Half-yearly report
(Thomson Reuters ONE) - ProVen Growth & Income VCT plcHalf-Yearly Reportfor the six months ended 31 August 2009Financial Summary 31 Aug 31 Aug 28 Feb 2009 2008 2009Ordinary SharesNet asset value per ("NAV") 43.6p 94.6p 57.1pDividends paid per share since launch 146.9p 101.9p 132.9pTotal return (NAV plus dividends paid since 190.5p 196.5p 190.0plaunch)C SharesNet asset value per share ("NAV") 70.7p 85.0p 76.7pDividends paid per share since issue 9.6p 6.3p 8.3pTotal return (NAV plus dividends paid since 80.3p 91.3p 85.0pissue)D SharesNet asset value per share ("NAV") 93.4p n/a n/aDividends paid per share since issue - n/a n/aTotal return (NAV plus dividends paid since 93.4p n/a n/aissue)Chairman's StatementIntroductionThe six months ended 31 August 2009 has seen the stock markets settleand start to show some signs of recovery from the financial crises of2008 and early 2009. However, with the UK economy still inrecession, many businesses continue to face difficult conditions,particularly smaller companies which typically may not be asresilient as their larger counterparts.The Board has formal regular meetings with the Investment Manager todiscuss the performance of all investments and is also in frequentcontact with the Investment Manager outside of these meetings.During this very difficult period, the Investment Manager has workedon and contributed to the resilience of many of the portfoliocompanies. As a result, the Directors are satisfied with the overallperformance of the Company.Net Asset ValuesOrdinary SharesAs at 31 August 2009, the Net Asset Value ("NAV") per Ordinary Sharestood at 43.6p, an increase of 0.5p per share or 0.9% since the yearend (after adjusting for the dividends of 14.0p paid in the period).C SharesAs at 31 August 2009, the NAV per C Share stood at 70.7p, a decreaseof 4.7p per share or 6.1% since the year end (after adjusting for thedividends of 1.35p paid in the period).D SharesAs at 31 August 2009, the NAV per D Share stood at 93.4p, a smalldecrease compared to the initial NAV, net of fundraising costs, of94.5p per share. The decrease arises from running costs which exceedthe income on cash deposits.FundraisingUp to 31 August 2009, the "Linked D Share Offer" had raised grossproceeds for the Company of £5.3 million, which equates to £5.0million net of fundraising costs. The Board believes this is asatisfactory outcome which helps to reduce the fixed running costsper share of all the Company's share classes. The Linked D ShareOffer has been extended and will now close on 30 October 2009.C Share tender offerAs planned at the C Share launch, the Company undertook a tenderoffer in July 2009 to acquire a certain number of shares such that CShare investors who tendered their basic entitlement have receivedthe equivalent of at least 25p per £1 invested by way of dividendsand tender offer proceeds. The Company acquired 5,079,999 C Sharesat a price of 75.35p per share under the tender offer. These shareswere subsequently cancelled.Venture capital investmentsNo new investments were made by any pool during the period and therewas one minor realisation within the Ordinary Share pool where someloan stock being redeemed at par.In valuing the investment portfolio at the period end, there havebeen some significant movements compared to the start of the period.Overall, the Ordinary Share portfolio showed an unrealised loss of£188,000 and the C Share portfolio a loss of £359,000.Further details of the developments within the investment portfoliosare included in the Investment Manager's report.Results and dividendsThe Income Statement shows a loss on ordinary activities aftertaxation for the Company for the period of £908,000 (£354,000 revenueloss and £554,000 capital loss). Details of how this is analysedbetween the share pools is shown below.No interim dividends will be paid in respect of any class of sharesin respect of the six-months ended 31 July 2009.C Share conversion and new Ordinary SharesIn line with the intention set out at their launch, the C Sharesconvert into Ordinary Shares based on each share's relative NAV as at31 August 2009. As part of this process, the Company has alsoundertaken a share consolidation of the Ordinary Shares such that thenew Ordinary Shares now have the same NAV per share as the old CShares. The consolidation and conversion took place on 26 October2009 and is summarised as follows:1,000 Ordinary Shares consolidated into approximately 618 newof 1p each Ordinary Shares of 1.6187p each1,000 C Shares of 5p converted into 1,000 new Ordinary Shares ofeach 1.6187p eachShareholders should expect to receive new share certificates inrespect of the new ordinary shares from the registrar by 9 November2009. If you have not received new certificates by this date, pleasecontact the registrar on 0871 664 0300.Share buybacksThe Company continues to have a policy of purchasing its own sharesthat become available in the market in order to help provideliquidity to those Shareholders that need it. The Company currentlybuys in shares at approximately a 10% discount to the last publishednet asset value.During the period, the Company purchased 34,633 Ordinary Shares at anaverage price of 39.5p per share and 94,772 C Shares at a averageprice of 67.0p per share. These shares were subsequently cancelled.No D Shares were purchased in the period.Risk and uncertaintiesUnder the Disclosure and Transparency Directive, the Board is nowrequired, in the Company's half-yearly results, to report onprincipal risks and uncertainties facing the Company over theremainder of the financial year.Risk and uncertainties (continued)The Board has concluded that the key risks facing the Company overthe remainder of the financial period are as follows:i. investment risk associated with a large proportion of the OrdinaryShare assets being invested in a single investment;ii. investment risk associated with investing in small and immaturebusinesses;iii. investment risk arising from extremely volatile stock marketconditions and their potential effect on investment valuation; andiv. failure to maintain approval as a VCT.Although having a large proportion of the Ordinary Share assetsinvested in a single investment involves additional risks, thissituation is not unusual within the venture capital industry and hasarisen in the Ordinary Share pool as a result of strong growth in thevalue of one investment. The Board regularly reviews the position toensure that the potential benefits of continuing to hold thisinvestment outweigh the additional risk. The position is much lesssignificant following the conversion of the C Shares, which haseffectively merged the Ordinary Share and C Share pools.In the case of (ii), the Board is also satisfied with the Company'sapproach. The Investment Manager follows a rigorous process invetting and careful structuring of new investments and, after aninvestment is made, close monitoring of the business. In respect of(iii), the Company seeks to hold a diversified portfolio within therestrictions of the VCT regulations.The Company's compliance with the VCT regulations is continuallymonitored by the Administrator, who reports regularly to the Board onthe current position. The Company also retainsPricewaterhouseCoopers to provide regular reviews and advice in thisarea. The Board considers that this approach reduces the risk of abreach of the VCT regulations to a minimal level.OutlookWith the newly-raised D Share pool and the funds also available forinvestment within the new Ordinary Share pool (which arose from themerging of the original Ordinary and C Share pool), the InvestmentManager is looking to make a number of new investments alongsidemonitoring the existing portfolio.Despite some optimism, the general economic outlook remainsuncertain. While this will continue to create challenges for theCompany's investment portfolio, it may also create opportunities forthe Company to make new investments at attractive valuations, whichmay ultimately provide the Company with strong returns. I thereforeexpect a number of new investments to be made over the remainder ofthe year.Andrew DavisonChairman28 October 2009Investment Manager's ReportIntroductionWe are pleased to present our review of the investment portfolio forthe six month period ended 31 August 2009. Stock market indicesrecovered during the period with the FTSE All Share Index increasingby over 30% between 28 February 2009 and 31 August 2009. In spite ofthis, the broader economic environment continues to presentconsiderable challenges for small and medium sized enterprises andtheir investors with unemployment still increasing and lendingconstrained. Some businesses will emerge from the current economicdifficulties in a stronger position at the expense of their weakerrivals and we have therefore invested considerable time working withthe portfolio companies to try to ensure that more ultimately fallinto the former category.Whilst headline activity in the portfolio has been muted - there wereno new investments and only the scheduled repayment of loan notes byEspresso Group - we have continued to invest considerable timeworking with portfolio companies which we believe has contributed totheir value. Some of this value is not readily obvious from a simplereading of valuations but we hope that the results of this activitywill become apparent as time progresses.Portfolio activity and valuationFollowing the period end, the Ordinary Share and C Share investmentportfolios have merged and will be consolidated to form one pool ofassets. However, they are discussed separately here.Ordinary Share poolAt 31 August 2009, the company's unquoted and quoted Ordinary Shareportfolio comprised 9 investments with a cost of £2.6 million and avaluation of £2.4 million. In addition, the Ordinary Share pool heldcash and liquidity funds of £530,000. No new investments were madeduring the period but Espresso loan notes were redeemed at cost inline with the agreed repayment schedule.Nearly 50% of the value of the Ordinary Shares is reflected in thevalue of Espresso Group. We spend considerable time with the companyand have worked with key management to develop strategy. We continueto be very pleased with the progress of the business including thedevelopment of the non-primary school revenue streams to complementthe market leading primary school product.C Share poolAt 31 August 2009, the company's unquoted and quoted C Shareportfolio comprised 20 investments with a cost of £16.1 million and avaluation of £11.2 million. In addition, the C Share pool held cashand liquidity funds of £2.8 million.Value in the C Share pool is more evenly spread when compared to theOrdinary Share pool with no one investment accounting for more than10% of the C Share pool.Both the Ordinary and C Share pools have seen movements in valuationsreflecting both individual portfolio company circumstances and widerchanges to market comparables. Notable movements include AshfordColour Press (Ordinary Share pool), Donatantonio (C Share pool), PathGroup (C Share pool) and Optima (C Share pool).D Share poolFundraising for the D Share pool is, at the date of this report,still ongoing having raised a total of over £5 million despite thedifficult market conditions. This very pleasing result provides afirm base for further fundraising and building a diversifiedportfolio. We have not yet made any investments from the D Sharefunds.OutlookThe turmoil of the economic environment over the last twelve monthshas created difficult trading conditions for small and medium sizeenterprises. With our assistance a number of our portfolio companieshave adjusted their strategies to reflect a more defensive approachand this has resulted in the reduction in their cost bases. This hasprovided a level of value protection and a more prudent approach ininvesting for the future. As our experience of previous cycles hasshown, adversity can create areas of opportunity and it is good tosee that a number of portfolio companies continue to see stronggrowth with several following market opportunities to expandoverseas.Since 28 February 2009, the increase in stock market indices,together with improving economic sentiment in some areas, has beenseen by some to be an indicator of economic recovery. Our view isthat the climb to sustained positive economic growth will be slow andas such we remain wary of unproven and over-optimistic businessopportunities.We are now seeing a number of investment opportunities which reflecta more mature approach to business development. Entrepreneurs arebalancing reasonable investment entry prices with a preference forknowledgeable and long term partners. We expect a number of newinvestments to complete in the short term.Beringea LLP28 October 2009Unaudited Balance Sheetas at 31 August 2009 31 Aug 31 Aug 28 Feb 2009 2008 2009 £'000 £'000 £'000Fixed AssetsInvestments 13,624 11,506 13,943Current assetsDebtors 5,318 550 1,514Current investments 2,500 14,350 7,550Cash at bank and in hand 619 1,450 973Creditors: amounts falling due within one (230) (215) (1,035)yearNet current assets 8,207 16,135 9,002Net assets 21,831 27,641 22,945Capital and reservesCalled up share capital 1,105 1,314 1,311Capital redemption reserve 275 12 15Share premium account 4,955 22,998 22,998Special distributable reserve 20,771 3,706 2,517Capital reserve - realised 139 2,147 747Investment holding losses (5,062) (2,920) (4,891)Revenue reserve (352) 384 248Equity shareholder's funds 21,831 27,641 22,945Net asset value per share: Ordinary Share 43.6p 94.6p 57.1p C Share 70.7p 85.0p 76.7p D Share 93.4p n/a n/aUnaudited Balance Sheetas at 31 August 2009Analysed by share poolOrdinary Shares 31 Aug 31 Aug 28 Feb 2009 2008 2009 £'000 £'000 £'000Fixed AssetsInvestments 2,447 2,718 2,406Current assetsDebtors 21 244 945Current investments 1,470 2,170 1,470Cash at bank and in hand (935) 1,383 25Creditors: amounts falling due within one (41) (68) (956)yearNet current assets 515 3,729 1,484Net assets 2,962 6,447 3,890Capital and reservesCalled up share capital 68 68 68Capital redemption reserve 10 9 9Share premium account - 641 641Special distributable reserve 2,826 3,706 2,517Capital reserve - realised 153 2,221 971Investment holding losses (162) (262) (350)Revenue reserve 67 64 34Equity shareholder's funds 2,962 6,447 3,890Unaudited Balance Sheetas at 31 August 2009Analysed by share poolC Shares 31 Aug 31 Aug 28 Feb 2009 2008 2009 £'000 £'000 £'000Fixed AssetsInvestments 11,177 8,788 11,537Current assetsDebtors 105 306 569Current investments 1,030 12,180 6,080Cash at bank and in hand 1,738 67 948Creditors: amounts falling due within one (133) (147) (79)yearNet current assets 2,740 12,406 7,518Net assets 13,917 21,194 19,055Capital and reservesCalled up share capital 984 1,246 1,243Capital redemption reserve 265 3 6Share premium account - 22,357 22,357Special distributable reserve 17,945 - -Capital reserve - realised 14 (74) (224)Investment holding losses (4,900) (2,658) (4,541)Revenue reserve (391) 320 214Equity shareholder's funds 13,917 21,194 19,055Unaudited Balance Sheetas at 31 August 2009Analysed by share poolD Shares 31 Aug 31 Aug 28 Feb 2009 2008 2009 £'000 £'000 £'000Fixed AssetsInvestments - n/a n/aCurrent assetsDebtors 5,192 n/a n/aCurrent investments - n/a n/aCash at bank and in hand (184) n/a n/aCreditors: amounts falling due within one (56) n/a n/ayearNet current assets 4,952 n/a n/aNet assets 4,952 n/a n/aCapital and reservesCalled up share capital 53 n/a n/aCapital redemption reserve - n/a n/aShare premium account 4,955 n/a n/aSpecial distributable reserve - n/a n/aCapital reserve - realised (28) n/a n/aInvestment holding losses - n/a n/aRevenue reserve (28) n/a n/aEquity shareholder's funds 4,952 n/a n/aUnaudited Income Statementfor the six months ended 31 August 2009Company Total Six months ended 31 August 2009 Revenue Capital Total £'000 £'000 £'000Income 292 - 292Gains/(losses) on investments - (171) (171) 292 (171) 121Investment management fee (66) (199) (265)Performance incentive fees (7) (184) (191)Recoverable VAT - - -Other expenses (573) - (573)Return/(loss) on ordinary activities (354) (554) (908)before taxationTax on ordinary activities - - -Return/(loss) attributable to equity (354) (554) (908)ShareholdersBasic and diluted return/(loss) per 1.0p (0.4p) 0.6pOrdinary ShareBasic and diluted return/(loss) per C (1.7p) (2.1p) (3.8p)ShareBasic and diluted return/(loss) per D (0.7p) (0.7p) (1.4p)ShareCompany Total Six months ended Year ended 31 August 2008 28 Feb 2009 Revenue Capital Total Total £'000 £'000 £'000 £'000Income 729 - 729 1,188Gains/(losses) on - (2,113) (2,113) (4,055)investments 729 (2,113) (1,384) (2,867)Investment management fee (75) (225) (300) (543)Performance incentive fees (21) (252) (273) (661)Recoverable VAT - - - 206Other expenses (141) (16) (157) (287)Return/(loss) on ordinary 492 (2,606) (2,114) (4,152)activities before taxationTax on ordinary activities (134) 134 - -Return/(loss) attributable 358 (2,472) (2,114) (4,152)to equity ShareholdersBasic and diluted 0.7p (7.5p) (6.8p) (13.3p)return/(loss) per OrdinaryShareBasic and diluted 1.3p (7.9p) (6.6p) (13.0p)return/(loss) per C ShareBasic and diluted - - - -return/(loss) per D ShareOrdinary Shares Six months ended 31 August 2009 Revenue Capital Total £'000 £'000 £'000Income 144 - 144Gains/(losses) on investments - 188 188 144 188 332Investment management fee (9) (31) (40)Performance incentive fees (7) (184) (191)Recoverable VAT - - -Other expenses (61) - (61)Return/(loss) on ordinary activities 67 (27) 40before taxationTax on ordinary activities - - -Return/(loss) attributable to equity 67 (27) 40ShareholdersOrdinary Shares Six months ended Year ended 31 August 2008 28 Feb 2009 Revenue Capital Total Total £'000 £'000 £'000 £'000Income 140 - 140 188Gains/(losses) on - (221) (221) (284)investments 140 (221) (81) (96)Investment management fee (15) (46) (61) (123)Performance incentive fees (21) (252) (273) (661)Recoverable VAT - - - 56Other expenses (43) - (43) (78)Return/(loss) on ordinary 61 (519) (458) (902)activities before taxationTax on ordinary activities (15) 15 - -Return/(loss) attributable 46 (504) (458) (902)to equity ShareholdersC Shares Six months ended 31 August 2009 Revenue Capital Total £'000 £'000 £'000Income 138 - 138Gains/(losses) on investments - (359) (359) 138 (359) (221)Investment management fee (47) (140) (187)Performance incentive fees - - -Recoverable VAT - - -Other expenses (484) - (484) (393) (499) (892)Return/(loss) on ordinary activitiesbefore taxationTax on ordinary activities - - -Return/(loss) attributable to equity (393) (499) (892)ShareholdersC Shares Six months ended Year ended 31 August 2008 28 Feb 2009 Revenue Capital Total Total £'000 £'000 £'000 £'000Income 589 - 589 1,000Gains/(losses) on - (1,892) (1,892) (3,771)investments 589 (1,892) (1,303) (2,771)Investment management fee (60) (179) (239) (420)Performance incentive fees - - - -Recoverable VAT - - - 150Other expenses (98) (16) (114) (209)Return/(loss) on ordinary 431 (2,087) (1,656) (3,250)activities before taxationTax on ordinary activities (119) 119 - -Return/(loss) attributable 312 (1,968) (1,656) (3,250)to equity ShareholdersD Shares Six months ended 31 August 2009 Revenue Capital Total £'000 £'000 £'000Income 10 - 10Gains/(losses) on investments - - - 10 - 10Investment management fee (10) (28) (38)Performance incentive fees - - -Recoverable VAT - - -Other expenses (28) - (28)Return/(loss) on ordinary activities (28) (28) (56)before taxationTax on ordinary activities - - -Return/(loss) attributable to equity (28) (28) (56)ShareholdersD Shares Six months ended Year ended 31 August 2008 28 Feb 2009 Revenue Capital Total Total £'000 £'000 £'000 £'000Income n/a n/a n/a n/aGains/(losses) on n/a n/a n/a n/ainvestments n/a n/a n/a n/aInvestment management fee n/a n/a n/a n/aPerformance incentive fees n/a n/a n/a n/aRecoverable VAT n/a n/a n/a n/aOther expenses n/a n/a n/a n/aReturn/(loss) on ordinary n/a n/a n/a n/aactivities before taxationTax on ordinary activities n/a n/a n/a n/aReturn/(loss) attributable n/a n/a n/a n/ato equity ShareholdersReconciliation of Movements in Shareholders' Fundsfor the six months ended 31 August 2009 31 Aug 2009 31 Aug 28 Feb 2008 2009 Ordinary C D Shares Shares Shares Total Total Total £'000 £'000 £'000 £'000 £'000 £'000Opening 3,890 19,055 - 22,945 31,285 31,285Shareholders'fundsProceeds from - - 5,154 5,154 643 656share issuesShare issue - - (146) (146) (23) (36)costsPurchase of (13) (3,911) - (3,924) (77) (124)own sharesTotalrecognised 40 (892) (56) (908) (2,114) (4,152)gain/(loss)for the yearDistributions (955) (335) - (1,290) (2,073) (4,684)paid in theperiodClosing 2,962 13,917 4,952 21,831 27,641 22,945Shareholders'fundsUnaudited Cash Flow Statementfor the six months ended 31 August 2009 Six months Six ended months 31 August ended Year 2009 31 August ended 2008 28 Feb 2009 Note £'000 £'000 £'000Net cash outflow from operating Aactivities (4,442) (329) (776)Capital expenditurePurchase of investments - (3,402) (8,037)Disposal of investments 147 2,617 3,084Net cash inflow/(outflow) from 147 (785) (4,953)capital expenditureEquity distributions paid (1,290) (2,073) (4,684)Management of liquid resourcesPurchase of current investments - - (1,300)held as liquidity fundsWithdrawal from liquidity funds 5,050 2,200 10,300Net cash inflow/(outflow) from 5,050 2,200 9,000liquid resourcesNet cash inflow before (535) (987) (1,413)financingFinancingProceeds from share issue 5,008 640 637Share issue costs (902) (36) (36)Purchase of own shares (3,925) (76) (124)Net cash inflow from financing 181 528 477Increase/(decrease) in cash B (354) (459) (936)Notes to the cash flowstatement:A Net cash flow from operatingactivitiesReturn/(loss) on ordinary (354) 492 805activities before taxationExpenses charged to capital (383) (493) (902)(Increase)/decrease in debtors (3,804) (125) (368)Increase/(decrease)/ in 99 (203) (311)creditors Net cash outflow from (4,442) (329) (776)operating activitiesB Analysis of net fundsBeginning of period 973 1,909 1,909Net cash inflow/(outflow) (354) (459) (936)End of period 619 1,450 973Summary of Investment Portfolioas at 31 August 2009 Valuation % of movement in the portfolioOrdinary Share pool Cost Valuation period by value £'000 £'000 £'000Top ten venture capitalinvestmentsEspresso Group Limited 481 1,433 (15) 48.1%Ashford Colour Press 413 339 182 11.4%LimitedOvertis Group Limited 350 307 (43) 10.3%Campden Media Limited 488 207 - 6.9%Pilat Media Global plc* 50 60 35 2.0%UBC Media plc* 400 47 (16) 1.6%Sports Holding Limited 48 48 48 1.6%Immedia Group plc* 170 6 (3) 0.2%Baby Innovations S.A. t/a 209 - - 0.0%Steribottle 2,609 2,447 188 82.1%Liquidity fund 1,470 49.3%investmentsCash at bank and in hand (935) (31.4%)Ordinary Share pool Total 2,982 100.0% Valuation % of movement in the portfolioC Share pool Cost Valuation period by value £'000 £'000 £'000Top ten venture capitalinvestmentsEspresso Group Limited 1,101 1,100 - 7.9%Fjordnet Limited 1,000 1,000 - 7.2%Lazurite Limited 1,000 1,000 - 7.2%Prelude Media Limited 1,000 1,000 - 7.2%Eagle Rock Entertainment 680 933 56 6.7%Group LimitedDonatantonio Limited 1,366 940 289 6.7%Chess Technology Limited 900 883 (17) 6.3%Path Group Limited 1,000 842 (158) 6.0%Charterhouse Leisure 1,000 774 (27) 5.5%LimitedSaffron Media Group 670 676 6 4.8%Limited 9,717 9,148 149 65.5%Other venture capital 6,360 2,029 (508) 14.6%investments 16,077 11,177 (359) 80.1%Liquidity fund 1,030 7.4%investmentsCash at bank and in hand 1,738 12.5%C Share pool Total 13,945 100.0%No investments were held by the D Share pool in the period.All venture capital investments are unquoted unless otherwise stated.* Quoted on AIMSummary of Investment Movementsfor the six months ended 31 August 2009AdditionsNo additions were made in the period.DisposalsOrdinary Share MarketPortfolio value at Realised 1 March Disposal Gain/(loss) gain/(loss) Cost 2009 Proceeds against cost in period £'000 £'000 £'000 £'000 £'000Espresso Group 147Limited 147 147 - -No disposals were made by the C Share pool or the D Share pool in theperiod.Notes to the unaudited Financial Statements1. The unaudited half yearly results cover the six months to 31August 2009 and have been prepared in accordance with the Statementof Recommended Practice "Financial Statements of Investment TrustCompanies" revised December 2005 ("SORP") and in accordance with theaccounting policies set out in the statutory accounts for the yearended 28 February 2009 which were prepared under UK GenerallyAccepted Accounting Practice ("UK GAAP").2. All revenue and capital items in the Income Statement derive fromcontinuing operations.3. There are no recognised gains or losses other than those disclosedin the Income Statement.4. The Company has only one class of business and derives its incomefrom investments made in shares, securities and bank deposits.5. The comparative figures were in respect of the period ended 31August 2008 and the year ended 28 February 2009.6. Return per share for the period has been calculated on thefollowing: Ordinary C D Shares Shares SharesRevenue return per Share based on:Net revenue profit/(loss) aftertaxation (£'000) 67 (393) (28)Weighted average number of sharesin issue 6,814,007 23,606,105 3,972,229Capital return per Share based on:Net capital profit/(loss) aftertaxation (£'000) (27) (499) (38)Weighted average number of sharesin issue 6,814,007 23,606,105 3,972,2297. NAV per share for the period has been calculated on the following: Ordinary C D Shares Shares SharesNet Assets (£'000) 2,962 13,917 4,952Number of shares in issue atperiod end 6,789,560 19,680,936 5,299,2728. Dividends 31 Aug 2009 31 Aug 2008 28 Feb 2009 Revenue Capital Total Revenue Capital Total Total £'000 £'000 £'000 £'000 £'000 £'000 £'000Ordinary Share dividends paid inperiodPaid in period2009 Final 3 921 955 - - - -2009 Interim - - - - - - 2,1132008 Final - - - 103 - 103 1032008 Interim - - - - 1,159 1,159 1,159 34 921 955 103 1,159 1,262 3,375C Share dividends paid inperiod2009 Final 2 123 335 - - - -2009 Interim - - - - - - 4982008 Final - - - 312 - 312 3122008 Interim - - - - 499 499 499 212 123 335 312 499 811 1,3099. Reserves Capital Share Capital Unrealised redemption premium Special reserve holding Revenue reserve account reserve - losses reserve realised £'000 £'000 £'000 £'000 £'000 £'000At 1 March 2009 15 22,998 2,517 747 (4,891) 248Purchase of own 260 - (3,925) - - -sharesIssue of new - 4,955 - - - -sharesExpenses - - - (383) - -capitalisedTax relief on - - - - - -capital expensesGains/(losses) - - - - (171) -on investmentsRetained revenue - - - - - (354)Transfer between - (22,998) 22,179 819 - -reservesDistributions - - - (1,044) - (246)paidAt 31 August 275 4,955 20,771 139 (5,062) (352)200910. Contingent liabilities, guarantees and financial commitmentsThe Company has guaranteed bank borrowings of one of its investments,Donatantonio Limited, amounting to £225,000. A third party hasprovided a guarantee to the Company amounting to £112,500 in respectof the above guarantee such that the Company's net exposure is£112,500.Apart from the above, the Company has no Contingent liabilities,guarantees and financial commitments.11. The unaudited financial statements set out herein do notconstitute statutory accounts within the meaning of Section 240 ofthe Companies Act 1985 and have not been delivered to the Registrarof Companies. The figures for the year ended 28 February 2009 havebeen extracted from the financial statements for that year, whichhave been delivered to the Registrar of Companies; the auditors'report on those financial statements was unqualified.12. The Directors confirm that, to the best of their knowledge, thehalf-yearly financial statements have been prepared in accordancewith the "Statement: Half-Yearly Financial Reports" issued by the UKAccounting Standards Board and the half-yearly financial reportincludes a fair review of the information required by:a. DTR 4.2.7R of the Disclosure and Transparency Rules, being anindication of important events that have occurred during the firstsix months of the financial year and their impact on the condensedset of financial statements, and a description of the principal risksand uncertainties for the remaining six months of the year; andb. DTR 4.2.8R of the Disclosure and Transparency Rules, being relatedparty transactions that have taken place in the first six months ofthe current financial year and that have materially affected thefinancial position or performance of the entity during that period,and any changes in the related party transactions described in thelast annual report that could do so.13. Copies of the unaudited half-yearly results will be sent toShareholders. Further copies can be obtained from the Company'sRegistered Office and will be available for download fromwww.provenvcts.com and www.downing.co.uk.---END OF MESSAGE---This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 29.10.2009 - 12:42 Uhr
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