to deliver returns to investors. The potential
impact on demand for healthcare services by an ageing population has
been well documented. Government borrowing, which has increased as a
result of action to stimulate demand and reduce the impacts of the
recession, will ultimately need to be paid for and reduced spending
and efficiency gains across all government departments will be key
drivers of this. Companies which can deliver the same or improved
level of services at a reduced cost, which includes those targeted by
the Company's investment strategy, should therefore be well placed to
benefit from these demands.
On 16 November 2009, the Company launched a linked top up offer
alongside two VCTs, ProVen VCT plc and ProVen Growth and Income VCT
plc, which are managed by Beringea LLP. This offer will raise further
funds for the Company by issuing new ordinary shares of up to 10% of
the current issued share capital at a price linked to the latest net
asset value of each existing share. The usual tax reliefs will be
available to investors. The funds raised will be used to invest in
line with the current investment strategy. Potential investors should
contact their independent financial adviser.
Material events
Other than the matters described above, there were no material events
during the period from 1 August 2009 to 31 October 2009 or in the
period from 1 November 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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