AGM Report

ProVen VCT (PVN) AGM Report 2012

AGM Date: August 21, 2012

Report Author: Roger Lawson

On the 21st August I attended the Annual General Meeting of ProVen VCT, one of the best performing venture capital trusts over the years based on total return obtained – over 10% per annum since formation which few other VCTs can match. There are only two possible issues with this company that might concern shareholders. One is the high management fee at 6.1% of net assets based on the latest set of accounts (the Total Return is of course after taking that into account). The second is the fact that they have been paying out such high dividends (more than their earnings based on profits) that the fund has been shrinking. For that reason the net asset value is now only 49p per share instead of the original 100. There

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