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LONDON (Alliance News) - ProVen Growth and Income VCT PLC said its net asset value was 81.8 pence per share at the end of August, a 1.4p decrease from six months earlier.
The decrease takes into account an adjustment for the 2.5p per share of dividends paid during the period.
The stock was quoted down 0.6% at 78.00p on Monday.
"This compares favourably to the broader quoted UK stock markets over the same period," Chairman Marc Vlessing said in a statement.
During the six months, a total of GBP9.4 million was invested, the company said.
"This included GBP5.3 million into three new investments, D3O Holdings, Sealskinz and Network Locum, and GBP4.1 million into existing portfolio companies to support their continued growth and development," Vlessing said.
"Realisations, primarily loan note repayments, generated proceeds of GBP1.4 million. These realisations included all scheduled debt finance repayments and some of the company's loan notes in Maplin as a result of a capital restructuring," Vlessing said.
"The venture capital investment portfolio showed a net loss of GBP474,000 over the six month period. While this reflects a combination of both positive and negative movements, the portfolio was particularly impacted by the fall in value of one investment, Utility Exchange Online," Vlessing said.
The company said it will pay a 2.0 pence interim dividend on November 20.
"The company's portfolio has performed well against the wider market despite recent uncertainty in global stock markets. Whilst the company's cash reserves and venture capital debt instruments have provided, and continue to provide, some inherent protection against stock market falls, it is the overall performance of the portfolio which has been particularly encouraging with a number of companies delivering strong growth," Vlessing said.
"The legislative changes that are being finalised will focus the broader VCT market on the same target market in which the company specialises. Legislative changes have been a common feature of the VCT landscape since the company's inception. Each change provides its own new challenges and new opportunities which both the board and the investment manager, with many years of experience, are well placed to successfully manage," the chairman added.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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