VCT News
ProVen Growth & Income VCT closes 'C' share issue at £25 million
5 April 2006 - ProVen Growth & Income VCT (PGI VCT), the VCT managed by Beringea, yesterday closed its 'C' share offer a day early having reached its £25 million limit. The offer, which was launched in November 2005, has commitments from nearly 2,000 investors.
Stuart Veale, Managing Director of Beringea, commented: "We are delighted to have reached the £25 million target in a competitive fund raising environment. PGI VCT has proved to be an attractive investment proposition for VCT investors this year. Two of the key reasons for this are the fund's strong historic performance and the incorporation of a tender offer which is intended to return 25p for every £1 invested in the C share offer within 3½ years of it closing."
PGI VCT is the best performing fund of its launch year (2000 / 2001) and the third best performing VCT of over 60 VCTs with a track record of more than 3 years (source: www.taxshelterreport.co.uk ). PGI VCT's Total Return (NAV plus dividends per share) to 31 August 2005 was 135.6p, including cumulative dividends per share of 15.4p.
Veale added: "We are currently seeing a strong flow of investment opportunities which will enable us to build a diversified portfolio for investors in the C share offer."
About Beringea
Beringea is an international venture capital firm with offices in London and Detroit. In the UK Beringea manages ProVen VCT, ProVen Health VCT, ProVen Growth & Income VCT and Global Rights Fund II. Beringea launched its first VCT in 1996, making it one of the most experienced VCT managers in the UK. ProVen Growth & Income and ProVen VCT are highest performing VCTs of their launch years, respectively, according to www.taxefficientreview.com. For more information please visit www.provenvcts.co.uk.