Proven Vct Share News (PVN)

(Alliance News) - ProVen VCT PLC and ProVen Growth & Income VCT PLC on Tuesday both reported a decline in net asset value in the first half of their current financial year.

ProVen VCT said its NAV per share as at August 31 stood at 76.40 pence, down from 108.90p it reported a year ago. ProVen Growth & Income VCT's NAV, meanwhile, fell to 63.2p from 74.3p year-on-year.

Both companies said a decline is largely due to valuation movements plus the dividend of 2.5p and 2.0p paid by ProVen VCT and ProVen Growth & Income VCT, respectively, for the year to the end of February.

During the six months, ProVen VCT said it has invested a total of GBP6.8 million, while ProVen Growth & Income VCT made investments worth GBP16.3 million.

During the period, ProVen VCT said it has completed a purchase of 1.1 million shares at an average price of 76.5p each, worth GBP855,713. This represented 1.1% of the shares in issue at the start of the period.

ProVen Growth & Income VCT bought back 847,155 shares in the first half at a price of 63.4p each, totalling GBP537,236. This represented 0.6% of the shares in issue at the start of the

period.

"The investment manager reports a healthy and robust flow of new investment opportunities and

the company is well positioned to pursue these and others given the recent strong fundraising," said ProVen VCT Chair Neal Ransome and ProVen Growth & Income VCT Chair Marc Vlessing.

ProVen VCT shares closed untraded in London on Tuesday at 72.00p each, while ProVen Growth & Income VCT stock ended the day untraded at 59.50p a share.

By Evelina Grecenko; evelinagrecenko@alliancenews.com

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