Half-yearly report
(Thomson Reuters ONE) - ProVen 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 share ("NAV") 53.10 77.60 57.70Dividends paid per share since launch 93.45 77.95 92.45Total return (NAV plus dividends paid since 146.55 155.55 150.15launch)C sharesNet asset value per share ("NAV") 72.30 81.00 75.60Dividends paid per share since issue 4.75 2.75 3.75Total return (NAV plus dividends paid since 77.05 83.75 79.35issue)D sharesNet asset value per share ("NAV") 93.45 n/a n/aDividends paid per share since issue - n/a n/aTotal return (NAV plus dividends paid since 93.45 n/a n/aissue)Chairman's StatementIntroductionThe six months ended 31 August 2009 has seen stock markets start toshow some signs of recovery from the financial crises of 2008 andearly 2009. However, with the UK economy still in recession, manybusinesses continue to face difficult conditions, particularlysmaller companies which typically may not be as resilient as theirlarger counterparts.Whilst the Investment Manager continues to source and evaluate newinvestment opportunities, the primary focus during the period hasbeen on protecting (and enhancing) value within the existingportfolio. The Board has formal regular meetings with the InvestmentManager to discuss the performance of all investments and is inregular contact with the Investment Manager outside of 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 53.1p, a decrease of 3.6p per share or 6.2% since the yearend (after adjusting for the dividends of 1.0p paid in the period).C sharesAs at 31 August 2009, the NAV per C share stood at 72.3p, a smalldecrease of 2.3p per share or 2.3% since the year end (afteradjusting for the dividends of 1.0p paid in the period).D sharesAs at 31 August 2009, the NAV per D share stood at 93.5p, a smalldecrease compared the initial NAV net of fundraising costs of 94.5pper share. The decrease arises from running costs which exceed theincome 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.Venture capital investmentsNo new investments were made by any pool during the period. Therewas one minor realisation within the ordinary share pool, £383,000 ofEspresso Group Limited loan 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£599,000 and the C share portfolio a loss of £26,000.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 during the period of £1,267,000 (£414,000revenue loss and £853,000 capital loss).No interim dividends will be paid in respect of any class of shares.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 publishedNAV.During the period, the Company purchased 72,885 ordinary shares at anaverage price of 51.0p per share. These shares were subsequentlycancelled. No C shares or D shares were purchased in the period.Risk and uncertaintiesUnder the Disclosure and Transparency Directive, the Board isrequired, in the Company's half-yearly results, to report onprincipal risks and uncertainties facing the Company over theremainder of the financial year.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 theordinary share 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 as a result of strong growth in the value of one investment.The Board regularly reviews the position to ensure that the potentialbenefits of continuing to hold this investment outweigh theadditional risk.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. However,the Company's ability to manage this risk is quite limited, primarilydue to the restrictions arising from 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 Ordinary and C share pools, the InvestmentManager is looking to make new investments alongside its ongoingmonitoring/advisory role on existing investments. Despite someoptimism, the general economic outlook remains uncertain. While thiswill continue to create challenges for the Company's investmentportfolio, it may also create opportunities for the Company to makenew investments at attractive valuations, which may ultimatelyprovide the Company with strong returns. I therefore expect a numberof new investments to be made over the remainder of the 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. We have continued to invest considerable time workingwith portfolio companies to reflect these conditions and to takeadvantage of opportunities provided by less well positionedcompetitors..Portfolio activity and valuationOrdinary share poolAt 31 August 2009, the Company's unquoted and quoted ordinary shareportfolio comprised 18 investments with a cost of £12.1 million and avaluation of £7.9 million. In addition, the ordinary share pool heldcash and liquidity funds of £4.8 million..A significant proportion, nearly 30%, of the value of the ordinaryshares continues to be reflected in the value of Espresso Group. Wespend considerable time with the company and have worked with keymanagement to develop strategy. We continue to very pleased with theprogress of the business including the development of the non-primaryschool revenue streams to complement the market leading primaryschool product.C share poolAt 31 August 2009, the Company's unquoted and quoted C shareportfolio comprised 13 investments with a cost of £7.5 million and avaluation of £4.7 million. In addition, the C share pool held cashand liquidity funds of £5.9 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. The largest investments, by value, are PathGroup and Fjordnet. This reflects, in part, the relative immaturityof the portfolio when compared to the ordinary 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 SPC(ordinary share pool), Ashford Colour Press (ordinary share pool),Donatantonio (ordinary and C share pool) and Optima (ordinary sharepool).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.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 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 a 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 12,625 14,731 13,632Current assetsDebtors 124 888 923Current investments 10,200 11,250 10,200Cash at bank and in hand 10,671 3,876 2,830Creditors: amounts falling due within one (5,427) (174) (2,708)yearNet current assets 15,568 15,840 11,245Net assets 28,193 30,571 24,877Capital and reservesCalled up share capital 4,900 4,862 4,850Capital redemption reserve 172 157 169Share premium account 4,955 14,995 14,995Special distributable reserve 21,900 6,308 7,081Capital reserve - realised 3,558 8,101 3,649Investment holding losses (6,923) (4,303) (6,298)Revenue reserve (369) 451 431Equity shareholder's funds 28,193 30,571 24,877Net asset value per ordinary share: 53.1p 77.6p 57.7pNet asset value per C share: 72.3p 81.0p 75.6pNet asset value per D share: 93.4p n/a n/aUnaudited Balance Sheetas at 31 August 2009Analysed by share poolOrdinary share 31 Aug 31 Aug 28 Feb 2009 2008 2009 £'000 £'000 £'000Fixed assetsInvestments 7,932 10,275 8,913Current assetsDebtors 76 707 615Current investments 4,190 4,040 4,190Cash at bank and in hand 595 3,817 2,711Creditors: amounts falling due within one (110) (101) (2,605)yearNet current assets 4,751 8,463 4,911Net assets 12,683 18,738 13,824Capital and reservesCalled up share capital 1,194 1,208 1,197Capital redemption reserve 170 156 167Share premium account - 4,836 4,836Special distributable reserve 11,741 6,308 7,081Capital reserve - realised 3,793 8,198 3,793Investment holding losses (4,140) (2,244) (3,542)Revenue reserve (75) 276 292Equity shareholder's funds 12,683 18,738 13,824Unaudited Balance Sheetas at 31 August 2009Analysed by share poolC Shares 31 Aug 31 Aug 28 Feb 2009 2008 2009 £'000 £'000 £'000Fixed assetsInvestments 4,693 4,456 4,719Current assetsDebtors 47 181 308Current investments 6,010 7,210 6,010Cash at bank and in hand (127) 59 119Creditors: amounts falling due within one (65) (73) (103)yearNet current assets 5,685 7,377 6,334Net assets 10,558 11,833 11,053Capital and reservesCalled up share capital 3,653 3,654 3,653Capital redemption reserve 2 1 2Share premium account - 10,159 10,159Special distributable reserve 10,159 - -Capital reserve - realised (212) (97) (144)Investment holding losses (2,783) (2,059) (2,756)Revenue reserve (261) 175 139Equity shareholder's funds 10,558 11,833 11,053Unaudited 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 1 n/a n/aCurrent investments - n/a n/aCash at bank and in hand 10,203 n/a n/aCreditors: amounts falling due within one (5,252) 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 (23) n/a n/aInvestment holding losses - n/a n/aRevenue reserve (33) 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 184 - 184Gains/(losses) on investments - (625) (625) 184 (625) (441)Investment management fee (71) (214) (285)Performance incentive fees - (45) (45)Recoverable VAT 10 31 41Other expenses (537) - (537)Return/(loss) on ordinary activities (414) (853) (1,267)before taxationTax on ordinary activities - - -Return/(loss) attributable to equity (414) (853) (1,267)ShareholdersBasic and diluted return/(loss) per (0.5p) (3.1p) (3.6p)Ordinary ShareBasic and diluted return/(loss) per C (1.7p) (0.6p) (2.3p)ShareBasic and diluted return/(loss) per D (0.7p) (0.5p)ShareCompany Total Six months ended Year ended 31 August 2008 28 Feb 2009 Revenue Capital Total Total £'000 £'000 £'000 £'000Income 801 - 801 1,442Gains/(losses) on - (2,917) (2,917) (4,865)investments 801 (2,917) (2,116) (3,423)Investment management fee (73) (218) (291) (572)Performance incentive (56) (121) (177) (826)feesRecoverable VAT - - - 427Other expenses (142) (14) (156) (271)Return/(loss) on ordinary 530 (3,270) (2,740) (4,665)activities beforetaxationTax on ordinary (145) 145 - -activitiesReturn/(loss) 385 (3,125) (2,740) (4,665)attributable to equityShareholdersBasic and diluted 0.9p (8.1p) (7.2p) (12.5p)return/(loss) perOrdinary ShareBasic and diluted 1.1p (8.1p) (7.0p) (11.3p)return/(loss) per C ShareBasic and diluted n/a n/a n/a n/areturn/(loss) per D ShareOrdinary shares Six months ended 31 August 2009 Revenue Capital Total £'000 £'000 £'000Income 118 - 118Gains/(losses) on investments - (599) (599) 118 (599) (481)Investment management fee (41) (123) (164)Performance incentive fees - (45) (45)Recoverable VAT 10 31 41Other expenses (213) - (213)Return/(loss) on ordinary activities (126) (736) (862)before taxationTax on ordinary activities - - -Return/(loss) attributable to equity (126) (736) (862)ShareholdersOrdinary shares Six months ended Year ended 31 August 2008 28 Feb 2009 Revenue Capital Total Total £'000 £'000 £'000 £'000Income 451 - 451 847Gains/(losses) on - (1,763) (1,763) (3,014)investments 451 (1,763) (1,312) (2,167)Investment management fee (42) (127) (169) (283)Performance incentive (56) (121) (177) (826)feesRecoverable VAT - - - 380Other expenses (62) (9) (71) (128)Return/(loss) on ordinary 291 (2,020) (1,729) (3,024)activities beforetaxationTax on ordinary (73) 73 - -activitiesReturn/(loss) 218 (1,947) (1,729) (3,024)attributable to equityShareholdersC shares Six months ended 31 August 2009 Revenue Capital Total £'000 £'000 £'000Income 56 - 56Gains/(losses) on investments - (26) (26) 56 (26) 30Investment management fee (23) (68) (91)Performance incentive fees - - -Recoverable VAT - - -Other expenses (288) - (288)Return/(loss) on ordinary activities (255) (94) (349)before taxationTax on ordinary activities - - -Return/(loss) attributable to equity (255) (94) (349)ShareholdersC shares Six months ended Year ended 31 August 2008 28 Feb 2009 Revenue Capital Total Total £'000 £'000 £'000 £'000Income 350 - 350 595Gains/(losses) on - (1,154) (1,154) (1,851)investments 350 (1,154) (804) (1,256)Investment management fee (31) (91) (122) (289)Performance incentive - - - -feesRecoverable VAT - - - 47Other expenses (80) (5) (85) (143) 239 (1,250) (1,011) (1,641)Return/(loss) on ordinaryactivities beforetaxationTax on ordinary (72) 72 - -activitiesReturn/(loss) 167 (1,178) (1,011) (1,641)attributable to equityShareholdersD shares Six months ended 31 August 2009 Revenue Capital Total £'000 £'000 £'000Income 10 - 10Gains/(losses) on investments - - - 10 - 10Investment management fee (7) (23) (30)Performance incentive fees - - -Recoverable VAT - - -Other expenses (36) - (36)Return/(loss) on ordinary activities (33) (23) (56)before taxationTax on ordinary activities - - -Return/(loss) attributable to equity (33) (23) (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 ordinaryactivities 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 13,824 11,053 - 24,877 33,569 33,569Shareholders'fundsProceeds from - - 5,154 5,154 1,210 1,211share issuesShare issue - - (146) (146) (66) (67)costsPurchase of (38) - - (38) (260) (384)own sharesTotalrecognised (862) (349) (56) (1,267) (2,740) (4,665)gain/(loss)for the yearDistributions (241) (146) - (387) (1,142) (4,787)Closing 12,683 10,558 4,952 28,193 30,571 24,877Shareholders'fundsUnaudited Cash Flow Statementfor the six months ended 31 August 2009 Six Six months months ended ended 31 August Year ended 31 August 2008 28 Feb 2009 2009 Note £'000 £'000 £'000Net cash outflow from Aoperating activities 433 (174) (19)Capital expenditurePurchase of investments - (3,274) (4,708)Disposal of investments 383 4,366 5,465Net cash inflow/(outflow) 383 1,092 757from capital expenditureEquity distributions paid (386) (1,142) (4,787)Management of liquidresourcesPurchase of current - - (10,200)investments held asliquidity fundsWithdrawal from liquidity - 1,100 12,350fundsNet cash inflow/(outflow) - 1,100 2,150from liquid resourcesNet cash inflow before 430 876 (1,899)financingFinancingProceeds from share issue 7,741 1,004 2,857Share issue costs (292) (66) (67)Purchase of own shares (38) (309) (432)Net cash inflow from 7,411 629 2,538financingIncrease/(decrease) in cash B 7,841 1,505 459Notes to the cash flowstatement:A Net cash flow fromoperating activitiesReturn/(loss) on Ordinary (414) 530 1,041activities before taxationExpenses charged to capital (228) (353) (841)(Increase)/decrease in 799 1 (548)debtorsIncrease/(decrease)/ in 276 (352) 329creditors Net cash outflow from 433 (174) (19)operating activitiesB Analysis of net fundsBeginning of period 2,830 2,371 2,371Net cash inflow/(outflow) 7,841 1,505 459End of period 10,671 3,876 2,830Summary 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 1,257 3,740 (40) 29.4%Ashford Colour Press 750 617 331 4.8%LimitedEagle Rock Entertainment 4.5%Group Limited 420 576 34Saffron Media Group 480 484 4 3.8%LimitedSPC International 1,618 466 (800) 3.7%LimitedOvertis Group Limited 500 438 (62) 3.4%Campden Media Limited 975 414 - 3.3%Donatantonio Limited 582 400 123 3.1%Fjordnet Limited 200 200 - 1.6%Pilat Media Global plc* 172 207 121 1.6% 6,954 7,542 (289) 59.2%Other venture capital 5,118 390 (310) 3.2%investments 12,072 7,932 (599) 62.4%Liquidity fund 4,190 32.9%investmentsCash at bank and in hand 595 4.7%Ordinary share pool 100.0%total 12,717 Valuation % of movement in the portfolioC share pool Cost Valuation period by value £'000 £'000 £'000Top ten venture capitalinvestmentsPath Group Limited 1,000 842 (157) 8.0%Fjord Limited 800 800 - 7.5%Donatantonio Limited 885 609 187 5.7%Chess Technology Limited 600 588 (12) 5.6%Charterhouse Leisure 700 542 (19) 5.1%LimitedSPC International Limited 403 397 (2) 3.8%Overtis Group Limited 400 351 (49) 3.3%Heritage Partners Limited 900 247 - 2.3%Dianomi Limited 126 157 - 1.5%Steak Media Limited 275 144 10 1.4% 6,089 4,677 (42) 44.2%Other venture capital 1,387 16 16 0.2%investments 7,476 4,693 (26) 44.4%Liquidity fund 6,010 57.0%investmentsCash at bank and in hand (127) (1.4%)C share pool total 10,576 100.0%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 by the ordinary, C or D share pool in theperiod.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 383Limited 383 383 - -No disposals were made by the C or D share pool in the period.Notes to the unaudited Financial Statements1.The unaudited half yearly results cover the six months to 31 August2009 and have been prepared in accordance with the Statement ofRecommended 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 shares C shares D sharesRevenue return per Sharebased on:Net revenue profit aftertaxation (£'000) (126) (255) (33)Weighted average number ofshares in issue 24,048,320 14,617,622 4,638,322Capital return per Sharebased on:Net revenue profit aftertaxation (£'000) (736) (94) (23)Weighted average number ofshares in issue 24,048,320 14,617,622 4,638,3227. NAV per share for the period has been calculated on the following: Ordinary shares C shares D sharesNet Assets (£'000) 12,683 10,558 4,952Number of shares in issueat period end 23,874,616 14,612,777 5,299,2888. Dividends 6 months to 31 Aug 2009 6 months to 31 Aug 28 2008 Feb 2009 Pence Revenue Capital Total Revenue Capital Total Total £'000 £'000 £'000 £'000 £'000 £'000 £'000Ordinary sharedividendsPaid inperiod2009 1.0 240 - 240 - - - -Final2009 14.5 - - - - - - 3,504Interim2008 1.25 - - - 306 - 306 302Final2008 2.5 - - - - 580 580 579Interim 240 - 240 306 580 886 4,385C sharedividendsPaid inperiod2009 1.0 146 - 146 - - - -Final2009 1.0 - - - - - - 256Interim2008 1.75 - - - 256 - 256 256Final 146 - 146 256 - 256 4029. 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 169 14,955 7,081 3,649 (6,298) 431Expenses (228)capitalisedTax relief on -expensescapitalisedShare Issue 4,955Purchase of own 3 (39)sharesGains/(losses) (625)on investmentsRetained revenue (414)Distributions (386)paidTransfer between (14,995) 14,858 137reservesAt 31 August 172 4955 21,900 3,558 (6923) (369)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 - 12:48 Uhr
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